Shenzhen Topraysolar Co Ltd

Shenzhen Topraysolar Co Ltd maintains a capital structure characterized by significant leverage and moderate liquidity. The company holds total assets of CNY 6.50 billion against total liabilities of CNY 2.53 billion, resulting in total equity of CNY 3.97 billion. Long-term debt stands at CNY 2.15 billion, yielding a debt-to-equity ratio of 0.54. Despite the leverage, the current ratio is 2.15, indicating sufficient short-term assets to cover immediate obligations. However, the risk assessment flags medium liquidity risk and notes that net cash is negative after subtracting total debt, suggesting reliance on external financing or asset liquidation for long-term solvency.

Profitability metrics indicate significant operational challenges. The company reported a net loss of CNY 199.0 million on revenue of CNY 1.03 billion, resulting in a negative return on equity of -0.82% and a negative return on assets of -0.50%. Operating income was negative at CNY 220.0 million, while gross profit was positive at CNY 85.8 million, implying that operating expenses significantly outpaced gross margins. The enterprise value to EBITDA ratio is exceptionally high at 805.70, reflecting the negative earnings base and limited current profitability.

Revenue concentration and geographic exposure details are not provided in the available data. The company’s activity is broadly classified under Semiconductors & Semiconductor Equipment, but specific segment breakdowns or regional revenue mixes are absent from the current disclosure set. Without segment data, the specific drivers of the CNY 1.03 billion revenue figure cannot be further disaggregated.

Growth trajectory analysis is limited by the absence of historical period data. The current financial snapshot shows a revenue base of CNY 1.03 billion, but without prior year or quarterly comparisons, the direction and magnitude of revenue growth or contraction cannot be determined. The negative net income suggests a period of financial stress or heavy investment, but the trend over time is not visible in the provided inputs.

Risk factors are primarily centered on liquidity and solvency. The key flag indicates negative net cash after debt subtraction, which poses a medium liquidity risk. Dilution risk is assessed as low, with basic and diluted shares outstanding being identical at 1.41 billion shares, suggesting no immediate options or convertible securities are impacting the share count. The high debt load relative to equity requires monitoring of interest coverage and refinancing capabilities.

Recent events, filing observations, and news transcripts are not present in the available data. Consequently, there are no recent disclosed events, management signals, or news items to incorporate into the current analysis. The analysis relies solely on the static financial and classification data provided.

Revenue surged 38.6% year-over-year to CNY 1.42 billion, demonstrating strong top-line growth momentum in the latest period.

Net income jumped 198.2% year-over-year to CNY 195.4 million, indicating a significant recovery in profitability from prior losses.

Free cash flow improved by 94.1% year-over-year to CNY 97.4 million, showing enhanced cash generation capabilities.

Operating income increased 192.5% year-over-year to CNY 203.4 million, reflecting substantial improvement in core operational efficiency.

Long-term debt decreased slightly to CNY 2.15 billion, suggesting modest deleveraging amidst improved financial performance.

Net margin remains negative at -2.5%, placing the company in the bottom quartile compared to its peer cohort.

The company faces high credit risk, signaling potential difficulties in meeting financial obligations or maintaining creditworthiness.

Cash conversion ratio is -5.05, falling in the bottom quartile and indicating poor efficiency in converting earnings to cash.

Revenue ¥253.7M; Operating income -¥35.2M.

• ▍Revenue ¥253.7M
• ▍Operating income -¥35.2M
• ▍Net margin -16.1%

Revenue ¥205.0M; Operating income -¥35.6M.

• ▍Revenue ¥205.0M
• ▍Operating income -¥35.6M
• ▍Net margin -9.8%

Revenue ¥389.5M; Operating income ¥36.6M.

• ▍Revenue ¥389.5M
• ▍Operating income ¥36.6M
• ▍Net margin 2.2%

Revenue ¥1.32B, +17,3% YoY; Operating income −26,9% YoY.

• ▍Revenue ¥1.32B, +17,3% YoY
• ▍Operating income −26,9% YoY
• ▍Net income −53,3% YoY
• ▍Free cash flow +0,5% YoY
• ▍Net margin 0.8%

Revenue ¥1.13B, −14,8% YoY; Operating income −60,1% YoY.

• ▍Revenue ¥1.13B, −14,8% YoY
• ▍Operating income −60,1% YoY
• ▍Net income −76,0% YoY
• ▍Free cash flow −154,0% YoY
• ▍Net margin 2.1%

Revenue ¥1.32B, −7,1% YoY; Operating income −37,6% YoY.

• ▍Revenue ¥1.32B, −7,1% YoY
• ▍Operating income −37,6% YoY
• ▍Net income −50,8% YoY
• ▍Free cash flow −22,2% YoY
• ▍Net margin 7.3%