Suzhou Planning (301505) 2025 Annual Report Brief Analysis: Net profit decreased by 23.83% year-on-year, and the company's accounts receivable are relatively large.

According to data publicly compiled by Securities Star, Suzhou Planning (301505) released its 2025 annual report recently. As of the end of the reporting period, the company’s total operating revenue was 271 million yuan, down 12.04% year over year, and its net profit attributable to shareholders was 22.1328 million yuan, down 23.83% year over year. Judging by single-quarter data, in Q4 the company’s total operating revenue was 100 million yuan, down 15.31% year over year, while Q4 net profit attributable to shareholders was 13.4284 million yuan, up 8.04% year over year. During this reporting period, Suzhou Planning’s accounts receivable were relatively large; the accounts receivable accounted for 1121.68% of the net profit attributable to shareholders in the latest annual report.

This set of data is below most analysts’ expectations. Previously, analysts generally expected that the company’s net profit for 2025 would be around 66.50 million yuan.

The performance of various metrics disclosed in this financial report is not satisfactory overall. Among them, the gross margin was 40.59%, down 1.88% year over year; the net profit margin was 8.06%, down 13.94% year over year. Selling expenses, administrative expenses, and financial expenses totaled 48.476 million yuan; the three-fee ratio to revenue was 17.9%, up 4.64% year over year. Net assets per share were 8.5 yuan, down 24.62% year over year. Net operating cash flow per share was 0.68 yuan, up 71.36% year over year. Earnings per share were 0.19 yuan, down 24.0%

The notes in the financial statements explaining the reasons for financial items with major changes are as follows:

1. The change in selling expenses was -28.65%. Reason: Revenue decreased in the period, so related expenses decreased.
2. The change in financial expenses was 145.78%. Reason: The company’s interest income from time deposits decreased in the period.
3. The change in net cash flow from operating activities was 122.76%. Reason: Increased project collections, increased amounts received for engineering funds on behalf of others, and decreased payments of compensation.
4. The change in net cash flow from investing activities was 81.79%. Reason: The amount of purchases of wealth management products decreased.
5. The change in net cash flow from financing activities was -140.04%. Reason: Increased share repurchases.
6. The change in the net increase in cash and cash equivalents was 103.84%. Reason: Increased project collections, increased amounts received for engineering funds on behalf of others, and decreased payments of compensation; the amount of purchases of wealth management products decreased; increased share repurchases.
7. The change in investment properties was 11456.92%. Reason: Completed construction projects were transferred in.
8. The change in construction in progress was -87.34%. Reason: Completed construction in progress was transferred out.
9. The reason for the change in non-current assets due within one year: Large time deposits certificates were transferred in.
10. The reason for the change in treasury shares: Increased share repurchases.

Securities Star’s Financial Report Analysis Tool for Stock-Pricing and Investor Circle shows:

• Business assessment: Last year’s ROIC was 2.03%, indicating the company’s capital returns were not strong. Last year’s net profit margin was 8.06%; after factoring in all costs, the value-added of the company’s products or services was generally average. Based on statistics from historical annual report data, since the company went public, the median ROIC has been 15.33%, and investment returns have been very good. Among the worst years, 2025’s ROIC was 2.03%, and investment returns were average. The company’s financial reports historically have been relatively good (Note: the company has been listed for less than 10 years; the longer the listing period, the greater the reference value of the financial averages).

• Debt-paying ability: The company’s cash assets are very healthy.

• Business model: The company’s performance mainly relies on R&D and capital expenditure spending; however, it is also necessary to focus on whether the company’s capital expenditure projects are worthwhile and whether capital spending is rigid in the face of funding pressure. You need to carefully study the actual situation behind these driving factors.

• Business breakdown: Over the past three years (2023/2024/2025), the net operating asset return on the company was 15.3%/7%/12.2% respectively. Net operating profits were 78.7002 million/28.8283 million/21.8221 million yuan respectively. Net operating assets were 514 million/413 million/179 million yuan respectively.

  Over the past three years (2023/2024/2025), the company’s working capital / revenue (i.e., the amount of capital the company needs to advance for each 1 yuan of revenue generated in the production and operation process) was 0.38/0.43/0.3 respectively. Among them, the working capital (money the company pays from itself during production and operations) was 148 million/133 million/80.8618 million yuan respectively. Revenue was 391 million/308 million/271 million yuan respectively.

The Financial Report Health Check Tool shows:

1. We recommend paying attention to the company’s accounts receivable situation (accounts receivable / profit has reached 1121.68%)

The above content is compiled by Securities Star based on publicly available information and generated by an AI algorithm (filing no. 310104345710301240019). It does not constitute investment advice.