Jingcheng Co., Ltd. (600860) 2025 Annual Report Brief Analysis: Net Profit Decreased by 817.27% Year-over-Year

According to publicly available data compiled by Securities Star, Beijing Capital Co., Ltd. (600860) recently released its annual report for 2025. According to the financial report, the net profit of Beijing Capital Co., Ltd. decreased by 817.27% year-on-year. As of the end of this reporting period, the company’s total operating income was 1.528 billion yuan, a year-on-year decrease of 7.33%, with a net profit attributable to the parent company of -53.6309 million yuan, a year-on-year decrease of 817.27%. In terms of quarterly data, the total operating income in the fourth quarter was 447 million yuan, a year-on-year decrease of 16.37%, and the net profit attributable to the parent company in the fourth quarter was -26.0207 million yuan, a year-on-year decrease of 210.52%.

The various data indicators disclosed in this financial report did not perform well. Among them, the gross profit margin was 16.28%, a year-on-year decrease of 12.95%, the net profit margin was -7.73%, a year-on-year decrease of 665.38%, and the total sales, management, and financial expenses amounted to 184 million yuan, accounting for 12.01% of revenue, a year-on-year increase of 7.72%. The net asset value per share was 1.57 yuan, a year-on-year decrease of 20.89%, the operating cash flow per share was 0.01 yuan, a year-on-year increase of 108.47%, and the earnings per share were -0.1 yuan, a year-on-year decrease of 1100.0%.

The financial report explains the reasons for significant changes in financial items as follows:

1. The change in net cash flow from operating activities was 108.47%, reason: tax refunds received in this period increased compared to the previous period.
2. The change in net cash flow from investing activities was -3.68%, reason: cash payments for the purchase and construction of fixed assets, intangible assets, and other long-term assets decreased year-on-year.
3. The change in net cash flow from financing activities was 78.53%, reason: subsidiary companies received investment funds this period.
4. The change in notes receivable was 85.44%, reason: an increase in outstanding acceptance bills.
5. The change in accounts receivable financing was -47.41%, reason: a decrease in outstanding acceptance bills.
6. The change in other receivables was 110.14%, reason: an increase in deposits.
7. The change in contract assets was 72.88%, reason: reclassification of outstanding warranty funds.
8. The change in other current assets was -49.92%, reason: a decrease in value-added tax receivables from subsidiary companies.
9. The change in fixed assets was 40.31%, reason: an increase in fixed assets of subsidiary companies.
10. The change in construction in progress was -94.74%, reason: construction in progress of subsidiary companies was transferred to fixed assets.
11. The change in deferred income tax assets was -73.02%, reason: deferred income tax assets and deferred income tax liabilities were presented net in this period.
12. The change in other non-current assets was -73.12%, reason: a decrease in equipment prepayments from subsidiary companies in this period.
13. The change in other payables was -50.11%, reason: a decrease in payments for the second investment funds and advances to subsidiary companies in this period.
14. The change in other current liabilities was 49.49%, reason: an increase in notes receivable that do not meet termination confirmation conditions in this period.
15. The change in long-term payables was 114.53%, reason: an increase in obligations for share repurchases in this period.
16. The change in estimated liabilities was 41.8%, reason: quality assurance provisions were accrued by subsidiary companies in this period.
17. The change in deferred income tax liabilities was -91.32%, reason: deferred income tax assets and deferred income tax liabilities were presented net in this period.
18. The change in other comprehensive income was -37.37%, reason: the impact of foreign currency translation differences.
19. The change in special reserves was 86.28%, reason: an increase in safety production fees accrued by subsidiary companies.

Securities Star’s value investment circle financial report analysis tool shows:

• Business Evaluation: Last year’s net profit margin was -7.73%, indicating that the company’s products or services have low added value after accounting for all costs. According to historical annual report data, the median ROIC for the company over the past 10 years is -3.23%, with a very poor median investment return, and the worst year, 2016, had an ROIC of -12.71%, also indicating very poor investment returns. The company’s historical financial reports are quite average, with 31 annual reports released since its listing, and 12 years of losses. Without factors like backdoor listings, value investors typically do not look at such companies.

• Business Breakdown: The company’s net operating asset return over the past three years (2023/2024/2025) was --/1.3%/–, with net operating profits of -76.252 million/-22.5452 million/-118 million, and net operating assets of 1.472 billion/1.707 billion/1.727 billion yuan.

  The company’s working capital/revenue over the past three years (2023/2024/2025) was 0.18/0.2/0.29, with working capital (the money the company uses in its operations) of 246 million/322 million/437 million yuan, and revenues of 1.405 billion/1.649 billion/1.528 billion yuan.

The financial report health check tool shows:

1. It is recommended to pay attention to the company’s cash flow situation (the average operating cash flow over the past 3 years/ current liabilities is only 0.96%).
2. It is recommended to pay attention to the financial expense situation (financial expenses/average operating cash flow over the past 3 years has reached 350.52%).
3. It is recommended to pay attention to the company’s accounts receivable situation (the annual report net profit attributable to the parent company is negative).

The above content is compiled by Securities Star based on public information and generated by AI algorithms (Internet Information Office Registration No. 310104345710301240019), and does not constitute investment advice.