Ястребиное предупреждение: выручка Qiming Information снизилась

Sina Finance Listed Company Research Institute | Financial Report Eagle Eye Early Warning

On March 27, Qiming Information released its 2025 annual report.

The report shows that the company’s operating revenue for 2025 was 774 million yuan, down 11.88% year on year; net profit attributable to shareholders was 32.5426 million yuan, up 697.99% year on year; net profit after deducting non-recurring items attributable to shareholders was 26.5808 million yuan, up 714.63% year on year; basic earnings per share were 0.0797 yuan/share.

Since the company listed in May 2008, it has implemented cash dividends 15 times, with cumulative cash dividends of 212 million yuan.

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

I. Performance Quality

During the reporting period, the company’s operating revenue was 774 million yuan, down 11.88% year on year; net profit was 32.5426 million yuan, up 697.99% year on year; net cash flow from operating activities was 115 million yuan, up 175.92% year on year.

From the overall performance perspective, it is necessary to focus on:

• Operating revenue declined. During the reporting period, operating revenue was 770 million yuan, down 11.88% year on year.

• Divergence between changes in operating revenue and net profit. During the reporting period, operating revenue decreased 11.88% year on year, while net profit increased 697.99% year on year; there is a divergence in the movements of operating revenue and net profit.

• Net profit fluctuated in the fourth quarter. During the reporting period, net profit was 0.3 billion yuan, with the first three quarters at -0.3 billion yuan, and the fourth quarter turning from negative to positive.

| Item | 20250331 | 20250630 | 20250930 | 20251231 | | — | — | — | — | | Net profit (yuan) | -15.0525 million | 14.1881 million | -28.11 million | 32.5426 million |

• Net profit is relatively volatile. In the last three annual reports, net profit was 0.3 billion yuan, 4.078 million yuan, and 0.3 billion yuan respectively, with year-on-year changes of -59.93%, -86.09%, and 697.99% respectively; net profit is relatively volatile.

In light of the quality of operating assets, it is necessary to focus on:

• The accounts receivable / operating revenue ratio continues to rise. In the last three annual reports, the accounts receivable / operating revenue ratio was 47.02%, 60.81%, and 64.31% respectively, showing continuous growth.

• Inventory growth rate is higher than the growth rate of operating costs. During the reporting period, inventories increased by 41.07% from the beginning of the period, operating costs decreased 18.55% year on year, and the inventory growth rate is higher than the operating cost growth rate.

• Inventory growth rate is higher than the operating revenue growth rate. During the reporting period, inventories increased by 41.07% from the beginning of the period, operating revenue decreased 11.88% year on year, and the inventory growth rate is higher than the operating revenue growth rate.

In light of the quality of cash flows, it is necessary to focus on:

• Divergence between operating revenue and net cash flow from operating activities. During the reporting period, operating revenue decreased 11.88% year on year, while net cash flow from operating activities increased 175.93% year on year; there is a divergence between the movements of operating revenue and net cash flow from operating activities.

II. Profitability

During the reporting period, the company’s gross margin was 27.44%, up 27.62% year on year; net profit margin was 4.2%, up 805.61% year on year; return on net assets (weighted) was 2.33%, up 703.45% year on year.

In light of the company’s operating side, it is necessary to focus on:

• Gross margin on sales increased significantly. During the reporting period, gross margin on sales was 27.44%, up significantly by 27.62% year on year.

• Gross margin on sales continues to grow, while the accounts receivable turnover ratio continues to decline. In the last three annual reports, gross margin on sales was 14.29%, 21.5%, and 27.44%, showing continuous growth; the accounts receivable turnover ratio was 1.9 times, 1.57 times, and 1.5 times, showing continuous decline.

In light of the company’s asset side, it is necessary to focus on:

• Average return on net assets over the last three years is below 7%. During the reporting period, the weighted average return on net assets was 2.33%; over the last three fiscal years, the weighted average return on net assets averaged below 7%.

• Return on invested capital is below 7%. During the reporting period, the company’s return on invested capital was 2.33%; the average value across the three reporting periods was below 7%.

In terms of whether there is impairment risk, it is necessary to focus on:

• The year-on-year change rate in asset impairment losses exceeds 30%. During the reporting period, asset impairment losses were -1.763 million yuan, down 123.25% year on year.

III. Capital Pressure and Safety

During the reporting period, the company’s asset-liability ratio was 28.39%, down 5.72% year on year; the current ratio was 3.1, and the quick ratio was 2.91; total debt was 354.8 thousand yuan, of which short-term debt was 354.8 thousand yuan, and the proportion of short-term debt in total debt was 100%.

In terms of capital control, it is necessary to focus on:

• The ratio of interest income / cash and cash equivalents is less than 1.5%. During the reporting period, cash and cash equivalents were 830 million yuan, and short-term debt was 35.5 thousand yuan; the company’s average ratio of interest income / cash and cash equivalents was 0.932%, below 1.5%.

• Prepayments changed significantly. During the reporting period, prepayments were 0.3 billion yuan, with a change rate of 271.41% 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 271.41% from the beginning of the period, operating costs decreased 18.55% year on year; the growth rate of prepayments is higher than the growth rate of operating costs.

IV. Operating Efficiency

During the reporting period, the company’s accounts receivable turnover ratio was 1.5, down 4.48% year on year; the inventory turnover ratio was 6.62, up 14.64% year on year; and the total asset turnover ratio was 0.39, down 7.37% year on year.

In terms of operating assets, it is necessary to focus on:

• The accounts receivable turnover ratio continues to decline. In the last three annual reports, the accounts receivable turnover ratio was 1.9, 1.57, and 1.5; the accounts receivable turnover capability has been weakening.

In terms of long-term assets, it is necessary to focus on:

• The total asset turnover ratio continues to decline. In the last three annual reports, the total asset turnover ratio was 0.56, 0.42, and 0.39; the total asset turnover capability has been weakening.

• Intangible assets changed significantly. During the reporting period, intangible assets were 190 million yuan, up 44.92% from the beginning of the period.

Click the Qiming Information Eagle Eye Early Warning to view the latest warning details and a visual preview of the financial report.

Sina Finance listed company financial report Eagle Eye Early Warning overview: Eagle Eye Early Warning is an intelligent, professional analysis system for listed company financial reports. Eagle Eye Early Warning gathers a large number of authoritative financial experts from accounting firms and listed companies, etc., and tracks and interprets the latest financial reports of listed companies across multiple dimensions, such as company performance growth, earnings quality, capital pressure and safety, as well as operating efficiency, and uses text and images to highlight potential financial risk points. It provides professional, efficient, and convenient technical solutions for financial institutions, listed companies, regulatory departments, and others to identify and issue warnings for financial risks of listed companies.

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