Eagle Eye Warning: FuJia Co., Ltd.'s accounts receivable growth rate exceeds the revenue growth rate

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

On March 20, Fufia Shares released its 2025 annual report.

The report shows that the company’s operating revenue for the full year of 2025 was RMB 3.197 billion, up 18.34% year over year; net profit attributable to shareholders was RMB 107 million, down 40.93% year over year; net profit after deducting non-recurring items attributable to shareholders was RMB 105 million, down 36.82% year over year; and basic earnings per share were RMB 0.19 per share.

Since the company was listed in November 2021, it has paid cash dividends 4 times, with cumulative cash dividends already implemented totaling RMB 601 million.

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

I. Performance Quality

During the reporting period, the company’s revenue was RMB 3.197 billion, up 18.34%; net profit was RMB 103 million, down 41.3% year over year; and net cash flow from operating activities was RMB 73.87 million, down 79.29% year over year.

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

• The growth rate of net profit attributable to shareholders continues to decline. In the past three annual reports, the year-over-year changes in net profit attributable to shareholders were -24.73%, -30.6%, and -40.93%, respectively, with the downward trend continuing.

• The growth rate of net profit after deducting non-recurring items attributable to shareholders continues to decline. In the past three annual reports, the year-over-year changes in net profit after deducting non-recurring items attributable to shareholders were -25.73%, -34.17%, and -36.82%, respectively, with the downward trend continuing.

• Revenue continues to grow while net profit continues to decline. In the past three annual reports, the year-over-year changes in operating revenue were -1.87%, 0.34%, and 18.34%, continuing to grow; while the year-over-year changes in net profit were -23.71%, -33.9%, and -41.3%, continuing to decline, with the trends for operating revenue and net profit moving in opposite directions.

From the perspective of the cost structure and allocation of period expenses, it is necessary to focus on:

• Operating revenue and taxes and surcharges move in opposite directions. During the reporting period, operating revenue increased 18.34% year over year, while taxes and surcharges decreased -25.9% year over year; operating revenue and taxes and surcharges moved in opposite directions.

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

• The growth rate of accounts receivable is higher than the growth rate of operating revenue. During the reporting period, accounts receivable increased 31.22% compared with the beginning of the period, operating revenue increased 18.34% year over year, and the growth rate of accounts receivable is higher than that of operating revenue.

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

• Operating revenue and net cash flow from operating activities move in opposite directions. During the reporting period, operating revenue increased 18.34% year over year, net cash flow from operating activities decreased 79.29% year over year, and operating revenue and net cash flow from operating activities move in opposite directions.

• Net cash flow from operating activities continues to decline. In the past three annual reports, net cash flow from operating activities was RMB 370 million, RMB 360 million, and RMB 70 million, respectively, continuing to decline.

• The ratio of net cash flow from operating activities to net profit is below 1. During the reporting period, the ratio of net cash flow from operating activities to net profit was 0.716, below 1, indicating weaker earnings quality.

II. Profitability

During the reporting period, the company’s gross margin was 14.06%, down 11.71% year over year; net margin was 3.23%, down 50.4% year over year; and return on equity (weighted) was 6.74%, down 41.34% year over year.

In combination with the company’s business operations, it is necessary to focus on:

• Sales gross margin continues to decline. In the past three annual reports, sales gross margin was 20.21%, 15.93%, and 14.06%, respectively, with the downward trend continuing.

• Sales net margin is subject to fluctuations. During the reporting period, the company’s sales net margin from the first quarter to the fourth quarter was 8.26%, -2.99%, -0.15%, and -1.89%, respectively; the year-over-year changes were -27.35%, 210.71%, -94.45%, and 63.67%, respectively, with sales net margin showing volatility.

| Item | 20250331 | 20250630 | 20250930 | 20251231 | | — | — | — | — | | Sales net margin | 8.26% | -2.99% | -0.15% | -1.89% | | Sales net margin growth rate | -27.35% | 210.71% | -94.45% | 63.67% |

• Sales net margin continues to decline. In the past three annual reports, sales net margin was 9.88%, 6.51%, and 3.23%, respectively, with the downward trend continuing.

In combination with the company’s asset-side performance, it is necessary to focus on:

• Return on equity continues to decline. In the past three annual reports, the weighted average return on equity was 17.2%, 11.49%, and 6.74%, respectively, with the downward trend continuing.

III. Capital Pressure and Safety

During the reporting period, the company’s asset-liability ratio was 49.54%, up 11.66% year over year; the current ratio was 1.32, and the quick ratio was 0.99; total debt was RMB 547 million, of which short-term debt was RMB 535 million, and short-term debt as a percentage of total debt was 97.81%.

From the overall perspective of the financial position, it is necessary to focus on:

• The asset-liability ratio continues to grow. In the past three annual reports, the asset-liability ratio was 39.54%, 44.37%, and 49.54%, respectively, with an increasing trend.

• The current ratio continues to decline. In the past three annual reports, the current ratio was 1.9, 1.44, and 1.32, respectively, indicating weakening short-term solvency.

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

• The cash ratio continues to decline. In the past three annual reports, the cash ratio was 0.54, 0.44, and 0.36, respectively, continuing to decline.

• The ratio of net cash flow from operating activities to current liabilities continues to decline. In the past three annual reports, the ratio of net cash flow from operating activities to current liabilities was 0.36, 0.28, and 0.05, respectively, continuing to decline.

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

• The ratio of advances to suppliers / current assets continues to grow. In the past three annual reports, the ratio of advances to suppliers / current assets was 0.46%, 1.37%, and 1.43%, respectively, continuing to rise.

• Other receivables show significant changes. During the reporting period, other receivables were RMB 40 million, with a change rate of 210.12% compared with the beginning of the period.

• Accounts payable bills show significant changes. During the reporting period, accounts payable bills were RMB 280 million, with a change rate of 56.35% compared with the beginning of the period.

• Other payables show significant changes. During the reporting period, other payables were RMB 70 million, with a change rate of 195.23% compared with the beginning of the period.

IV. Operating Efficiency

During the reporting period, the company’s accounts receivable turnover was 4.14, up 10.11% year over year; inventory turnover was 5.8, down 6.44% year over year; and total asset turnover was 1.04, up 8.13% year over year.

With regard to operating assets, it is necessary to focus on:

• Inventory turnover continues to decline. In the past three annual reports, inventory turnover was 6.85, 6.2, and 5.8, respectively, indicating weakening inventory turnover capability.

• The ratio of inventory / total assets continues to grow. In the past three annual reports, the ratio of inventory / total assets was 10.81%, 15.21%, and 15.7%, respectively, continuing to rise.

In terms of the three expense categories, it is necessary to focus on:

• The ratio of selling expenses / operating revenue continues to grow. In the past three annual reports, the ratio of selling expenses / operating revenue was 0.55%, 0.62%, and 0.64%, respectively, continuing to rise.

Click Fufia Shares’ hawk-eye early warning to view the latest warning details and a visual preview of the financial report.

Sina Finance Listed Company Financial Report Hawk-Eye Early Warning Overview: The listed company financial report hawk-eye early warning is a professional, intelligent analytical system for financial reports of listed companies. The hawk-eye early warning tracks and interprets the latest financial reports of listed companies across multiple dimensions, including company performance growth, earnings quality, capital pressure and safety, and operating efficiency, by aggregating a large number of authoritative financial experts, such as accounting firms and listed companies. It also presents potential financial risk points in a visual and text format. It provides technical solutions for professional, efficient, and convenient identification and early warning of financial risks of listed companies for financial institutions, listed companies, regulatory authorities, and others.

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