Eagle Eye Warning: Shantui Co., Ltd. Accounts Receivable Growth Rate Exceeds Operating Revenue Growth Rate

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

On March 15, Shantui Co., Ltd. released its 2025 annual report, with an unqualified audit opinion.

The report shows that the company’s total operating revenue for 2025 was 14.62 billion yuan, a year-on-year increase of 2.82%; net profit attributable to shareholders was 1.211 billion yuan, up 9.86%; net profit after deducting non-recurring gains and losses was 1.187 billion yuan, up 20.28%; basic earnings per share were 0.8094 yuan.

Since listing in January 1997, the company has paid cash dividends 18 times, totaling 1.345 billion yuan. The announcement states that the company plans to distribute a cash dividend of 1 yuan (tax included) for every 10 shares to all shareholders.

The Listed Company Financial Report Eagle Eye Warning System conducts intelligent quantitative analysis of Shantui 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 14.62 billion yuan, a 2.82% increase; net profit was 1.214 billion yuan, up 9.94%; net cash flow from operating activities was 781 million yuan, an increase of 51.64%.

Overall performance analysis highlights:

• Revenue growth slowed. During the reporting period, revenue increased by 2.82%, compared to 25.12% in the same period last year, indicating a slowdown.

• Growth rate of net profit attributable to shareholders after deducting non-recurring gains and losses continued to decline. Over the past three annual reports, the year-on-year change was 176.53%, 40.54%, and 20.28%, with a downward trend.

Operational asset quality considerations:

• Growth of notes receivable exceeds revenue growth. During the period, notes receivable increased by 1,411.44% from the beginning of the period, while revenue grew by 2.82%, indicating a higher growth rate in notes receivable.

• Accounts receivable growth exceeds revenue growth. During the period, accounts receivable increased by 27.02% from the beginning of the period, while revenue increased by 2.82%, indicating a higher growth rate in accounts receivable.

• The ratio of accounts receivable to revenue continues to grow. Over the past three annual reports, the ratios were 32.23%, 33.13%, and 40.93%, showing a steady increase.

Cash flow quality considerations:

• Net cash flow from operating activities divided by net profit is less than 1. During the period, this ratio was 0.643, indicating weaker profitability quality.

2. Profitability

During the reporting period, the company’s gross profit margin was 21.48%, a 7.12% increase; net profit margin was 8.31%, up 6.92%; return on equity (weighted) was 21.04%, an increase of 24.2%.

Operational profitability highlights:

• Gross profit margin from sales continued to increase, while inventory turnover rate declined. Over the past three annual reports, gross profit margins were 18.44%, 20.05%, and 21.48%; inventory turnover rates were 4.83, 3.82, and 3.56 times respectively.

3. Capital Pressure and Safety

The company’s asset-liability ratio was 66.04%, down 5.29% year-on-year; current ratio was 1.29, quick ratio was 1; total debt was 7.897 billion yuan, with short-term debt at 6.838 billion yuan, accounting for 86.59% of total debt.

Overall financial condition considerations:

• Current ratio continues to decline. Over the past three annual reports, ratios were 1.4, 1.3, and 1.29, indicating weakening short-term debt-paying ability.

Short-term capital pressure:

• Short-term debt to long-term debt ratio has increased significantly. During the period, the ratio rose to 1.13.

• Cash ratio continues to decline. Over the past three annual reports, ratios were 0.46, 0.31, and 0.29.

Funding management considerations:

• Other receivables fluctuate significantly. During the period, other receivables were 630 million yuan, a 40.97% change from the beginning of the period.

• The ratio of other receivables to current assets continues to increase. Over the past three annual reports, ratios were 1.37%, 3.21%, and 4.37%.

Capital coordination:

• Capital is coordinated but with payment difficulties. During the period, working capital was 3.22 billion yuan, while the company’s operational capital demand was 6.28 billion yuan. Funds from investment and financing activities could not fully cover operational needs, with cash payment capacity at -3.061 billion yuan.

4. Operating Efficiency

During the period, accounts receivable turnover was 2.73 times, down 20.47%; inventory turnover was 3.56 times, down 6.9%; total asset turnover was 0.78, down 6.67%.

Asset management considerations:

• Significant decline in accounts receivable turnover. The ratio was 2.73, a sharp decrease of 20.47% year-on-year.

• Inventory turnover rate continues to decline. Over the past three annual reports, rates were 4.83, 3.82, and 3.56 times.

• The proportion of accounts receivable to total assets continues to grow. Ratios over the past three years were 25.3%, 25.76%, and 31.4%.

Long-term asset considerations:

• Total asset turnover rate continues to decline. Ratios were 0.84, 0.84, and 0.78, indicating weakening efficiency.

• Revenue per unit of fixed assets decreases annually. Ratios were 7.99, 6.97, and 6.7.

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

• Selling expenses to operating revenue ratio continues to rise. Over the past three annual reports, ratios were 3.47%, 4.16%, and 4.25%.

Click on Shantui Co., Ltd.'s 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 companies’ 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 on 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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