
Recently, Shenzhen-based Yinghe Technology Co., Ltd. (300457.SZ) released its unaudited financial report for the first quarter of 2025. The report shows that the company's operating income decreased by 28.29% year-on-year to 1.338 billion RMB, and net profit attributable to shareholders of the listed company decreased by 90.43% to 15.1642 million RMB.

Financial Highlights:
·Operating income: In the first quarter of 2025, the operating income reached 1.338 billion RMB, a decrease of 28.29% compared to 1.866 billion RMB in the same period last year. The company explained that the main reason for the decrease was that although market demand had increased and there were new orders, some orders had not yet been delivered, thus not contributing to revenue.
·Net profit: The net profit attributable to shareholders of the listed company was 15.1642 million RMB, a significant decrease of 90.43% compared to 159 million RMB in the same period last year. The net profit after deducting non-recurring gains and losses was 12.6777 million RMB, a year-on-year decrease of 91.94%. The decrease in profit also led to a 60.65% decrease in income tax expenses.
·Earnings per share: Both basic earnings per share and diluted earnings per share were 0.02 RMB, a 91.67% decrease compared to 0.24 RMB in the same period last year.
·Total assets: As of the end of the reporting period, the company's total assets were 156.01 billion RMB, an increase of 5.69% compared to the end of the previous year.
Analysis of Key Changes
·Costs and Expenses: Operating costs decreased by 26.99% as revenue declined. Sales expenses increased by 103.08% year-on-year, mainly due to increased investment in expanding global markets to strengthen international strategic positioning. Research and development expenses increased by 41.11% year-on-year, due to increased investment in research and development to accelerate the launch of new products.
·Items on the balance sheet: Accounts receivable and accounts receivable financing increased significantly, mainly due to good collection rates. Prepayments and short-term borrowings increased, mainly related to increased orders and meeting operational funding needs. Contract liabilities increased by 66.92%.

Yinghe Technology is the controlling parent company of the e-cigarette company Shenzhen Sikary Technology Co., Ltd. (referred to as "Sikary"), holding a 51% stake. According to its 2024 annual report, the subsidiary Sikary had an annual operating income of approximately 3.191 billion yuan, operating profit of approximately 1.492 billion yuan, and a net profit of approximately 1.286 billion yuan.
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