Eagle Eye Warning: Haida Shares' cash ratio is less than 0.25

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

On March 27, Haida Co., Ltd. released its 2025 annual report.

The report shows that the company’s full-year operating revenue in 2025 was 3.598 billion yuan, up 8.83%; net profit attributable to the parent was 232 million yuan, up 43.67%; net profit after deducting non-recurring items attributable to the parent was 228 million yuan, up 43.55%; basic earnings per share were 0.3865 yuan per share.

Since listing in April 2012, the company has issued cash dividends 16 times, with cumulative cash dividends implemented of 305 million yuan. The announcement shows that the company plans to distribute cash dividends of 0.3 yuan per 10 shares to all shareholders (including tax).

The Listed Company Financial Report Eagle-Eye Early Warning System conducts intelligent quantitative analysis of Haida Co., Ltd.’s 2025 annual report from 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 3.598 billion yuan, up 8.83%; net profit was 237 million yuan, up 40.03%; net cash flow from operating activities was 358 million yuan, up 276.85%.

From the overall performance perspective, it is necessary to pay special attention to:

• The growth rate of operating revenue has slowed down. During the reporting period, operating revenue was 3.6 billion yuan, up 8.83%; in the same period last year, the growth rate was 20.89%, which has slowed compared with the previous year.

II. Profitability

During the reporting period, the company’s gross profit margin was 18.84%, up 6.99% year over year; net profit margin was 6.58%, up 28.67% year over year; return on net assets (weighted) was 9.56%, up 33.52% year over year.

Regarding whether there is an impairment risk, it is necessary to pay special attention to:

• The year-over-year change rate in asset impairment losses exceeds 30%. During the reporting period, asset impairment losses were -80 million yuan, down 249.24% year over year.

| Item | 20231231 | 20241231 | 20251231 | | Asset impairment losses (yuan) | -5.4755 million | -22.4932 million | -78.5558 million |

III. Funding Pressure and Safety

During the reporting period, the company’s asset-liability ratio was 32.26%, down 16.62% year over year; the current ratio was 2.34, and the quick ratio was 1.82; total debt was 264 million yuan, of which short-term debt was 237 million yuan; short-term debt as a proportion of total debt was 89.96%.

From the perspective of short-term funding pressure, it is necessary to pay special attention to:

• The cash ratio is less than 0.25. During the reporting period, the cash ratio was 0.19, which is below 0.25.

From the perspective of long-term funding pressure, it is necessary to pay special attention to:

• Short-term debt can be covered by broad money and funds, but long-term debt cannot be covered. During the reporting period, the broad money and funds / total debt ratio was 0.92, and broad money and funds were lower than total debt.

From the perspective of fund management and control, it is necessary to pay special attention to:

• The ratio of interest income / monetary funds is less than 1.5%. During the reporting period, monetary funds were 160 million yuan and short-term debt was 210 million yuan. The company’s average interest income / monetary funds ratio was 0.627%, which is below 1.5%.

• Prepayments to suppliers have changed significantly. During the reporting period, prepayments to suppliers were 30 million yuan, with a period-beginning variation rate of 51.55%.

• The growth rate of prepayments to suppliers is higher than the growth rate of operating costs. During the reporting period, prepayments to suppliers increased by 51.55% compared with the beginning of the period, while operating costs increased by 7.21% year over year; the growth rate of prepayments to suppliers is higher than that of operating costs.

| Item | 20231231 | 20241231 | 20251231 | | Prepayments to suppliers growth rate vs. beginning of period | 21.72% | -14.56% | 51.55% | | Operating cost growth rate | 2.19% | 21.62% | 7.21% |

IV. Operating Efficiency

During the reporting period, the company’s accounts receivable turnover ratio was 2.3, up 6.12%; inventory turnover ratio was 4.7, down 2.97% year over year; total asset turnover ratio was 0.94, up 6.02%.

Click Haida Co., Ltd. Eagle-Eye Early Warning to view the latest early warning details and a visual financial report preview.

Sina Finance Listed Company Financial Report Eagle-Eye Early Warning Introduction: Listed Company Financial Report Eagle-Eye Early Warning is a professional intelligent analysis system for listed company financial reports. Eagle-Eye Early Warning gathers many authoritative financial experts, such as accounting firms and listed companies, and 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 provides prompts of potentially existing financial risk points in the form of charts and text. It provides professional, efficient, and convenient technical solutions for identifying and issuing early warnings of financial risks for financial institutions, listed companies, regulatory authorities, and others.

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