Eagle Eye Warning: Jinghui Liquor Net Asset Return on Equity Declining

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

On March 21, Jin Hui Liquor released its 2025 annual report, with an audit opinion of standard unqualified audit opinion.

The report shows that the company’s total operating revenue for 2025 was 2.918 billion yuan, a decrease of 3.4% year-on-year; net profit attributable to shareholders was 354 million yuan, down 8.7%; non-recurring net profit attributable to shareholders was 348 million yuan, down 10.36%; basic earnings per share were 0.7 yuan/share.

Since listing in February 2016, the company has paid cash dividends 9 times, totaling 1.168 billion yuan. The announcement states that the company plans to distribute a cash dividend of 3 yuan (tax included) for every 10 shares to all shareholders.

The Listed Company Financial Report Eagle Eye Warning System conducts intelligent quantitative analysis of Jin Hui Liquor’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 2.918 billion yuan, down 3.4% year-on-year; net profit was 337 million yuan, down 11.38%; net cash flow from operating activities was 480 million yuan, down 13.95%.

Overall performance analysis highlights:

• Continuous decline in revenue growth rate. In the past three annual reports, the year-on-year changes in revenue were 26.64%, 18.59%, and -3.4%, showing a persistent downward trend.

• Continuous decline in non-recurring net profit attributable to shareholders. In the past three annual reports, the year-on-year changes in non-recurring net profit were 21.03%, 18.29%, and -10.36%, showing a continued downward trend.

2. Profitability

During the reporting period, the company’s gross profit margin was 63.17%, up 3.68% year-on-year; net profit margin was 11.55%, down 8.26%; return on equity (weighted) was 10.57%, down 9.66%.

Key points to monitor regarding profitability:

• Continuous decline in net profit margin. In the past three annual reports, the net profit margins were 12.66%, 12.59%, and 11.55%, showing a downward trend.

• Gross profit margin increased while net profit margin decreased. During the period, gross profit margin rose from 60.92% last year to 63.17%, but net profit margin fell from 12.59% to 11.55%.

From the asset side, key points include:

• Decline in return on net assets. During the period, the weighted average return on net assets was 10.57%, down 9.66% year-on-year.

3. Capital Pressure and Safety

During the period, the company’s asset-liability ratio was 35.54%, up 26.71% year-on-year; current ratio was 1.89, quick ratio was 0.66; total debt was 337 million yuan, with short-term debt of 214 million yuan, accounting for 63.41% of total debt.

Overall financial condition highlights:

• Continuous decline in current ratio. In the past three annual reports, the current ratios were 2.66, 2.26, and 1.89, indicating weakening short-term debt-paying ability.

Short-term capital pressure:

• Cash ratio continued to decline. In the past three annual reports, the cash ratios were 0.96, 0.82, and 0.61.

Long-term capital pressure:

• Total debt to net assets ratio continued to rise. In the past three annual reports, the ratios were 0.59%, 1.44%, and 10.76%.

• Cash coverage ratio of total debt is decreasing. In the past three reports, the ratio of broad monetary funds to total debt was 54.27, 18.76, and 2.76, showing a downward trend.

From a cash management perspective:

• Interest income to monetary funds ratio is less than 1.5%. During the period, monetary funds were 990 million yuan, short-term debt was 214 million yuan, and the average interest income to funds ratio was 1.453%, below 1.5%.

4. Operating Efficiency

During the period, the company’s accounts receivable turnover was 254.95 times, down 4.69%; inventory turnover was 0.58, down 18.37%; total asset turnover was 0.59, down 11.96%.

Operational asset focus:

• Accounts receivable turnover rate continued to decline. In the past three annual reports, the turnover rates were 372.75, 267.48, and 254.95 times, indicating weakening collection efficiency.

Long-term asset focus:

• Significant change in intangible assets. During the period, intangible assets were 360 million yuan, a 64.75% increase from the beginning of the period.

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Sina Finance Listed Company Financial Report Eagle Eye Warning Introduction: The Eagle Eye Warning system is an intelligent professional analysis system for listed companies’ 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 risk identification and early warning for financial institutions, listed companies, and regulatory authorities.

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