Eagle Eye Warning: Shanghai Jahwa's average net asset return over the past three years has been below 7%.

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

On March 25, Shanghai Jahwa released its 2025 annual report.

The report shows that the company’s total operating revenue for 2025 is 6.32B yuan, an increase of 11.25% year-on-year; net profit attributable to parent company is 268 million yuan, up 132.12%; non-recurring net profit is 44.62 million yuan, up 105.32%; basic earnings per share are 0.4 yuan/share.

Since listing in March 2001, the company has paid cash dividends 25 times, with a total cash dividend payout of 3.6B yuan.

The listed company financial report Eagle Eye warning system conducts intelligent quantitative analysis of Shanghai Jahwa’s 2025 annual report from four dimensions: performance quality, profitability, capital pressure and safety, and operational efficiency.

1. Performance Quality Dimension

During the reporting period, the company’s revenue was 6.32B yuan, an 11.25% increase; net profit was 268 million yuan, up 132.12%; net cash flow from operating activities was 801 million yuan, up 193.33%.

From the overall performance perspective, key points to focus on:

• Net profit is quite volatile. In the last three annual reports, net profits were 500 million, -830 million, and 268 million yuan, with year-on-year changes of 5.93%, -266.6%, and 132.12%, respectively, indicating significant fluctuation.

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

• Divergence between operating revenue and operating costs. During the reporting period, operating revenue increased by 11.25% year-on-year, while operating costs decreased by 1.86%, showing a divergence in their trends.

2. Profitability Dimension

During the reporting period, the company’s gross profit margin was 62.59%, an increase of 8.67%; net profit margin was 4.24%, up 128.87%; return on equity (weighted) was 3.96%, up 134.2%.

Considering the company’s asset-side returns, key points to focus on:

• Return on net assets over the past three years has been below 7% on average. During the reporting period, the weighted average return on net assets was 3.96%, and over the last three fiscal years, the average was below 7%.

• Return on invested capital is below 7%. During the reporting period, the company’s return on invested capital was 4.21%, with an average over three periods below 7%.

From the perspective of non-recurring gains and losses, key points to monitor:

• The proportion of non-recurring gains is relatively high. During the reporting period, the ratio of non-recurring gains to net profit was 63.3%. (Note: Non-recurring gains include investment net income, fair value change net income, non-operating income, and losses on disposal of non-current assets).

3. Capital Pressure and Safety Dimension

During the reporting period, the company’s asset-liability ratio was 32.76%, an increase of 0.14%; current ratio was 1.69, quick ratio was 1.47; total debt was 562 million yuan, all short-term debt, accounting for 100% of total debt.

From short-term capital pressure, key points to focus on:

• The short-term to long-term debt ratio continues to grow. In the last three annual reports, the ratios of short-term debt to long-term debt were 0.6, 7.08, and 10.83, indicating an increasing trend in the short-term debt ratio.

From capital management perspective, key points to monitor:

• Growth of prepayments exceeds that of operating costs. During the reporting period, prepayments increased by 22.43% from the beginning of the period, while operating costs decreased by 1.86%, indicating prepayment growth outpacing costs.

From capital coordination perspective, key points to focus on:

• The company’s funds are relatively abundant. During the reporting period, the company’s operating capital demand was -580 million yuan, working capital was 1.96 billion yuan, and cash payment capacity was 2.53 billion yuan. The efficiency of fund utilization warrants further attention.

4. Operating Efficiency Dimension

During the reporting period, the company’s accounts receivable turnover was 9.45, a 61.66% increase; inventory turnover was 3.65, up 9.89%; total asset turnover was 0.63, an increase of 19.37%.

From long-term assets perspective, key points to monitor:

• The proportion of other non-current assets is relatively high. During the reporting period, the ratio of other non-current assets to total assets was 10.74%.

• Significant changes in other non-current assets. During the period, other non-current assets amounted to 1.1 billion yuan, a 96.84% increase from the beginning of the period.

From the perspective of the three expenses (selling, administrative, R&D), key points to monitor:

• The ratio of selling expenses to operating revenue continues to grow. In the last three annual reports, the ratios were 41.98%, 46.69%, and 48%, respectively, showing a steady increase.

Click on Shanghai Jahwa 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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