Eagle Eye Warning: Beidou Star Communication's operating activities' net cash flow/net profit ratio continues to decline

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

On March 25, Beidou Star Communication released its 2025 annual report.

The report shows that the company’s total operating revenue for 2025 is 2.21B yuan, a year-on-year increase of 47.67%; net profit attributable to the parent is -257 million yuan, a year-on-year increase of 26.47%; non-recurring net profit attributable to the parent is -319 million yuan, a year-on-year increase of 23.4%; basic earnings per share are -0.47 yuan/share.

Since its listing in August 2007, the company has paid cash dividends 15 times, with a total cash dividend of 414 million yuan.

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

1. Performance Quality Level

During the reporting period, the company’s revenue was 2.21B yuan, a year-on-year increase of 47.67%; net profit was -282 million yuan, a year-on-year increase of 29.54%; net cash flow from operating activities was 393 million yuan, a year-on-year increase of 604.42%.

From the overall performance perspective, key points to monitor:

• Net profit is quite volatile. In the past three annual reports, net profits were -60 million, -400 million, and -280 million yuan, with year-on-year changes of -176.27%, -615.45%, and 29.54%, respectively, indicating significant fluctuation.

From revenue, cost, and period expense ratio perspective, key points to monitor:

• The variation in sales expenses differs greatly from the change in operating revenue. During the reporting period, operating revenue increased by 47.67% year-on-year, while sales expenses increased by 25.87%, showing a large discrepancy.

Considering cash flow quality, key points include:

• The ratio of net cash flow from operating activities to net profit continues to decline. In the past three half-year reports, this ratio was 3.81, 0.19, and -1.39, showing a downward trend, indicating declining profitability quality.

2. Profitability Level

During the reporting period, the company’s gross profit margin was 35.35%, an increase of 3.35% year-on-year; net profit margin was -12.75%, an increase of 52.29%; return on equity (weighted) was -5.16%, an increase of 20.98%.

From the asset side, focusing on returns, key points are:

• The average return on net assets over the past three years is below 7%. During the reporting period, the weighted average return on net assets was -5.16%, and the average over the last three fiscal years was below 7%.

• Return on invested capital is below 7%. During the reporting period, the company’s return on invested capital was -4.95%, with an average below 7% over the three periods.

Regarding impairment risks, key points are:

• The year-on-year change rate of impairment losses exceeds 30%. During the reporting period, impairment losses were -180 million yuan, a decrease of 33.7% year-on-year.

3. Capital Pressure and Safety

During the reporting period, the company’s asset-liability ratio was 21.43%, an increase of 44.43% year-on-year; current ratio was 3.19, quick ratio was 2.35; total debt was 175 million yuan, with short-term debt at 165 million yuan, accounting for 94.32% of total debt.

From overall financial condition, key points are:

• The current ratio continues to decline. In the past three annual reports, the current ratios were 5.29, 5.03, and 3.19, indicating weakening short-term debt-paying ability.

Regarding short-term capital pressure, key points are:

• The ratio of short-term debt to long-term debt has increased significantly. During the reporting period, short-term debt/long-term debt rose sharply to 2.44.

From a fund management perspective, key points are:

• The ratio of interest income to monetary funds is less than 1.5%. During the reporting period, monetary funds were 1.23B yuan, short-term debt was 70 million yuan, and the average interest income/monetary funds ratio was 0.621%, below 1.5%.

4. Operating Efficiency

During the reporting period, the company’s accounts receivable turnover was 3.44, an increase of 77.21%; inventory turnover was 2.04, up 28.29%; total asset turnover was 0.35, an increase of 48.32%.

From long-term assets perspective, key points are:

• Significant changes in other non-current assets. During the reporting period, other non-current assets amounted to 520 million yuan, a 3159.87% increase from the beginning of the period.

Click on Beidou Star Communication 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 system 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 prompts for potential financial risks. It offers professional, efficient, and convenient technical solutions for financial risk identification and early warning for financial institutions, listed companies, and regulatory authorities.

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