On August 16, Hebei Jianxin Chemical Co.,Ltd. released its interim report for the first half of 2025. The report shows that the company's operating revenue for H1 2025 was 238 million yuan, down 25.98% year-on-year; net profit attributable to shareholders was 5.377 million yuan, down 54.98% year-on-year; non-GAAP net profit attributable to shareholders was 4.5658 million yuan, down 56.71% year-on-year; basic earnings per share were 0.0096 yuan per share.
Since its listing in July 2010, the company has paid cash dividends 15 times, with cumulative cash dividends totaling 832 million yuan.
The listed company financial report Eagle Eye warning system conducts intelligent quantitative analysis of Hebei Jianxin Chemical Co.,Ltd.'s 2025 interim report from four major dimensions: performance quality, profitability, capital pressure and safety, and operational efficiency.
**I. Performance Quality**
During the reporting period, the company's revenue was 238 million yuan, down 25.98% year-on-year; net profit was 5.377 million yuan, down 54.98% year-on-year; net cash flow from operating activities was 26.7412 million yuan, up 151.89% year-on-year.
From an overall performance perspective, key concerns include:
• **Operating Revenue Decline**: During the reporting period, operating revenue was 240 million yuan, down 25.98% year-on-year.
Period | H1 2023 | H1 2024 | H1 2025 Operating Revenue (yuan) | 281 million | 321 million | 238 million Revenue Growth Rate | -25.81% | 14.56% | -25.98%
• **Significant Decline in Net Profit Attributable to Shareholders**: During the reporting period, net profit attributable to shareholders was 5.377 million yuan, down significantly by 54.98% year-on-year.
Period | H1 2023 | H1 2024 | H1 2025 Net Profit Attributable to Shareholders (yuan) | 8.2665 million | 11.9432 million | 5.377 million Growth Rate | -76.59% | 44.48% | -54.98%
• **Significant Decline in Non-GAAP Net Profit**: During the reporting period, non-GAAP net profit attributable to shareholders was 4.566 million yuan, down significantly by 56.71% year-on-year.
Period | H1 2023 | H1 2024 | H1 2025 Non-GAAP Net Profit (yuan) | 6.2316 million | 10.5478 million | 4.5658 million Growth Rate | -81.59% | 69.26% | -56.71%
• **Volatile Net Profit**: Over the past three interim reporting periods, net profit was 8.266 million yuan, 10 million yuan, and 5.377 million yuan respectively, with year-on-year changes of -76.59%, 44.48%, and -54.98%, showing significant volatility.
From the perspective of revenue-cost and period expense matching, key concerns include:
• **Large Discrepancy Between Sales Expense Changes and Revenue Changes**: During the reporting period, operating revenue changed by -25.98% year-on-year, while sales expenses changed by 32.21% year-on-year, showing a significant discrepancy.
Period | H1 2023 | H1 2024 | H1 2025 Operating Revenue (yuan) | 281 million | 321 million | 238 million Sales Expenses (yuan) | 2.2711 million | 1.8138 million | 2.398 million Revenue Growth Rate | -25.81% | 14.56% | -25.98% Sales Expense Growth Rate | 13.09% | -20.14% | 32.21%
• **Divergence Between Revenue and Taxes and Surcharges**: During the reporting period, operating revenue changed by -25.98% year-on-year, while taxes and surcharges changed by 16.28% year-on-year, showing divergent trends.
Combined with operational asset quality analysis, key concerns include:
• **Inventory Growth Rate Higher Than Operating Cost Growth Rate**: During the reporting period, inventory increased by 31.66% from the beginning of the period, while operating costs decreased by 22.62% year-on-year.
• **Inventory Growth Rate Higher Than Revenue Growth Rate**: During the reporting period, inventory increased by 31.66% from the beginning of the period, while operating revenue decreased by 25.98% year-on-year.
Combined with cash flow quality analysis, key concerns include:
• **Divergence Between Revenue and Operating Cash Flow**: During the reporting period, operating revenue decreased by 25.98% year-on-year, while net cash flow from operating activities increased by 151.89% year-on-year.
**II. Profitability**
During the reporting period, the company's gross margin was 8.93%, down 30.69% year-on-year; net margin was 2.26%, down 39.17% year-on-year; weighted average return on equity was 0.36%, down 55.56% year-on-year.
From an operational revenue perspective, key concerns include:
• **Continuous Decline in Sales Gross Margin**: Over the past three interim reporting periods, sales gross margins were 14.54%, 12.88%, and 8.93% respectively, showing a continuous downward trend.
• **Significant Decline in Sales Net Margin**: During the reporting period, sales net margin was 2.26%, down significantly by 39.17% year-on-year.
From an asset-based return perspective, key concerns include:
• **Significant Decline in Return on Equity**: During the reporting period, weighted average return on equity was 0.36%, down significantly by 55.56% year-on-year.
**III. Capital Pressure and Safety**
During the reporting period, the company's asset-liability ratio was 11.31%, up 26.98% year-on-year; current ratio was 3.82, quick ratio was 3.03; total debt was 38.3868 million yuan, of which short-term debt was 38.3868 million yuan, accounting for 100% of total debt.
From an overall financial condition perspective, key concerns include:
• **Significant Decline in Current Ratio**: During the reporting period, the current ratio declined significantly to 3.82.
From a capital management perspective, key concerns include:
• **Prepayments Growth Rate Higher Than Operating Cost Growth Rate**: During the reporting period, prepayments increased by 1.24% from the beginning of the period, while operating costs decreased by 22.62% year-on-year.
• **Significant Changes in Notes Payable**: During the reporting period, notes payable was 40 million yuan, with a change rate of 102.17% from the beginning of the period.
• **Significant Changes in Other Payables**: During the reporting period, other payables was 1.357 million yuan, with a change rate of 143% from the beginning of the period.
From a capital coordination perspective, key concerns include:
• **Capital Expenditure Continuously Higher Than Operating Cash Inflow**: Over the past three interim reporting periods, cash paid for property, plant and equipment, intangible assets and other long-term assets was 38.43 million yuan, 43.68 million yuan, and 79.71 million yuan respectively, while net cash flow from operating activities was 17.75 million yuan, -51.53 million yuan, and 26.74 million yuan respectively.
**IV. Operational Efficiency**
During the reporting period, the company's accounts receivable turnover ratio was 3.35, down 6.69% year-on-year; inventory turnover ratio was 1.8, down 41.21% year-on-year; total asset turnover ratio was 0.14, down 27.29% year-on-year.
From an operational asset perspective, key concerns include:
• **Significant Decline in Inventory Turnover Ratio**: During the reporting period, inventory turnover ratio was 1.8, down significantly by 41.21% year-on-year.
From a long-term asset perspective, key concerns include:
• **Significant Changes in Construction in Progress**: During the reporting period, construction in progress was 210 million yuan, up 105.62% from the beginning of the period.
• **Significant Changes in Other Non-current Assets**: During the reporting period, other non-current assets were 70 million yuan, up 39.65% from the beginning of the period.
From a three-expense dimension perspective, key concerns include:
• **Sales Expense Growth Rate Exceeding 20%**: During the reporting period, sales expenses were 2.398 million yuan, up 32.21% year-on-year.
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Disclaimer: The content is for reference only and does not constitute any investment advice.
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