Eagle Eye Warning: Baofeng Energy has significant short-term debt with a funding gap in existing capital reserves.

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

On March 12, Baofeng Energy released its 2025 annual report.

The report shows that the company’s total operating revenue for 2025 is 48.038 billion yuan, a year-on-year increase of 45.64%; net profit attributable to shareholders is 11.35 billion yuan, up 79.09%; net profit after deducting non-recurring gains and losses is 11.52 billion yuan, up 69.91%; basic earnings per share are 1.56 yuan.

Since its listing in April 2019, the company has paid cash dividends 16 times, totaling 17.348 billion yuan.

The Listed Company Financial Report Eagle Eye Warning System performs intelligent quantitative analysis of Baofeng Energy’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 48.038 billion yuan, a 45.64% increase; net profit was 11.35 billion yuan, up 79.09%; net cash flow from operating activities was 16.851 billion yuan, up 89.39%.

Overall performance analysis to focus on:

• Significant decline in net profit attributable to shareholders after deducting non-recurring gains and losses. During the reporting period, this figure was 11.52 billion yuan, a sharp 100% decrease year-on-year.

From revenue, cost, and period expenses ratio perspective, focus on:

• Large discrepancy between changes in sales expenses and operating revenue. During the reporting period, operating revenue increased by 45.64%, while sales expenses increased by only 5.3%, indicating a significant difference.

Divergence between operating revenue and taxes and surcharges. During the reporting period, operating revenue increased by 45.64%, while taxes and surcharges decreased by 23.65%, showing a divergence.

2. Profitability

During the reporting period, the company’s gross profit margin was 35.92%, an increase of 8.35%; net profit margin was 23.63%, up 22.97%; return on equity (weighted) was 24.84%, an increase of 59.74%.

3. Capital Pressure and Safety

During the reporting period, the company’s debt-to-asset ratio was 46.32%, down 10.89% year-on-year; current ratio was 0.3, quick ratio was 0.18; total debt was 25.911 billion yuan, with short-term debt of 6.419 billion yuan, accounting for 24.77% of total debt.

From short-term capital pressure perspective, focus on:

• Large short-term debt, insufficient liquidity. During the period, broad monetary funds were 1.35 billion yuan, short-term debt was 5.72 billion yuan, broad monetary funds to short-term debt ratio was 0.24, indicating liquidity gap.

• Cash ratio below 0.25. During the period, the cash ratio was 0.08, below the 0.25 threshold.

From capital management perspective, focus on:

• Significant change in other receivables. During the period, other receivables were 1.06 billion yuan, a 2640.34% increase from the beginning of the period.

• Large change in notes payable. During the period, notes payable were 700 million yuan, a 68.25% increase from the beginning of the period.

4. Operating Efficiency

During the reporting period, accounts receivable turnover was 1,678.27, up 18.63%; inventory turnover was 17.38, up 13.03%; total asset turnover was 0.53, up 30.63%.

From long-term assets perspective, focus on:

• Significant changes in fixed assets. During the period, fixed assets were 65.07 billion yuan, a 50.56% increase from the beginning of the period.

• Significant change in other non-current assets. During the period, other non-current assets were 1.69 billion yuan, a 102.63% increase.

From the perspective of the three expenses, focus on:

• Management expenses growth exceeds 20%. During the period, management expenses were 1.32 billion yuan, up 50.34%.

• Management expenses growth exceeds revenue. During the period, management expenses increased by 50.34%, while revenue grew by 45.64%, indicating management expenses grew faster than revenue.

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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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