Eagle Eye Warning: Puyang Huicheng's revenue declines

2026-04-02 09:27:09

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

On March 28, Puyang Huicheng 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 of 2025 was RMB 1.41 billion, down 0.04% year over year; its net profit attributable to shareholders was RMB 131 million, down 31.44% year over year; its non-recurring net profit attributable to shareholders was RMB 120 million, down 32.87% year over year; and its basic earnings per share were RMB 0.45 per share.

Since the company went public in June 2015, it has issued cash dividends 12 times, with cumulative implemented cash dividends of RMB 804 million. The announcement shows that the company plans to distribute a cash dividend of RMB 2.00 for every 10 shares to all shareholders (including tax).

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

I. Performance Quality

During the reporting period, the company’s revenue was RMB 1.41 billion, down 0.04% year over year; net profit was RMB 131 million, down 31.4% year over year; and net cash flow from operating activities was RMB 152 million, down 38.41% year over year.

From an overall performance perspective, it is necessary to重点关注:

• Operating revenue declined. During the reporting period, operating revenue was RMB 1.41 billion, down 0.04% year over year.

Item	20231231	20241231	20251231
Operating revenue (RMB)	1.379 billion	1.411 billion	1.41 billion
Operating revenue growth rate	-13.63%	2.31%	-0.04%

• Net profit attributable to shareholders fell significantly. During the reporting period, net profit attributable to shareholders was RMB 130 million, down 31.44% year over year.

Item	20231231	20241231	20251231
Net profit attributable to shareholders (RMB)	2.35 billion	1.92 billion	1.31 billion
Net profit attributable to shareholders growth rate	-44.32%	-18.53%	-31.44%

• Non-recurring net profit attributable to shareholders fell significantly. During the reporting period, non-recurring net profit attributable to shareholders was RMB 120 million, down 32.87% year over year.

Item	20231231	20241231	20251231
Non-recurring profit attributable to shareholders (RMB)	2.06 billion	1.79 billion	1.2 billion
Non-recurring profit attributable to shareholders growth rate	-49.18%	-13.44%	-32.87%

From the matching of income, cost, and period expenses, it is necessary to重点关注:

• The change in selling expenses differs greatly from the change in operating revenue. During the reporting period, operating revenue changed by -0.04% year over year, selling expenses changed by 27.24% year over year, and the difference between the changes in selling expenses and operating revenue is large.

Item	20231231	20241231	20251231
Operating revenue (RMB)	1.379 billion	1.411 billion	1.41 billion
Selling expenses (RMB)	8.1565 million	10.6999 million	13.6146 million
Operating revenue growth rate	-13.63%	2.31%	-0.04%
Selling expense growth rate	-6.89%	31.18%	27.24%

• Operating revenue and taxes and surcharges move in opposite directions. During the reporting period, operating revenue changed by -0.04% year over year, taxes and surcharges changed by 1.49% year over year, and operating revenue and taxes and surcharges diverged.

Item	20231231	20241231	20251231
Operating revenue (RMB)	1.379 billion	1.411 billion	1.41 billion
Operating revenue growth rate	-13.63%	2.31%	-0.04%
Taxes

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