Eagle Eye Warning: Noli Corporation's accounts receivable / operating income ratio continues to increase

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

On March 25, Noli Co., Ltd. released its 2025 annual report.

The report shows that the company’s total operating revenue for 2025 was 6.69B yuan, a decrease of 4.14% year-on-year; net profit attributable to parent was 429 million yuan, down 7.08% year-on-year; non-recurring net profit attributable to parent was 328 million yuan, down 17.3% year-on-year; basic earnings per share were 1.67 yuan/share.

Since listing in January 2015, the company has paid cash dividends 10 times, with a total cash dividend of 1.17B yuan.

The Listed Company Financial Report Eagle Eye Warning System conducts intelligent quantitative analysis of Noli Co.'s 2025 annual report from four dimensions: performance quality, profitability, capital pressure and safety, and operational efficiency.

1. Performance Quality Aspect

During the reporting period, the company’s revenue was 6.69B yuan, a decrease of 4.14% year-on-year; net profit was 429 million yuan, down 7.69%; net cash flow from operating activities was 837 million yuan, an increase of 9.39%.

From the overall performance perspective, key points to watch:

• Revenue growth rate continues to decline. In the past three annual reports, the year-on-year changes in operating revenue were 3.89%, 0.23%, -4.14%, with a continuing downward trend.

• Net profit attributable to parent continues to decline. In the past three annual reports, the year-on-year changes in net profit attributable to parent were 13.82%, 0.91%, -7.08%, with a continuing downward trend.

• Non-recurring net profit attributable to parent continues to decline. In the past three annual reports, the year-on-year changes in non-recurring net profit attributable to parent were 10.43%, -6.16%, -17.3%, with a continuing downward trend.

Considering operational asset quality, key points to focus on:

• Accounts receivable / Operating revenue ratio continues to grow. In the past three annual reports, the ratios were 19.76%, 23.62%, 25.06%, showing a steady increase.

2. Profitability Aspect

During the reporting period, the company’s gross profit margin was 22.63%, down 0.79% year-on-year; net profit margin was 6.42%, down 3.7%; return on equity (weighted) was 14.14%, down 14.61%.

From the company’s operational earnings perspective, key points to watch:

• Decline in gross profit margin on sales. During the reporting period, gross profit margin on sales was 22.63%, a decrease of 0.79%.

From the company’s asset-side earnings perspective, key points to focus on:

• Return on equity (ROE) continues to decline. In the past three annual reports, the weighted average ROE was 18.26%, 16.56%, 14.14%, showing a downward trend.

Regarding impairment risk, key points to monitor:

• Asset impairment losses’ year-on-year change rate exceeds 30%. During the reporting period, asset impairment losses were -160 million yuan, a decrease of 67.44% year-on-year.

3. Capital Pressure and Safety

During the reporting period, the company’s asset-liability ratio was 66.33%, an increase of 0.09%; current ratio was 1.21, quick ratio was 0.76; total debt was 1.91B yuan, with short-term debt of 1.74 billion yuan, accounting for 90.89% of total debt.

From a capital management perspective, key points to focus on:

• Prepaid accounts / current assets ratio continues to grow. In the past three annual reports, ratios were 2.27%, 2.55%, 2.6%, showing a steady increase.

• Growth rate of prepaid accounts exceeds that of operating costs. During the period, prepaid accounts increased by 3.57% from the beginning of the period, while operating costs decreased by 3.92% year-on-year, with prepaid accounts growth rate higher than operating costs.

• Significant changes in notes payable. During the period, notes payable were 920 million yuan, a change rate of 31.41% from the beginning.

4. Operating Efficiency

During the reporting period, the company’s accounts receivable turnover was 4.02 times, down 12.82% year-on-year; inventory turnover was 1.92 times, up 15.72%; total asset turnover was 0.73 times, down 6.36%.

From operational assets, key points to monitor:

• Accounts receivable turnover rate continues to decline. In the past three annual reports, the ratios were 5.31, 4.62, 4.02, indicating weakening collection efficiency.

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

• Construction in progress fluctuates significantly. During the period, construction in progress was 400 million yuan, a 115.42% increase from the beginning.

• Other non-current assets fluctuate greatly. During the period, other non-current assets were 20M yuan, a 549.56% increase from the beginning.

Click on Noli Co. Eagle Eye Warning to view the latest warning details and visualized financial report preview.

Sina Finance Listed Company Financial Report Eagle Eye Warning Introduction: The Eagle Eye Warning system is an intelligent professional analysis system 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 prompts 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.

Eagle Eye Warning Access: Sina Finance APP - Market - Data Center - Eagle Eye Warning or Sina Finance APP - Stock Market Page - Financials - Eagle Eye Warning

Disclaimer: The market involves risks; investment should be cautious. This article is automatically published based on third-party databases and does not represent Sina Finance’s views. All information in this article is for reference only and does not constitute personal investment advice. Please refer to official announcements for accuracy. For questions, contact biz@staff.sina.com.cn.