Eagle Eye Warning: Lisheng Pharmaceutical's accounts receivable growth rate exceeds its revenue growth rate

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

On March 24, Livzon Pharmaceutical released its 2025 annual report.

The report shows that the company’s operating revenue for the full year of 2025 was 1.392 billion yuan, up 4.18% year over year; net profit attributable to shareholders was 416 million yuan, up 125.59%; net profit after deducting non-recurring items attributable to shareholders was 169 million yuan, up 63.62%; and basic earnings per share was 1.62 yuan per share.

Since listing in April 2010, the company has paid cash dividends 15 times, with cumulative cash dividends already implemented of 1.261 billion yuan.

The listed company financial report eagle-eye early warning system conducts intelligent quantitative analysis of Livzon Pharmaceutical’s 2025 annual report across four major dimensions: performance quality, profitability, capital pressure and security, and operating efficiency.

I. Performance quality

During the reporting period, the company’s revenue was 1.392 billion yuan, up 4.18%; net profit was 423 million yuan, up 127.32%; and net cash flow from operating activities was 247 million yuan, up 180.41%.

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

• Slowing growth in operating revenue. During the reporting period, operating revenue was 1.39 billion yuan, up 4.18%. The year-ago period’s growth rate was 15.88%, which is slower than the previous year.

• Net profit fluctuated. In the last three annual reports, net profit was 360 million yuan, 190 million yuan, and 420 million yuan respectively; the year-over-year changes were 286.54%, -48.61%, and 127.32% respectively, indicating that net profit fluctuated significantly.

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

• The growth rate of notes receivable is higher than the growth rate of operating revenue. During the reporting period, notes receivable increased by 40.31% from the beginning of the period; operating revenue grew by 4.18% year over year, so the notes receivable growth rate is higher than the operating revenue growth rate.

• The growth rate of accounts receivable is higher than the growth rate of operating revenue. During the reporting period, accounts receivable increased by 22.64% from the beginning of the period; operating revenue grew by 4.18% year over year, so the accounts receivable growth rate is higher than the operating revenue growth rate.

• The ratio of accounts receivable to operating revenue continues to rise. In the last three annual reports, the ratio of accounts receivable to operating revenue was 3.88%, 15.56%, and 18.32% respectively, showing continuous growth.

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

• The ratio of net cash flow from operating activities to net profit is below 1. During the reporting period, the ratio of net cash flow from operating activities to net profit was 0.585, below 1, indicating weaker earnings quality.

II. Profitability

During the reporting period, the company’s gross margin was 55.26%, up 0.35% year over year; net profit margin was 30.37%, up 118.2% year over year; and return on net assets (weighted) was 8.47%, up 126.47% year over year.

From non-recurring gains and losses, it is necessary to focus on:

• Non-recurring gains account for a high proportion. During the reporting period, the ratio of non-recurring gains to net profit was 77.7%. (Note: non-recurring gains = net investment gains + net gains/losses from fair value changes + non-operating income + losses from disposal of non-current assets).

III. Capital pressure and security

During the reporting period, the company’s asset-liability ratio was 16.54%, down 2.88% year over year; the current ratio was 4.37, and the quick ratio was 4.09; total debt was 85.1222 million yuan, of which short-term debt was 85.1222 million yuan; the ratio of short-term debt to total debt was 100%.

From short-term capital pressure, it is necessary to focus on:

• The cash ratio continues to decline. In the last three annual reports, the cash ratio was 4.21, 3.53, and 3.46 respectively, showing a continuous decline.

IV. Operating efficiency

During the reporting period, the company’s accounts receivable turnover ratio was 6.01, down 43.14% year over year; inventory turnover ratio was 2.83, down 5.43% year over year; and total asset turnover ratio was 0.24, up 5.98% year over year.

From operating assets, it is necessary to focus on:

• The proportion of accounts receivable to total assets continues to rise. In the last three annual reports, the ratio of accounts receivable to total assets was 0.77%, 3.59%, and 4.57% respectively, showing continuous growth.

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

• Long-term prepaid expenses changed significantly from the beginning of the period. During the reporting period, long-term prepaid expenses were 3.953 million yuan, up 327.92% from the beginning of the period.

• Other non-current assets changed significantly. During the reporting period, other non-current assets were 0.8 billion yuan, up 51.28% from the beginning of the period.

Click on Livzon Pharmaceutical’s Eagle-Eye Early Warning to view the latest warning details and a visual preview of the financial report.

Sina Finance listed company financial report eagle-eye early warning overview: 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, by gathering a large number of authoritative financial experts from accounting firms and listed companies, tracks and interprets the latest financial reports of listed companies across multiple dimensions such as the company’s performance growth, earnings quality, capital pressure and security, and operating efficiency, and uses text and charts to alert potential financial risk points. It provides technical solutions for professional, efficient, and convenient identification and early warning of financial risks of listed companies for financial institutions, listed companies, regulatory authorities, and others.

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