Eagle Eye Warning: Beiding Co., Ltd.'s net cash flow from operating activities to net profit ratio continues to decline

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

On March 26, Beiding Technologies Co., Ltd. released its 2025 annual report.

The report shows that the company’s full-year operating revenue in 2025 was 951 million yuan, up 26.13% year over year; net profit attributable to shareholders was 114 million yuan, up 63.35%; non-recurring items net profit attributable to shareholders was 110 million yuan, up 74.59%; and basic earnings per share were 0.35 yuan per share.

Since listing in June 2020, the company has carried out cash dividends 8 times, with cumulative implemented cash dividends of 357 million yuan.

The listed company financial report eagle-eye early warning system conducts intelligent quantitative analysis of Beiding Technologies’ 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 revenue was 951 million yuan, up 26.13% year over year; net profit was 114 million yuan, up 63.35%; and net cash flow from operating activities was 148 million yuan, up 34.32%.

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

• The ratio of net cash flow from operating activities to net profit continues to decline. In the last three consecutive half-year reports, the ratio of net cash flow from operating activities to net profit was 2.06, 1.58, and 1.3 respectively, continuing to decline, indicating a downward trend in earnings quality.

II. Profitability

During the reporting period, the company’s gross margin was 50.03%, up 6.69% year over year; net profit margin was 11.94%, up 29.51% year over year; and return on equity (weighted) was 15.64%, up 62.58% year over year.

III. Funding Pressure and Safety

During the reporting period, the company’s asset-liability ratio was 27.84%, down 0.43% year over year; the current ratio was 2.65, and the quick ratio was 2.18; total debt was 135 million yuan, of which short-term debt was 135 million yuan, and short-term debt as a proportion of total debt was 100%.

Overall from the financial position, it is necessary to focus on:

• The current ratio continues to decline. In the last three consecutive annual reports, the current ratio was 4.2, 3.38, and 2.65 respectively, and the short-term solvency capability is weakening.

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

• The short-term-to-long-term debt ratio increases sharply. During the reporting period, short-term debt / long-term debt increased sharply to 8.54.

• The cash ratio continues to decline. In the last three consecutive annual reports, the cash ratio was 2.1, 1.9, and 1.52 respectively, continuing to decline.

From long-term funding pressure, it is necessary to focus on:

• The total-debt cash coverage ratio is gradually getting smaller. In the last three consecutive annual reports, the ratio of broad monetary funds / total debt was 6.11, 4.28, and 3.32 respectively, continuing to decline.

From the perspective of capital management, it is necessary to focus on:

• Prepaid accounts vary significantly. During the reporting period, prepaid accounts receivable were 0.2 billion yuan, with a period-beginning change rate of 31.95%.

• The ratio of prepaid accounts to current assets continues to grow. In the last three consecutive annual reports, the ratio of prepaid accounts to current assets was 1.13%, 2.04%, and 2.75% respectively, continuing to increase.

• The growth rate of prepaid accounts exceeds the growth rate of operating costs. During the reporting period, prepaid accounts receivable increased by 31.95% compared with the beginning of the period, operating costs grew by 18.68% year over year, and the growth rate of prepaid accounts exceeds that of operating costs.

IV. Operating Efficiency

During the reporting period, the company’s accounts receivable turnover rate was 18.96, down 8.5% year over year; inventory turnover rate was 3.93, up 7.46% year over year; and total asset turnover was 0.94, up 21.63% year over year.

From operating assets, it is necessary to focus on:

• The accounts receivable turnover rate continues to decline. In the last three consecutive annual reports, the accounts receivable turnover rates were 21.43, 20.72, and 18.96 respectively, indicating weakening capability in accounts receivable turnover.

• The ratio of inventory to total assets continues to grow. In the last three consecutive annual reports, the ratio of inventory to total assets was 11.03%, 11.47%, and 12.46% respectively, continuing to rise.

From long-term assets, it is necessary to focus on:

• Fixed assets change significantly. During the reporting period, fixed assets were 110 million yuan, up 95.7% from the beginning of the period.

• Construction in progress changes significantly. During the reporting period, construction in progress was 5.313 million yuan, up 141.49% from the beginning of the period.

• Intangible assets change significantly. During the reporting period, intangible assets were 110 million yuan, up 816.78% from the beginning of the period.

From the perspective of the three expenses (three-fee items), it is necessary to focus on:

• Selling expenses growth exceeds 20%. During the reporting period, selling expenses were 280 million yuan, up 31.43% year over year.

Click on Beiding Technologies’ eagle-eye early warning to view the latest early-warning details and a visual preview of the financial report.

Sina Finance listed company financial report eagle-eye early warning system 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 system, 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 company performance growth, earnings quality, funding pressure and safety, and operating efficiency, and uses charts and text to highlight potential financial risk points. It provides professional, efficient, and convenient technical solutions for financial institutions, listed companies, regulatory bodies, and others to identify and issue early warnings for financial risks of listed companies.

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Responsible editor: Xiao Lang Express News