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Sina Finance Research Institute for Listed Companies | Financial Report Eagle-Eye Early Warning

On March 20, Kechuang Xincai released its 2025 annual report.

The report shows that the company’s operating revenue for the full year 2025 was 139 million yuan, up 21.13% year over year; net profit attributable to shareholders was 17.6963 million yuan, up 86.23%; non-recurring gains and losses net profit attributable to shareholders was 15.3419 million yuan, up 84.06%; basic earnings per share were 0.21 yuan/share.

Since the company’s listing in April 2022, it has paid cash dividends 3 times, with total implemented cash dividends of 26.66 million yuan.

The listed-company financial report eagle-eye early warning system conducts intelligent quantitative analysis of Kechuang Xincai’s 2025 annual report from four major dimensions: performance quality, profitability, capital pressure and safety, and operating efficiency.

I. Performance Quality

During the reporting period, the company’s revenue was 139 million yuan, up 21.13% year over year; net profit was 17.6963 million yuan, up 86.23%; net cash flow from operating activities was 7.2545 million yuan, up 210.02% year over year.

From the overall performance perspective, it is necessary to重点关注：

• Net profit fluctuated significantly. In the past three annual reports, net profit was 0 yuan, 9.502 million yuan, and 0.2亿元 respectively; year-over-year changes were 0%, -37.8%, and 86.23% respectively. Net profit fluctuated.

| Item | 20231231 | 20241231 | 20251231 | | Net profit (yuan) | - | 9.5025 million | 17.6963 million | | Net profit growth rate | - | -37.8% | 86.23% |

In terms of cash flow quality, it is necessary to重点关注：

• The ratio of net cash flow from operating activities to net profit is below 1. During the reporting period, the ratio of net cash flow from operating activities to net profit was 0.41, below 1, indicating weak earnings quality.

| Item | 20231231 | 20241231 | 20251231 | | Net cash flow from operating activities (yuan) | - | -6.5935 million | 7.2545 million | | Net profit (yuan) | - | 9.5025 million | 17.6963 million | | Net cash flow from operating activities / net profit | - | -0.69 | 0.41 |

II. Profitability

During the reporting period, the company’s gross margin was 34.02%, up 10.56% year over year; net profit margin was 12.69%, up 53.74% year over year; return on net assets (weighted) was 5.28%, up 83.33% year over year.

In combination with the company’s operating-end returns, it is necessary to重点关注：

• Sales gross margin increased significantly. During the reporting period, the sales gross margin was 34.02%, up significantly by 10.57% year over year.

| Item | 20231231 | 20241231 | 20251231 | | Sales gross margin | - | 30.77% | 34.02% | | Sales gross margin growth rate | - | -17.22% | 10.57% |

III. Capital Pressure and Safety

During the reporting period, the company’s asset-liability ratio was 11.83%, up 35% year over year; current ratio was 5.64 and quick ratio was 4.41; total debt was 17.2876 million yuan, of which short-term debt was 17.2876 million yuan. The ratio of short-term debt to total debt was 100%.

From the perspective of short-term funding pressure, it is necessary to重点关注：

• The ratio of short-term to long-term debt increased significantly. During the reporting period, short-term debt / long-term debt increased significantly to 15.91.

| Item | 20231231 | 20241231 | 20251231 | | Short-term debt (yuan) | - | 1.3799 million | 5.0456 million | | Long-term debt (yuan) | - | 0.3593 million | 0.3171 million | | Short-term debt / long-term debt | - | 3.84 | 15.91 |

From the perspective of capital management and control, it is necessary to重点关注：

• The ratio of interest income to cash and cash equivalents is less than 1.5%. During the reporting period, cash and cash equivalents were 0.6亿元, short-term debt was 5.046 million yuan, and the average ratio of interest income to cash and cash equivalents was 1.074%, lower than 1.5%.

| Item | 20231231 | 20241231 | 20251231 | | Cash and cash equivalents (yuan) | - | 67.5349 million | 58.2104 million | | Short-term debt (yuan) | - | 1.3799 million | 5.0456 million | | Interest income / average cash and cash equivalents | - | - | 1.07% |

• Prepayments varied significantly. During the reporting period, prepayments were 7.72 million yuan, with a change rate of 113.81% compared with the beginning of the period.

• The growth rate of prepayments is higher than the growth rate of operating costs. During the reporting period, prepayments increased by 113.81% compared with the beginning of the period, while operating costs grew by 15.44% year over year. The growth rate of prepayments is higher than that of operating costs.

| Item | 20231231 | 20241231 | 20251231 | | Growth rate of prepayments vs. beginning of period | - | - | 113.81% | | Operating cost growth rate | - | 19.56% | 15.44% |

• Other receivables changed significantly. During the reporting period, other receivables were 3.53 million yuan, with a change rate of 94.56% compared with the beginning of the period.

• Bills payable changed significantly. During the reporting period, bills payable were 0.1亿元, with a change rate of 31.63% compared with the beginning of the period.

• Other payables changed significantly. During the reporting period, other payables were 2.0 million yuan, with a change rate of 334.9% compared with the beginning of the period.

IV. Operating Efficiency

During the reporting period, the company’s accounts receivable turnover was 1.37, up 2.39% year over year; inventory turnover was 1.83, up 2.56% year over year; total asset turnover was 0.37, up 17.21% year over year.

From the perspective of long-term assets, it is necessary to重点关注：

• Construction in progress changed significantly. During the reporting period, construction in progress was 0.1亿元, up 33.88% compared with the beginning of the period.

Click Kechuang Xincai’s eagle-eye early warning to view the latest early warning details and a visual preview of the financial report.

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