Ястребиное предупреждение: выручка и чистая прибыль компании TaiLi Technology демонстрируют расхождение в динамике

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

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

The report shows that the company’s total operating revenue for 2025 was 1.044 billion yuan, up 2.36% year-on-year; net profit attributable to shareholders was 61.4481 million yuan, down 29.88% year-on-year; net profit after excluding non-recurring gains and losses attributable to shareholders was 56.2128 million yuan, down 34.39% year-on-year; basic earnings per share were 0.63 yuan/share.

Since listing in April 2025, the company has issued cash dividends 1 time, with cumulative cash dividends implemented of 27.07 million yuan. The announcement shows that the company plans to distribute cash dividends of 2.5 yuan for every 10 shares to all shareholders (including tax).

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

I. Performance quality

During the reporting period, the company’s revenue was 1.044 billion yuan, up 2.36%; net profit was 61.4639 million yuan, down 29.88% year-on-year; net cash flow from operating activities was 81.0696 million yuan, down 9.39% year-on-year.

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

• A significant decline in net profit attributable to shareholders after excluding non-recurring gains and losses. During the reporting period, net profit attributable to shareholders after excluding non-recurring gains and losses was 0.6 billion yuan, down 34.39% year-on-year.

| Item | 20231231 | 20241231 | 20251231 | | Net profit attributable to shareholders after excluding non-recurring gains and losses (yuan) | - | 85.67 million | 56.2128 million | | Growth rate of net profit attributable to shareholders after excluding non-recurring gains and losses | - | 6.1% | -34.39% |

• Divergence between changes in operating revenue and net profit. During the reporting period, operating revenue increased 2.36% year-on-year, while net profit decreased 29.88% year-on-year; changes in operating revenue and net profit diverged.

| Item | 20231231 | 20241231 | 20251231 | | Operating revenue (yuan) | - | 1.02 billion | 1.044 billion | | Net profit (yuan) | - | 87.6558 million | 61.4639 million | | Growth rate of operating revenue | - | 22.07% | 2.36% | | Growth rate of net profit | - | 3.15% | -29.88% |

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

• Divergence between changes in operating revenue and net cash flow from operating activities. During the reporting period, operating revenue increased 2.36% year-on-year, while net cash flow from operating activities decreased 9.39% year-on-year; changes in operating revenue and net cash flow from operating activities diverged.

| Item | 20231231 | 20241231 | 20251231 | | Operating revenue (yuan) | - | 1.02 billion | 1.044 billion | | Net cash flow from operating activities (yuan) | - | 89.4675 million | 81.0696 million | | Growth rate of operating revenue | - | 22.07% | 2.36% | | Growth rate of net cash flow from operating activities | - | -40.58% | -9.39% |

II. Profitability

During the reporting period, the company’s gross margin was 55.9%, down 2.87% year-on-year; net profit margin was 5.89%, down 31.5% year-on-year; return on equity (weighted) was 8.4%, down 57.47% year-on-year.

III. Funding pressure and safety

During the reporting period, the company’s asset-liability ratio was 26.28%, down 17.04% year-on-year; current ratio was 3.88, quick ratio was 3.33; total debt was 2.04 billion yuan, including short-term debt of 1.01 billion yuan, and short-term debt as a percentage of total debt was 49.61%.

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

• Large change in prepayments. During the reporting period, prepayments were 0.2 billion yuan, with a period-opening change rate of 303.59%.

• Prepayments growth rate is higher than the growth rate of operating costs. During the reporting period, prepayments increased 303.59% from the beginning of the period, while operating cost increased 6.34% year-on-year; the prepayment growth rate was higher than the operating cost growth rate.

| Item | 20231231 | 20241231 | 20251231 | | Prepayments growth rate from beginning of period | - | - | 303.59% | | Growth rate of operating costs | - | 27.5% | 6.34% |

• Large change in notes payable. During the reporting period, notes payable were 0.9 billion yuan, with a period-opening change rate of 65.91%.

IV. Operational efficiency

During the reporting period, the company’s accounts receivable turnover ratio was 19.26, down 17.48% year-on-year; inventory turnover ratio was 3.91, down 7.38% year-on-year; total asset turnover ratio was 1.07, down 27.99% year-on-year.

From long-term assets, it is necessary to focus on:

• Large change in fixed assets. During the reporting period, fixed assets were 2.1 billion yuan, up 70.52% from the beginning of the period.

• Large change in other non-current assets. During the reporting period, other non-current assets were 0.4 billion yuan, up 87.78% from the beginning of the period.

• Large change in intangible assets. During the reporting period, intangible assets were 1.1 billion yuan, up 597.37% from the beginning of the period.

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

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Responsible editor: Xiao Lang Kuai Bao