Jiaoyun Co., Ltd. (600676) 2025 Annual Report Brief Analysis: Loss Narrows

NightAirdropper · 2026-04-04T02:16:12+00:00

Jiaoyun Co., Ltd.'s 2025 annual report shows that its operating revenue was 4.35B yuan, a decrease of 2.03% year-on-year, and net profit attributable to shareholders was a loss of 330 million yuan, an improvement of 15.54% year-on-year. The financial report reflects that the company is facing intense competition and an unfavorable market environment, resulting in average gross profit margin and net profit margin performance, but operating cash flow has increased, and gains from asset disposals have risen significantly. Overall, the financial condition is relatively fragile, but debt repayment ability remains acceptable.

NightAirdropper

2026-04-04 02:16:12

Abstract generation in progress

According to data compiled from Securities Star’s public information, Jiaotong Transport (600676) has released its 2025 annual report recently. As shown in the financial statements, Jiaotong Transport’s losses have narrowed. As of the end of this reporting period, the company’s total operating revenue was RMB 4.35B, down 2.03% year over year; the attributable net profit was -RMB 330 million, up 15.54% year over year. Based on single-quarter data, in the fourth quarter total operating revenue was RMB 1.12B, down 21.07% year over year; in the fourth quarter attributable net profit was -RMB 302 million, down 81.58% year over year.

The performance of various data indicators disclosed in this financial report is average. Among them, the gross margin was 2.52%, down 10.33% year over year; the net profit margin was -7.55%, up 14.66% year over year. Selling expenses, administrative expenses, and finance expenses totaled RMB 407 million; the three-fee ratio to revenue was 9.37%, down 7.67% year over year. Net assets per share were RMB 4.7, down 6.36% year over year. Net cash flow from operating activities per share was RMB 0.42, up 63.54% year over year. Earnings per share were -RMB 0.32, up 15.79% year over year.

The reasons provided in the financial statements for financial items with significant changes are as follows:

The net change in cash flows from operating activities was 63.54%. Reason: In the current period, cash received from other items related to operating activities increased compared with the same period last year. This was because, due to land acquisition and reserve/collection, the inflow of operating compensation funds for land and house relocations increased for the company and its subsidiaries.
The subtotal change in cash inflows from investing activities was 31.69%. Reason: In the current period, cash inflows from asset disposal compensation increased for the company’s subsidiary Shanghai Automobile Repair Co., Ltd. due to the expropriation of the Longwu Road land plot; and cash inflows from asset disposal compensation increased for the company’s subsidiary Shanghai Jiaotong Jubei Logistics Development Co., Ltd. due to the expropriation of the Tieshan Road land plot.
The subtotal change in cash outflows from investing activities was 67.78%. Reason: In the current period, the Road Freight and Logistics Services segment eliminated and updated China IV diesel vehicles, resulting in an increase in vehicle purchase capital expenditures.
The net change in cash flows from investing activities was -118.07%. Reason: The amount by which cash outflows from investing activities increased in the current period was greater than the amount by which cash inflows from investing activities increased in the current period.
The net change in cash flows from financing activities was -28.22%. Reason: In the current period, cash paid to repay debt was greater than the cash received from obtaining borrowings, and the cash paid for interest in the current period increased compared with the same period last year.
The change in notes receivable was 18.95%. Reason: The number of commercial acceptance bills on hand at the end of the period increased.
The change in receivables financing was -36.61%. Reason: The company’s end-of-period acceptance bills with a high credit rating on hand decreased.
The change in advances to suppliers was -41.71%. Reason: Provisions were made for bad debt losses related to pending lawsuits or contingent matters, and the adjustment of the business model resulted in a decrease in prepaid freight.
The change in inventories was -29.54%. Reason: In the current period, the Automotive Parts Manufacturing and Sales Services segment increased provisions for inventory impairment losses compared with the same period last year; and in the Passenger Vehicle Sales and After-sales Service segment, due to the decline in traditional fuel vehicle sales volume, inventory at vehicle pre-stocking decreased.
The change in non-current assets due within one year was -91.81%. Reason: The amount of entrusted loans receivable due within one year for Jiaotong Real Estate, a subsidiary of the company, decreased.
The change in other current assets was 18.31%. Reason: The amount of input VAT amounts to be credited increased at the end of the period.
The change in debt investments was 73.61%. Reason: Jiaotong Real Estate, a subsidiary of the company, extended the maturity of entrusted loans.
The change in investment properties was -34.70%. Reason: The company’s subsidiary Shenyang Zhongrui reclassified buildings and structures to fixed assets.
The change in fixed assets was -17.18%. Reason: In the current period, the Automotive Parts Manufacturing and Sales Services segment increased provisions for impairment of fixed assets.
The change in construction in progress was 97.25%. Reason: In the current period, the Road Freight and Logistics Services segment eliminated and updated China IV diesel vehicles, and the number of vehicles not yet delivered and accepted at period end increased.
The change in right-of-use assets was -14.41%. Reason: Lease contracts were terminated early.
The change in other non-current assets was 807.77%. Reason: Jiaotong Real Estate’s precise metal stamping components adjusted the quality guarantee deposit.
The change in notes payable was 162.24%. Reason: Acceptance bills used to pay between the Passenger Vehicle Sales and After-sales Service segment and the Automotive Parts Manufacturing and Sales Services segment increased.
The change in taxes payable was 45.53%. Reason: In the current period, the company’s value-added tax and income tax payable increased.
The change in other current liabilities was 67.67%. Reason: Acceptance bills that were not derecognized increased.
The change in deferred income was -22.95%. Reason: Decreases in amortization of government grants related to assets.
The change in operating revenue was -2.03%. Reason: In the current period, the Road Freight and Logistics Services segment under the company continued to be affected by fierce competition in the highway freight market and that new business development did not meet expectations, resulting in clear pressure on its main business and revenue declining compared with the same period last year. In the Passenger Vehicle Sales and After-sales Service segment, the auto sales business mainly based on traditional fuel-vehicle brands remained in an unfavorable market environment such as continuous decline in consumer demand and price wars, and revenue also declined compared with the same period last year.
The change in operating costs was -1.74%. Reason: With the decline in operating revenue and the implementation of cost-reduction measures.
The change in selling expenses was -21.82%. Reason: The Passenger Vehicle Sales and After-sales Service segment controlled broad advertising and promotional expenses, optimized the structure of sales personnel, and adjusted the business model.
The change in administrative expenses was -4.36%. Reason: The company deepened reforms and adjusted the business and personnel structure.
The change in finance expenses was -557.65%. Reason: Interest income increased compared with the same period last year.
The change in R&D expenses was 24.57%. Reason: R&D expenditures for newly expanded projects related to the Automotive Parts Manufacturing and Sales Services segment under the company increased compared with the same period last year.
The change in other gains was -40.75%. Reason: Government support funds received decreased compared with the same period last year.
The change in investment income was 141.42%. Reason: In the prior period, the investment loss from the suspension and liquidation of the joint venture partner Yingteer Jiaotong Transport was relatively large.
The change in asset impairment losses was -569.98%. Reason: Due to structural changes in the automotive market, under a prudent principle and in the current period, the company made provisions for impairment losses for inventory, fixed assets, etc. for certain fuel-vehicle parts products in the Automotive Parts Manufacturing and Sales Services segment owned by the company that have strong product specificity and cannot be adapted to other models. This included inventory impairment losses and fixed-asset impairment losses, which increased compared with the same period last year, as the conversion cost was higher and the investment in refurbishing used assets did not have economic benefits.
The change in gains from asset disposals was 177.91%. Reason: Gains from asset disposals increased due to land acquisition and reserve/collection.
The change in non-operating income was 5657.56%. Reason: Gains from land acquisition and reserve/collection, and increases in site and production/operating compensation compared with the same period last year.
The change in non-operating expenses was 2158.21%. Reason: In the current period, the increase in contingent liabilities expected to be recognized due to pending lawsuits.

Securities Star’s stock-peel and financial report analysis tool shows:

Business evaluation: Last year’s net profit margin was -7.55%. After accounting for all costs, the value-add of the company’s products or services is not high. Based on statistics from historical annual report data, over the last 10 years the company’s median ROIC was 0.35%, indicating weak investment returns. Among the worst years, 2024’s ROIC was -6.54%, with extremely poor investment returns. The company’s historical financial reports have been very average. Since the company’s listing, there have been 32 annual reports and losses occurred in 3 of those years, indicating the business model is relatively fragile.
Debt-paying ability: The company’s cash assets are very healthy.
Business breakdown: The company’s net operating asset return over the past three years (2023/2024/2025) was 1%/–/-- respectively; net operating profits were RMB 31.9266 million/-RMB 393 million/-RMB 328 million respectively; net operating assets were RMB 3.09B/2.77B/2.11B respectively.

Over the past three years (2023/2024/2025), the company’s working capital / revenue (i.e., the amount of capital the enterprise needs to advance for each RMB 1 of revenue generated during production and operations) was 0.17/0.17/0.1 respectively. Of this, working capital (the company’s own money during production and operations) was RMB 886 million/738 million/RMB 423 million respectively, and revenue was RMB 5.21 billion/4.44B/4.35B respectively.

The above content is compiled by Securities Star from publicly available information and generated by an AI algorithm (Cybersecurity filing number 310104345710301240019). It does not constitute investment advice.

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