Eagle Eye Warning: New Dairy's Accounts Receivable to Revenue Ratio Continues to Rise

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

On March 22, Xin Dairy released its 2025 annual report.

The report shows that the company’s total revenue for 2025 is 11.233 billion yuan, a 5.33% increase year-over-year; net profit attributable to shareholders is 731 million yuan, up 35.98%; non-recurring net profit attributable to shareholders is 774 million yuan, up 33.76%; basic earnings per share are 0.85 yuan.

Since its listing in January 2019, the company has paid cash dividends 8 times, totaling 677 million yuan. The announcement states that the company plans to distribute a cash dividend of 3.8 yuan (tax included) for every 10 shares to all shareholders.

The Listed Company Financial Report Eagle Eye Warning System performs intelligent quantitative analysis of Xin Dairy’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 11.233 billion yuan, a 5.33% increase; net profit was 754 million yuan, up 37.31%; net cash flow from operating activities was 1.51 billion yuan, an increase of 1.26%.

Regarding operational asset quality, key points include:

• Growth rate of accounts receivable notes exceeds revenue growth. During the period, accounts receivable notes increased by 78.79% from the beginning of the period, while revenue grew by 5.33%, indicating a higher growth rate for receivable notes.

• The ratio of accounts receivable to revenue continues to grow. In the last three annual reports, the ratios are 5.5%, 5.7%, and 5.77%, showing a steady increase.

Regarding cash flow quality, key points include:

• The ratio of net cash flow from operating activities to net profit continues to decline. In the last three half-year reports, these ratios are 3.56, 2.71, and 2, indicating a downward trend in profit quality.

2. Profitability

During the reporting period, the company’s gross profit margin was 29.18%, an increase of 2.89%; net profit margin was 6.72%, up 30.37%; return on equity (weighted) was 20.94%, an increase of 9.69%.

3. Capital Pressure and Safety

During the period, the company’s asset-liability ratio was 56.51%, down 12.53% year-over-year; current ratio was 0.47, quick ratio was 0.3; total debt was 2.384 billion yuan, with short-term debt of 1.82 billion yuan, accounting for 76.35% of total debt.

From short-term capital pressure, key points include:

• Significant increase in short-term to long-term debt ratio. During the period, short-term debt to long-term debt rose sharply to 2.9.

• Large short-term debt and capital gap. During the period, broad monetary funds were 580 million yuan, short-term debt was 1.81 billion yuan, broad monetary funds to short-term debt ratio was 0.32, indicating funds are insufficient to cover short-term liabilities.

• Cash ratio below 0.25. During the period, the cash ratio was 0.13, below the warning line.

From a capital management perspective, key points include:

• Interest income to monetary funds ratio below 1.5%. During the period, monetary funds were 350 million yuan, short-term debt was 1.81 billion yuan, and the average interest income to funds ratio was 1.21%, below the warning line.

• Significant fluctuation in other receivables. During the period, other receivables were 70 million yuan, a 125.89% change from the beginning of the period.

4. Operating Efficiency

During the period, accounts receivable turnover was 17.89, up 1.66%; inventory turnover was 10.91, up 3.71%; total asset turnover was 1.25, up 4.17%.

Regarding operational assets, key points include:

• The proportion of accounts receivable to total assets continues to grow. In the last three annual reports, the ratios are 6.76%, 6.85%, and 7.09%, showing a steady increase.

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

• Growth in sales expense ratio. In the last three reports, the ratios are 15.28%, 15.56%, and 16.11%, showing a continuous increase.

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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 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 alerts for potential financial risks. It offers professional, efficient, and convenient technical solutions for financial institutions, listed companies, and regulatory authorities to identify and warn of financial risks.

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