Eagle Eye Warning: The ratio of net cash flow from operating activities to net profit for JinFang Energy continues to decline

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

On March 16, Jinfang Energy released its 2025 annual report.

The report shows that the company’s total operating revenue for 2025 is 1.199 billion yuan, an increase of 11.81% year-on-year; net profit attributable to shareholders is 134 million yuan, up 176.06%; net profit excluding non-recurring gains and losses is 130 million yuan, up 54.33%; basic earnings per share are 0.8572 yuan/share.

Since its listing in June 2021, the company has paid cash dividends 6 times, totaling 163 million yuan.

The Listed Company Financial Report Eagle Eye Warning System conducts intelligent quantitative analysis of Jinfang Energy’s 2025 annual report from four dimensions: performance quality, profitability, capital pressure and safety, and operational efficiency.

1. Performance Quality

During the reporting period, the company’s revenue was 1.199 billion yuan, an 11.81% increase; net profit was 125 million yuan, up 139.02%; net cash flow from operating activities was 341 million yuan, up 46.23%.

Regarding cash flow quality, key points to monitor:

• The ratio of net cash flow from operating activities to net profit continues to decline. In the last three semi-annual reports, this ratio was 11.42, 4.47, and 2.74, respectively, showing a downward trend, indicating declining profit quality.

2. Profitability

During the reporting period, the gross profit margin was 25.73%, an increase of 7.45%; net profit margin was 10.4%, up 113.76%; return on equity (weighted) was 10.31%, an increase of 161.68%.

3. Capital Pressure and Safety

During the reporting period, the company’s asset-liability ratio was 42.96%, up 4.57%; current ratio was 1.74, quick ratio was 1.7; total debt was 53.39 million yuan, with short-term debt of 12.55 million yuan, accounting for 23.5% of total debt.

Overall financial condition, key points to monitor:

• Asset-liability ratio continues to rise. In the last three annual reports, ratios were 34.71%, 41.08%, and 42.96%, showing an increasing trend.

• Current ratio continues to decline. In the last three annual reports, ratios were 2.3, 1.9, and 1.74, indicating weakening short-term debt-paying ability.

Short-term capital pressure to watch:

• Cash ratio continues to decrease. In the last three annual reports, ratios were 1.63, 1.29, and 1.12.

Long-term capital pressure to monitor:

• Total debt to net assets ratio continues to rise. In the last three annual reports, ratios were 0.05%, 0.38%, and 4.14%.

• Cash coverage of total debt gradually decreases. In the last three annual reports, broad monetary funds to total debt ratios were 1408.52, 163.58, and 16.15.

From a fund management perspective, key points to monitor:

• Interest income to monetary funds ratio below 1.5%. During the period, monetary funds were 910 million yuan, short-term debt was 10 million yuan, with an average interest income/monetary funds ratio of 0.432%, below 1.5%.

• Prepaid expenses to current assets ratio continues to grow. In the last three annual reports, ratios were 4.23%, 6.54%, and 7.05%.

• Growth rate of prepaid expenses exceeds that of operating costs. During the period, prepaid expenses increased by 14.24% from the beginning, while operating costs grew 9.19%, indicating faster growth in prepaid expenses.

From a capital coordination perspective, key points to monitor:

• Capital is relatively abundant. During the period, the company’s working capital demand was -310 million yuan, with operating capital of 620 million yuan. Operating activities and investment/financing activities provided ample funds, with cash payment capacity of 930 million yuan. Further attention to capital efficiency is needed.

4. Operating Efficiency

During the reporting period, the company’s accounts receivable turnover was 3.26, a 10.4% increase; inventory turnover was 23.41, up 9.73%; total asset turnover was 0.5, a decrease of 0.59%.

Long-term assets to watch:

• Significant changes in other non-current assets. During the period, other non-current assets amounted to 70 million yuan, a 274.28% increase from the beginning.

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Sina Finance Listed Company Financial Report Eagle Eye Warning Introduction: The Eagle Eye Warning is an intelligent professional analysis system for listed company financial reports. It gathers authoritative financial experts from accounting firms and listed companies to track and interpret the latest financial reports from multiple dimensions such as performance growth, earnings quality, capital pressure and safety, and operational efficiency, providing visual alerts for potential financial risks. It offers professional, efficient, and convenient technical solutions for financial risk identification and early warning for financial institutions, listed companies, and regulatory authorities.

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