Eagle Eye Warning: Jindao Technology's accounts receivable to operating income ratio continues to increase

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

On March 30, Jindao Technology released its 2025 annual report.

The report shows that the company’s total operating revenue for 2025 was 695 million yuan, up 11.91% year over year; net profit attributable to the parent was 64.4917 million yuan, up 51.04%; net profit after deducting non-recurring gains and losses attributable to the parent was 60.1428 million yuan, up 46.55%; and basic earnings per share were 0.5 yuan per share.

Since the company went public in March 2022, it has paid cash dividends 3 times, with cumulative cash dividends already implemented totaling 106 million yuan.

The listed company financial report eagle-eye early warning system conducts intelligent quantitative analysis of Jindao Technology’s 2025 annual report from four major dimensions: performance quality, profitability, capital pressure and safety, and operating efficiency.

I. Performance Quality

During the reporting period, the company’s operating revenue was 695 million yuan, up 11.91%; net profit was 64.4917 million yuan, up 51.04%; and net cash flow from operating activities was 72.4724 million yuan, up 12.28%.

Based on the matching between revenue, costs, and period expenses, the following needs to be重点关注:

• The change in selling expenses differs significantly from the change in operating revenue. During the reporting period, operating revenue changed by 11.91% year over year, while selling expenses changed by -3.69% year over year; the difference between the changes in selling expenses and operating revenue is significant.

• Operating revenue and taxes and surcharges moved in opposite directions. During the reporting period, operating revenue changed by 11.91% year over year, while taxes and surcharges changed by -9.68% year over year; operating revenue and taxes and surcharges moved in opposite directions.

Based on the quality of operating assets, the following needs to be重点关注:

• The ratio of accounts receivable to operating revenue continues to rise. In the last three annual reports, the ratio of accounts receivable to operating revenue was 14.68%, 18.41%, and 18.42% respectively, showing a continued increase.

Based on the quality of cash flows, the following needs to be重点关注:

• The ratio of net cash flow from operating activities to net profit continues to decline. In the last three interim reports, the ratio of net cash flow from operating activities to net profit was 2.78, 1.51, and 1.12 respectively, continuing to decline, indicating that the quality of profitability is trending downward.

II. Profitability

During the reporting period, the company’s gross margin was 20.2%, up 16.18% year over year; the net profit margin was 9.28%, up 34.96% year over year; and return on net assets (weighted) was 4.83%, up 49.07% year over year.

Based on the company’s operating side and returns, the following needs to be重点关注:

• Selling gross margin increased significantly. During the reporting period, the company’s selling gross margin was 20.2%, up significantly by 16.18% year over year.

• With selling gross margin growing, the accounts receivable turnover rate declined. During the reporting period, selling gross margin rose from 17.38% in the same period last year to 20.2%, while accounts receivable turnover fell from 5.92 times in the same period last year to 5.74 times.

Based on the company’s asset side and returns, the following needs to be重点关注:

• The average return on net assets over the past three years is below 7%. During the reporting period, the weighted average return on net assets was 4.83%, and the weighted average return on net assets over the most recent three fiscal years averaged below 7%.

• Return on invested capital is below 7%. During the reporting period, the company’s return on invested capital was 4.71%, and the average across the three reporting periods was below 7%.

III. Capital Pressure and Safety

During the reporting period, the company’s asset-liability ratio was 23.03%, up 12.65% year over year; the current ratio was 2.39, and the quick ratio was 1.9; total debt was 154 million yuan, of which short-term debt was 154 million yuan, and the ratio of short-term debt to total debt was 100%.

From the perspective of short-term capital pressure, the following needs to be重点关注:

• The ratio of net cash flow from operating activities to current liabilities continues to decline. In the last three annual reports, the ratio of net cash flow from operating activities to current liabilities was 0.38, 0.2, and 0.19 respectively, continuing to decline.

| Item | 20230630 | 20240630 | 20250630 | | Net cash flow from operating activities (yuan) | 5659.49 million | -1449.28 million | 427 million | | Current liabilities (yuan) | 2.84 billion | 3.48 billion | 3.71 billion | | Net cash flow from operating activities/current liabilities | 0.2 | -0.04 | 0.01 |

From the perspective of capital management, the following needs to be重点关注:

• The ratio of interest income to cash and cash equivalents is less than 1.5%. During the reporting period, cash and cash equivalents were 250 million yuan, and short-term debt was 50 million yuan. The company’s average ratio of interest income to cash and cash equivalents was 0.982%, lower than 1.5%.

• Prepayments vary significantly. During the reporting period, prepayments were 3.284 million yuan, with a period-beginning change rate of 59.2%.

• The growth rate of prepayments is higher than the growth rate of operating costs. During the reporting period, prepayments increased by 59.2% compared with the beginning of the period, while operating costs increased by 8.1% year over year; the growth rate of prepayments is higher than that of operating costs.

| Item | 20231231 | 20241231 | 20251231 | | Prepayments growth rate vs. beginning of period | -13.92% | -45.15% | 59.2% | | Operating cost growth rate | 3.44% | -5.84% | 8.1% |

IV. Operating Efficiency

During the reporting period, the company’s accounts receivable turnover rate was 5.74, down 3.09% year over year; inventory turnover rate was 3, up 13.7%; and total asset turnover rate was 0.41, up 9.26%.

From operating assets, the following needs to be重点关注:

• The proportion of accounts receivable to total assets continues to increase. In the last three annual reports, the ratio of accounts receivable to total assets was 5.66%, 6.89%, and 7.24% respectively, showing continued growth.

From long-term assets, the following needs to be重点关注:

• Construction in progress changes significantly. During the reporting period, construction in progress was 20 million yuan, up 503.53% from the beginning of the period.

• Other non-current assets change significantly. During the reporting period, other non-current assets were 2.987 million yuan, up 100.89% from the beginning of the period.

Click Jindao Technology’s 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 introduction: The Eagle Eye early warning for listed company financial reports is an intelligent specialized analysis system for listed company financial reports. By bringing together a large number of authoritative financial experts, including accounting firms and listed companies, the Eagle Eye early warning system tracks and interprets the latest financial reports of listed companies across multiple dimensions, such as companies’ performance growth, earnings quality, capital pressure and safety, and operating efficiency, and highlights potentially existing financial risk points in the form of text and graphics. It provides professional, efficient, and convenient technical solution for identifying and issuing early warnings of financial risks for financial institutions, listed companies, regulatory bodies, and others.

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责任编辑：Xiao Lang Kuai Bao