Eagle Eye Warning: SH Electric's cash ratio is less than 0.25

Sina Finance Listed Company Research Institute | Earnings Hawk-Eye Early Warning

On March 24, Shenzhen High-Tech Co., Ltd. released its 2025 annual report.

The report shows that the company’s operating revenue for the full year of 2025 was 18.945 billion yuan, up 42%; net profit attributable to shareholders was 3.822 billion yuan, up 47.74%; net profit attributable to shareholders after deducting non-recurring items was 3.761 billion yuan, up 47.69%; and basic earnings per share was 1.9875 yuan/share.

Since listing in July 2010, the company has paid cash dividends 13 times, with cumulative cash dividends implemented totaling 4.112 billion yuan.

The Listed Company Financial Report Hawk-Eye Early Warning System conducts intelligent quantitative analysis of Huadian Communications’ 2025 annual report across four major dimensions: performance quality, profitability, capital pressure and safety, and operating efficiency.

I. Performance Quality

During the reporting period, the company’s revenue was 18.945 billion yuan, up 42%; net profit was 3.819 billion yuan, up 48.8%; and net cash flow from operating activities was 3.872 billion yuan, up 66.52%.

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

• The year-on-year growth rate of operating revenue has been continuously declining over the past three quarters. During the reporting period, operating revenue increased by 25.45% year over year; over the past three quarters, the growth rate has continued to decline.

Based on the quality of operating assets, key items to focus on:

• Inventory growth is higher than the growth rate of operating costs. During the reporting period, inventory increased by 74.29% compared with the beginning of the period; operating costs increased by 39.97% year over year; inventory growth is higher than the growth rate of operating costs.

• Inventory growth is higher than the growth rate of operating revenue. During the reporting period, inventory increased by 74.29% compared with the beginning of the period; operating revenue increased by 42% year over year; inventory growth is higher than the growth rate of operating revenue.

II. Profitability

During the reporting period, the company’s gross margin was 35.48%, up 2.71% year over year; net profit margin was 20.16%, up 4.79% year over year; and return on equity (weighted) was 28.57%, up 17.81% year over year.

III. Capital Pressure and Safety

During the reporting period, the company’s asset-liability ratio was 46.46%, up 6.05% year over year; the current ratio was 1.49, and the quick ratio was 1.09; total debt was 5.49 billion yuan, including short-term debt of 3.604 billion yuan, and short-term debt as a percentage of total debt was 65.65%.

From the overall financial situation, key items to focus on:

• The asset-liability ratio continues to grow. In the past three annual reports, the asset-liability ratios were 38.65%, 43.81%, and 46.46% respectively, showing an upward trend.

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

• The cash ratio is less than 0.25. During the reporting period, the cash ratio was 0.24, which is below 0.25.

• The cash ratio has been continuously declining. In the past three annual reports, the cash ratios were 0.51, 0.34, and 0.24 respectively, showing a continuous decline.

From long-term capital pressure, key items to focus on:

• Short-term debt can be covered by broad money funds, but long-term debt cannot be covered. During the reporting period, the ratio of broad money funds/total debt was 0.6, and broad money funds were below total debt.

From the perspective of capital management, key items to focus on:

• Prepaid accounts have changed significantly. During the reporting period, prepaid accounts were 100 million yuan, and the change rate compared with the beginning of the period was 139.97%.

• The ratio of prepaid accounts to current assets continues to increase. In the past three annual reports, the ratio of prepaid accounts to current assets was 0.21%, 0.42%, and 0.62% respectively, showing a continuous increase.

• The growth rate of prepaid accounts is higher than the growth rate of operating costs. During the reporting period, prepaid accounts increased by 139.97% compared with the beginning of the period; operating costs grew by 39.97% year over year; and the growth rate of prepaid accounts is higher than that of operating costs.

• Accounts payable notes have changed significantly. During the reporting period, accounts payable notes were 930 million yuan, and the change rate compared with the beginning of the period was 50.78%.

• Other payables have changed significantly. During the reporting period, other payables were 550 million yuan, and the change rate compared with the beginning of the period was 45.56%.

From the perspective of capital coordination, key items to focus on:

• Capital coordination, but with payment difficulties. During the reporting period, working capital was 5.25 billion yuan; the company’s working capital demand was 5.78 billion yuan. The working capital generated by investing and financing activities cannot fully cover the working capital demand for the company’s operating activities. The company’s cash payment capability was -520 million yuan.

IV. Operating Efficiency

During the reporting period, the company’s accounts receivable turnover ratio was 3.97, up 0.07%; inventory turnover ratio was 3.66, down 12.33% year over year; and total asset turnover ratio was 0.77, up 6.9%.

From operating assets, key items to focus on:

• The proportion of accounts receivable to total assets continues to increase. In the past three annual reports, the ratio of accounts receivable to total assets was 16.76%, 19.09%, and 19.49% respectively, showing continuous growth.

• The ratio of inventory to total assets continues to increase. In the past three annual reports, the ratio of inventory to total assets was 10.91%, 11.5%, and 15.03% respectively, showing continuous growth.

From long-term assets, key items to focus on:

• Fixed assets have changed significantly. During the reporting period, fixed assets were 5.71 billion yuan, up 41.5% compared with the beginning of the period.

From the “three expenses” dimension, key items to focus on:

• Administrative expenses growth exceeds 20%. During the reporting period, administrative expenses were 420 million yuan, up 29.93%.

Click Huadian Communications’ Hawk-Eye Early Warning to view the latest early-warning details and a visual financial report preview.

Introduction to Sina Finance Listed Company Financial Report Hawk-Eye Early Warning: The Listed Company Financial Report Hawk-Eye Early Warning is an intelligent, professional analytical system for listed company financial reports. Hawk-Eye Early Warning, by gathering a large number of authoritative financial experts from accounting firms and listed companies, tracks and interprets the latest financial reports of listed companies across multiple dimensions, including the growth of company performance, earnings quality, capital pressure and safety, and operating efficiency. It also uses text and graphics to highlight potential financial risk points. It provides technical solution plans for professional, efficient, and convenient identification and early warning of financial risks of listed companies for financial institutions, listed companies, regulatory departments, and others.

Hawk-Eye Early Warning entry: Sina Finance app—Quotes—Data Center—Hawk-Eye Early Warning, or Sina Finance app—Single-stock quotes page—Financials—Hawk-Eye Early Warning

Statement: The market is risky; investment requires caution. This article is automatically published based on a third-party database and does not represent Sina Finance’s viewpoints. Any information appearing in this article is for reference only and does not constitute personal investment advice. If there are discrepancies, please refer to the actual announcements. If you have any questions, please contact biz@staff.sina.com.cn.

Massive information and precise insights—right on the Sina Finance app

责任编辑：小浪快报