Eagle Eye Warning: Beijite's Operating Revenue Declines

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

On March 17, Beijite released its 2025 annual report, with an audit opinion of a standard unqualified (unmodified) audit opinion.

The report shows that the company’s operating revenue for the full year of 2025 was 1.012 billion yuan, down 2.75% year over year; net profit attributable to shareholders was 81.351 million yuan, down 38.96% year over year; net profit after deducting non-recurring items attributable to shareholders was 57.4915 million yuan, down 55.1% year over year; and basic earnings per share were 0.2 yuan/share.

Since listing in July 2021, the company has delivered cash dividends 5 times, with cumulative cash dividends implemented of 307 million yuan. The announcement shows that the company plans to distribute a cash dividend of 0.25 yuan for every 10 shares to all shareholders (including tax).

The listed company financial report hawk-eye early warning system conducts intelligent quantitative analysis of Beijite’s 2025 annual report across four major dimensions: performance quality, profitability, funding pressure and safety, and operating efficiency.

I. Performance Quality

During the reporting period, the company’s revenue was 1.012 billion yuan, down 2.75% year over year; net profit was 84.2268 million yuan, down 29.35% year over year; and net cash flow from operating activities was 140 million yuan, up 38.39%.

From an overall performance perspective, it is important to focus on:

• Operating revenue declined. During the reporting period, operating revenue was 1.01 billion yuan, down 2.75% year over year.

• The year-over-year growth rate of net profit attributable to shareholders continued to decline. In the past three consecutive annual reports, the year-over-year changes in net profit attributable to shareholders were 215.71%, 28.12%, and -38.96% respectively, and the downward trend continued.

• The growth rate of net profit attributable to shareholders after deducting non-recurring items continued to decline. In the past three consecutive annual reports, the year-over-year changes in net profit after deducting non-recurring items attributable to shareholders were 328.88%, 43.86%, and -55.1% respectively, and the downward trend continued.

• Net profit was relatively volatile. In the past three consecutive annual reports, net profit was 100 million yuan, 120 million yuan, and 80 million yuan, respectively; the year-over-year changes were 188.66%, 23.87%, and -29.35% respectively, showing relatively volatile net profit.

When considering the quality of operating assets, it is important to focus on:

• The growth rate of accounts receivable is higher than the growth rate of operating revenue. During the reporting period, accounts receivable increased by 31.63% compared with the beginning of the period, while operating revenue decreased by 2.75% year over year; the growth rate of accounts receivable was higher than that of operating revenue.

When considering cash flow quality, it is important to focus on:

• Operating revenue and net cash flow from operating activities moved in opposite directions. During the reporting period, operating revenue decreased by 2.75% year over year, while net cash flow from operating activities increased by 38.39% year over year; operating revenue and net cash flow from operating activities moved in opposite directions.

II. Profitability

During the reporting period, the company’s gross margin was 23.26%, down 19.63% year over year; net profit margin was 8.32%, down 27.36% year over year; and return on equity (weighted) was 5.51%, down 39.12% year over year.

From the company’s operating end, considering returns, it is important to focus on:

• Selling gross margin continued to decline. In the past three consecutive annual reports, selling gross margin was 32.92%, 28.93%, and 23.26% respectively, showing a sustained downward trend.

• Selling net profit margin continued to decline. In the past three consecutive annual reports, selling net profit margin was 14.74%, 11.46%, and 8.32% respectively, showing a sustained downward trend.

When considering returns from the company’s asset side, it is important to focus on:

• Return on equity declined significantly. During the reporting period, the weighted average return on equity was 5.51%, down sharply by 39.12% year over year.

• Return on invested capital is below 7%. During the reporting period, the company’s return on invested capital was 4.99%, with an average of below 7% across the three reporting periods.

From the presence or absence of impairment risk, it is important to focus on:

• Goodwill change rate exceeds 30%. During the reporting period, the balance of goodwill was 50 million yuan, with a change rate of 1421.98% compared with the beginning of the period.

III. Funding Pressure and Safety

During the reporting period, the company’s asset-liability ratio was 51.7%, up 57.03% year over year; the current ratio was 1.08, and the quick ratio was 0.98; total debt was 416 million yuan, of which short-term debt was 137 million yuan, and short-term debt accounted for 32.89% of total debt.

From an overall view of the financial position, it is important to focus on:

• The asset-liability ratio increased significantly. During the reporting period, the asset-liability ratio changed by 57.03% compared with the beginning of the period, and increased to 51.7%.

• The current ratio dropped significantly. During the reporting period, the current ratio fell significantly to 1.08.

From short-term funding pressure, it is important to focus on:

• The cash ratio is less than 0.25. During the reporting period, the cash ratio was 0.25, which is lower than 0.25.

From a perspective of capital management, it is important to focus on:

• Other receivables changed significantly. During the reporting period, other receivables were 20 million yuan, with a change rate of 60.87% compared with the beginning of the period.

• The ratio of other receivables to current assets continued to grow. In the past three consecutive annual reports, the ratio of other receivables to current assets was 0.48%, 0.82%, and 1.27% respectively, showing a continuous increase.

• Accounts payable notes changed significantly. During the reporting period, accounts payable notes were 60 million yuan, with a change rate of 186.42% compared with the beginning of the period.

• Other payables changed significantly. During the reporting period, other payables were 360 million yuan, with a change rate of 5237.98% compared with the beginning of the period.

From the perspective of capital coordination, it is important to focus on:

• The company has relatively abundant funds. During the reporting period, the company’s working capital requirement was -100 million yuan, working capital was 120 million yuan; both operating and investing/financing activities provided the company with relatively ample funding; and the company’s cash payment capability was 220 million yuan—further attention is worth paying to the efficiency of fund utilization.

IV. Operating Efficiency

During the reporting period, the company’s accounts receivable turnover ratio was 1.51, down 20.85% year over year; inventory turnover ratio was 4.57, up 52.92% year over year; and total asset turnover ratio was 0.34, down 15.93% year over year.

From operating assets, it is important to focus on:

• Accounts receivable turnover ratio declined significantly. During the reporting period, the accounts receivable turnover ratio was 1.51, down sharply to 20.85% year over year.

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

• Construction in progress changed significantly. During the reporting period, construction in progress was 140 million yuan, up 5248.16% compared with the beginning of the period.

• Intangible assets changed significantly. During the reporting period, intangible assets were 1.39 billion yuan, up 555.04% compared with the beginning of the period.

Click on Beijite Hawk-Eye Early Warning to view the latest early warning details and a visualized preview of the financial report.

Sina Finance listed company financial report hawk-eye early warning introduction: The listed company financial report hawk-eye early warning is a professional intelligent analytical system for listed company financial reports. Hawk-Eye Early Warning, by pooling a large number of authoritative financial experts such as accounting firms and listed companies, tracks and interprets the latest financial reports of listed companies across multiple dimensions—including company performance growth, earnings quality, funding pressure and safety, and operating efficiency—and uses text and graphics to flag potential financial risk points. It provides professional, efficient, and convenient technical solutions for financial institutions, listed companies, regulatory authorities, and others to identify and issue early warnings for financial risks of listed companies.

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