Anada (002136) 2025 Annual Report Brief Analysis: Net Profit Decreased by 922.51% Year-over-Year

According to publicly available data organized by Securities Star, Anada (002136) recently released its 2025 annual report. According to the financial report, Anada’s net profit decreased by 922.51% year-on-year. As of the end of this reporting period, the company’s total operating revenue was 1.691 billion yuan, a year-on-year decrease of 10.39%. The net profit attributable to the parent company was -92.583 million yuan, a year-on-year decrease of 922.51%. Looking at the quarterly data, the total operating revenue in the fourth quarter was 381 million yuan, a year-on-year decrease of 22.72%, and the net profit attributable to the parent company for the fourth quarter was -46.2143 million yuan, a year-on-year decrease of 56.28%.

The various data indicators released in this financial report did not meet expectations. Among them, the gross profit margin was -0.51%, a year-on-year decrease of 114.15%, the net profit margin was -7.64%, a year-on-year decrease of 307.9%, and the total of selling expenses, administrative expenses, and financial expenses was 44.1373 million yuan, accounting for 2.61% of revenue, a year-on-year increase of 46.12%. The net asset value per share was 5.03 yuan, a year-on-year decrease of 7.85%, the operating cash flow per share was -0.45 yuan, a year-on-year decrease of 6.02%, and the earnings per share was -0.43 yuan, a year-on-year decrease of 923.33%.

The financial report provides explanations for the reasons behind significant changes in financial items as follows:

1. The change in financial expenses was 73.46%, due to a decrease in exchange gains this period.
2. The change in operating cash inflow subtotal was 15.73%, due to an increase of 18.08% in cash received from sales of goods and services, impacting an increase of 213 million yuan.
3. The change in operating cash outflow subtotal was 15.05%, due to a 19.04% increase in cash paid for purchasing goods and receiving services.
4. The change in net cash flow from operating activities was -6.02%, due to the company using bank acceptance bills to pay for goods, extending the holding period of the bills, and an increase in the maturity of bank bills held, leading to a simultaneous increase in cash flow received from operating activities and cash flow used for payments, influenced by both cash inflow and outflow from operating activities this period.
5. The change in investment cash inflow subtotal was -33.24%, due to a 30.81% decrease in cash received related to investment activities.
6. The change in investment cash outflow subtotal was 104.48%, due to a 104.48% increase in cash paid for purchasing fixed assets.
7. The change in financing cash inflow subtotal was -36.61%, due to the company discounting non-6+9 bank acceptance bills at the end of this period, with the corresponding discounted bill amount attributed to cash received from financing activities decreasing compared to the previous period.
8. The change in financing cash outflow subtotal was -35.68%, due to a reduction in the distribution of short-term loans repayment.
9. The change in net increase in cash and cash equivalents was -59.95%, due to the combined effect of a decrease in net cash flow from operating activities, a decrease in net cash flow from investment activities, and a decrease in net cash flow from financing activities.
10. The change in monetary funds was -19.32%, due to a negative net profit this period, impacting cash flow from operating activities being less than zero.
11. The change in receivables was -17.16%, due to an increase in cash collection from sales this period.
12. The change in inventory was -17.91%, due to a decrease in raw materials this period.
13. The change in fixed assets was -3.31%, due to asset depreciation this period.
14. The change in construction in progress was 1027.87%, due to an increase in construction projects at the end of this period.
15. The change in short-term loans was -81.31%, due to a decrease in bank loans at the end of this period.
16. The reason for the change in long-term loans: an increase in bank loans exceeding one year at the end of this period.
17. The change in prepaid expenses was -52.28%, due to a decrease in advance payments for materials this period.
18. The change in notes receivable was -21.63%, due to a decrease in bank acceptance bills at the end of the period.
19. The change in other non-current assets was 727.83%, due to an increase in prepaid project payments this period.
20. The change in notes payable was 23.22%, due to an increase in bank acceptance bills issued for procurement payments.
21. The change in accounts payable was 20.85%, due to an increase in payables for materials at the end of this period.
22. The change in other payables was -32.13%, due to a decrease in sales service fees this period.

The financial analysis tool by Securities Star shows:

• Business Evaluation: Last year’s net profit margin was -7.64%, indicating that the added value of the company’s products or services is not high after accounting for all costs. According to historical annual report data, the median ROIC for the company over the past 10 years has been 6.79%, indicating relatively weak investment returns, with the worst year being 2025 when the ROIC was -9.66%, reflecting extremely poor investment returns. The company’s historical financial reports have been relatively average, having published 18 annual reports since its listing, with losses recorded in 4 years. Generally, value investors do not consider such companies unless there are factors like backdoor listings.

• Debt Repayment Ability: The company’s cash assets are very healthy.

• Business Breakdown: The company’s return on net operating assets over the past three years (2023/2024/2025) was 7.1%/–/–, with net operating profits of 57.2952 million/-35.3572 million/-129 million, and net operating assets of 809 million/939 million/815 million.

  The company’s working capital/revenue ratio (the funds the company needs to pay for every dollar of revenue generated) over the past three years (2023/2024/2025) was -0.04/0.05/-0.1, with working capital (the money the company spends during operations) being -74.8096 million/94.0513 million/-165 million, and revenues of 2.111 billion/1.887 billion/1.691 billion.

The financial report assessment tool shows:

1. It is recommended to pay attention to the company’s cash flow situation (monetary funds/current liabilities ratio is only 75.45%, and the average operating cash flow over the past three years/current liabilities is -11.04%).
2. It is recommended to pay attention to the financial expenses situation (the average net cash flow from operating activities over the past three years is negative).

The above content is organized by Securities Star based on public information and generated by AI algorithms (Internet Information Office Backup 310104345710301240019), and does not constitute investment advice.