Breaking Down Xiamen Wanli Stone Stock Co.,Ltd Financial Health: Key Insights for Investors

Xiamen Wanli Stone's latest figures paint a complex picture for investors: operating revenue jumped to 333 million yuan in Q3 2025, up 28.77% year‑over‑year, with TTM revenue at 1.30 billion yuan (+0.31% YoY) even as the company posted a TTM net loss of 54.87 million yuan and EPS of -0.24 yuan; other red flags include ROE of -6.74%, an interest coverage ratio of -5.15 and a modest net cash position of -32.98 million yuan (total debt 229.25 million yuan vs. cash 196.27 million yuan), while market sentiment values the company at 8.25 billion yuan market cap with a P/S of 6.04 and forward P/E of 58.88-yet opportunities surface in new orders of 52.6342 million yuan in Q2 2025 and analyst forecasts of 132.3% annual earnings growth over the next two years; read on for a granular breakdown of revenue, profitability, balance‑sheet health, valuation and the risks and catalysts that matter for shareholders.

Xiamen Wanli Stone Stock Co.,Ltd (002785.SZ) - Revenue Analysis

• Q3 2025 operating revenue: 333 million yuan (up 28.77% vs Q3 2024).
• TTM revenue (ending Sep 30, 2025): 1.30 billion yuan (YoY +0.31%).
• 2024 full-year revenue: 1.28 billion yuan (YoY +0.67%).
• Revenue per employee (2024): 1.69 million yuan; total employees: 769 (as of Dec 31, 2024).
• Market capitalization (Dec 10, 2025): 8.25 billion yuan; price-to-sales (P/S): 6.04.

• High Q3 growth suggests seasonal or project-driven revenue acceleration; TTM and annual growth are modest, indicating stabilization rather than rapid expansion.
• P/S of 6.04 implies the market values each yuan of revenue at ~6.04 yuan of equity - relevant when comparing peers.
• Revenue per employee at 1.69 million yuan signals relative workforce productivity for the stone/manufacturing sector.

Xiamen Wanli Stone Stock Co.,Ltd (002785.SZ) - Profitability Metrics

Key profitability indicators for Xiamen Wanli Stone Stock Co.,Ltd show weak returns and negative margins through the trailing twelve months and the first three quarters of 2025.

• Net profit (first 3 quarters 2025): ¥2.0116 million - down 17.41% vs. same period 2024.
• Net profit margin (TTM): -4.26% - loss relative to revenue.
• Return on equity (ROE, TTM): -6.74% - negative returns on shareholders' equity.
• Return on assets (ROA, TTM): -2.83% - loss relative to total assets.
• Return on invested capital (ROIC, TTM): -3.83% - negative returns on invested capital.
• Earnings per share (EPS, TTM): -0.24 yuan - loss per share.

For broader corporate context and stated priorities, see Mission Statement, Vision, & Core Values (2026) of Xiamen Wanli Stone Stock Co.,Ltd.

Xiamen Wanli Stone Stock Co.,Ltd (002785.SZ) - Debt vs. Equity Structure

Xiamen Wanli Stone exhibits a conservative balance-sheet profile by headline leverage metrics but shows stress in earnings cover for financing costs.

• Debt-to-equity ratio: 0.24 - low leverage relative to equity.
• Total debt: 229.25 million yuan; cash equivalents: 196.27 million yuan; reported net cash position: -32.98 million yuan (net debt of 32.98 million yuan).
• Equity (book value): 935.95 million yuan; book value per share: 3.92 yuan.
• Interest coverage ratio: -5.15, indicating operating earnings are insufficient to cover interest expenses.
• Total liabilities: 690.29 million yuan; total assets: 1,651.07 million yuan.
• Market capitalization (as of 2025-12-10): 8.25 billion yuan.

Key implications for investors:

• A low debt-to-equity ratio (0.24) and modest net debt suggest limited balance-sheet leverage, supporting financial flexibility for capital allocation or downturns.
• The negative interest coverage ratio (-5.15) is a red flag: operating profits (or EBIT) are insufficient to cover interest, raising concerns about earnings quality and potential reliance on non-operating items or asset sales to meet financing costs.
• With equity of 935.95 million yuan versus market cap of 8.25 billion yuan, the market is valuing the company at a substantial premium to book - investors should reconcile this premium with growth prospects and profitability trends.
• Net cash position reported as -32.98 million yuan means liquidity is tight relative to gross debt; monitor cash flow generation and short-term obligations closely.

Further context on ownership, trading activity and investor interest is available here: Exploring Xiamen Wanli Stone Stock Co.,Ltd Investor Profile: Who's Buying and Why?

Xiamen Wanli Stone Stock Co.,Ltd (002785.SZ) - Liquidity and Solvency

• Current ratio: 1.66 - short-term assets exceed short-term liabilities by a comfortable margin.
• Quick ratio: 1.25 - excluding inventories, the company retains adequate immediate liquidity.
• Net cash position: -32.98 million yuan - a net debt position rather than net cash.
• Interest coverage ratio: -5.15 - operating earnings are insufficient to cover interest expense (negative coverage).
• Total liabilities: 690.29 million yuan; total assets: 1,651.07 million yuan - balance sheet scale and leverage context.
• Market capitalization (Dec 10, 2025): 8.25 billion yuan - market value relative to balance sheet.

• Liquidity interpretation: ratios above 1 indicate short-term coverage, but the negative net cash and negative interest coverage flag cash-flow and earnings strain.
• Solvency interpretation: total liabilities represent ~41.8% of total assets (690.29 / 1,651.07), implying moderate leverage but potential risk if earnings remain weak.
• Market context: market cap (~8.25 billion yuan) is substantially larger than book equity implied by assets minus liabilities, suggesting investor expectations or valuation premiums despite operating weakness.

Xiamen Wanli Stone Stock Co.,Ltd (002785.SZ) - Valuation Analysis

• Price-to-Sales (P/S): 6.04 - market values revenue at ~6.04x trailing sales.
• Price-to-Book (P/B): 8.55 - equity valued at ~8.55x reported net assets.
• Forward P/E: 58.88 - market is pricing substantial future earnings growth.
• Enterprise Value (EV): ¥8.09 billion - slightly above market cap, implying minimal net debt.
• Market Capitalization (as of 2025-12-10): ¥8.25 billion.
• Reported total assets: ¥1,651.07 million; total liabilities: ¥690.29 million.

• Net debt inference: EV (¥8.09B) vs market cap (¥8.01B-¥8.25B) indicates negligible net debt or slight cash position depending on source timing.
• High P/B and P/S multiples point to a growth or scarcity premium priced in by the market.
• Forward P/E ~58.9 signals elevated expectations - investors should confirm forecast drivers and earnings visibility.

Xiamen Wanli Stone Stock Co.,Ltd (002785.SZ) - Risk Factors

Key financial and operational risks for Xiamen Wanli Stone Stock Co.,Ltd are underscored by recent profitability, liquidity and leverage indicators. Investors should weigh the following metrics when assessing exposure:

• Trailing twelve-month net loss: -54.87 million yuan - persistent negative earnings pressure on equity and retained earnings.
• Interest coverage ratio: -5.15 - operating earnings are insufficient to cover interest expenses, indicating risk of strained cash flows and higher refinancing risk.
• Net cash position: -32.98 million yuan - a net debt position that reduces financial flexibility and increases sensitivity to interest rate moves.
• Return on equity (ROE): -6.74% - shareholders are receiving negative returns, signaling value erosion.
• Return on assets (ROA): -2.83% - the company is generating losses relative to its asset base, suggesting inefficiencies or weak demand.
• Market capitalization: 8.25 billion yuan (as of 2025-12-10) - market value that may reflect expectations, but does not eliminate operational risks.

For additional context on ownership, investor composition and recent trading dynamics, see: Exploring Xiamen Wanli Stone Stock Co.,Ltd Investor Profile: Who's Buying and Why?

Xiamen Wanli Stone Stock Co.,Ltd (002785.SZ) - Growth Opportunities

Xiamen Wanli Stone Stock Co.,Ltd (002785.SZ) shows several tangible indicators of near- and medium-term growth, driven by order intake, analyst forecasts, diversified product lines, and broad geographic reach.

• New order momentum: 52.6342 million yuan in signed orders in Q2 2025, signaling immediate revenue pipeline expansion.
• Analyst expectations: consensus forecast of 132.3% CAGR in earnings over the next two years, implying a material uplift in profitability if realized.
• Product diversification: slabs, countertops, landscaping stones and related products allow cross-segment sales and margin optimization.
• Geographic diversification: established sales network across Japan, South Korea, the United States, the European Union, South Africa, Algeria, Singapore and 30+ Chinese cities, reducing single-market concentration risk.

Key strategic takeaways for investors:

• Order intake of 52.6342 million CNY demonstrates visible revenue conversion potential in 2025.
• Projected 132.3% earnings CAGR could materially re-rate valuation if operational execution and margin expansion follow.
• Broad product mix and international distribution mitigate demand cyclicality in any single segment or region.
• Balance sheet: total assets of 1,651.07 million CNY versus liabilities of 690.29 million CNY suggest a net asset base supportive of growth initiatives.
• Market cap of 8.25 billion CNY (as of 2025-12-10) positions the company within mid-cap territory for investors evaluating relative valuation multiples.

Further context on corporate history, ownership and business model can be found here: Xiamen Wanli Stone Stock Co.,Ltd: History, Ownership, Mission, How It Works & Makes Money