Eagle Eye Warning: The ratio of accounts receivable to revenue in the Atlantic continues to increase

Sina Finance Listed Company Research Institute | Financial Report Eye Alarm

On April 6, Atlantic released its 2025 annual report. The audit opinion is a standard unqualified audit opinion with no reservations.

The report shows that the company’s operating revenue for the full year of 2025 was RMB 3.71B, up 4.31% year over year; net profit attributable to shareholders was RMB 182 million, up 17.56% year over year; net profit excluding non-recurring items attributable to shareholders was RMB 170 million, up 25.24% year over year; and basic earnings per share were RMB 0.203 per share.

Since the company was listed in February 2001, it has delivered cash dividends 25 times, with cumulative cash dividends implemented of RMB 618 million. The announcement shows that the company plans to distribute cash dividends of RMB 1.2 per 10 shares to all shareholders (including tax).

The listed-company financial report eye alarm system conducts intelligent quantitative analysis of Atlantic’s 2025 annual report across four major dimensions: performance quality, profitability, funding pressure and safety, and operating efficiency.

I. Performance Quality

During the reporting period, the company’s operating revenue was RMB 3.71B, up 4.31%; net profit was RMB 218 million, up 25.14%; and net cash flow from operating activities was RMB 228 million, down 11.42% year over year.

Combined with the quality of operating assets, it is necessary to focus on:

• The accounts receivable to operating revenue ratio continues to rise. In the past three annual reports, the accounts receivable to operating revenue ratio was 4.56%, 4.78%, and 4.93% respectively, showing a continuous increase.

Combined with cash flow quality, it is necessary to focus on:

• The trends in operating revenue and net cash flow from operating activities continue to diverge. In the past three annual reports, the year-over-year changes in operating revenue were 2.94%, 3.56%, and 4.31% respectively, continuing to increase; the year-over-year changes in net cash flow from operating activities were 27.4%, 24.42%, and -11.42% respectively, continuing to decline; the trends in operating revenue and net cash flow from operating activities continue to diverge.

• The ratio of net cash flow from operating activities to net profit continues to deteriorate. In the past three interim reports, the ratio of net cash flow from operating activities to net profit was 1.78, 1.48, and 1.04 respectively, continuously declining, indicating a downward trend in earnings quality.

II. Profitability

During the reporting period, the company’s gross margin was 16.08%, up 10.25% year over year; net profit margin was 5.87%, up 19.96% year over year; and return on equity (weighted) was 7.6%, up 13.26% year over year.

Combined with the company’s operating side and the returns it generates, it is necessary to focus on:

• A significant increase in gross margin. During the reporting period, the company’s gross margin was 16.08%, up significantly 10.25% year over year.

• When gross margin grows, the accounts receivable turnover rate declines. During the reporting period, gross margin rose from 14.59% in the same period last year to 16.08%, and the accounts receivable turnover rate fell from 21.78 times in the same period last year to 21.03 times.

III. Funding Pressure and Safety

During the reporting period, the company’s asset-liability ratio was 18.61%, down 0.76% year over year; the current ratio was 3.61, and the quick ratio was 2.25; total debt was RMB 65.30 million, of which short-term debt was RMB 65.30 million, and the short-term debt as a percentage of total debt was 100%.

From the perspective of cash management and control, it is necessary to focus on:

• The interest income to cash and cash equivalents ratio is less than 1.5%. During the reporting period, cash and cash equivalents were RMB 530 million, short-term debt was RMB 60 million, and the company’s average interest income to cash and cash equivalents ratio was 0.737%, lower than 1.5%.

IV. Operating Efficiency

During the reporting period, the company’s accounts receivable turnover rate was 21.03, down 3.44% year over year; inventory turnover rate was 4.26, up 3.1%; and total asset turnover rate was 1.16, up 3.06%.

From the perspective of operating assets, it is necessary to focus on:

• The accounts receivable to total asset ratio continues to rise. In the past three annual reports, the accounts receivable to total asset ratio was 4.92%, 5.37%, and 5.61% respectively, showing a continuous increase.

Click Atlantic’s Financial Report Eye Alarm to view the latest alert details and a visual preview of the financial report.

Sina Finance Listed Company Financial Report Eye Alarm introduction: The Listed Company Financial Report Eye Alarm is an intelligent professional analysis system for listed company financial reports. The Eye Alarm tracks and interprets the latest financial reports of listed companies across multiple dimensions—such as companies’ performance growth, earnings quality, funding pressure and safety, and operating efficiency—by aggregating a large number of authoritative financial experts including accounting firms and listed companies, and provides warnings of potential financial risk points in the form of text and graphics. It offers professional, efficient, and convenient technological solutions for identifying and alerting listed-company financial risks for financial institutions, listed companies, regulatory bodies, and more.

Eye Alarm entry: Sina Finance app—Quotes—Data Center—Eye Alarm, or Sina Finance app—Stock quote page—Financials—Eye Alarm

Statement: There are risks in the market; invest cautiously. This article is automatically published based on a third-party database and does not represent Sina Finance’s views. Any information appearing in this article is for reference only and does not constitute personal investment advice. If there are discrepancies, please refer to the actual announcements. If you have any questions, please contact biz@staff.sina.com.cn.

Thousands of information, precise interpretation—available in the Sina Finance app

责任编辑：小浪快报