Eagle Eye Alert: Teyi Pharmaceutical's Gross Profit Margin on Sales Shows Significant Volatility

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

On March 23, Teyi Pharmaceutical released its 2025 annual report.

The report shows that the company’s total operating revenue for 2025 is 925 million yuan, a year-on-year increase of 34.42%; net profit attributable to shareholders is 81.67 million yuan, up 298.5%; non-recurring net profit is 79.58 million yuan, up 328.94%; basic earnings per share are 0.16 yuan/share.

Since its listing in July 2014, the company has paid cash dividends 11 times, totaling 1.059 billion yuan.

The listed company financial report Eagle Eye warning system conducts intelligent quantitative analysis of Teyi Pharmaceutical’s 2025 annual report from four dimensions: performance quality, profitability, capital pressure and safety, and operational efficiency.

1. Performance Quality

During the reporting period, the company’s revenue was 925 million yuan, up 34.42% year-on-year; net profit was 81.67 million yuan, up 298.5%; net cash flow from operating activities was 244 million yuan, up 1182.44%.

Overall performance analysis to focus on:

• Net profit shows volatility. In the past three annual reports, net profits were 250 million yuan, 20 million yuan, and 80 million yuan, with year-on-year changes of 42.07%, -91.91%, and 298.5%, respectively, indicating significant fluctuation.

From revenue, cost, and period expenses ratio perspective, focus on:

• Significant difference between changes in operating revenue and operating costs. During the reporting period, operating revenue increased by 34.42% year-on-year, operating costs increased by 8.76%, showing a large difference in their changes.

Sales expenses vs. revenue change also shows a large difference.

2. Profitability

During the reporting period, the company’s gross profit margin was 54.62%, up 24.37% year-on-year; net profit margin was 8.83%, up 196.45%; return on equity (weighted) was 4.55%, up 313.64%.

Focus on:

• Fluctuation in gross profit margin. In the past three annual reports, gross profit margins were 56.15%, 43.92%, and 54.62%, with changes of 14.51%, -21.78%, and 24.37%, respectively, indicating abnormal volatility.

3. Capital Pressure and Safety

During the reporting period, the company’s debt-to-asset ratio was 21.2%, down 19.97% year-on-year; current ratio was 1.89, quick ratio was 1.36; total debt was 277 million yuan, all short-term debt.

From capital management perspective, focus on:

• Interest income to monetary funds ratio less than 1.5%. During the period, monetary funds were 130 million yuan, short-term debt was 260 million yuan, and the average interest income to monetary funds ratio was 0.952%, below 1.5%.

• Significant change in prepayments. During the period, prepayments were 20 million yuan, a 54.09% change from the beginning of the period.

• Prepayments growth rate exceeds that of operating costs. During the period, prepayments increased by 54.09% from the beginning, while operating costs increased by 8.76%, showing prepayments grow faster.

Other significant changes:

• Accounts payable notes increased. During the period, notes payable were 10 million yuan, a 31.67% change from the beginning.

• Other payables increased significantly. During the period, other payables were 20 million yuan, a 505.59% change from the beginning.

4. Operating Efficiency

During the period, accounts receivable turnover was 10.7, up 52.95%; inventory turnover was 1.67, up 16.17%; total asset turnover was 0.39, up 40.16%.

Focus on:

• Continuous growth in notes receivable. In the past three annual reports, the ratio of notes receivable to current assets was 5.27%, 11.21%, and 11.76%, respectively, showing steady increase. Cash received related to other operating activities / notes receivable ratios were 36.62%, 11.23%, and 8.44%, decreasing over time.

From the three expenses perspective, focus on:

• Sales expenses growth exceeds 20%. During the period, sales expenses were 300 million yuan, up 98.01%.

• The ratio of sales expenses to operating revenue continues to increase. In the past three annual reports, this ratio was 16.34%, 21.97%, and 32.36%, respectively, showing a steady rise.

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Sina Finance Listed Company Financial Report Eagle Eye Warning Introduction: The Eagle Eye Warning system is an intelligent professional analysis platform for listed company financial reports. It gathers authoritative financial experts from accounting firms and listed companies to track and interpret the latest financial reports from multiple dimensions such as performance growth, earnings quality, capital pressure and safety, and operational efficiency, providing visual alerts for potential financial risks. It offers professional, efficient, and convenient technical solutions for financial institutions, listed companies, and regulatory authorities to identify and warn of financial risks.

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