# Xiexie Data (300857) 2025 Annual Report Brief Analysis: Revenue and Net Profit Both Growing Year-over-Year, Accounts Receivable Rising

According to publicly available data compiled by Securities Star, Zhaochuang Data (300857) recently released its 2025 annual report. As of the end of this reporting period, the company’s total operating revenue was 12.236 billion yuan, an increase of 65.13% year-over-year, and net profit attributable to shareholders was 1.164 billion yuan, up 68.32% year-over-year. Looking at quarterly data, in the fourth quarter, total operating revenue was 3.905 billion yuan, a 93.77% increase year-over-year, and net profit attributable to shareholders was 466 million yuan, a 246.15% increase. During this period, Zhaochuang Data’s accounts receivable increased, with a year-over-year growth rate of 77.97%.

This data exceeded most analyst expectations, as analysts previously forecasted a net profit of around 1.142 billion yuan for 2025.

The financial report shows strong performance across various indicators. Gross profit margin was 19.24%, up 10.82% year-over-year; net profit margin was 9.41%, up 1.5%. Total sales, management, and financial expenses amounted to 524 million yuan, accounting for 4.28% of revenue, a 102.13% increase. Net asset value per share was 12.69 yuan, a decrease of 3.17% year-over-year; operating cash flow per share was 3.18 yuan, up 687.4%; earnings per share was 3.38 yuan, an increase of 67.33%.

The explanations for significant changes in financial items are as follows:

1. Sales expenses increased by 88.5% due to the expansion of sales scale and an increase in sales personnel.
2. Financial expenses surged by 3657.34% because the company’s computing power service business continued to expand, requiring new bank loans and other financing to meet infrastructure procurement needs, significantly increasing interest expenses.
3. R&D expenses increased by 75.92% as the company continued to invest heavily in new product development and technological innovation to enhance market competitiveness.
4. Net cash flow from operating activities changed by 1011.23%, driven by the expansion of the intelligent computing power business, improved profitability, and ongoing optimization of working capital management and cash turnover.
5. Net cash flow from investing activities decreased by 1632.75% due to increased capital expenditure related to the layout of intelligent computing power and cloud computing services.
6. Net cash flow from financing activities increased by 1831.76%, as the company’s computing power service business continued to grow, leading to a significant increase in bank loans and other financing to support infrastructure purchases.
7. Cash and cash equivalents increased by 55.76% due to new borrowings.
8. Accounts receivable increased by 77.97%, reflecting higher sales revenue at period-end.
9. Inventory increased by 52.2%, due to business expansion and higher end-of-period stock.
10. Fixed assets increased by 1566.65%, mainly from increased investment in equipment related to computing power services.
11. Construction in progress rose by 1996.36%, as some equipment related to computing power services had not yet reached usable status.
12. Short-term borrowings increased by 229.66%, driven by business expansion and increased financing needs.
13. Contract liabilities increased by 853.89%, due to higher customer prepayments.
14. Long-term borrowings increased by 1725.92%, mainly from new loans for fixed asset investments.
15. Lease liabilities increased by 27.17%, as lease obligations due within one year were reclassified as current liabilities.
16. The change in bills receivable is due to increased endorsed but uncollected notes.
17. Accounts receivable financing decreased by 83.32%, mainly because high-credit bank acceptance bills matured.
18. Prepayments increased by 92.48%, reflecting higher procurement of computing servers and materials.
19. Other receivables increased by 736.57%, mainly due to increased contract performance guarantees.
20. Non-current assets due within one year decreased by 65.1%, as some long-term receivables were collected.
21. Other current assets increased by 936.82%, due to increased input tax credits not yet deducted.
22. Long-term receivables decreased by 90.85%, as related amounts were recovered.
23. Other non-current assets increased by 91.86%, mainly from increased prepayments for projects and equipment.
24. Trading financial liabilities decreased by 96.89%, due to maturity and redemption of financial derivatives and fair value changes from exchange rate fluctuations.
25. Notes payable decreased by 28.39%, as previous notes were settled.
26. Accounts payable increased by 108.89%, reflecting business expansion and higher procurement obligations.
27. Other payables surged by 9397.09%, mainly due to loans from Zhaochuang Wisdom to shareholders.
28. Non-current liabilities due within one year increased by 1013.4%, mainly from increased short-term portions of long-term borrowings and payables.
29. Other current liabilities decreased by 90.64%, due to expected reduction in output VAT.
30. Long-term payables increased by 283.04%, mainly from increased leaseback financing.
31. Deferred income tax liabilities decreased by 35.59%, due to reduction in temporary differences.

Securities Star’s valuation analysis tools indicate:

• Business evaluation: The company’s ROIC last year was 11.64%, indicating an average capital return. The net profit margin was 9.41%, suggesting moderate value-added from products or services after costs. Historically, since listing, the median ROIC is 12.19%, with relatively good investment returns, though 2022’s ROIC was only 8.4%. Overall, the company’s financial performance has been relatively stable (note: the company has been listed for less than 10 years; the longer the listing, the more meaningful the financial averages).
• Debt-paying ability: The company’s interest-bearing debt relative to current profits is not insignificant, and growth driven by debt raises concerns about potential over-leverage.
• Business model: The company’s performance mainly depends on capital expenditure and debt financing. Attention should be paid to whether capital investments are cost-effective and whether capital expenditure faces rigid funding pressures.
• Business breakdown: Over the past three years (2023/2024/2025), net return on operating assets was 20%, 24.4%, and 6.8%, respectively; net operating profits were 286 million, 687 million, and 1.152 billion yuan; net operating assets were 1.434 billion, 2.82 billion, and 17.012 billion yuan.

The financial health check tools suggest:

1. Focus on cash flow status (cash and cash equivalents/total assets at 10%, cash/current liabilities at 25.31%, average operating cash flow over three years/ current liabilities at 3.91%).
2. Monitor debt levels (interest-bearing debt ratio at 63.24%, total interest-bearing debt/average operating cash flow over three years at 40.95%, current ratio at 0.92).
3. Watch financial expenses (financial expenses/average operating cash flow over three years at 86.38%).
4. Pay attention to accounts receivable (accounts receivable/profit at 212.81%).

Analyst forecasts for 2026 project revenue of 2.215 billion yuan and an EPS average of 6.39 yuan.

The largest fund holding Zhaochuang Data is GF Innovation Upgrade Hybrid, with a scale of 3.921 billion yuan, a latest net value of 2.5528 (as of March 17), down 3.62% from the previous trading day, but up 30.5% over the past year. The current fund managers are Liu Geshong and Wu Yuanyi.

Recently, a well-known institution raised the following questions about the company:

Question: On October 22, the company officially submitted an application to the Hong Kong Stock Exchange for H-share listing, including domestic solid-state drive (SSD) manufacturers, first-tier domestic consumer-grade smart camera manufacturers, and server re-engineering businesses. Could you briefly explain the OEM, ODM, and JDM situations in the SSD and smart camera businesses?

Answer: Hello, in hardware manufacturing, the company mainly supports and services clients through joint development manufacturing (JDM) and original design manufacturing (ODM) models. Currently, it has established long-term stable partnerships with Lenovo Group, Anker Innovation, Xiaomi ecosystem companies (Chuangmi Technology), China Mobile Group (subsidiaries), 360 Group, and leading brands in the US, Japan, and other developed regions, as well as well-known domestic e-commerce platforms.

The above content is compiled by Securities Star from publicly available information, generated by AI algorithms (Network Credit Backup 310104345710301240019), and does not constitute investment advice.