Eagle Eye Warning: Jinlongyu's accounts receivable growth rate exceeds the revenue growth rate

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

On March 26, Jinlongyu released its 2025 annual report.

The report shows that the company’s total revenue for 2025 was 4.651 billion yuan, a year-on-year increase of 26.54%; net profit attributable to the parent company was 107 million yuan, a year-on-year decrease of 23.65%; net profit attributable to the parent company excluding non-recurring gains and losses was 101 million yuan, a year-on-year decrease of 24.89%; basic earnings per share was 0.2472 yuan/share.

Since its listing in June 2017, the company has distributed cash dividends 8 times, with a cumulative cash dividend of 757 million yuan.

The Eagle Eye Warning System for listed company financial reports conducts intelligent quantitative analysis of Jinlongyu’s 2025 annual report from four major dimensions: performance quality, profitability, financial pressure and safety, and operational efficiency.

I. Performance Quality Aspect

During the reporting period, the company’s revenue was 4.651 billion yuan, a year-on-year increase of 26.54%; net profit was 102 million yuan, a year-on-year decrease of 25.43%; net cash flow from operating activities was -748 million yuan, a year-on-year decrease of 3923.01%.

From the overall performance perspective, key points to focus on:

• Revenue and net profit changes are diverging. During the reporting period, revenue grew by 26.54% year-on-year, while net profit decreased by 25.43%, showing a divergence between revenue and net profit changes.

Combined with the quality of operating assets, key points to focus on:

• The growth rate of accounts receivable is higher than the growth rate of revenue. During the reporting period, accounts receivable grew by 32.7% compared to the beginning of the period, while revenue grew by 26.54% year-on-year, indicating that the growth rate of accounts receivable is higher than that of revenue.

| Item | 20231231 | 20241231 | 20251231 | | Revenue Growth Rate | -1.03% | -6.53% | 26.54% | | Growth Rate of Accounts Receivable Compared to Beginning of Period | 10.15% | 9.49% | 32.7% |

• The ratio of accounts receivable to revenue continues to grow. In the last three annual reports, the ratio of accounts receivable to revenue was 28.42%, 33.29%, and 34.91%, showing a continuous increase.

Combined with cash flow quality, key points to focus on:

• Revenue and net cash flow from operating activities are diverging. During the reporting period, revenue grew by 26.54% year-on-year, while net cash flow from operating activities decreased by 3923.01%, indicating a divergence between revenue and net cash flow from operating activities.

• Net cash flow from operating activities continues to decline. In the last three annual reports, net cash flow from operating activities was 200 million yuan, -20 million yuan, and -750 million yuan, showing a continuous decline.

| Item | 20231231 | 20241231 | 20251231 | | Net Cash Flow from Operating Activities (yuan) | 200 million | -18.5989 million | -748 million |

• Net profit and net cash flow from operating activities are diverging. During the reporting period, net profit was 100 million yuan, and net cash flow from operating activities was -750 million yuan, indicating a divergence between net profit and net cash flow from operating activities.

| Item | 20231231 | 20241231 | 20251231 | | Net Cash Flow from Operating Activities (yuan) | 200 million | -18.5989 million | -748 million | | Net Profit (yuan) | 163 million | 137 million | 102 million |

• 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 -7.314, which is below 1, indicating weak profit quality.

| Item | 20231231 | 20241231 | 20251231 | | Net Cash Flow from Operating Activities (yuan) | 200 million | -18.5989 million | -748 million | | Net Profit (yuan) | 163 million | 137 million | 102 million | | Net Cash Flow from Operating Activities/Net Profit | 1.23 | -0.14 | -7.31 |

• The ratio of net cash flow from operating activities to net profit continues to decline. In the last three semi-annual reports, the ratio of net cash flow from operating activities to net profit was 1.23, -0.14, and -7.31, showing a continuous decline, indicating a downward trend in profit quality.

| Item | 20231231 | 20241231 | 20251231 | | Net Cash Flow from Operating Activities (yuan) | 200 million | -18.5989 million | -748 million | | Net Profit (yuan) | 163 million | 137 million | 102 million | | Net Cash Flow from Operating Activities/Net Profit | 1.23 | -0.14 | -7.31 |

II. Profitability Aspect

During the reporting period, the company’s gross profit margin was 10.54%, a year-on-year decrease of 16.5%; net profit margin was 2.2%, a year-on-year decrease of 41.07%; return on equity (weighted) was 5.06%, a year-on-year decrease of 23.45%.

Combined with the company’s operating side to look at earnings, key points to focus on:

• The sales gross margin continues to decline. In the last three annual reports, the sales gross margin was 13.22%, 12.62%, and 10.54%, showing a continuous downward trend.

• The sales net margin continues to decline. In the last three annual reports, the sales net margin was 4.15%, 3.73%, and 2.2%, showing a continuous downward trend.

Combined with the company’s asset side to look at earnings, key points to focus on:

• The average return on equity over the past three years is below 7%. During the reporting period, the weighted average return on equity was 5.06%, and the average weighted average return on equity over the last three accounting years was below 7%.

• Return on equity continues to decline. In the last three annual reports, the weighted average return on equity was 7.99%, 6.61%, and 5.06%, showing a continuous downward trend.

• Return on invested capital is below 7%. During the reporting period, the company’s return on invested capital was 3.87%, and the average value over the three reporting periods was below 7%.

III. Financial Pressure and Safety Aspect

During the reporting period, the company’s debt-to-asset ratio was 53.25%, a year-on-year increase of 22.27%; current ratio was 1.68, and quick ratio was 1.35; total debt was 2.062 billion yuan, of which short-term debt was 1.899 billion yuan, accounting for 92.07% of total debt.

From the overall financial condition, key points to focus on:

• The debt-to-asset ratio continues to increase. In the last three annual reports, the debt-to-asset ratio was 36.29%, 43.55%, and 53.25%, showing an upward trend.

• The current ratio continues to decline. In the last three annual reports, the current ratio was 2.34, 1.97, and 1.68, indicating weakening short-term debt repayment ability.

From the perspective of short-term financial pressure, key points to focus on:

• There is significant pressure from short-term debt, and the cash flow chain is under strain. During the reporting period, broad money funds were 1.3 billion yuan, short-term debt was 1.04 billion yuan, and net cash flow from operating activities was -750 million yuan, indicating a discrepancy between short-term debt, financial costs, and cash funds.

• The cash ratio continues to decline. In the last three annual reports, the cash ratio was 1.05, 0.75, and 0.55, showing a continuous decline.

• 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 0.17, -0.01, and -0.33, showing a continuous decline.

| Item | 20230630 | 20240630 | 20250630 | | Net Cash Flow from Operating Activities (yuan) | -209 million | -368 million | -359 million | | Current Liabilities (yuan) | 873 million | 1.144 billion | 2.374 billion | | Net Cash Flow from Operating Activities/Current Liabilities | -0.24 | -0.32 | -0.15 |

From the perspective of financial management, key points to focus on:

• The ratio of interest income to cash funds is less than 1.5%. During the reporting period, cash funds were 950 million yuan, short-term debt was 1.04 billion yuan, and the average ratio of interest income to cash funds was 0.937%, which is below 1.5%.

From the perspective of capital coordination, key points to focus on:

• There is capital coordination but payment difficulties. During the reporting period, operating capital was 1.52 billion yuan, while the company’s operating capital requirement was 2.08 billion yuan, indicating that financing activities cannot fully cover the capital needs of the company’s operating activities, resulting in a cash payment capability of -560 million yuan.

| Item | 20251231 | | Cash Payment Capability (yuan) | -562 million | | Operating Capital Requirement (yuan) | 2.077 billion | | Operating Capital (yuan) | 1.515 billion |

IV. Operational Efficiency Aspect

During the reporting period, the company’s accounts receivable turnover rate was 3.27, a year-on-year increase of 4.05%; inventory turnover rate was 6, a year-on-year increase of 15.13%; total asset turnover rate was 1.11, a year-on-year increase of 7.46%.

From the perspective of long-term assets, key points to focus on:

• The changes in construction projects are significant. During the reporting period, construction projects amounted to 110 million yuan, an increase of 405.33% compared to the beginning of the period.

• Long-term prepaid expenses have changed significantly compared to the beginning of the period. During the reporting period, long-term prepaid expenses were 4.292 million yuan, an increase of 209.05% compared to the beginning of the period.

• Other non-current assets have changed significantly. During the reporting period, other non-current assets amounted to 60 million yuan, an increase of 31.23% compared to the beginning of the period.

• Intangible assets have changed significantly. During the reporting period, intangible assets amounted to 90 million yuan, an increase of 228.1% compared to the beginning of the period.

Click Jinlongyu Eagle Eye Warning to view the latest warning details and visual financial report preview.

Introduction to Sina Finance Listed Company Financial Report Eagle Eye Warning: The Eagle Eye Warning for listed company financial reports is an intelligent professional analysis system for listed company financial reports. The Eagle Eye Warning tracks and interprets the latest financial reports of listed companies from multiple dimensions, such as company performance growth, earnings quality, financial pressure and safety, and operational efficiency, by gathering a large number of authoritative financial experts from accounting firms and listed companies, and presents potential financial risk points in a graphical format. It provides professional, efficient, and convenient technical solutions for financial institutions, listed companies, regulatory authorities, and others for identifying and warning of financial risks.

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