Ястребиный глаз предупреждает: Гоутай Технологии снизили выручку

Sina Finance Research Institute for Listed Companies | Financial Report Eagle-Eye Early Warning

On April 3, Guorui Technology released its 2025 annual report. The audit opinion was a standard unqualified audit opinion.

The report shows that the company’s operating revenue for the full year 2025 was 277 million yuan, down 0.24% year-on-year; net profit attributable to shareholders was -55.0224 million yuan, down 44.53% year-on-year; non-recurring profit and loss attributable to shareholders was -69.7122 million yuan, down 120.88% year-on-year; basic earnings per share were -0.19 yuan/share.

Since the company’s IPO in January 2017, it has paid cash dividends 5 times, with cumulative cash dividends implemented of 133 million yuan.

The listed company financial report eagle-eye early warning system conducts intelligent quantitative analysis of Guorui Technology’s 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 277 million yuan, down 0.24% year-on-year; net profit was -55.8421 million yuan, down 41.83% year-on-year; net cash flow from operating activities was 33.0017 million yuan, up 5021.04%.

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

• Operating revenue declined. During the reporting period, operating revenue was 280 million yuan, down 0.24% year-on-year.

• Net profit attributable to shareholders declined significantly. During the reporting period, net profit attributable to shareholders was -0.6 billion yuan, down significantly by 44.53% year-on-year.

| Item | 20231231 | 20241231 | 20251231 | | Net Profit Attributable to Shareholders (RMB) | -23.13M | -38.07M | -55.02M | | Net Profit Attributable to Shareholders Growth Rate | -4872.33% | -64.56% | -44.53% |

• Non-recurring profit attributable to shareholders declined significantly. During the reporting period, non-recurring profit attributable to shareholders was -69.71M yuan, down significantly by 120.89% year-on-year.

| Item | 20231231 | 20241231 | 20251231 | | Non-Recurring Profit Attributable to Shareholders (RMB) | -45.88M | -31.56M | -69.71M | | Non-Recurring Profit Attributable to Shareholders Growth Rate | -474.38% | 31.21% | -120.89% |

• Operating profit was negative for three consecutive quarters. During the reporting period, operating profit for the last three quarters was -0.3 billion yuan, -0.2 billion yuan, and -0.3 billion yuan, continuously negative.

| Item | 20250630 | 20250930 | 20251231 | | Operating Profit (RMB) | -27.32M | -15.51M | -28.87M |

From the matching of revenue, cost, and period expenses perspective, it is necessary to focus on:

• The difference between the change in selling expenses and the change in operating revenue is large. During the reporting period, operating revenue changed by -0.24% year-on-year, selling expenses changed by 21.54% year-on-year, and the difference between the changes is large.

• Operating revenue and taxes and surcharges moved in opposite directions. During the reporting period, operating revenue changed by -0.24% year-on-year, taxes and surcharges changed by 3.59% year-on-year, and operating revenue and taxes and surcharges moved in opposite directions.

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

• Divergence between operating revenue and net cash flow from operating activities. During the reporting period, operating revenue decreased by 0.24% year-on-year, net cash flow from operating activities increased by 5021.04% year-on-year, and there was a divergence between operating revenue and net cash flow from operating activities.

II. Profitability

During the reporting period, the company’s gross margin was 14.6%, down 49.64% year-on-year; net margin was -20.17%, down 42.16% year-on-year; return on net assets (weighted) was -5.64%, down 36.56% year-on-year.

From the company’s operating-side perspective, regarding returns, it is necessary to focus on:

• Continued decline in gross margin of sales. In the last three annual reports, the gross margin of sales was 34.34%, 28.98%, and 14.6% respectively, with the downward trend continuing.

• Continued decline in net margin of sales. In the last three annual reports, the net margin of sales was -12.92%, -14.19%, and -20.17% respectively, with the downward trend continuing.

| Item | 20231231 | 20241231 | 20251231 | | Net Margin of Sales | -12.92% | -14.19% | -20.17% | | Net Margin of Sales Growth Rate | -1952.33% | -9.76% | -42.16% |

From the company’s asset-side perspective, regarding returns, it is necessary to focus on:

• Over the most recent three years, average return on net assets is below 7%. During the reporting period, the weighted average return on net assets was -5.64%; the weighted average return on net assets over the last three accounting years averaged below 7%.

| Item | 20231231 | 20241231 | 20251231 | | Return on Net Assets | -2.72% | -4.13% | -5.64% | | Return on Net Assets Growth Rate | -5340% | -51.28% | -36.56% |

• Continued decline in return on net assets. In the last three annual reports, the weighted average return on net assets was -2.72%, -4.13%, and -5.64% respectively, with the downward trend continuing.

| Item | 20231231 | 20241231 | 20251231 | | Return on Net Assets | -2.72% | -4.13% | -5.64% | | Return on Net Assets Growth Rate | -5340% | -51.28% | -36.56% |

• Return on invested capital is below 7%. During the reporting period, the company’s return on invested capital was -4.86%; the average value across the three reporting periods was below 7%.

| Item | 20231231 | 20241231 | 20251231 | | Return on Invested Capital | -2.22% | -3.55% | -4.86% |

III. Capital Pressure and Safety

During the reporting period, the company’s asset-liability ratio was 16.61%, down 9.31% year-on-year; the current ratio was 4.35, and the quick ratio was 4.01; total debt was 41.6473 million yuan, of which short-term debt was 41.6473 million yuan; short-term debt as a proportion of total debt was 100%.

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

• The ratio of interest income / cash and cash equivalents is less than 1.5%. During the reporting period, cash and cash equivalents were 430 million yuan, short-term debt was 277M yuan, and the company’s average ratio of interest income / average cash and cash equivalents was 0.588%, which is below 1.5%.

• Accounts payable bills moved significantly. During the reporting period, accounts payable bills were 0.4 billion yuan, with a change rate of 46.29% compared with the beginning of the period.

• Other payables moved significantly. During the reporting period, other payables were 33M yuan, with a change rate of 84.67% compared with the beginning of the period.

From the perspective of capital coordination, it is necessary to focus on:

• Free cash flow is negative. In the last three annual reports, free cash flow was -0.8 billion yuan, -0.7 billion yuan, and -277M yuan respectively, and has remained negative.

| Item | 20231231 | 20241231 | 20251231 | | Free Cash Flow (RMB) | -75.06M | -73.54M | -226M |

IV. Operational Efficiency

During the reporting period, the company’s accounts receivable turnover rate was 0.81, down 8.32% year-on-year; inventory turnover rate was 2.25, up 62.66% year-on-year; total asset turnover rate was 0.21, down 10.88% year-on-year.

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

• Other non-current assets moved significantly. During the reporting period, other non-current assets were 60M yuan, up 135.23% compared with the beginning of the period.

From the perspective of the “three expenses” dimension, it is necessary to focus on:

• Selling expense growth exceeds 20%. During the reporting period, selling expenses were 0.1 billion yuan, up 21.54% year-on-year.

Click Guorui Technology eagle-eye early warning to view the latest warning details and a visualized preview of the financial report.

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