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

On March 28, Tongxingbao 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 full year of 2025 was 1.068 billion yuan, a year-on-year increase of 19.24%; the net profit attributable to the parent was 221 million yuan, a year-on-year increase of 5.39%; the net profit after deducting non-recurring gains and losses attributable to the parent was 216 million yuan, a year-on-year increase of 8.16%; basic earnings per share were 0.3809 yuan per share.

Since the company’s listing in August 2022, it has issued cash dividends 4 times, with total cash dividends implemented of 411 million yuan. The announcement shows that the company plans to distribute to all shareholders a cash dividend of 1 yuan for every 10 shares (tax included).

The financial report eagle eye early warning system of listed companies performs intelligent quantitative analysis of Tongxingbao’s 2025 annual report across four major dimensions: performance quality, profitability, funding pressure and safety, and operating efficiency.

I. Performance quality

During the reporting period, the company’s operating revenue was 1.068 billion yuan, up 19.24%; net profit was 248 million yuan, up 8.12%; net cash flow from operating activities was 458 million yuan, up 342.12%.

From the overall performance perspective, the following should be重点ed:

• The year-on-year growth rate of net profit attributable to the parent continues to decline. In the past three annual reports, the year-on-year changes in net profit attributable to the parent were 26.66%, 9.81%, and 5.4%, respectively, and the downward trend has continued.

• The year-on-year growth rate of net profit after deducting non-recurring gains and losses continues to decline. In the past three annual reports, the year-on-year changes in net profit after deducting non-recurring gains and losses attributable to the parent were 29.71%, 10.44%, and 8.16%, respectively, and the downward trend has continued.

When considering the quality of operating assets, the following should be重点ed:

• The growth rate of accounts receivable is higher than the growth rate of operating revenue. During the reporting period, accounts receivable increased by 29.99% compared with the beginning of the period; operating revenue increased by 19.24% year-on-year; the growth rate of accounts receivable is higher than the growth rate of operating revenue.

• The growth rate of operating revenue continues to decline, while the growth rate of accounts receivable continues to increase. In the past three annual reports, the year-on-year changes in operating revenue were 24.2%, 20.75%, and 19.24%, respectively, continuing to decline; the changes in accounts receivable compared with the beginning of the period were 7.67%, 29.06%, and 29.99%, respectively, continuing to rise.

• The ratio of accounts receivable to operating revenue continues to grow. In the past three annual reports, the ratio of accounts receivable to operating revenue was 19.91%, 21.28%, and 23.2%, respectively, showing continuous growth.

II. Profitability

During the reporting period, the company’s gross margin was 43.97%, down 2.26% year-on-year; net margin was 23.2%, down 9.32% year-on-year; return on equity (weighted) was 8.03%, up 1.52% year-on-year.

From the company’s operating-side perspective, the following should be重点ed:

• The gross margin from sales continues to decline. In the past three annual reports, the gross margin from sales was 46.96%, 44.99%, and 43.97%, respectively, and the trend continues to decline.

• The net margin from sales continues to decline. In the past three annual reports, the net margin from sales was 28.23%, 25.58%, and 23.2%, respectively, and the trend continues to decline.

From the perspectives of customer concentration and minority shareholders, the following should be重点ed:

• The revenue share of the top five customers is relatively large. During the reporting period, the ratio of sales of the top five customers / total sales was 60.77%, indicating that customers are overly concentrated.

III. Funding pressure and safety

During the reporting period, the company’s asset-liability ratio was 51.52%, up 4.57% year-on-year; the current ratio was 1.41, and the quick ratio was 1.38; total debt was 49.2844 million yuan, of which short-term debt was 49.2844 million yuan; the ratio of short-term debt to total debt was 100%.

From the perspective of long-term funding pressure, the following should be重点ed:

• The ratio of total debt to net assets continues to rise. In the past three annual reports, the ratio of total debt to net assets was 0.44%, 0.53%, and 1.11%, respectively, showing continuous growth.

• The cash coverage ratio of total debt is gradually getting smaller. In the past three annual reports, the ratio of broad monetary funds / total debt was 269.44, 163.69, and 111.92, respectively, showing continuous decline.

From the perspective of cash management and control, the following should be重点ed:

• Other receivables changed significantly. During the reporting period, other receivables were 300 million yuan, with a change rate of 41.19% compared with the beginning of the period.

• Accounts payable notes changed significantly. During the reporting period, accounts payable notes were 40 million yuan, with a change rate of 878.01% compared with the beginning of the period.

From the perspective of funding coordination, the following should be重点ed:

• The company is relatively well-funded. During the reporting period, the company’s working capital funding requirement was -2.27 billion yuan, and working capital was 1.23 billion yuan. The company’s operating activities and investing/financing activities both bring relatively ample funding. The company’s cash payment capability was 3.5 billion yuan, and the efficiency of fund utilization is worth further attention.

IV. Operating efficiency

During the reporting period, the company’s accounts receivable turnover ratio was 4.87, down 7.99% year-on-year; inventory turnover ratio was 5.84, up 8.5%; total asset turnover ratio was 0.19, up 15.4%.

From the perspective of operating assets, the following should be重点ed:

• The share of accounts receivable / total assets continues to increase. In the past three annual reports, the ratio of accounts receivable / total assets was 2.67%, 3.45%, and 4.2%, respectively, showing continuous growth.

• The ratio of inventory / total assets continues to increase. In the past three annual reports, the ratio of inventory / total assets was 1.55%, 1.77%, and 1.82%, respectively, showing continuous growth.

From the perspective of long-term assets, the following should be重点ed:

• The proportion of other non-current assets is relatively high. During the reporting period, the ratio of other non-current assets / total assets was 17.49%.

Click Tongxingbao 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 Introduction: The listed-company financial report eagle eye early warning is a specialized intelligent analysis system for listed-company financial reports. The eagle eye early warning gathers a large number of authoritative financial experts from accounting firms and listed companies, and tracks and interprets the latest financial reports of listed companies across multiple dimensions, including company performance growth, earnings quality, funding pressure and safety, and operating efficiency, and uses text and images to flag potential financial risk points. It provides a professional, efficient, and convenient technology solution for identifying and issuing early warnings of financial risks for financial institutions, listed companies, regulatory bodies, and others.

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