Орлиный глаз предупреждает: коэффициент чистого денежного потока от операционной деятельности к чистой прибыли компании Xinyie Co., Ltd. ниже 1

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

29 March, XIYI股份 released its 2025 annual report; the audit opinion is a standard unqualified audit opinion.

The report shows that the company’s operating revenue for the full year 2025 was 43.535 billion yuan, up 3.72% year-on-year; net profit attributable to shareholders was 1.966 billion yuan, up 36.14% year-on-year; net profit after deducting non-recurring items attributable to shareholders was 2.418 billion yuan, up 24.48% year-on-year; basic earnings per share were 1.1561 yuan/share.

Since the company was listed in February 2000, it has paid cash dividends 19 times, with cumulative cash dividends already implemented of 2.15 billion yuan. The announcement shows that the company plans to distribute cash dividends of 2.5 yuan for every 10 shares to all shareholders (tax included).

The financial report hawk-eye early warning system of listed companies conducts intelligent quantitative analysis of XIYI股份’s 2025 annual report across four major dimensions: performance quality, profitability, capital pressure and safety, and operating efficiency.

1. Performance quality

During the reporting period, the company’s revenue was 43.535 billion yuan, up 3.72%; net profit was 2.11 billion yuan, up 34.37%; net cash flow from operating activities was 1.295 billion yuan, down 61.95% year-on-year.

Based on the matching of revenue, cost, and period expenses, need to focus on:

• Operating revenue diverged from tax and surcharges. During the reporting period, operating revenue changed by 3.72% year-on-year, tax and surcharges changed by -2.23% year-on-year, and operating revenue diverged from tax and surcharges.

Combining operating asset quality, need to focus on:

• Inventory growth rate exceeds that of operating cost. During the reporting period, inventories increased by 43.47% from the beginning of the period, operating costs increased by 1.68% year-on-year, and inventory growth rate is higher than operating cost growth rate.

• Inventory growth rate exceeds that of operating revenue. During the reporting period, inventories increased by 43.47% from the beginning of the period, operating revenue increased by 3.72% year-on-year, and inventory growth rate is higher than operating revenue growth rate.

Combining cash flow quality, need to focus on:

• Operating revenue diverged from net cash flow from operating activities. During the reporting period, operating revenue increased by 3.72% year-on-year, net cash flow from operating activities decreased by 61.95% year-on-year, and operating revenue diverged from net cash flow from operating activities.

• Net cash flow from operating activities / net profit is below 1. During the reporting period, net cash flow from operating activities / net profit was 0.614, below 1, indicating weak profit quality.

2. Profitability

During the reporting period, the company’s gross margin was 11.37%, up 18.6% year-on-year; net profit margin was 4.85%, up 29.55% year-on-year; return on equity (weighted) was 9.77%, up 27.05% year-on-year.

From the company’s operating perspective, need to focus on:

• Sales gross margin surged. During the reporting period, sales gross margin was 11.37%, up significantly 18.6% year-on-year.

• Sales gross margin continues to grow, while inventory turnover rate keeps declining. In the past three annual reports, sales gross margin was 9.15%, 9.59%, and 11.37%, showing continuous growth; inventory turnover rate was 6.2 times, 5.42 times, and 4.2 times, continuously declining.

3. Capital pressure and safety

During the reporting period, the company’s asset-liability ratio was 42.9%, up 6.74% year-on-year; current ratio was 1.31, and quick ratio was 0.47; total debt was 11.002 billion yuan, of which short-term debt was 8.529 billion yuan; short-term debt / total debt was 77.52%.

From short-term capital pressure, need to focus on:

• The ratio of short-term to long-term debt continues to grow. In the past three annual reports, the short-term debt / long-term debt ratio was 0.6, 0.77, and 2.62, respectively, showing an upward trend in the change of the short-term-to-long-term debt ratio.

• Short-term debt is large, and there is a cash reserves gap. During the reporting period, broad monetary funds were 2.88 billion yuan, short-term debt was 8.53 billion yuan, broad monetary funds / short-term debt was 0.34, and broad monetary funds were lower than short-term debt.

• Short-term debt pressure is high, and the funding chain faces strain. During the reporting period, broad monetary funds were 2.88 billion yuan, short-term debt was 8.53 billion yuan, net cash flow from operating activities was 1.3 billion yuan, and there is a gap among short-term debt, financial expenses, monetary funds, and net cash flow from operating activities.

• Cash ratio is less than 0.25. During the reporting period, the cash ratio was 0.2, below 0.25.

From the perspective of cash management, need to focus on:

• Interest income / monetary funds is less than 1.5%. During the reporting period, monetary funds were 2.55 billion yuan, short-term debt was 8.53 billion yuan; the average ratio of interest income / monetary funds was 1.346%, below 1.5%.

• Prepaid accounts shows large changes. During the reporting period, prepaid accounts were 0.5 billion yuan, with a change rate of 169.23% compared with the beginning of the period.

• The growth rate of prepaid accounts is higher than the growth rate of operating cost. During the reporting period, prepaid accounts increased by 169.23% from the beginning of the period, operating costs increased by 1.68% year-on-year, and the growth rate of prepaid accounts is higher than the growth rate of operating costs.

• Other receivables show large changes. During the reporting period, other receivables were 2.55 billion yuan, with a change rate of 261.98% compared with the beginning of the period.

From the perspective of capital coordination, need to focus on:

• Capital coordination exists, but there are payment difficulties. During the reporting period, working capital was 3.95 billion yuan; the company’s working capital requirements were 5.71 billion yuan; the working capital brought by investing and financing activities cannot fully cover the funding needs of the company’s operating activities; the company’s cash payment capacity was -1.76 billion yuan.

4. Operating efficiency

During the reporting period, the company’s accounts receivable turnover rate was 82.33, up 12.87%; inventory turnover rate was 4.2, down 22.44%; total asset turnover rate was 1.13, down 0.56%.

From operating assets, need to focus on:

• Inventory turnover rate keeps declining. In the past three annual reports, inventory turnover rate was 6.2, 5.42, and 4.2, respectively, and the inventory turnover capability is weakening.

• Inventory / total assets ratio keeps increasing. In the past three annual reports, the inventory / total assets ratio was 17.45%, 20.59%, and 26.91%, respectively, showing continuous growth.

From long-term assets, need to focus on:

• Total asset turnover rate keeps declining. In the past three annual reports, total asset turnover rate was 1.15, 1.14, and 1.13, respectively, and total asset turnover capability is weakening.

Click XIYI股份 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 analytical system for listed-company financial reports. Hawk-eye early warning, by gathering a large number of authoritative financial experts such as accounting firms and listed companies, tracks and interprets the latest financial reports of listed companies across multiple dimensions including growth of company performance, quality of earnings, capital pressure and safety, and operating efficiency, and uses text and charts to highlight potential financial risk points. It provides technical solutions for professional, efficient, and convenient financial risk identification and early warning of listed companies for financial institutions, listed companies, regulatory authorities, and others.

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