Jiusheng Electric (301082) 2025 Annual Report Brief Analysis: Revenue and Net Profit Both Increased Year-over-Year, Profitability Enhanced

According to publicly available data compiled by Securities Star, Jusheng Electric (301082) recently released its 2025 annual report. As of the end of this reporting period, the company’s total operating revenue was 2.321 billion yuan, an increase of 21.43% year-over-year, and net profit attributable to shareholders was 36.96 million yuan, up 203.93% year-over-year. Looking at quarterly data, in the fourth quarter, total operating revenue was 488 million yuan, a decrease of 8.27% year-over-year, while net profit attributable to shareholders was 4.38 million yuan, an increase of 107.84% year-over-year. During this reporting period, Jusheng Electric’s profitability improved, with gross profit margin increasing by 14.35% and net profit margin rising by 185.59% year-over-year.

The financial data indicators announced in this report are generally favorable. The gross profit margin was 12.48%, up 14.35% year-over-year; net profit margin was 1.59%, up 185.59% year-over-year. Total selling, administrative, and financial expenses amounted to 151 million yuan, accounting for 6.51% of revenue, a decrease of 8.03% year-over-year. Net asset value per share was 4.59 yuan, an increase of 1.4%; operating cash flow per share was 0.4 yuan, up 132.51%; earnings per share (EPS) was 0.16 yuan, an increase of 200.0%.

The reasons for significant changes in certain financial items in the financial statements are as follows:

1. Financial expenses changed by 30.43%, due to an increase in factoring interest during the reporting period.
2. R&D expenses changed by 31.46%, due to increased investment in R&D projects during the reporting period.
3. Total cash inflow from operating activities changed by 44.09%, mainly due to higher receivables from increased revenue.
4. Net cash flow from operating activities changed by 132.51%, driven by higher cash received from sales exceeding cash paid for raw materials.
5. Net cash flow from financing activities decreased by 128.36%, due to a decline in new borrowings received and repayment of existing loans.
6. Net increase in cash and cash equivalents decreased by 226.25%, mainly due to a decline in net cash flow from financing activities.

According to Securities Star’s valuation analysis tools:

• Business Evaluation: The company’s ROIC last year was 2.92%, indicating weak capital return. The net profit margin was 1.59%, suggesting that after accounting for all costs, the company’s products or services have low added value. Historically, since listing, the median ROIC has been 6.78%, indicating average investment returns, with the worst year being 2024 at 0.14%. The company’s historical financial reports are relatively average (note: the company has been listed for less than 10 years; the longer the listing, the more meaningful the financial averages). Since going public, there have been four annual reports, with one year of loss, warranting further investigation for any special reasons.

• Business Model: The company’s performance mainly relies on R&D and marketing efforts. A detailed analysis of these driving forces is necessary.

• Business Breakdown: Over the past three years (2023/2024/2025), the net return on operating assets was 3.4%, --, and 2.2%, respectively. Net operating profits were 50.67 million, -35.56 million, and 36.96 million yuan, respectively. Net operating assets were 1.484 billion, 1.508 billion, and 1.709 billion yuan.

  Over the past three years, the company’s working capital to revenue ratio was 0.72, 0.74, and 0.69, respectively. Working capital (funds invested by the company in its operations) was 1.435 billion, 1.414 billion, and 1.608 billion yuan, while revenue was 2.004 billion, 1.911 billion, and 2.321 billion yuan.

The financial health check tools suggest:

1. Pay attention to the company’s cash flow status (cash and cash equivalents/ current liabilities are only 14.06%, and the average operating cash flow over the past three years relative to current liabilities is only -12.53%).
2. Monitor the company’s debt situation (interest-bearing debt ratio has reached 41.05%, and the average operating cash flow over the past three years has been negative).
3. Watch financial expenses (net cash flow from operating activities over the past three years has been negative on average).
4. Keep an eye on accounts receivable (accounts receivable/profit ratio has reached 5385.68%).

This content is compiled from publicly available information by Securities Star, generated by AI algorithms (Network Credit Number 310104345710301240019), and does not constitute investment advice.