Система раннего предупреждения Eagle Eye: соотношение чистого денежного потока от операционной деятельности к чистой прибыли в China International Trade продолжает снижаться

Sina Finance Research Institute for Listed Companies | Financial Report Eagle Eye Alert

1 April, China World Trade Center (China World) 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 3.77 billion yuan, down 3.63% year-on-year; net profit attributable to shareholders was 1.2B yuan, down 4.76% year-on-year; non-recurring items net profit attributable to shareholders was 1.2B yuan, down 4.09% year-on-year; basic earnings per share was 1.19 yuan/share.

Since the company went public in March 1999, it has issued cash dividends 28 times; the cumulative implemented cash dividends amount to 7.85B yuan.

The Listed Company Financial Report Eagle Eye Alert system conducts intelligent quantitative analysis of China World’s 2025 annual report across four major dimensions: performance quality, profitability, funding pressure and safety, as well as operational efficiency.

I. Performance quality

During the reporting period, the company’s operating revenue was 3.77 billion yuan, down 3.63% year-on-year; net profit was 1.2B yuan, down 4.79% year-on-year; net cash flow from operating activities was 1.58B yuan, down 12.32% year-on-year.

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

• Operating revenue growth continues to decline. In the last three annual reports, the year-on-year changes in operating revenue were 14.86%, -1.06%, and -3.63% respectively, and the downward trend continues.

• The growth rate of net profit attributable to shareholders continues to decline. In the last three annual reports, the year-on-year changes in net profit attributable to shareholders were 12.85%, 0.25%, and -4.76% respectively, and the downward trend continues.

• The growth rate of non-recurring items net profit attributable to shareholders continues to decline. In the last three annual reports, the year-on-year changes in non-recurring items net profit attributable to shareholders were 24.03%, -0.18%, and -4.1% respectively, and the downward trend continues.

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

• Operating revenue growth continues to decline, while the growth rate of accounts receivable continues to rise. In the last three annual reports, the year-on-year changes in operating revenue were 14.86%, -1.06%, and -3.63% respectively, showing a continuous decline; the change in accounts receivable relative to the beginning of the period were -31.58%, -13.87%, and -5.39% respectively, showing a continuous increase.

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

• Net cash flow from operating activities continues to decline. In the last three annual reports, net cash flow from operating activities was 1.92 billion yuan, 1.8 billion yuan, and 1.58 billion yuan respectively, showing a continuous decline.

• The ratio of net cash flow from operating activities to net profit continues to deteriorate. In the last three semiannual reports, the ratio of net cash flow from operating activities to net profit was 1.52, 1.42, and 1.31 respectively, continuing to fall, and the trend of earnings quality deteriorating is evident.

II. Profitability

During the reporting period, the company’s gross margin was 57.72%, down 0.73% year-on-year; net margin was 31.91%, down 1.2% year-on-year; return on equity (weighted) was 12.64%, down 5.32% year-on-year.

Based on the company’s operating end, it is necessary to focus on:

• Gross margin from sales declines. During the reporting period, the gross margin from sales was 57.72%, down 0.73% year-on-year.

Based on the company’s asset end, it is necessary to focus on:

• Return on equity continues to decline. In the last three annual reports, the weighted average return on equity was 13.53%, 13.35%, and 12.64% respectively, and the downward trend continues.

III. Funding pressure and safety

During the reporting period, the company’s asset-liability ratio was 14.85%, down 31.36% year-on-year; the current ratio was 2.57, and the quick ratio was 2.55; total debt was 2.04 billion yuan, of which short-term debt was 3.782 million yuan; the ratio of short-term debt to total debt was 1.86%.

From the perspective of short-term funding pressure, it is necessary to focus on:

• The ratio of short-term to long-term debt increases significantly. During the reporting period, short-term debt/long-term debt increased significantly to 0.02.

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

• The ratio of interest income to cash and cash equivalents is less than 1.5%. During the reporting period, cash and cash equivalents were 3.49 billion yuan, and short-term debt was 3.782 million yuan. The company’s average ratio of interest income to cash and cash equivalents was 0.915%, lower than 1.5%.

• The growth rate of prepayments exceeds the growth rate of operating costs. During the reporting period, prepayments increased by 8.37% compared with the beginning of the period; operating costs同比增长-2.66%; the growth rate of prepayments is higher than the growth rate of operating costs.

| 项目 | 20231231 | 20241231 | 20251231 | | 预付账款较期初增速 | 28.96% | -7.91% | 8.37% | | 营业成本增速 | 10.95% | -1.36% | -2.66% |

From the perspective of fund coordination, it is necessary to focus on:

• The company’s funding is relatively abundant. During the reporting period, the company’s working capital needs were -1.18 billion yuan, and working capital was 2.3 billion yuan. Operating activities and investing/financing activities both brought the company relatively ample funds. The company’s cash payment capability was 3.49 billion yuan, and the efficiency of fund utilization deserves further attention.

IV. Operational efficiency

During the reporting period, the company’s accounts receivable turnover ratio was 17.42, up 7.02%; inventory turnover ratio was 54.53, up 4.86%; total asset turnover ratio was 0.32, up 2.16%.

Click China World Eagle Eye Alert to view the latest alert details and a visual preview of the financial reports.

Introduction to Sina Finance listed company financial report Eagle Eye Alert: the Eagle Eye Alert for listed company financial reports is an intelligent professional analysis system for listed company financial reports. By gathering a large number of authoritative financial experts, including accounting firms and listed companies, Eagle Eye Alert tracks and interprets the latest financial reports of listed companies across multiple dimensions such as company performance growth, earnings quality, funding pressure and safety, and operational efficiency, and highlights potentially existing financial risk points in a graphic and textual format. 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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