Eagle Eye Warning: Bi Yi Wei Operating Revenue Declining

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

On March 13, Biyiwei released its 2025 annual report.

The report shows that the company’s total operating revenue for 2025 was 683 million yuan, a decrease of 0.7% year-over-year; net profit attributable to shareholders was 12.0754 million yuan, an increase of 170.32%; non-recurring net profit was -3.5027 million yuan, up 92.43%; basic earnings per share were 0.17 yuan/share.

Since listing in May 2022, the company has not paid any cash dividends, with a total cash dividend of 0 yuan.

The Listed Company Financial Report Eagle Eye Warning System conducts intelligent quantitative analysis of Biyiwei’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 683 million yuan, down 0.7% YoY; net profit was 5.3504 million yuan, up 114.68%; net cash flow from operating activities was 64.2545 million yuan, up 1781.2%.

Overall performance analysis:

• Revenue decline. During the reporting period, revenue was 680 million yuan, a 0.7% decrease.

• Divergence between revenue and net profit. Revenue decreased 0.7% YoY, while net profit increased 114.68%, indicating divergence.

• Revenue decreased, but net profit turned positive. During the period, revenue declined 0.7%, net profit was 5.35 million yuan, with weak revenue growth but net profit turning profitable.

• Net profit positive but non-recurring net profit negative. During the period, net profit was 5.35 million yuan, non-recurring net profit was -3.503 million yuan.

• Fourth quarter net profit anomaly. Net profit for the period was 5.35 million yuan, with the first three quarters at -8.159 million yuan, turning positive in the fourth quarter.

• First profit turnaround after two years of losses. In the past three annual reports, net profits were -40 million yuan, -40 million yuan, and 5.35 million yuan, showing volatility.

From revenue, cost, and period expense ratios:

• Divergence between operating revenue and taxes and surcharges. During the period, revenue decreased 0.7%, taxes and surcharges increased 102.2%, showing divergence.

Regarding operating asset quality:

• Accounts receivable to operating revenue ratio continues to grow. Over the past three annual reports, ratios are 13.8%, 17.72%, and 18.89%, respectively.

Regarding cash flow quality:

• Divergence between operating revenue and net cash flow from operating activities. Revenue decreased 0.7%, net cash flow from operating activities increased 1781.2%, indicating divergence.

2. Profitability

During the reporting period, gross profit margin was 29.9%, up 15.42% YoY; net profit margin was 0.78%, up 114.78%; return on equity (weighted) was 0.87%, up 171.31%.

Key points on profitability:

• Significant increase in gross profit margin. During the period, gross margin was 29.9%, a rise of 15.42%.

• Growth in gross margin accompanied by decline in inventory turnover rate. Gross margin increased from 25.9% to 29.9%, while inventory turnover decreased from 3.1 to 2.99 times.

• Continuous growth in gross profit margin and decline in accounts receivable turnover. Over the past three reports, gross margin increased from 23.57% to 29.9%, while accounts receivable turnover decreased from 8.33 to 5.44 times.

Asset-side profitability analysis:

• Average return on net assets over the past three years below 7%. The weighted average return on net assets during the period was 0.87%, with an average below 7%.

• Return on invested capital below 7%. The company’s return on invested capital during the period was 0.9%, with an average below 7%.

Unusual gains and losses:

• High proportion of non-recurring gains. During the period, the ratio of non-recurring gains to net profit was 244.6%. (Note: Non-recurring gains include investment net income, fair value changes, non-operating income, and losses on disposal of non-current assets).

Impairment risk considerations:

• Goodwill change rate exceeds 30%. During the period, goodwill balance was 250 million yuan, with a change rate of 992.89% from the beginning of the period.

Customer and shareholder concentration:

• Minority shareholders’ losses are negative, but net profit attributable to shareholders is positive. During the period, minority shareholders’ profit/loss was -6.725 million yuan, net profit attributable to shareholders was 107.54 million yuan.

3. Capital Pressure and Safety

The company’s asset-liability ratio was 22.38%, up 130.35% YoY; current ratio was 8.29, quick ratio 7.21; total debt was 188 million yuan, short-term debt 1.27679 million yuan, accounting for 6.79% of total debt.

Overall financial condition focus:

• Current ratio continues to decline. Over the past three reports, ratios are 10.51, 9.89, and 8.29, indicating weakening short-term debt-paying ability.

Short-term liquidity pressure:

• Cash ratio continues to decline. Over the past three reports, ratios are 7.01, 6.47, and 6.03.

Funding management:

• Interest income to monetary funds ratio below 1.5%. During the period, monetary funds were 850 million yuan, short-term debt 10 million yuan, with an average interest income/monetary funds ratio of 0.128%, below 1.5%.

• Large fluctuation in prepayments. During the period, prepayments were 9.606 million yuan, with a change rate of 313.01% from the beginning.

• Prepayment growth exceeds operating cost growth. During the period, prepayments increased 313.01%, while operating costs decreased 6.05%, indicating prepayments grew faster.

Capital coordination:

• Capital expenditures have been consistently higher than net cash flow from operating activities. Over the past three reports, payments for fixed assets, intangible assets, and other long-term assets were 1 million, 9.138 million, and 8.6248 million yuan, respectively, while operating cash flows were -1.4971 million, 3.4156 million, and 6.4255 million yuan.

4. Operating Efficiency

During the period, accounts receivable turnover was 5.44 times, down 20.18%; inventory turnover was 2.99 times, down 3.6%; total asset turnover was 0.43, down 10.4%.

Asset management focus:

• Accounts receivable turnover continues to decline. Over the past three reports, ratios are 8.33, 6.82, and 5.44 times.

Long-term asset management:

• Fixed assets fluctuate significantly. During the period, fixed assets were 120 million yuan, up 39.08% from the beginning.

• Per-unit fixed asset output value declines annually. Over the past three reports, revenue per fixed asset was 8.33, 7.99, and 5.7.

• Significant change in deferred income tax assets, with negative income tax expense. During the period, deferred tax assets were 5.533 million yuan, up 88.71%; income tax expense was -2.705 million yuan.

• Large fluctuation in intangible assets. During the period, intangible assets were 40 million yuan, up 612.17%.

Three expenses analysis:

• Growth in selling expenses to operating revenue ratio. Over the past three reports, ratios are 2.92%, 3.39%, and 3.47%.

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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 institutions, listed companies, and regulatory authorities to identify and warn of financial risks.

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