Eagle Eye Warning: Joyoung Co., Ltd. Revenue Declined

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

On March 26, Jiuyang Co., Ltd. released its annual report for 2025.

The report shows that the company’s total operating revenue for 2025 was 8.21 billion yuan, a year-on-year decrease of 7.23%; the net profit attributable to the parent company was 118 million yuan, a year-on-year decrease of 3.85%; the net profit attributable to the parent company after excluding non-recurring gains and losses was 212 million yuan, a year-on-year increase of 78.41%; the basic earnings per share was 0.16 yuan/share.

Since its listing in May 2008, the company has paid cash dividends 20 times, with a cumulative cash dividend of 8.147 billion yuan.

The eagle eye warning system for listed company financial reports conducts intelligent quantitative analysis of Jiuyang Co., Ltd.'s 2025 annual report from four dimensions: performance quality, profitability, financial pressure and safety, and operational efficiency.

1. Performance Quality Aspect

During the reporting period, the company’s revenue was 8.21 billion yuan, a year-on-year decrease of 7.23%; the net profit was 117 million yuan, a year-on-year increase of 10.06%; the net cash flow from operating activities was 715 million yuan, a year-on-year increase of 302.69%.

From an overall performance perspective, key concerns include:

• Decline in operating revenue. During the reporting period, operating revenue was 8.21 billion yuan, a year-on-year decrease of 7.23%.

• Divergence between operating revenue and net profit changes. During the reporting period, operating revenue decreased by 7.23% year-on-year, while net profit increased by 10.06%, showing a divergence between operating revenue and net profit changes.

From the perspective of revenue cost and period expense ratio, key concerns include:

• Divergence between operating revenue and taxes and surcharges changes. During the reporting period, operating revenue changed by -7.23% year-on-year, while taxes and surcharges changed by 7.12%, indicating a divergence between operating revenue and taxes and surcharges changes.

From the perspective of cash flow quality, key concerns include:

• Divergence between operating revenue and net cash flow from operating activities changes. During the reporting period, operating revenue decreased by 7.23% year-on-year, while net cash flow from operating activities increased by 302.69%, indicating a divergence between operating revenue and net cash flow changes.

2. Profitability Aspect

During the reporting period, the company’s gross profit margin was 26.77%, a year-on-year increase of 4.96%; the net profit margin was 1.43%, a year-on-year increase of 18.63%; the return on equity (weighted) was 3.41%, a year-on-year decrease of 3.67%.

From the perspective of asset returns, key concerns include:

• The average return on equity has been below 7% for the last three years. During the reporting period, the weighted average return on equity was 3.41%, and the average weighted average return on equity for the last three accounting years has been below 7%.

• The return on equity continues to decline. In the last three annual reports, the weighted average return on equity was 11.54%, 3.54%, and 3.41%, showing a consistent downward trend.

3. Financial Pressure and Safety Aspect

During the reporting period, the company’s asset-liability ratio was 53.76%, a year-on-year decrease of 0.34%; the current ratio was 1.48, and the quick ratio was 1.36; total debt was 2.024 billion yuan, of which short-term debt was 2.024 billion yuan, accounting for 100% of total debt.

From a financial management perspective, key concerns include:

• Significant changes in prepaid accounts. During the reporting period, prepaid accounts were 40 million yuan, with a change rate of 38.57% compared to the beginning of the period.

• The growth rate of prepaid accounts exceeds the growth rate of operating costs. During the reporting period, prepaid accounts increased by 38.57% compared to the beginning of the period, while operating costs decreased by 8.8% year-on-year, indicating that the growth rate of prepaid accounts exceeds that of operating costs.

| Item | 20231231 | 20241231 | 20251231 | | Prepaid Accounts Growth Rate Compared to Beginning | 164.86% | -30.35% | 38.57% | | Operating Costs Growth Rate | -1.25% | -8.75% | -8.8% |

4. Operational Efficiency Aspect

During the reporting period, the company’s accounts receivable turnover rate was 8.54, an increase of 0.74 year-on-year; the inventory turnover rate was 10.27, a decrease of 7.1% year-on-year; and the total asset turnover rate was 1.07, a decrease of 8.33% year-on-year.

Click on Jiuyang Co., Ltd. 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 listed company financial report eagle eye warning is an intelligent professional analysis system for listed company financial reports. The eagle eye warning tracks and interprets the latest financial reports of listed companies from multiple dimensions such as company performance growth, revenue quality, financial pressure and safety, and operational efficiency by aggregating a large number of authoritative financial experts from accounting firms and listed companies, and highlights potential financial risk points in graphic and textual form. It provides professional, efficient, and convenient financial risk identification and warning technical solutions for financial institutions, listed companies, and regulatory authorities.

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Editor: Xiaolang Fast Report