Eagle Eye Warning: The growth rate of Yijiang Konjac's accounts receivable exceeds the growth rate of operating income

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

On March 26, Yizhi Konjac released its annual report for 2025.

The report shows that the company’s total operating revenue for 2025 is 739 million yuan, an increase of 19.91% year-on-year; the net profit attributable to the parent company is 66.7246 million yuan, a decrease of 23.05% year-on-year; the net profit excluding non-recurring gains and losses is 59.8965 million yuan, a decrease of 27.73% year-on-year; basic earnings per share is 0.73 yuan/share.

Since going public in January 2023, the company has distributed cash dividends three times, with a total cash dividend of 80.6389 million yuan.

The listed company’s financial report Hawk Eye warning system conducts intelligent quantitative analysis of Yizhi Konjac’s 2025 annual report from four dimensions: performance quality, profitability, financial pressure and security, and operational efficiency.

1. Performance Quality Dimension

During the reporting period, the company’s revenue was 739 million yuan, an increase of 19.91% year-on-year; net profit was 66.7246 million yuan, a decrease of 23.03%; net cash flow from operating activities was 197 million yuan, an increase of 387.12%.

From an overall performance perspective, attention should be paid to:

• Revenue and net profit changes are divergent. During the reporting period, revenue increased by 19.91% year-on-year, while net profit decreased by 23.04%, indicating a divergence between revenue and net profit changes.

| Item | 20231231 | 20241231 | 20251231 | | Revenue (yuan) | - | 617 million | 739 million | | Net Profit (yuan) | - | 86.6942 million | 66.7246 million | | Revenue Growth Rate | - | 28.76% | 19.91% | | Net Profit Growth Rate | - | 64.23% | -23.04% |

• Net profit is quite volatile. In the past three annual reports, net profits were 0 yuan, 90 million yuan, and 70 million yuan, with year-on-year changes of 0%, 64.23%, and -23.04%, indicating volatility in net profit.

| Item | 20231231 | 20241231 | 20251231 | | Net Profit (yuan) | - | 86.6942 million | 66.7246 million | | Net Profit Growth Rate | - | 64.23% | -23.04% |

In conjunction with the quality of operating assets, attention should be paid to:

• The growth rate of accounts receivable exceeds the growth rate of revenue. During the reporting period, accounts receivable grew by 26.08% compared to the beginning of the period, while revenue increased by 19.91% year-on-year, indicating that the growth rate of accounts receivable is higher than the growth rate of revenue.

| Item | 20231231 | 20241231 | 20251231 | | Revenue Growth Rate | - | 28.76% | 19.91% | | Growth Rate of Accounts Receivable Compared to Beginning | - | - | 26.08% |

2. Profitability Dimension

During the reporting period, the company’s gross profit margin was 19.99%, a decrease of 24.99% year-on-year; net profit margin was 9.03%, a decrease of 35.82%; return on equity (weighted) was 10.5%, a decrease of 29.05%.

In conjunction with the company’s operating returns, attention should be paid to:

• Sales gross profit margin has decreased significantly. During the reporting period, the sales gross profit margin was 19.99%, a significant decrease of 24.99% year-on-year.

| Item | 20231231 | 20241231 | 20251231 | | Sales Gross Profit Margin | - | 26.65% | 19.99% | | Sales Gross Profit Margin Growth Rate | - | 27.01% | -24.99% |

3. Financial Pressure and Security Dimension

During the reporting period, the company’s debt-to-asset ratio was 13.21%, a decrease of 37.41% year-on-year; current ratio was 8, and quick ratio was 3.38; total debt was 10.4943 million yuan, with short-term debt being 10.4943 million yuan, meaning short-term debt accounts for 100% of total debt.

From a financial management perspective, attention should be paid to:

• Interest income/cash ratio is less than 1.5%. During the reporting period, cash was 60 million yuan, with short-term debt at 0 yuan, and the average ratio of interest income to cash was 0.994%, below 1.5%.

| Item | 20231231 | 20241231 | 20251231 | | Cash (yuan) | - | 58.754 million | 55.0511 million | | Short-term Debt (yuan) | - | 60.0513 million | 0 | | Interest Income/Average Cash | - | - | 0.99% |

• Prepaid accounts fluctuate significantly. During the reporting period, prepaid accounts amounted to 20 million yuan, with a change rate of 31.58% compared to the beginning of the period.

• The growth rate of prepaid accounts exceeds the growth rate of operating costs. During the reporting period, prepaid accounts grew by 31.58% compared to the beginning, while operating costs increased by 30.8% year-on-year, indicating that the growth rate of prepaid accounts is higher than the growth rate of operating costs.

| Item | 20231231 | 20241231 | 20251231 | | Growth Rate of Prepaid Accounts Compared to Beginning | - | - | 31.58% | | Operating Cost Growth Rate | - | 19.52% | 30.8% |

• Accounts payable fluctuate significantly. During the reporting period, accounts payable amounted to 10 million yuan, with a change rate of 360.42% compared to the beginning of the period.

4. Operational Efficiency Dimension

During the reporting period, the company’s accounts receivable turnover rate was 8.97, a decrease of 14.23%; inventory turnover rate was 1.59, an increase of 23.64%; total asset turnover rate was 0.95, an increase of 10.01%.

From a long-term asset perspective, attention should be paid to:

• Fixed assets fluctuate significantly. During the reporting period, fixed assets amounted to 160 million yuan, an increase of 35.25% compared to the beginning of the period.

Click on Yizhi Konjac Hawk Eye Warning to view the latest warning details and visual financial report preview.

Introduction to Sina Finance Listed Company Financial Report Hawk Eye Warning: The listed company financial report Hawk Eye warning is an intelligent professional analysis system for listed company financial reports. The Hawk Eye warning gathers a large number of authoritative financial experts, including accounting firms and listed companies, to track and interpret the latest financial reports of listed companies from multiple dimensions, including company performance growth, quality of earnings, financial pressure and security, and operational efficiency, and to highlight potential financial risk points in graphical and textual form. It provides professional, efficient, and convenient technical solutions for financial institutions, listed companies, regulatory bodies, and others for identifying and warning about financial risks of listed companies.

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