Eagle Eye Warning: Miao Conference & Exhibition's Operating Revenue and Net Profit Diverge

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

On March 26, Miao Exhibition released its annual report for 2025, with an audit opinion of standard unqualified audit opinion.

The report shows that the company’s total revenue for 2025 was 785 million yuan, a year-on-year increase of 4.45%; the net profit attributable to the parent company was 137 million yuan, a year-on-year decrease of 11.89%; the net profit attributable to the parent company after deducting non-recurring items was 111 million yuan, a year-on-year decrease of 23.58%; basic earnings per share was 0.46 yuan/share.

Since being listed in September 2019, the company has issued cash dividends five times, with a cumulative cash dividend of 344 million yuan. The announcement shows that the company plans to distribute a cash dividend of 2 yuan (including tax) for every 10 shares to all shareholders.

The listed company’s financial report eagle eye warning system conducts intelligent quantitative analysis of Miao Exhibition’s 2025 annual report from four dimensions: performance quality, profitability, financial pressure and safety, and operational efficiency.

1. Performance Quality Aspect

During the reporting period, the company’s revenue was 785 million yuan, a year-on-year increase of 4.45%; the net profit was 143 million yuan, a year-on-year decrease of 12.25%; the net cash flow from operating activities was 99.57 million yuan, a year-on-year decrease of 40.93%.

From the overall performance perspective, key attention is needed:

• The growth rate of net profit attributable to the parent company after deducting non-recurring items continues to decline. In the last three annual reports, the year-on-year change of net profit attributable to the parent company after deducting non-recurring items was 406.04%, -20.06%, -23.58%, showing a continuous declining trend.

• Revenue and net profit changes are divergent. During the reporting period, revenue increased by 4.45% year-on-year, while net profit decreased by 12.25%, indicating a divergence between revenue and net profit changes.

From the perspective of revenue cost and period expense ratio, key attention is needed:

• Revenue and changes in taxes and surcharges are divergent. During the reporting period, revenue changed by 4.45% year-on-year, while taxes and surcharges changed by -13.12%, indicating a divergence between revenue and changes in taxes and surcharges.

Considering cash flow quality, key attention is needed:

• Revenue and net cash flow from operating activities changes are divergent. During the reporting period, revenue increased by 4.45% year-on-year, while net cash flow from operating activities decreased by 40.93%, indicating a divergence between revenue and net cash flow from operating activities.

• Net cash flow from operating activities continues to decline. In the last three annual reports, net cash flow from operating activities was 271 million yuan, 169 million yuan, and 100 million yuan, showing a continuous decline.

• 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 0.696, which is below 1, indicating weak profit quality.

• The ratio of net cash flow from operating activities to net profit continues to decline. In the last three semi-annual reports, the ratio of net cash flow from operating activities to net profit was 1.38, 1.03, and 0.7, showing a declining trend, indicating a downward trend in profit quality.

2. Profitability Aspect

During the reporting period, the company’s gross profit margin was 48.75%, a year-on-year decrease of 4.11%; the net profit margin was 18.23%, a year-on-year decrease of 15.99%; the return on equity (weighted) was 21.42%, a year-on-year decrease of 12.18%.

Considering the company’s operational side for revenue, key attention is needed:

• The sales gross profit margin is declining. During the reporting period, the sales gross profit margin was 48.75%, a year-on-year decrease of 4.11%.

• The sales net profit margin is quite volatile. During the reporting period, the company’s sales net profit margins for the first to fourth quarters were -218.19%, 226.75%, 1.49%, and 8.19%, with year-on-year changes of -5242.11%, 1597.89%, -485.79%, and 82.33%, indicating significant volatility in the sales net profit margin.

| Item | 20250331 | 20250630 | 20250930 | 20251231 | | Sales net profit margin | -218.19% | 226.75% | 1.49% | 8.19% | | Growth rate of sales net profit margin | -5242.11% | 1597.89% | -485.79% | 82.33% |

• The sales net profit margin continues to decline. In the last three annual reports, the sales net profit margins were 23.62%, 21.7%, and 18.23%, showing a continuous downward trend.

Considering the company’s asset side for revenue, key attention is needed:

• The return on equity continues to decline. In the last three annual reports, the weighted average return on equity was 34.35%, 24.39%, and 21.42%, showing a continuous downward trend.

3. Financial Pressure and Safety Aspect

During the reporting period, the company’s debt-to-asset ratio was 22.09%, a year-on-year decrease of 2.4%; the current ratio was 4.21, and the quick ratio was 4.19; total debt was 4.8634 million yuan, of which short-term debt was 4.8634 million yuan, accounting for 100% of total debt.

From the perspective of short-term financial pressure, key attention is needed:

• The short-term to long-term debt ratio has increased significantly. During the reporting period, the short-term debt/long-term debt ratio increased significantly to 1.18.

• The ratio of net cash flow from operating activities to current liabilities continues to decline. In the last three annual reports, the ratio of net cash flow from operating activities to current liabilities was 1.53, 0.99, and 0.58, showing a continuous decline.

From the perspective of long-term financial pressure, key attention is needed:

• The total debt/net asset ratio continues to rise. In the last three annual reports, the total debt/net asset ratios were 0.92%, 1.24%, and 1.32%, showing continuous growth.

• The total debt cash coverage ratio is gradually decreasing. In the last three annual reports, the broad money funds/total debt ratios were 116.65, 85.89, and 72.4, showing a continuous decline.

From the perspective of fund management, key attention is needed:

• Changes in prepaid accounts are significant. During the reporting period, the prepaid accounts amounted to 20 million yuan, with a change rate of 72.31% compared to the beginning of the period.

• The ratio of prepaid accounts to current assets continues to grow. In the last three annual reports, the ratios of prepaid accounts to current assets were 1.15%, 1.69%, and 2.83%, showing continuous growth.

• The growth rate of prepaid accounts exceeds the growth rate of operating costs. During the reporting period, prepaid accounts grew by 72.31% compared to the beginning of the period, while operating costs increased by 8.89% year-on-year, indicating that the growth rate of prepaid accounts exceeds that of operating costs.

| Item | 20231231 | 20241231 | 20251231 | | Growth rate of prepaid accounts compared to the beginning of the period | -12.94% | 39.1% | 72.31% | | Growth rate of operating costs | 136.19% | -12.06% | 8.89% |

From the perspective of fund coordination, key attention is needed:

• Funds are relatively abundant. During the reporting period, the company’s working capital requirement was -80 million yuan, with working capital of 550 million yuan. Both operating activities and investment financing activities provided relatively abundant funds for the company, and the company’s cash payment capacity was 630 million yuan, indicating that fund utilization efficiency deserves further attention.

4. Operational Efficiency Aspect

During the reporting period, the company’s accounts receivable turnover rate was 29.41, a year-on-year decrease of 79.7%; total asset turnover rate was 0.92, a year-on-year increase of 4.09%.

From the perspective of operating assets, key attention is needed:

• The accounts receivable turnover rate continues to decline. In the last three annual reports, the accounts receivable turnover rates were 225.69, 144.87, and 29.41, indicating a weakening ability to turn over accounts receivable.

From the perspective of three expenses, key attention is needed:

• The ratio of selling expenses to revenue continues to grow. In the last three annual reports, the ratios of selling expenses to revenue were 16.73%, 18.93%, and 19.65%, showing continuous growth.

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Editor: Xiao Lang Quick Report