EagleEye Warning: Yunda Share's Accounts Receivable Growth Rate Exceeds Operating Revenue Growth Rate

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

On March 23, Yunda Holdings released its 2025 annual report, with an unqualified audit opinion.

The report shows that the company’s total operating revenue for 2025 was 29.402 billion yuan, a year-on-year increase of 32.45%; net profit attributable to shareholders was 340 million yuan, down 26.87% year-on-year; net profit excluding non-recurring gains and losses was 293 million yuan, down 16.88% year-on-year; basic earnings per share were 0.44 yuan/share.

Since listing in April 2019, the company has paid cash dividends five times, totaling 281 million yuan. The announcement states that the company plans to distribute a cash dividend of 0.6 yuan (tax included) for every 10 shares to all shareholders.

The Listed Company Financial Report Eagle Eye Warning System conducts intelligent quantitative analysis of Yunda Holdings’ 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 29.402 billion yuan, up 32.45% year-on-year; net profit was 335 million yuan, down 28.4%; net cash flow from operating activities was 559 million yuan, down 72.6%.

Overall performance analysis:

• Divergence between revenue and net profit. During the reporting period, revenue increased by 32.45%, but net profit decreased by 28.4%, indicating a divergence.

Operational asset quality considerations:

• Accounts receivable growth exceeds revenue growth. During the period, accounts receivable increased by 38.52% from the beginning of the period, while revenue grew by 32.45%, indicating a higher growth rate in receivables.

• The ratio of accounts receivable to revenue continues to grow. In the last three annual reports, the ratios were 38.74%, 39.36%, and 41.17%, respectively, showing a steady increase.

• Inventory growth exceeds operating costs growth. During the period, inventory increased by 46.96% from the beginning, while operating costs grew by 34.54%, indicating inventory growth outpacing costs.

• Inventory growth exceeds revenue growth. Inventory increased by 46.96%, while revenue grew by 32.45%, showing inventory accumulation.

Cash flow quality considerations:

• Divergence persists between revenue and net cash flow from operating activities. Over the last three annual reports, revenue growth was 7.73%, 18.54%, and 32.45%, respectively, while net cash flow from operating activities declined sharply by 818.08%, 15.24%, and 72.6%, respectively, indicating a continued divergence.

2. Profitability

During the reporting period, the company’s gross profit margin was 7.56%, down 15.95% year-on-year; net profit margin was 1.14%, down 45.94%; return on equity (weighted) was 5.3%, down 37.65%.

Profitability analysis:

• Continuous decline in gross profit margin. In the last three annual reports, gross profit margins were 13.7%, 9%, and 7.56%, respectively, showing a downward trend.

• Continuous decline in net profit margin. The last three annual reports show net profit margins of 2.22%, 2.11%, and 1.14%, respectively.

Asset-side profitability considerations:

• Significant decline in return on net assets. The weighted average return on net assets was 5.3%, a sharp decrease of 37.65% year-on-year.

• Return on invested capital below 7%. During the period, the company’s return on invested capital was 3.74%, with an average below 7% over the three periods.

3. Capital Pressure and Safety

During the period, the company’s asset-liability ratio was 84.4%, down 0.69% year-on-year; current ratio was 0.89, quick ratio 0.65; total debt was 18.021 billion yuan, with short-term debt at 14.155 billion yuan, accounting for 78.55% of total debt.

Overall financial condition considerations:

• Continuous decline in current ratio. Over the last three annual reports, current ratios were 0.93, 0.91, and 0.89, indicating weakening short-term debt-paying ability.

Short-term capital pressure:

• Cash ratio below 0.25. During the period, the cash ratio was 0.24, below the 0.25 threshold.

• Cash ratio continues to decline. Over the last three reports, cash ratios were 0.37, 0.33, and 0.24.

Funding management considerations:

• Interest income to monetary funds ratio below 1.5%. The company’s monetary funds were 9.3 billion yuan, short-term debt was 2.25 billion yuan, and the average interest income/monetary funds ratio was 1.137%, below 1.5%.

• Significant change in other payables. During the period, other payables were 480 million yuan, a 34.99% increase from the beginning.

Funding coordination considerations:

• Need to improve funding coordination. During the period, the company’s operating capital demand was -1.29 billion yuan, working capital was -4.34 billion yuan, and cash payment ability was -3.05 billion yuan, indicating insufficient liquidity to cover long-term asset investments.

4. Operating Efficiency

During the period, accounts receivable turnover was 2.82, up 1.63%; inventory turnover was 3.67, up 19.95%; total asset turnover was 0.64, up 5.11%.

Asset management considerations:

• The proportion of accounts receivable to total assets continues to grow. In the last three annual reports, ratios were 21.05%, 22.6%, and 22.63%, respectively.

Long-term asset considerations:

• Significant fluctuations in fixed assets. During the period, fixed assets were 4.92 billion yuan, an increase of 48.56% from the beginning.

• Declining revenue per unit of fixed assets. In the last three reports, revenue/initial fixed assets ratios were 6.79, 6.71, and 5.98, respectively.

• Large fluctuations in construction in progress. During the period, construction in progress was 3.54 billion yuan, an increase of 91.85% from the beginning.

• High proportion of other non-current assets. During the period, other non-current assets accounted for 15.14% of total assets.

• Significant increase in other non-current assets. During the period, they were 8.095 billion yuan, up 42.74% from the beginning.

• Large growth in intangible assets. During the period, intangible assets were 450 million yuan, an increase of 44.63%.

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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 of 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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Editor: Xiao Lang Kuai Bao