Breaking Down Anhui Heli Co.,Ltd. Financial Health: Key Insights for Investors

Anhui Heli Co., Ltd. (600761.SS) presents a mixed but compelling financial picture for investors: revenue climbed to ¥14.93 billion in the first nine months of 2025, up 10.94% year-over-year with TTM revenue of ¥18.80 billion (+7.50%), yet net profit attributable to shareholders fell to ¥1.12 billion (-4.88%) and EPS slid 17.65% to ¥1.26, while Q3 2025 revenue of ¥4.97 billion rose 7.57% and Q3 net profit dropped 11.84% to ¥303.32 million; profitability shows improvement in margins and efficiency - TTM gross margin at 23.3%, operating margin 7.84%, and ROA 6.16% - even as liquidity flags appear with cash and short-term investments down -33.99% to ¥4.52 billion and a negative Q3 free cash flow of -¥480.85 million, offset partly by a 106.23% jump in operating cash flow to ¥962.72 million and a current ratio of 1.5; balance-sheet metrics include total assets of ¥19.97 billion, liabilities of ¥8.19 billion, equity of ¥11.78 billion (debt-to-equity ~0.7), P/S 0.93, P/B 1.72, market cap ¥17.87 billion, TTM P/E 13.23 (forward 9.49), EV/EBITDA 8.28 and EV/revenue 0.82, with dividend yield 1.89% and a 52-week range of ¥14.31-¥23.46 (beta 0.59); alongside risks such as lower net profit margins (Q3 net margin 5.86%) and rising liabilities, growth catalysts include a March 2025 asset restructuring and a Thailand joint venture to produce 10,000 forklifts and 10,000 lithium packs annually, expansion into 180+ countries, eight overseas centers, an overseas R&D/manufacturing base, a 2023 photovoltaics initiative (14 MW cumulative) and R&D spend >6% of revenue in 2024 driving product electrification beyond 65%, all of which warrant a closer look in the sections that follow.

Anhui Heli Co.,Ltd. (600761.SS) - Revenue Analysis

Anhui Heli Co.,Ltd. reported steady top-line expansion through 2024-2025, supported by moderate year-over-year growth across quarterly and trailing periods. Below are the primary revenue figures and related operating ratios that investors commonly track.

• First nine months 2025 revenue: ¥14.93 billion (up 10.94% YoY).
• Q3 2025 revenue: ¥4.97 billion (up 7.57% YoY vs. Q3 2024).
• Trailing twelve months (TTM) revenue as of Sept 2025: ¥18.80 billion (up 7.50% YoY).
• Full-year 2024 revenue: ¥17.33 billion (up 0.99% vs. 2023).
• Workforce: 10,675 employees; revenue per employee: ≈ ¥1.76 million.
• Price-to-sales (P/S) ratio: 0.93 (market valuation ≈ 93% of annual revenue).

• Growth trajectory: acceleration in 9M/2025 (10.94% YoY) contrasts with negligible full-year growth in 2024 (0.99%), suggesting recovery or cyclical pickup into 2025.
• Operational scale: revenue per employee (~¥1.76M) provides a productivity benchmark for peer comparison in industrial equipment/manufacturing segments.
• Valuation context: P/S of 0.93 implies the market is valuing the company at slightly less than one year of revenue-useful when comparing to sector averages.

Further background on the company's strategy, ownership and historical context can be found here: Anhui Heli Co.,Ltd.: History, Ownership, Mission, How It Works & Makes Money

Anhui Heli Co.,Ltd. (600761.SS) - Profitability Metrics

• Net profit attributable to shareholders (first nine months 2025): ¥1.12 billion, down 4.88% year-over-year.
• Q3 2025 net profit attributable to shareholders: ¥303.32 million, down 11.84% vs Q3 2024.
• Basic EPS (first nine months 2025): ¥1.26, a decline of 17.65% year-over-year.
• Gross profit margin (TTM as of Sep 2025): 23.3% (up from 21.5% in 2023).
• Operating profit margin (TTM as of Sep 2025): 7.84% (up from 7.12% in 2023).
• Return on assets (ROA, TTM as of Sep 2025): 6.16% (up from 4.62% in 2023).

• Margin expansion (gross and operating) suggests improving unit economics or favorable cost mix over the TTM window.
• EPS and reported net profit declines across interim periods point to near-term earnings pressure despite margin gains.
• ROA improvement to 6.16% indicates more efficient asset utilization relative to 2023.

Anhui Heli Co.,Ltd. (600761.SS) Debt vs. Equity Structure

As of September 2025, Anhui Heli Co.,Ltd. presents a moderately conservative capital structure with a clear majority of financing through equity. Key balance-sheet metrics reveal stability in asset growth and controlled leverage while showing a notable drawdown in liquid reserves.

• Total assets: ¥19.97 billion (up 6.68% YoY)
• Total liabilities: ¥8.19 billion (up 3.78% YoY)
• Total equity: ¥11.78 billion
• Debt-to-equity ratio: ~0.7
• Cash & short-term investments: ¥4.52 billion (down 33.99% YoY)
• Price-to-book (P/B): 1.72
• Enterprise value-to-revenue (EV/Revenue): 0.82

Implications for stakeholders:

• Leverage: A debt-to-equity ratio of ~0.7 indicates moderate leverage-debt is sizable but not dominant versus equity, providing room for debt-financed growth without excessive financial risk.
• Asset growth vs. liabilities: Assets grew faster (6.68%) than liabilities (3.78%), improving net asset coverage and signaling asset-driven expansion or revaluation.
• Liquidity pressure: A near-34% reduction in cash and short-term investments to ¥4.52 billion warrants monitoring for working capital needs, capex funding, and short-term obligations.
• Market valuation: P/B of 1.72 implies the market prices the company's equity at a premium to book value, suggesting investor confidence or expected future profitability.
• Relative valuation: EV/Revenue of 0.82 shows enterprise value is 82% of annual revenue, which can be attractive compared with peers if margins are healthy.

For broader context on the company's background, ownership and business model, see Anhui Heli Co.,Ltd.: History, Ownership, Mission, How It Works & Makes Money

Anhui Heli Co.,Ltd. (600761.SS) - Liquidity and Solvency

For the period ending September 30, 2025, Anhui Heli Co.,Ltd. shows mixed but measurable improvements in operating cash generation alongside continued pressure on free cash flow. Key liquidity and solvency metrics describe a company with adequate short-term coverage and comfortable interest-servicing capacity, while capital outflows or investing activity contribute to negative free cash flow.

• Cash flow from operating activities: ¥962.72 million (up 106.23% YoY).
• Net change in cash (Q3 2025): ¥180.91 million (up 112.76% YoY).
• Free cash flow (Q3 2025): -¥480.85 million (down 5.27% YoY).
• Current ratio: 1.5 - adequate short-term liquidity.
• Quick ratio: 1.2 - sufficient liquid assets excluding inventory.
• Interest coverage ratio (EBIT/Interest): 5.0 - ability to comfortably meet interest expenses.

Implications for stakeholders and operational focus areas:

• Improved operating cash flow provides flexibility for working capital and debt servicing.
• Negative free cash flow signals continued investment or one-time outflows; monitoring capex and investing patterns is important.
• Ratios (current 1.5, quick 1.2) indicate sufficient short-term coverage but limited cushion against large shocks.
• Interest coverage of 5.0 reduces immediate refinancing risk but warrants watching if earnings weaken.

For broader context on the company's background and business model, see: Anhui Heli Co.,Ltd.: History, Ownership, Mission, How It Works & Makes Money

Anhui Heli Co.,Ltd. (600761.SS) - Valuation Analysis

Key valuation metrics for Anhui Heli Co.,Ltd. provide a snapshot of how the market prices the company relative to earnings, book value and cash-flow proxy multiples as of the latest available data.

• Relative valuation: TTM P/E 13.23 versus forward P/E 9.49 suggests market-expected earnings growth or improving margin outlook embedded in prices.
• Cash-flow proxy: EV/EBITDA at 8.28 indicates a moderate enterprise valuation relative to operating cash profitability.
• Balance-sheet valuation: P/B of 1.72 points to the market valuing equity at a modest premium to book.
• Income return: 1.89% dividend yield with an ex-dividend date of Oct 28, 2025 - income component is present but not dominant.
• Size and risk: Market cap ¥17.87B (12/19/2025) and beta 0.59 portray a mid-cap with lower systemic volatility.

For investor context, see additional ownership and trading dynamics: Exploring Anhui Heli Co.,Ltd. Investor Profile: Who's Buying and Why?

Anhui Heli Co.,Ltd. (600761.SS) - Risk Factors

• Net profit margin (Q3 2025): 5.86% - a decline of 13.44% year-over-year.
• Free cash flow (Q3 2025): Negative - indicating cash outflows from operating and investing activities exceeded inflows.
• Cash and short-term investments: Down 33.99% year-over-year - reducing immediate liquidity and cushion for short-term obligations.
• Total liabilities: Increased 3.78% year-over-year - raising leverage pressure as cash reserves have fallen.
• Net profit and EPS: Both declined in 2025 vs. the prior year - signaling profitability trend deterioration.
• Negative FCF in Q3 2025: Suggests challenges in converting revenue and accounting earnings into actual cash available for debt service, capex, or dividends.

• Liquidity risk: A 33.99% drop in cash and short-term investments combined with negative free cash flow increases the risk of difficulty meeting short-term liabilities or funding capital expenditures without external financing.
• Profitability risk: A 13.44% YoY fall in net profit margin to 5.86% and lower EPS suggest margin pressure and potential competitive or cost-related headwinds.
• Leverage risk: Total liabilities rising 3.78% while cash reserves shrink heightens solvency concerns if revenue or cash generation does not recover.
• Operational cash-flow risk: Negative FCF in Q3 2025 signals operational or working-capital strains that may necessitate asset sales, dividend cuts, or debt raises.
• Market/perception risk: Continued declines in net profit and EPS may negatively affect investor sentiment, credit ratings, and borrowing costs.

Anhui Heli Co.,Ltd. (600761.SS) - Growth Opportunities

• International market footprint: By October 2025 the company reported presence in over 180 countries and regions, supported by eight overseas centers spanning Europe, North America, and Southeast Asia.
• Local manufacturing & vertical integration: In March 2025 Anhui Heli announced a joint investment to form Heli Industrial Vehicles (Thailand) Co., Ltd., targeting annual output of 10,000 forklifts and 10,000 lithium battery packs to reduce logistics cost and improve margins in SEA markets.
• Electrification leadership: The heavy-duty product line is fully electrified and the overall product electrification rate surpassed 65%, positioning the company to capture accelerating demand for battery-electric industrial vehicles.
• Green manufacturing & energy efficiency: A new 8.5 MW distributed photovoltaic (PV) project launched in 2023 contributes to a cumulative installed PV capacity of 14 MW across facilities, reducing operational energy cost and Scope 2 emissions exposure.
• R&D-driven product upgrade: R&D investment exceeded 6% of total revenue in 2024, emphasizing high-end, intelligent and green product development (autonomy, battery systems, and telematics).

• Revenue mix & margin upside: Localization of battery and vehicle production (Thailand JV) can improve gross margins via lower tariffs, reduced shipping, and faster order-to-delivery cycles-key for heavy equipment sales where logistics are material to cost.
• Product pipeline: Continued R&D (>6% revenue) supports high-end intelligent features (telematics, autonomy) that can command premium pricing and recurring service revenues.
• ESG and cost resilience: 14 MW cumulative PV capacity plus distributed projects reduce grid dependence and improve cost predictability, important amid energy price volatility.
• Channel & aftersales: Expansion to 180+ markets and eight overseas centers strengthens aftersales, spare parts penetration, and recurring revenue through service contracts.