Eagle Eye Warning: Tongshen Beijian's Operating Revenue Declines

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

On March 21, Tangchen Baitian released its 2025 annual report, with an audit opinion of standard unqualified audit opinion.

The report shows that the company’s total operating revenue for 2025 was 6.265 billion yuan, a decrease of 8.38% year-on-year; net profit attributable to shareholders was 782 million yuan, an increase of 19.81%; net profit after non-recurring gains and losses was 686 million yuan, up 9.49%; basic earnings per share were 0.47 yuan/share.

Since listing in November 2010, the company has paid cash dividends 15 times, totaling 8.321 billion yuan. The announcement states that the company plans to distribute a cash dividend of 4.5 yuan (tax included) for every 10 shares to all shareholders.

The Listed Company Financial Report Eagle Eye Warning System conducts intelligent quantitative analysis of Tangchen Baitian’s 2025 annual report from four dimensions: performance quality, profitability, capital pressure and safety, and operational efficiency.

1. Performance Quality

During the reporting period, the company’s revenue was 6.265 billion yuan, down 8.38% year-on-year; net profit was 817 million yuan, up 26.04%; net cash flow from operating activities was 1.214 billion yuan, up 76.94%.

Overall performance analysis to focus on:

• Decline in operating revenue. During the reporting period, operating revenue was 6.27 billion yuan, a decrease of 8.38%.

• Divergence between operating revenue and net profit. During the reporting period, operating revenue decreased by 8.38% year-on-year, while net profit increased by 26.04%, showing a divergence in their changes.

• Net profit shows volatility. In the last three annual reports, net profits were 1.78 billion yuan, 650 million yuan, and 820 million yuan, with year-on-year changes of 26.04%, -63.58%, and 26.04%, respectively, indicating significant fluctuation.

From the perspective of revenue, cost, and period expenses ratio:

• Divergence between operating revenue and taxes and surcharges. During the reporting period, operating revenue decreased by 8.38%, while taxes and surcharges increased by 36.46%, showing divergence.

• Regarding cash flow quality:

• Divergence between operating revenue and net cash flow from operating activities. During the period, operating revenue decreased by 8.38%, while net cash flow from operating activities increased by 76.94%, indicating divergence.

2. Profitability

During the reporting period, the company’s gross profit margin was 67.9%, up 1.81%; net profit margin was 13.03%, up 37.56%; return on equity (weighted) was 7.18%, up 23.58%.

Focus on impairment risk:

• Continuous increase in goodwill/total assets ratio. In the last three annual reports, the goodwill/total assets ratios were 9.6%, 9.8%, and 10.2%, showing a continuous upward trend.

3. Capital Pressure and Safety

During the period, the company’s asset-liability ratio was 19.95%, down 10.47% year-on-year; current ratio was 2.95; quick ratio was 2.69; total debt was 1.032 billion yuan, with short-term debt at 948 million yuan, accounting for 91.84% of total debt.

From capital management perspective:

• Prepaid accounts payable growth exceeds that of operating costs. During the period, prepaid accounts payable decreased by 5.66% from the beginning of the period, while operating costs decreased by 11.7%, indicating prepaid accounts payable growth outpaces operating costs.

• Regarding capital coordination:

• Capital is relatively abundant. During the period, the company’s working capital demand was -8.888 million yuan, working capital was 5.03 billion yuan, and cash payment capacity was 5.109 billion yuan, indicating sufficient liquidity, but further attention to capital efficiency is needed.

4. Operating Efficiency

During the reporting period, accounts receivable turnover was 28.44 times, down 13.82%; inventory turnover was 3.11 times, up 9.03%; total asset turnover was 0.44 times, down 4.75%.

Long-term asset focus:

• Continuous decline in total asset turnover. In the last three annual reports, total asset turnover ratios were 0.67, 0.47, and 0.44, indicating weakening asset utilization.

• Decline in revenue per unit of fixed assets. In the last three annual reports, the ratio of operating revenue to fixed assets was 10.39, 2.47, and 2.18, showing a continuous decrease.

• Long-term deferred expenses fluctuate significantly from the beginning of the period. During the period, long-term deferred expenses were 5.2259 million yuan, an increase of 53.86% from the beginning.

Click on Tangchen Baitian Eagle Eye Warning to view the latest warning details and visualized financial report preview.

Sina Finance Listed Company Financial Report Eagle Eye Warning Introduction: The Eagle Eye Warning system is an intelligent professional analysis system for listed company financial reports. It gathers authoritative financial experts from accounting firms and listed companies to track and interpret the latest financial reports from multiple dimensions such as performance growth, earnings quality, capital pressure and safety, and operational efficiency, providing visual alerts for potential financial risks. It offers professional, efficient, and convenient technical solutions for financial risk identification and early warning for financial institutions, listed companies, and regulatory authorities.

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