Eagle Eye Warning: Divergence Between Revenue and Net Profit Changes in Western Region Tourism

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

On March 19, Xiyu Tourism released its 2025 annual report, with an audit opinion of standard unqualified audit opinion.

The report shows that the company’s total operating revenue for 2025 was 326 million yuan, a year-on-year increase of 7.32%; net profit attributable to shareholders was 74.68 million yuan, a decrease of 13.68% year-on-year; net profit after deducting non-recurring gains and losses was 74.79 million yuan, down 12.72% year-on-year; basic earnings per share were 0.48 yuan/share.

Since listing in July 2020, the company has paid cash dividends three times, with a total cash dividend of 109 million yuan.

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

1. Performance Quality

During the reporting period, the company’s revenue was 3.26 billion yuan, up 7.32% year-on-year; net profit was 71.16 million yuan, down 17.73%; net cash flow from operating activities was 132 million yuan, up 13.89%.

Overall performance analysis requires attention to:

• Divergence between revenue and net profit. During the reporting period, revenue increased by 7.32% year-on-year, while net profit decreased by 17.73%, indicating a divergence.

From the perspective of income, costs, and period expenses:

• Significant difference between changes in sales expenses and operating revenue. During the period, revenue increased by 7.32%, while sales expenses increased by 54.99%, showing a large discrepancy.

• Divergence between operating revenue and taxes and surcharges. During the period, revenue increased by 7.32%, while taxes and surcharges decreased by 17.7%, indicating a divergence.

Regarding the quality of operating assets:

• Inventory growth rate exceeds revenue growth rate. During the period, inventory increased by 21.57% from the beginning of the period, while revenue grew by 7.32%, indicating inventory growth outpaces revenue.

2. Profitability

During the reporting period, the company’s gross profit margin was 47.35%, down 14.82% year-on-year; net profit margin was 21.83%, down 23.34%; return on equity (weighted) was 9.73%, down 17.47%.

From the operational side, key points to monitor:

• Continuous decline in gross profit margin. Over the last three annual reports, gross profit margins were 59.99%, 55.59%, and 47.35%, showing a persistent downward trend.

• Continuous decline in net profit margin. Over the last three annual reports, net profit margins were 35.06%, 28.48%, and 21.83%, continuing to decrease.

From the asset side, profitability should be watched:

• Return on equity (ROE) continues to decline. Over the last three annual reports, weighted average ROE was 15.88%, 11.79%, and 9.73%, showing a downward trend.

3. Capital Pressure and Safety

During the period, the company’s asset-liability ratio was 28.91%, up 0.57% year-on-year; current ratio was 2.14, quick ratio was 2.12; total debt was 144 million yuan, with short-term debt of 53.88 million yuan, accounting for 37.36% of total debt.

Overall financial status requires attention to:

• Continuous decline in current ratio. Over the last three annual reports, current ratios were 9.84, 2.56, and 2.14, indicating weakening short-term debt-paying ability.

Short-term liquidity pressure:

• Significant increase in short-term to long-term debt ratio. During the period, short-term debt to long-term debt rose sharply to 0.34.

• Continuous decline in cash ratio. Over the last three annual reports, cash ratios were 9.13, 2.46, and 1.93.

• Continuous decline in net cash flow from operating activities to current liabilities ratio. Over the last three annual reports, ratios were 4.58, 0.95, and 0.85.

Long-term capital pressure:

• Total debt to net assets ratio continues to rise. Over the last three annual reports, it was 0.23%, 25.81%, and 26.56%, showing a steady increase.

From a capital management perspective:

• Interest income to monetary funds ratio below 1.5%. During the period, monetary funds were 300 million yuan, short-term debt was 50 million yuan, and the average interest income/monetary funds ratio was 0.969%, below 1.5%.

• Significant change in other receivables. During the period, other receivables were 2.061 million yuan, an 84.2% increase from the beginning of the period.

• Increasing ratio of other receivables to current assets. Over the last three annual reports, ratios were 0.19%, 0.36%, and 0.62%.

Capital coordination:

• Relatively abundant funds. During the period, the company’s operating capital demand was -122 million yuan, with working capital of 180 million yuan, indicating sufficient cash flow from operating, investing, and financing activities. The company’s cash payment capacity is 300 million yuan; further attention to capital efficiency is needed.

4. Operating Efficiency

During the period, accounts receivable turnover was 133.54 times, up 13.42%; inventory turnover was 57.72 times, down 17.34%; total asset turnover was 0.29, down 9.31%.

From the perspective of operating assets:

• Continuous decline in inventory turnover. Over the last three annual reports, inventory turnover was 107.83, 69.82, and 57.72 times, indicating weakening inventory management.

• Increasing ratio of inventory to total assets. Over the last three reports, inventory/total assets ratios were 0.15%, 0.25%, and 0.29%.

Long-term assets:

• Continuous decline in total asset turnover. Over the last three reports, it was 0.42, 0.32, and 0.29 times, indicating decreasing efficiency.

• Per-unit fixed asset income decreasing annually. Over the last three reports, revenue per fixed asset was 1.35, 0.89, and 0.87.

From the perspective of the “three expenses” (selling, administrative, R&D):

• Sales expenses growth exceeds 20%. During the period, sales expenses were 5.6732 million yuan, up 54.99%.

• Increasing ratio of sales expenses to operating revenue. Over the last three reports, ratios were 0.46%, 1.21%, and 1.74%.

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Sina Finance Listed Company Financial Report Eagle Eye Warning Introduction: The Eagle Eye Warning System is an intelligent professional analysis platform 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 alerts of potential financial risks. It offers professional, efficient, and convenient technical solutions for financial institutions, listed companies, and regulatory authorities to identify and warn of financial risks.

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