Eagle Eye Warning: Shichang Co., Ltd.'s accounts receivable growth rate exceeds the revenue growth rate

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

On March 26, Shichang Co., Ltd. released its 2025 annual report.

The report shows that the company’s total operating revenue for 2025 was 666.7 million yuan, a 29.57% increase year-over-year; net profit attributable to shareholders was 68.87 million yuan, a 0.53% decrease; non-recurring net profit attributable to shareholders was 66.53 million yuan, an 8.69% increase; basic earnings per share were 1.48 yuan.

Since listing in September 2025, the company has paid cash dividends once, totaling 34.9862 million yuan.

The Listed Company Financial Report Eagle Eye Warning System conducts intelligent quantitative analysis of Shichang Co., Ltd.'s 2025 annual report from four dimensions: performance quality, profitability, capital pressure and safety, and operational efficiency.

1. Performance Quality

During the reporting period, the company’s revenue was 666.7 million yuan, up 29.57%; net profit was 69.70 million yuan, down 0.35%; net cash flow from operating activities was -7.19 million yuan, down 114.75%.

Overall performance analysis indicates the need to focus on:

• Divergence between revenue and net profit changes. During the period, revenue increased by 29.57%, while net profit decreased by 0.35%, indicating a divergence.

Considering asset quality, focus on:

• Accounts receivable growth rate exceeds revenue growth rate. During the period, accounts receivable increased by 33.81% from the beginning of the period, while revenue grew by 29.57%, indicating accounts receivable growth outpaces revenue.

Regarding cash flow quality, focus on:

• Divergence between revenue and net cash flow from operating activities. During the period, revenue increased by 29.57%, but net cash flow from operating activities decreased by 114.75%, showing divergence.

• Divergence between net profit and net cash flow from operating activities. During the period, net profit was 69.99 million yuan, and net cash flow from operating activities was -7.19 million yuan, indicating divergence.

• The ratio of net cash flow from operating activities to net profit is less than 1. During the period, this ratio was -0.103, indicating weaker earnings quality.

2. Profitability

During the reporting period, the company’s gross profit margin was 22.33%, down 12.36% year-over-year; net profit margin was 10.45%, down 23.09%; return on equity (weighted) was 23.38%, down 35.56%.

From the company’s operational perspective, focus on:

• Significant decline in gross profit margin. During the period, gross profit margin was 22.33%, a sharp decrease of 12.36%.

3. Capital Pressure and Safety

During the period, the company’s asset-liability ratio was 42.58%, down 15.37% year-over-year; current ratio was 1.82, quick ratio was 1.63; total debt was 122 million yuan, with short-term debt at 122 million yuan, accounting for 100% of total debt.

From a capital management perspective, focus on:

• Interest income / monetary funds ratio less than 1.5%. During the period, monetary funds were 1.3 billion yuan, short-term debt was 20 million yuan, and the average interest income / monetary funds ratio was 0.395%, below 1.5%.

• Significant change in notes payable. During the period, notes payable were 110 million yuan, an 84.31% increase from the beginning of the period.

4. Operational Efficiency

During the period, accounts receivable turnover was 2.99, up 7.68%; inventory turnover was 10.07, up 11.4%; total asset turnover was 1.11, down 3.48%.

From long-term assets perspective, focus on:

• Significant change in fixed assets. During the period, fixed assets were 150 million yuan, an increase of 91.8% from the beginning.

From the perspective of three expenses (selling, administrative, R&D), focus on:

• Management expenses increased by over 20%. During the period, management expenses were 30 million yuan, up 21.49%.

Click on Shichang Co., Ltd. Eagle Eye Warning to view the latest warning details and visualized financial report preview.

Sina Finance Listed Company Financial Report Eagle Eye Warning Introduction: The Eagle Eye Warning system is an intelligent professional analysis platform for listed company financial reports. It gathers authoritative financial experts from accounting firms and listed companies to track and interpret the latest financial reports from multiple dimensions such as performance growth, earnings quality, capital pressure and safety, and operational efficiency, providing visual alerts of potential financial risks. It offers professional, efficient, and convenient technical solutions for financial institutions, listed companies, and regulatory authorities to identify and warn of financial risks.

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