Eagle Eye Warning: HAOSHANG's Accounts Receivable Growth Rate Exceeds Operating Revenue Growth Rate

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

On March 13, Haoshanghao released its 2025 annual report, with an audit opinion of standard unqualified audit opinion.

The report shows that the company’s total operating revenue for 2025 was 8.37 billion yuan, a year-on-year increase of 15.72%; net profit attributable to shareholders was 76.2 million yuan, up 152.79%; non-recurring net profit attributable to shareholders was 73.7 million yuan, up 198.89%; basic earnings per share were 0.26 yuan/share.

Since listing in September 2022, the company has paid cash dividends three times, totaling 69.34 million yuan. The announcement states that the company plans to distribute a cash dividend of 0.7 yuan (tax included) for every 10 shares to all shareholders.

The Listed Company Financial Report Eagle Eye Warning System performs intelligent quantitative analysis of Haoshanghao’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 8.37 billion yuan, a 15.72% increase; net profit was 76.2 million yuan, up 152.79%; net cash flow from operating activities was -396 million yuan, down 4.24%.

Overall performance analysis requires attention to:

• Fluctuations in net profit. In the past three annual reports, net profits were 60 million, 30 million, and 80 million yuan, with year-on-year changes of -43.69%, -46.05%, and 152.79%, respectively, indicating volatility.

From the perspective of operational asset quality, focus on:

• Growth rate of accounts receivable notes exceeds revenue growth. During the period, accounts receivable notes increased by 144.27% from the beginning of the period, while revenue grew by 15.72%, indicating a higher growth rate in receivable notes.

• Growth rate of accounts receivable exceeds revenue growth. During the period, accounts receivable increased by 41.03% from the beginning, while revenue increased by 15.72%, showing a higher growth rate.

• The ratio of accounts receivable to revenue continues to grow. In the past three annual reports, the ratios were 18.03%, 21.59%, and 26.31%, respectively, showing a steady increase.

• Inventory growth exceeds operating cost growth. During the period, inventory increased by 31.3% from the start, while operating costs grew by 15.13%, indicating inventory growth outpacing costs.

• Inventory growth exceeds revenue growth. Inventory increased by 31.3%, while revenue grew by 15.72%, showing inventory outpacing revenue.

From the perspective of cash flow quality, focus on:

• Divergence between revenue and net cash flow from operating activities. During the period, revenue increased by 15.72%, while net cash flow from operating activities decreased by 4.24%, indicating a mismatch.

• Operating cash flow remains negative. During the period, it was -400 million yuan, negative for three consecutive years.

• Continuous decline in operating cash flow. In the past three annual reports, cash flows were -30 million, -380 million, and -400 million yuan, respectively.

• Divergence between net profit and operating cash flow. During the period, net profit was 80 million yuan, while operating cash flow was -400 million yuan.

• Operating cash flow to net profit ratio below 1. The ratio was -5.196, indicating weak earnings quality.

2. Profitability

During the reporting period, gross profit margin was 4.68%, up 11.61%; net profit margin was 0.91%, up 118.46%; return on equity (weighted) was 4.76%, up 145.36%.

From the operational side, focus on:

• Significant increase in gross profit margin. During the period, gross profit margin was 4.68%, a large increase of 11.61%.

• Gross profit margin increased while accounts receivable turnover decreased. Gross margin rose from 4.2% to 4.68%, but accounts receivable turnover dropped from 5.56 times to 4.45 times.

From the asset side, focus on:

• The average return on net assets over the past three years is below 7%. During the period, the weighted average ROE was 4.76%, with an average below 7%.

• Return on invested capital below 7%. The company’s return on invested capital was 4.67%, with an average below 7% over the three periods.

Regarding impairment risks, focus on:

• Asset impairment losses changed by more than 30% year-on-year. During the period, impairment losses were -20 million yuan, a decrease of 95.61%.

3. Capital Pressure and Safety

During the period, the company’s asset-liability ratio was 58.89%, up 35.02%; current ratio was 1.64, quick ratio 1.31; total debt was 1.285 billion yuan, with short-term debt at 1.285 billion yuan, accounting for 100% of total debt.

Overall financial condition, focus on:

• Asset-liability ratio continues to rise. In the past three reports, ratios were 42.06%, 43.61%, and 58.89%, showing an upward trend.

• Current ratio continues to decline, indicating weakening short-term debt-paying ability.

Short-term funding pressure:

• Large short-term debt, existing funds insufficient. During the period, broad monetary funds were 620 million yuan, short-term debt was 1.27 billion yuan, with a broad monetary funds/short-term debt ratio of 0.49, below 1.

• Significant short-term debt pressure, cash flow strain. During the period, cash and cash equivalents were 620 million yuan, short-term debt was 1.27 billion yuan, operating cash flow was -400 million yuan, with a gap between short-term debt, financial expenses, cash, and operating cash flow.

• Cash ratio continues to decline. In the past three reports, ratios were 0.54, 0.5, and 0.26.

Long-term funding pressure:

• The cash coverage ratio of total debt is decreasing. Ratios of broad monetary funds to total debt over the past three periods were 1.3, 0.76, and 0.49.

From a fund management perspective, focus on:

• Interest income to cash ratio below 1.5%. During the period, cash and cash equivalents were 500 million yuan, short-term debt was 1.27 billion yuan, with an average interest income/cash ratio of 0.346%, below 1.5%.

• Total debt/total liabilities ratio over 20%, interest expenses/net profit ratio over 30%. During the period, total debt/total liabilities was 54.7%, interest expenses accounted for 54.33% of net profit, significantly impacting performance.

• Large changes in prepayment accounts. During the period, prepayment was 150 million yuan, a 44.59% change from the beginning.

• Prepayment to current assets ratio continues to grow. In the past three reports, ratios were 1.49%, 3.94%, and 4.02%.

• Growth rate of prepayment exceeds operating cost growth. Prepayment increased by 44.59% from the start, while operating costs grew by 15.13%.

• Large fluctuations in accounts payable notes. During the period, accounts payable notes were 10 million yuan, an 84.7% change from the start.

From a fund coordination perspective, focus on:

• Capital expenditures consistently exceed net cash inflows from operating activities. In the past three reports, payments for fixed assets, intangible assets, and other long-term assets were 10 million yuan, 3.437 million, and 3.013 million, respectively, while operating cash flows were -30 million, -380 million, and -400 million.

• Funds are coordinated but with payment difficulties. During the period, operating capital was 1.5 billion yuan, with a demand of 2.17 billion yuan. The cash paid cannot fully cover the operating needs, with a cash payment shortfall of -670 million yuan.

4. Operating Efficiency

During the period, accounts receivable turnover was 4.45 times, down 19.97%; inventory turnover was 11.64 times, up 1.32%; total asset turnover was 2.47 times, down 6.89%.

From operational assets, focus on:

• Continuous decline in accounts receivable turnover. The past three annual reports show turnover ratios of 5.84, 5.56, and 4.45 times, indicating weakening collection efficiency.

• Continuous growth in receivable notes. The ratios of receivable notes to current assets were 0.29%, 0.47%, and 0.81%, increasing steadily, while cash received related to operating activities from receivable notes decreased from 189.12%, 31.89%, to 18.76%.

From the perspective of the three expenses (selling, administrative, R&D), focus on:

• Growth rate of selling expenses exceeds 20%. During the period, selling expenses were 110 million yuan, up 26.46%.

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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 of 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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