Eagle Eye Warning: Tiandi Technology's accounts receivable to operating income ratio continues to increase

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

On March 26, Tiandi Science and Technology released its 2025 annual report.

The report shows that the company’s operating revenue for the full year of 2025 was 29.242 billion yuan, down 4.21% year over year; net profit attributable to the parent was 2.447 billion yuan, down 6.67% year over year; net profit attributable to the parent after excluding non-recurring gains and losses was 1.289 billion yuan, down 47.31% year over year; and basic earnings per share were 0.591 yuan/share.

Since the company went public in May 2002, it has paid cash dividends 20 times, with cumulative implemented cash dividends of 6.652 billion yuan.

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

I. Performance Quality

During the reporting period, the company’s revenue was 29.242 billion yuan, down 4.21% year over year; net profit was 3.788 billion yuan, up 9.93% year over year; and net cash flow from operating activities was -0.49 billion yuan, down 109.6% year over year.

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

• Revenue growth in operating income continues to decline. In the past three annual reports, the year-over-year changes in operating revenue were 9.16%, 2%, and -4.21%, respectively, and the downward trend continues.

• The growth rate of net profit attributable to the parent continues to decline. In the past three annual reports, the year-over-year changes in net profit attributable to the parent were 20.81%, 11.17%, and -6.67%, respectively, and the downward trend continues.

• The growth rate of net profit attributable to the parent after excluding non-recurring gains and losses continues to decline. In the past three annual reports, the year-over-year changes in net profit attributable to the parent after excluding non-recurring gains and losses were 22%, 12.09%, and -47.31%, respectively, and the downward trend continues.

• Divergence between changes in operating revenue and net profit. During the reporting period, operating revenue declined by 4.21% year over year, while net profit increased by 9.93% year over year, showing a divergence between changes in operating revenue and net profit.

When combining the quality of operating assets, it is necessary to focus on:

• The ratio of accounts receivable to operating revenue continues to increase. In the past three annual reports, the ratio of accounts receivable to operating revenue was 32.73%, 33.7%, and 41.46%, respectively, showing continuous growth.

When combining the quality of cash flows, it is necessary to focus on:

• Net cash flow from operating activities continues to decline. In the past three annual reports, net cash flow from operating activities was 5.77 bn yuan, 5.11 bn yuan, and -0.49 bn yuan, respectively, continuing to decline.

• Divergence between net profit and net cash flow from operating activities. During the reporting period, net profit was 3.79 bn yuan and net cash flow from operating activities was -0.49 bn yuan; net profit and net cash flow from operating activities show a divergence.

• The ratio of net cash flow from operating activities to net profit is below 1. During the reporting period, the ratio of net cash flow from operating activities to net profit was -0.129, below 1, indicating weaker earnings quality.

• The ratio of net cash flow from operating activities to net profit continues to deteriorate. In the past three semi-annual reports, the ratio of net cash flow from operating activities to net profit was 1.82, 1.48, and -0.13, respectively; it continues to decline, and earnings quality shows a downward trend.

II. Profitability

During the reporting period, the company’s gross margin was 25.6%, down 16.17% year over year; net profit margin was 12.96%, up 14.76% year over year; and return on equity (weighted) was 9.82%, down 11.69% year over year.

From the company’s operating side, regarding returns, it is necessary to focus on:

• Sales gross margin continues to decline. In the past three annual reports, sales gross margins were 30.93%, 30.54%, and 25.6%, respectively, with a continuing downward trend.

• Sales gross margin continues to decline, while sales net profit margin continues to increase. In the past three annual reports, sales gross margin was 30.93%, 30.54%, and 25.6%, respectively, continuing to decline; sales net profit margin was 10.62%, 11.29%, and 12.96%, respectively, continuing to rise.

From the company’s asset side, regarding returns, it is necessary to focus on:

• Return on net assets declines. During the reporting period, the weighted average return on net assets was 9.82%, down 11.69% year over year.

From non-recurring gains and losses, it is necessary to focus on:

• A high proportion of non-recurring gains. During the reporting period, the ratio of non-recurring gains to net profit was 81.9%. (Note: non-recurring gains = net investment gains + net gains from changes in fair value + non-operating income + losses from disposal of non-current assets).

• Cash inflows related to the disposal of equity or assets are large. During the reporting period, the company’s net cash inflow from disposing of subsidiary equity or real estate, etc., as a proportion of net profit was 71.17%.

III. Capital Pressure and Safety

During the reporting period, the company’s asset-liability ratio was 46.15%, down 0.18% year over year; the current ratio was 1.39, and the quick ratio was 1.17; total debt was 5.364 bn yuan, of which short-term debt was 5.298 bn yuan; the ratio of short-term debt to total debt was 98.78%.

From the overall financial situation, it is necessary to focus on:

• The current ratio continues to decline. In the past three annual reports, the current ratio was 1.83, 1.58, and 1.39, respectively, indicating weakening short-term solvency.

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

• The ratio of short-term to long-term debt increases significantly. During the reporting period, the ratio of short-term debt to long-term debt increased significantly to 7.03.

• The cash ratio continues to decline. In the past three annual reports, the cash ratio was 0.48, 0.44, and 0.41, respectively, continuing to decline.

• The ratio of net cash flow from operating activities to current liabilities continues to decline. In the past three annual reports, the ratio of net cash flow from operating activities to current liabilities was 0.27, 0.21, and -0.02, respectively, continuing to decline.

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

• The ratio of interest income to monetary funds is below 1.5%. During the reporting period, monetary funds were 9.32 bn yuan, short-term debt was 1.3 bn yuan, and the company’s average ratio of interest income to monetary funds was 0.976%, below 1.5%.

• Accounts payable bills fluctuate significantly. During the reporting period, accounts payable bills were 4.0 bn yuan, with a period-beginning variation rate of 71.9%.

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

• CFO, CFI, and CFF are all negative. During the reporting period, all three—net cash flow from operating activities, net cash flow from investing activities, and net cash flow from financing activities—were negative, at -0.49 bn yuan, -1.77 bn yuan, and -1.68 bn yuan, respectively. It is necessary to pay attention to risks to the capital chain.

IV. Operating Efficiency

During the reporting period, the company’s accounts receivable turnover ratio was 2.61, down 14.16% year over year; inventory turnover ratio was 3.87, down 1.09% year over year; and total asset turnover ratio was 0.5, down 9.63% year over year.

From operating assets, it is necessary to focus on:

• The accounts receivable turnover ratio continues to decline. In the past three annual reports, the accounts receivable turnover ratio was 3.3, 3.04, and 2.61, respectively; the company’s accounts receivable turnover capacity is weakening.

• Inventory turnover ratio continues to decline. In the past three annual reports, the inventory turnover ratio was 4.07, 3.91, and 3.87, respectively; the company’s inventory turnover capacity is weakening.

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

• The total asset turnover ratio continues to decline. In the past three annual reports, the total asset turnover ratio was 0.62, 0.55, and 0.5, respectively; the company’s total asset turnover capacity is weakening.

• The unit fixed-asset income and output value declines year by year. In the past three annual reports, the ratio of operating revenue to original value of fixed assets was 4.9, 4.71, and 4.17, respectively, continuing to decline.

• Long-term deferred expenses change significantly compared with the beginning of the period. During the reporting period, long-term deferred expenses were 0.24 bn yuan, up 57.78% from the beginning of the period.

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Sina Finance listed-company financial report hawk-eye early warning overview: Hawk-eye early warning for listed-company financial reports is an intelligent, specialized analytical system for listed-company financial reports. Through aggregating a large number of authoritative financial experts from accounting firms and listed companies, the hawk-eye early warning tracks and interprets the latest financial reports of listed companies across multiple dimensions, including the growth of company performance, earnings quality, capital pressure and safety, and operating efficiency, and uses text and graphics to alert to potentially existing financial risk points. It provides professional, efficient, and convenient technical solution for identifying and issuing early warnings on financial risks for financial institutions, listed companies, regulatory authorities, and others.

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Responsible editor: Xiao Lang Express News