Eagle Eye Warning: Yidian Tianxia's Operating Revenue and Net Profit Diverge

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

On March 25, Yidian Tianxia 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 3.83 billion yuan, a year-on-year increase of 50.39%; net profit attributable to the parent company was 158 million yuan, a decrease of 31.8% year-on-year; non-recurring net profit attributable to the parent was 78.17 million yuan, down 63.97% year-on-year; basic earnings per share were 0.34 yuan/share.

Since its listing in July 2022, the company has paid cash dividends four times, totaling 147 million yuan. The announcement states that the company plans to distribute a cash dividend of 0.35 yuan (tax included) for every 10 shares to all shareholders.

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

1. Performance Quality Dimension

During the reporting period, the company’s revenue was 3.83 billion yuan, a 50.39% increase; net profit was 155 million yuan, down 32.58%; net cash flow from operating activities was 161 million yuan, down 65.87%.

Overall performance analysis indicates the following key points:

• Significant decline in net profit attributable to the parent. During the reporting period, net profit attributable to the parent was 160 million yuan, a sharp decrease of 31.8%.

• Significant decline in non-recurring net profit attributable to the parent. During the reporting period, non-recurring net profit attributable to the parent was 80.17 million yuan, a sharp decrease of 63.97%.

• Divergence between revenue and net profit changes. During the reporting period, revenue increased by 50.39% year-on-year, while net profit decreased by 32.58%, showing a divergence in their movements.

Cash flow quality analysis indicates the following focus points:

• Divergence between operating revenue and net cash flow from operating activities. During the reporting period, operating revenue increased by 50.39% year-on-year, while net cash flow from operating activities decreased by 65.87%, indicating a divergence.

2. Profitability Dimension

During the reporting period, the company’s gross profit margin was 14.33%, down 22.85% year-on-year; net profit margin was 4.05%, down 55.17%; return on equity (weighted) was 4.34%, down 34.93%.

From operational earnings perspective, key points include:

• Continuous decline in gross profit margin. Over the past three annual reports, gross profit margins were 24.36%, 18.58%, and 14.33%, showing a persistent downward trend.

• Fluctuation in net profit margin. The company’s quarterly sales net profit margins were 5.9%, 2.17%, -0.73%, -3.3%, with year-on-year changes of -42.3%, 23.79%, -26.75%, and 68.18%, respectively, indicating volatility.

• Continuous decline in sales net profit margin. Over the past three annual reports, margins were 9.98%, 9.02%, and 4.05%, with a downward trend.

From asset-side earnings perspective, key points include:

• Significant decrease in return on net assets. During the period, the weighted average return on net assets was 4.34%, a sharp decline of 34.93% year-on-year.

• The average return on net assets over the past three years has been below 7%. The weighted average return on net assets for the last three fiscal years was 4.34%, below 7%.

• Return on invested capital below 7%. During the period, the company’s return on invested capital was 4.05%, with an average over three periods below 7%.

Unconventional gains and losses analysis indicates the following:

• High proportion of non-recurring gains. During the reporting period, the ratio of non-recurring gains to net profit was 59.7%. (Note: Non-recurring gains include investment net income, fair value changes, non-operating income, and losses on disposal of non-current assets).

From customer and shareholder concentration perspectives, key points include:

• High procurement concentration among top five suppliers. During the reporting period, the proportion of procurement from the top five suppliers was 82.31%, raising concerns about over-reliance on suppliers.

3. Capital Pressure and Safety Dimension

During the reporting period, the company’s asset-liability ratio was 42.88%, up 13.12% year-on-year; current ratio was 2.18, quick ratio was 2.18; total debt was 578 million yuan, all short-term debt, accounting for 100% of total debt.

Overall financial condition highlights:

• Asset-liability ratio continued to rise. Over the past three annual reports, ratios were 27.14%, 37.91%, and 42.88%, showing an upward trend.

• Current ratio continued to decline. Ratios over the past three periods were 3.66, 2.5, and 2.18, indicating weakening short-term debt-paying ability.

Short-term capital pressure focus:

• Sharp increase in short-term to long-term debt ratio. During the period, short-term debt to long-term debt ratio increased significantly to 32.48.

• Cash ratio continued to decline. Over the past three periods, ratios were 2.81, 1.52, and 1.19.

Long-term capital pressure focus:

• Total debt to net assets ratio continued to rise. Ratios over the past three periods were 3.32%, 15.12%, and 15.99%.

• Total debt to cash coverage ratio decreasing. Over the past three periods, the ratio of broad monetary funds to total debt was 20.11, 5.58, and 5.53.

Funding control focus:

• Significant change in prepayments. During the period, prepayments were 150 million yuan, with a 74.54% change from the beginning of the period.

• Increasing ratio of prepayments to current assets. Over the past three periods, ratios were 0.59%, 1.63%, and 2.54%.

• Growth rate of prepayments exceeds that of operating costs. Prepayments increased by 74.54% from the beginning of the period, while operating costs grew by 58.23%, with prepayments growing faster.

• Growth of other receivables to current assets ratio. Over the past three periods, ratios were 25.21%, 27.27%, and 27.77%.

4. Operating Efficiency Dimension

During the reporting period, accounts receivable turnover was 4.49, up 49.04%; inventory turnover was 4612.92; total asset turnover was 0.62, up 27.73%.

Long-term asset focus:

• Significant change in other non-current assets. During the period, other non-current assets were 6.03B yuan, an increase of 35.57% from the beginning.

From the perspective of three expenses (selling, general, and administrative expenses), focus points include:

• Management expenses growth exceeding 20%. During the period, management expenses were 190 million yuan, up 58.04%.

• Management expenses growth surpasses revenue growth. Management expenses increased by 58.04% year-on-year, while operating revenue grew by 50.39%, indicating management expenses grew faster than revenue.

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Sina Finance Listed Company Financial Report Eagle Eye Warning Introduction: The Eagle Eye Warning System for listed company financial reports is an intelligent professional analysis system. 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 prompts 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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