Eagle Eye Warning: Dier Laser's accounts receivable growth rate exceeds revenue growth rate

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

On March 30, EDIR Laser released its 2025 annual report.

The report shows that the company’s full-year operating revenue for 2025 was RMB 2.033 billion, up 0.93% year over year; net profit attributable to the parent was RMB 519 million, down 1.59% year over year; non-recurring items excluded net profit attributable to the parent was RMB 475 million, down 3.47% year over year; and basic earnings per share were RMB 1.91 per share.

Since listing in April 2019, the company has delivered cash dividends 7 times, with a cumulative cash dividend amount of RMB 507 million already implemented.

The listed company financial report eagle eye early warning system conducts intelligent quantitative analysis of EDIR Laser’s 2025 annual report from four major dimensions: performance quality, profitability, funding pressure and safety, as well as operational efficiency.

I. Performance Quality

During the reporting period, the company’s revenue was RMB 2.033 billion, up 0.93%; net profit was RMB 519 million, down 1.59% year over year; and net cash flow from operating activities was RMB 116 million, up 171.02% year over year.

From the overall performance perspective, it is necessary to focus on:

• Operating revenue growth slows down. During the reporting period, operating revenue was RMB 2.03 billion, up 0.93%; the year-ago period growth rate was 25.2%, which is slower than the previous year.

• Operating revenue and net profit move out of sync. During the reporting period, operating revenue increased by 0.93% year over year, while net profit decreased by 1.59% year over year—operating revenue and net profit are out of sync.

Based on the quality of operating assets, it is necessary to focus on:

• The growth rate of accounts receivable exceeds the growth rate of operating revenue. During the reporting period, accounts receivable increased by 21.25% compared with the beginning of the period, while operating revenue increased by 0.93% year over year; the accounts receivable growth rate is higher than the operating revenue growth rate.

Based on the quality of cash flows, it is necessary to focus on:

• Net cash flow from operating activities / net profit is below 1. During the reporting period, the ratio of net cash flow from operating activities / net profit was 0.224, below 1, indicating weak earnings quality.

II. Profitability

During the reporting period, the company’s gross margin was 46.57%, down 0.77% year over year; net profit margin was 25.54%, down 2.5% year over year; and return on net assets (weighted) was 14.09%, down 13.29% year over year.

Based on the company’s operating end and returns, it is necessary to focus on:

• Sales gross margin continues to decline. In the past three annual reports, sales gross margin was 48.38%, 46.93%, and 46.57% respectively, with a continuously downward trend.

• Sales net profit margin continues to decline. In the past three annual reports, sales net profit margin was 28.66%, 26.19%, and 25.54% respectively, with a continuously downward trend.

Based on returns from the company’s asset base, it is necessary to focus on:

• Return on net assets declines. During the reporting period, the weighted average return on net assets was 14.09%, down 13.29% year over year.

III. Funding Pressure and Safety

During the reporting period, the company’s asset-liability ratio was 41.1%, down 13.78% year over year; the current ratio was 3.22, and the quick ratio was 2.38; total debt was RMB 805 million, of which short-term debt was RMB 3.3335 million, and the ratio of short-term debt to total debt was 0.41%.

From the perspective of long-term funding pressure, it is necessary to focus on:

• The cash coverage ratio of total debt is gradually getting smaller. In the past three annual reports, the ratio of broad money funds / total debt was 3.91, 3.76, and 3.64 respectively, showing a continuous decline.

From the perspective of capital management and control, it is necessary to focus on:

• The ratio of advance payments / current assets continues to increase. In the past three annual reports, the ratio of advance payments / current assets was 0.09%, 0.17%, and 0.21% respectively, showing continuous growth.

• The growth rate of advance payments is higher than the growth rate of operating costs. During the reporting period, advance payments compared with the beginning of the period increased by 25.62%, while operating costs increased by 1.62% year over year; the growth rate of advance payments is higher than that of operating costs.

IV. Operational Efficiency

During the reporting period, the company’s accounts receivable turnover ratio was 2.05, down 16.74% year over year; inventory turnover ratio was 0.66, up 12.38% year over year; and total asset turnover ratio was 0.31, up 2.58% year over year.

From the perspective of operating assets, it is necessary to focus on:

• The accounts receivable turnover ratio continues to decline. In the past three annual reports, the accounts receivable turnover ratio was 2.62, 2.47, and 2.05 respectively, indicating weakening accounts receivable turnover capability.

• The ratio of accounts receivable to total assets continues to increase. In the past three annual reports, the accounts receivable / total assets ratio was 10.75%, 13.52%, and 16.31% respectively, showing continuous growth.

From the perspective of long-term assets, it is necessary to focus on:

• Fixed assets change significantly. During the reporting period, fixed assets were RMB 440 million, up 31.26% compared with the beginning of the period.

• Intangible assets change significantly. During the reporting period, intangible assets were RMB 90 million, up 41.58% compared with the beginning of the period.

Click EDIR Laser’s eagle eye early warning to view the latest warning details and a visual preview of the financial report.

Introduction to Sina Finance Listed Company Financial Report Eagle Eye Early Warning: The listed company financial report eagle eye early warning is an intelligent professional analysis system for listed company financial reports. The eagle eye early warning tracks and interprets the latest financial reports of listed companies from multiple dimensions, such as company performance growth, earnings quality, funding pressure and safety, and operational efficiency, by gathering a large number of authoritative financial experts including accounting firms and listed companies, and uses text-and-image formats to flag potential financial risk points. It provides financial institutions, listed companies, and regulatory authorities with professional, efficient, and convenient technical solutions for identifying and issuing early warnings on financial risks of listed companies.

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