Ястребиный глаз предупреждает: коэффициент чистого денежного потока от операционной деятельности к чистой прибыли компании Wanjie Technology продолжает снижаться

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

On March 31, Wanji Technology released its 2025 annual report. The audit opinion was a standard unqualified audit opinion.

The report shows that the company’s operating revenue for the whole year of 2025 was 1.094 billion yuan, an increase of 17.61%; net profit attributable to the parent company was -181 million yuan, an increase of 53.1%; profit attributable to the parent company after deducting non-recurring items was -199 million yuan, an increase of 50.44%; basic earnings per share were -0.8496 yuan/share.

Since listing in September 2016, the company has made cash dividends 6 times, with cumulative cash dividends implemented of 341 million yuan.

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

I. Performance quality

Within the reporting period, the company’s revenue was 1.094 billion yuan, an increase of 17.61%; net profit was -174 million yuan, an increase of 54.97%; net cash flow from operating activities was 33.3826 million yuan, an increase of 115.96%.

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

• Operating profit is negative for three consecutive quarters. During the reporting period, the operating profit for the last three quarters was -0.5 billion yuan, -0.1 billion yuan, and -0.6 billion yuan, consecutive negative.

| 项目 | 20250630 | 20250930 | 20251231 | | Operating profit (yuan) | -45.8187 million | -12.2433 million | -63.0553 million |

From the allocation between revenue, costs, and period expenses, it is necessary to focus on:

• Operating revenue and taxes and surcharges move in opposite directions. During the reporting period, operating revenue year-on-year changed by 17.61%, taxes and surcharges year-on-year changed by -3.13%, and operating revenue and taxes and surcharges move in opposite directions.

Combined with cash flow quality, it is necessary to focus on:

• The ratio of net cash flow from operating activities to net profit continues to decline. In the last three interim annual reports, the ratio of net cash flow from operating activities to net profit was 0.68, 0.54, and -0.19 respectively; it continues to decline, and the trend in profitability quality shows a downward direction.

| 项目 | 20231231 | 20241231 | 20251231 | | Net cash flow from operating activities (yuan) | -262 million | -209 million | 33.3826 million | | Net profit (yuan) | -384 million | -385 million | -174 million | | Net cash flow from operating activities / net profit | 0.68 | 0.54 | -0.19 |

II. Profitability

During the reporting period, the company’s gross margin was 32.43%, up 11.18% year over year; the net profit margin was -15.86%, up 61.71% year over year; return on equity (weighted) was -10.28%, up 49.08% year over year.

Combined with the company’s operating end and returns, it is necessary to focus on:

• Selling gross margin fluctuates significantly. In the last three annual reports, the selling gross margin was 33.64%, 29.17%, and 32.43% respectively; the year-on-year changes were -30.11%, -13.27%, and 11.18% respectively, indicating abnormal fluctuations in selling gross margin.

From the company’s asset side and returns, it is necessary to focus on:

• Over the last three years, the average return on net assets is below 7%. During the reporting period, the weighted average return on net assets was -10.28%; over the most recent three accounting years, the weighted average return on net assets was on average below 7%.

| 项目 | 20231231 | 20241231 | 20251231 | | Return on net assets | -16.72% | -20.19% | -10.28% | | Growth rate of return on net assets | -1462.62% | -20.75% | 49.08% |

• Return on invested capital is below 7%. During the reporting period, the company’s return on invested capital was -8.89%; the average value over the three reporting periods was below 7%.

| 项目 | 20231231 | 20241231 | 20251231 | | Return on invested capital | -14.65% | -16.85% | -8.89% |

Regarding whether there is impairment risk, it is necessary to focus on:

• Goodwill / net assets ratio continues to grow. In the last three annual reports, the goodwill / net assets ratio was 0.2%, 0.3%, and 0.6% respectively, showing a continuing upward trend.

III. Capital pressure and safety

During the reporting period, the company’s asset-liability ratio was 34.49%, up 0.42% year over year; the current ratio was 1.9, and the quick ratio was 1.52; total debt was 144 million yuan, of which short-term debt was 144 million yuan; the ratio of short-term debt to total debt was 100%.

From the overall financial position, it is necessary to focus on:

• The current ratio continues to decline. In the last three annual reports, the current ratio was 2.62, 2.01, and 1.9 respectively, indicating weakening short-term solvency.

From the perspective of capital management and control, it is necessary to focus on:

• The ratio of interest income / cash is less than 1.5%. During the reporting period, cash and cash equivalents were 360 million yuan, and short-term debt was 90 million yuan; the company’s average ratio of interest income / cash was 0.4%, which is below 1.5%.

• Prepaid accounts / current assets ratio continues to grow. In the last three annual reports, the prepaid accounts / current assets ratio was 1.94%, 2.03%, and 2.38% respectively, continuing to increase.

• Other receivables / current assets ratio continues to grow. In the last three annual reports, the other receivables / current assets ratio was 1.98%, 2.27%, and 2.6% respectively, showing continuous growth.

IV. Operating efficiency

During the reporting period, the company’s accounts receivable turnover ratio was 1.21, up 31.31%; inventory turnover ratio was 2.1, up 22.89%; total asset turnover ratio was 0.39, up 28.88%.

Click Wanji Technology’s Hawk-Eye Early Warning to view the latest early warning details and a visual preview of the financial report.

Introduction to Sina Finance listed company financial report hawk-eye early warning: The listed company financial report hawk-eye early warning is an intelligent professional analysis system for listed company financial reports. The hawk-eye early warning, by gathering a large number of authoritative financial experts from accounting firms and listed companies, tracks and interprets the latest financial reports of listed companies from multiple dimensions, including company performance growth, earnings quality, capital pressure and safety, and operating efficiency, and presents potentially existing financial risk points in the form of charts and text. It provides technical solutions for professional, efficient, and convenient identification and early warning of financial risks for financial institutions, listed companies, regulatory authorities, and others.

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