Jincheng Pharmaceutical (300233) 2025 Annual Report Brief Analysis: Net Profit Decreased by 77.55% Year-over-Year

NightAirdropper · 2026-03-28T01:50:05+00:00

Jincheng Pharmaceutical's 2025 annual report shows a net profit decrease of 77.55% year-over-year, with total operating revenue down 18.87%. In the fourth quarter, revenue and net profit declined by 6.2% and 72.43%, respectively. Several financial indicators performed poorly, with significant drops in gross profit margin and net profit margin. It is recommended to monitor accounts receivable status. Overall financial health requires further assessment.

NightAirdropper

2026-03-28 01:50:05

Abstract generation in progress

According to publicly available data compiled by Securities Star, Jin Cheng Pharmaceutical (300233) recently released its annual report for 2025. According to the financial report, Jin Cheng Pharmaceutical’s net profit has decreased by 77.55% year-on-year. As of the end of this reporting period, the company’s total operating revenue was 2.737 billion yuan, a year-on-year decrease of 18.87%, and the net profit attributable to the parent company was 44.1863 million yuan, a year-on-year decrease of 77.55%. Looking at quarterly data, the total operating revenue in the fourth quarter was 805 million yuan, a year-on-year decrease of 6.2%, and the net profit attributable to the parent company in the fourth quarter was 12.6092 million yuan, a year-on-year decrease of 72.43%.

These figures were below the expectations of most analysts, who had generally anticipated a net profit of about 308 million yuan for 2025.

The various data indicators released in this financial report were not satisfactory. Among them, the gross profit margin was 36.04%, a year-on-year decrease of 10.2%, the net profit margin was 1.54%, a year-on-year decrease of 74.92%, and the total selling, administrative, and financial expenses amounted to 653 million yuan, accounting for 23.87% of revenue, a year-on-year decrease of 7.88%. The net asset value per share was 9.54 yuan, a year-on-year decrease of 2.75%, the operating cash flow per share was 0.83 yuan, a year-on-year increase of 7.77%, and the earnings per share were 0.12 yuan, a year-on-year decrease of 76.92%.

The financial report explains the reasons for significant changes in financial items as follows:

The change in selling expenses was -37.81%, reason: decline in sales revenue during the reporting period.
The change in financial expenses was 715.03%, reason: decrease in exchange gains during the reporting period.
The change in investment income was 267.42%, reason: increase in income from structured deposits during the reporting period.
The change in fair value gains was -199.45%, reason: decline in forward foreign exchange rates during the reporting period.
The change in credit impairment losses was 123.8%, reason: decrease in accounts receivable balance compared to the beginning of the year, reversal of bad debt provisions for accounts receivable.
The change in asset impairment losses was -70.56%, reason: increase in provisions for inventory and fixed asset impairments during the reporting period.
The change in asset disposal gains was 102.7%, reason: gains from asset disposals during the reporting period.
The change in net cash flow from investing activities was -84.97%, reason: purchased structured deposits not yet settled.

The Securities Star value investment circle financial report analysis tool shows:

Business Evaluation: The company’s ROIC last year was 1.1%, indicating a weak capital return rate. The net profit margin last year was 1.54%, suggesting that after accounting for all costs, the added value of the company’s products or services is not high. Based on historical annual report data, the median ROIC for the past ten years is 4.87%, indicating weak median investment returns, with the worst year being 2020, when the ROIC was -10.67%, indicating very poor investment returns. The company’s historical financial reports are relatively average, having released 14 annual reports since going public, with one year of losses, requiring careful examination for any special reasons.
Business Model: The company’s performance mainly relies on R&D and marketing-driven strategies. The actual situation behind these driving forces needs to be carefully examined.
Business Breakdown: The company’s net operating asset return rates for the past three years (2023/2024/2025) were 6.3%/6.7%/1.4%, with net operating profits of 193 million/208 million/42.2738 million yuan, and net operating assets of 3.06 billion/3.103 billion/2.933 billion yuan.

The company’s working capital/revenue ratios for the past three years (2023/2024/2025) were 0.11/0.18/0.19, where working capital (the money the company has to put up itself during operations) was 379 million/617 million/516 million yuan, and revenues were 3.538 billion/3.373 billion/2.737 billion yuan.

The financial report health check tool indicates:

It is recommended to pay attention to the company’s accounts receivable situation (accounts receivable/profit has reached 1210.53%).

The fund with the largest holding in Jin Cheng Pharmaceutical is Da Cheng Zhuo Xiang One Year Holding Mixed A, which currently has a scale of 146 million yuan and a latest net value of 1.1459 (March 27), up 0.51% from the previous trading day, and up 5.8% over the past year. The current fund manager is Su Bingyi.

The above content is compiled by Securities Star based on public information, generated by AI algorithms (Internet Information Office Record No. 310104345710301240019), and does not constitute investment advice.

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