# KEDA Intelligence (300222) 2025 Annual Report Brief Analysis: Revenue and Net Profit Both Show Year-over-Year Growth, Company Has Significant Accounts Receivable Balance

According to publicly available data compiled by Securities Star, Keda Intelligent (300222) recently released its 2025 annual report. As of the end of this reporting period, the company’s total operating revenue was 3.063 billion yuan, an increase of 11.83% year-over-year, and net profit attributable to shareholders was 80.77 million yuan, up 15.33% YoY. On a quarterly basis, the fourth quarter’s total revenue was 1.127 billion yuan, up 36.67% YoY, while net profit attributable to shareholders was 9.18 million yuan, down 76.92% YoY. During this period, Keda Intelligent’s accounts receivable was relatively large, accounting for 1,825.3% of the latest annual net profit attributable to shareholders.

This figure is below most analysts’ expectations, who previously forecasted a net profit of around 179 million yuan for 2025.

The financial data released in this report shows good performance overall. Key indicators include a gross profit margin of 22.65%, down 11.26% YoY; a net profit margin of 2.8%, up 24.42% YoY; total selling, administrative, and financial expenses of 447 million yuan, accounting for 14.61% of revenue, down 6.24% YoY; net assets per share of 2.22 yuan, up 5.34% YoY; operating cash flow per share of 0.25 yuan, up 65.81% YoY; and earnings per share of 0.10 yuan, up 11.11% YoY.

The explanations for significant changes in certain financial items are as follows:

1. Financial expenses decreased by 56.47%, mainly due to reduced borrowing amounts leading to lower interest expenses.
2. Net cash flow from operating activities increased by 65.39%, driven by higher sales collections and recovery of guarantee deposits.
3. Net cash flow from investing activities increased by 286.08%, mainly due to increased inflows from redemption of financial products.
4. Net cash flow from financing activities decreased by 2801.78%, due to repayment of long-term loans.
5. Inventory decreased by 14.47%, due to increased order deliveries and inventory optimization.
6. Short-term borrowings decreased by 71.66%, as the company repaid loans and reduced letter of credit discounts.
7. Long-term borrowings decreased by 100%, due to loan repayments.

According to Securities Star’s investment analysis tools:

• Business Evaluation: The company’s ROIC last year was 4.43%, indicating weak capital returns in recent years. The company’s performance is cyclical. Last year’s net profit margin was 2.8%, and after accounting for all costs, the value-added of its products or services is not high. Historical data shows the median ROIC over the past 10 years is only 0.56%, with particularly poor performance in 2019 at -50.53%, indicating very poor investment returns. The company’s financial reports have been generally average, with 14 annual reports since listing and five years of losses. Without shell company mergers or similar factors, value investors typically avoid such companies.
• Business Model: The company’s performance mainly depends on R&D and marketing efforts. It is necessary to carefully analyze the actual drivers behind these factors.
• Business Breakdown: Over the past three years (2023/2024/2025), the net return on operating assets was --/9.9%/15.8%, with net operating profits of -171 million yuan / 61.56 million yuan / 85.66 million yuan, and net operating assets of 732 million yuan / 622 million yuan / 542 million yuan.

Over the past three years, the company’s working capital to revenue ratio was 0.18/0.15/0.11, with working capital (funds invested by the company in its operations) of 554 million yuan / 406 million yuan / 325 million yuan, and revenue of 3.102 billion yuan / 2.739 billion yuan / 3.063 billion yuan.

The financial health check tools suggest:

1. Pay attention to the company’s cash flow status (cash and cash equivalents / current liabilities are only 57.17%, and the average operating cash flow over the past three years / current liabilities is only 8.15%).
2. Monitor the company’s accounts receivable (accounts receivable / profit has reached 1825.3%).

The above content is compiled by Securities Star based on publicly available information, generated by AI algorithms (Wangxin Algorithm Backup 310104345710301240019), and does not constitute investment advice.