Eagle Eye Warning: Jinying Shares' Operating Revenue and Net Profit Diverge

Sina Finance Listed Company Research Institute | Financial Report Hawk-Eye Early Warning

On April 1, Golden Eagle Shares released its 2025 annual report. The audit opinion was a standard unqualified audit opinion.

The report shows that the company’s operating revenue for 2025 was 1.4B yuan, up 7.14% year over year; net profit attributable to shareholders was 20.8362 million yuan, down 6.79% year over year; net profit after deducting non-recurring gains and losses attributable to shareholders was 18.7132 million yuan, down 3.47% year over year; and basic earnings per share were 0.06 yuan per share.

Since the company was listed in June 2000, it has carried out cash dividends 23 times, with cumulative cash dividends already implemented of 860 million yuan.

The listed-company financial report hawk-eye early warning system performs intelligent quantitative analysis of Golden Eagle Shares’ 2025 annual report from four major dimensions: performance quality, profitability, capital pressure and safety, and operating efficiency.

I. Performance Quality

During the reporting period, the company’s operating revenue was 1.4B yuan, up 7.14% year over year; net profit was 24.4456 million yuan, down 15.87% year over year; and net cash flow from operating activities was 199 million yuan, up 471.87% year over year.

From the overall performance perspective, it is necessary to focus on:

• Operating revenue and net profit move in opposite directions. During the reporting period, operating revenue rose 7.14% year over year, while net profit fell 15.87% year over year; operating revenue and net profit diverged in their changes.

From the revenue-to-cost ratio and period expense matching perspective, it is necessary to focus on:

• Operating revenue and taxes and surcharges move in opposite directions. During the reporting period, operating revenue changed by 7.14% year over year; taxes and surcharges changed by -4.55% year over year; operating revenue and taxes and surcharges diverged in their changes.

II. Profitability

During the reporting period, the company’s gross margin was 14.2%, down 20.26% year over year; net profit margin was 1.74%, down 21.48% year over year; and return on equity (weighted) was 2.18%, down 1.8% year over year.

Combining the company’s operating-side outlook on returns, it is necessary to focus on:

• Sales gross margin fell sharply. During the reporting period, the sales gross margin was 14.2%, down significantly by 20.26% year over year.

• Sales net profit margin continues to decline. In the last three annual reports, the sales net profit margins were 3.26%, 2.22%, and 1.74%, respectively, with a consistently downward trend in changes.

Combining the company’s asset-side outlook on returns, it is necessary to focus on:

• Average return on equity has been below 7% for the past three years. During the reporting period, the weighted average return on equity was 2.18%, and the weighted average return on equity for the most recent three accounting years averaged below 7%.

• Return on equity continues to decline. In the last three annual reports, the weighted average return on equity was 3.43%, 2.22%, and 2.18%, respectively, with a consistently downward trend in changes.

• Return on invested capital is below 7%. During the reporting period, the company’s return on invested capital was 2.6%, and the average value across the three reporting periods was below 7%.

III. Capital Pressure and Safety

During the reporting period, the company’s asset-liability ratio was 46.83%, up 7.35% year over year; the current ratio was 1.66, and the quick ratio was 1.03; total debt was 439 million yuan, of which short-term debt was 439 million yuan, and the ratio of short-term debt to total debt was 100%.

From the perspective of the overall financial position, it is necessary to focus on:

• Asset-liability ratio continues to rise. In the last three annual reports, the asset-liability ratio was 37.01%, 43.63%, and 46.83%, respectively, with an increasing trend.

• Current ratio continues to fall. In the last three annual reports, the current ratio was 2.14, 2.01, and 1.66, respectively, indicating weakening short-term solvency.

From short-term capital pressure, it is necessary to focus on:

• The ratio between short-term and long-term debt increased sharply. During the reporting period, short-term debt/long-term debt rose sharply to 350.75.

• Cash ratio continues to decline. In the last three annual reports, the cash ratio was 0.64, 0.55, and 0.43, respectively, and continued to decline.

From the perspective of capital control, it is necessary to focus on:

• The ratio of interest income to cash and cash equivalents is less than 1.5%. During the reporting period, cash and cash equivalents were 400 million yuan, and short-term debt was 350 million yuan. The company’s average ratio of interest income to cash and cash equivalents was 0.494%, lower than 1.5%.

• The ratio of total debt to total liabilities is greater than 20%, and the ratio of interest expense to net profit is greater than 30%. During the reporting period, the ratio of total debt/total liabilities was 37.83%, and interest expense as a proportion of net profit was 55.57%. Interest expense has a relatively significant impact on the company’s operating performance.

• Prepaid accounts show a relatively large change. During the reporting period, prepaid accounts were 0.1 billion yuan, with a period-beginning change rate of 429.09%.

• The growth rate of prepaid accounts is higher than the growth rate of cost of sales. During the reporting period, prepaid accounts increased by 429.09% compared with the beginning of the period, while cost of sales increased by 11.85% year over year. The growth rate of prepaid accounts is higher than the growth rate of cost of sales.

• Accounts payable bills show a relatively large change. During the reporting period, accounts payable bills were 1.27M yuan, with a period-beginning change rate of 611.67%.

IV. Operating Efficiency

During the reporting period, the company’s accounts receivable turnover ratio was 4.61, down 5.52% year over year; inventory turnover ratio was 1.87, up 13.07% year over year; and total asset turnover ratio was 0.74, down 0.86% year over year.

From operating assets, it is necessary to focus on:

• Accounts receivable turnover continues to decline. In the last three annual reports, the accounts receivable turnover ratios were 5.68, 4.88, and 4.61, respectively, indicating weakening accounts receivable turnover ability.

From long-term assets, it is necessary to focus on:

• Total asset turnover continues to decline. In the last three annual reports, total asset turnover ratios were 0.81, 0.74, and 0.74, respectively, indicating weakening total asset turnover ability.

• Construction in progress shows a relatively large change. During the reporting period, construction in progress was 100 million yuan, increasing by 13164.99% compared with the beginning of the period.

• Other non-current assets show a relatively large change. During the reporting period, other non-current assets were 1.266 million yuan, increasing by 283.61% compared with the beginning of the period.

• Intangible assets show a relatively large change. During the reporting period, intangible assets were 70 million yuan, increasing by 48.86% compared with the beginning of the period.

From the three expense categories (three-fee items), it is necessary to focus on:

• Financial expenses show a relatively large change. During the reporting period, financial expenses were 20M yuan, up 24.67% year over year.

Click Golden Eagle Shares’ Hawk-Eye early warning to view the latest warning details and a visual preview of the financial report.

Brief introduction to Sina Finance Listed Company Financial Report Hawk-Eye Early Warning: The listed company financial report hawk-eye early warning is an intelligent, specialized analytical system for listed company financial reports. Hawk-Eye early warning tracks and interprets the latest financial reports of listed companies from multiple dimensions, such as company performance growth, earnings quality, capital pressure and safety, and operating efficiency. It also highlights potentially existing financial risk points in a graphical and text format. It provides professional, efficient, and convenient technical solutions for identifying and issuing early warnings of financial risks for financial institutions, listed companies, regulatory departments, and more.

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