Breaking Down Jiangsu Transimage Technology Co., Ltd. Financial Health: Key Insights for Investors

Jiangsu Transimage Technology's latest financials present a compelling mix of momentum and caution for investors: Q3 2025 revenue rose to 586 million yuan (up 12.53% YoY) while trailing twelve-month sales reached 2.14 billion yuan (up 11.56%), supported by a workforce of 1,736 and revenue per employee of about 1.23 million yuan; profitability flashes brighter in Q3 with net profit attributable to shareholders of 26.73 million yuan (a 101.91% YoY jump) even as the company reported a full-year net loss of 73.47 million yuan for 2024 and a TTM EPS of -0.17 yuan, and valuation metrics show the market placing a premium on equity with a market cap near 5.05 billion yuan despite a P/E of -84.54 and ROE (TTM) of -6.05%-read on to dissect revenue mix (input devices at 673 million yuan, 66.83% of sales), improving operating cash flow (170 million yuan in Q3, +127.32% YoY), debt structure (debt-to-equity 50.35%, total assets 3.892 billion vs. liabilities 1.587 billion) and the strategic international expansion that could reshape growth and risk profiles.

Jiangsu Transimage Technology Co., Ltd. (002866.SZ) - Revenue Analysis

• Q3 2025 revenue: 586 million yuan - up 12.53% year-over-year.
• Trailing twelve months (TTM) revenue: 2.14 billion yuan - up 11.56% year-over-year.
• First half 2025 revenue: 1.007 billion yuan - up 13.33% year-over-year.
• Revenue per employee: ~1.23 million yuan; total employees: 1,736.
• Input devices revenue: 673 million yuan, representing 66.83% of total revenue.
• Key customers: Lenovo, HP, Dell, ASUS - indicating concentrated exposure to major PC OEM demand cycles.

• Revenue concentration: two-thirds from input devices implies sensitivity to PC and peripheral demand cycles but also signals product/market leadership in that segment.
• Operational efficiency: revenue per employee (~1.23 million yuan) suggests relatively high productivity for a component manufacturer, supporting margin potential if cost controls hold.
• Growth drivers: OEM relationships (Lenovo, HP, Dell, ASUS) underpin recurring order flow; diversification beyond input devices would reduce concentration risk.

Jiangsu Transimage Technology Co., Ltd. (002866.SZ) - Profitability Metrics

• Q3 2025 net profit attributable to shareholders: ¥26.73 million (↑101.91% YoY).
• Trailing twelve months (TTM) net profit margin: -3.76% (net loss on a TTM basis).
• Full year 2024 net loss: ¥73.47 million (vs. net income ¥41.75 million in 2023).
• Basic loss per share (2024): ¥0.25 (vs. EPS ¥0.14 in 2023).
• Return on equity (TTM): -6.05%.
• Net cash flow from operating activities (Q3 2025): ¥170 million (↑127.32% YoY).

• Improvement signal: Q3 2025 profitability rebound vs. prior-year quarter, but full-year 2024 shows material deterioration from 2023.
• Cash flow vs. accounting results: strong operating cash inflow in Q3 2025 (¥170m) contrasts with TTM net loss and negative ROE, indicating working-capital or non-cash-item impacts.
• Per-share impact: EPS swung from +¥0.14 (2023) to -¥0.25 (2024), amplifying equity dilution/valuation considerations for investors.

Jiangsu Transimage Technology Co., Ltd. (002866.SZ) - Debt vs. Equity Structure

• Debt-to-equity ratio: 50.35% - a moderate leverage level but above the industry average.
• Total liabilities (latest quarter): ¥1.587 billion.
• Total assets (latest quarter): ¥3.892 billion.
• Registered capital (equity financing): ¥107.7 million.
• Contract liabilities increased by 578.84% year-over-year, signaling a large rise in customer prepayments and order reserves.
• International expansion: subsidiaries in Singapore and Vietnam - potential capital needs and currency/external funding impacts.

Jiangsu Transimage Technology Co., Ltd. (002866.SZ) - Liquidity and Solvency

This section reviews short-term liquidity, cash flow dynamics, asset-liability structure and key profitability/return metrics for Jiangsu Transimage Technology Co., Ltd. (002866.SZ).

• Current and quick ratios: not specified in available data, limiting direct short-term liquidity assessment.
• Operating cash flow: net cash flow from operating activities improved markedly to 170.00 million yuan in Q3 2025, a year-over-year increase of 127.32%.
• Total assets: 3,892.00 million yuan; total liabilities: 1,587.00 million yuan, implying a debt-to-equity ratio of 50.35%.
• Profitability: net profit margin (TTM) approximately -3.76%, indicating a net loss over the trailing twelve months.
• Return on equity (TTM): -6.05%, reflecting negative returns to shareholders.
• Equity financing / registered capital: registered capital stands at 107.70 million yuan.

• Improved operating cash flow reduces near-term liquidity strain despite negative profitability metrics.
• Moderate leverage: 50.35% debt-to-equity suggests a conservative-to-moderate use of debt relative to equity.
• Negative ROE and net margin signal ongoing profitability pressures; cash generation improvement is a positive operational sign that may support deleveraging or reinvestment.

Further context on company background, ownership and business model can be found here: Jiangsu Transimage Technology Co., Ltd.: History, Ownership, Mission, How It Works & Makes Money

Jiangsu Transimage Technology Co., Ltd. (002866.SZ) - Valuation Analysis

• Price-to-Earnings (P/E): -84.54 - indicates negative earnings and a loss-making position on a per-share basis.
• Price-to-Book (P/B): 2.43 - market values equity at ~2.43× book, signaling investor willingness to pay a premium for assets or growth potential despite losses.
• Market Capitalization: ≈ 5.05 billion yuan - overall equity market value.
• EPS (TTM): -0.17 yuan - trailing twelve-month earnings per share are negative.
• Net Profit Margin (TTM): -3.76% - the company reported a net loss equal to ~3.76% of revenue over the last 12 months.
• Return on Equity (ROE, TTM): -6.05% - negative return on shareholders' equity, reflecting losses relative to equity base.

• Negative P/E and EPS signal current earnings weakness; valuation multiples tied to future recovery expectations rather than current profits.
• P/B >1 suggests investors price in intangible assets, growth prospects, or recovering margins despite negative ROE.
• Negative net margin and ROE warrant scrutiny of cost structure, revenue trajectory, and capital allocation before assuming premium valuation is justified.

Jiangsu Transimage Technology Co., Ltd. (002866.SZ) - Risk Factors

• Full-year net loss: -73.47 million yuan for the year ended December 31, 2024 (prior year net income: 41.75 million yuan).
• Trailing twelve-month (TTM) net profit margin: approximately -3.76%, indicating the company is operating at a net loss level relative to revenue.
• Return on equity (TTM): -6.05%, reflecting negative returns to shareholders' equity.
• Debt-to-equity ratio: 50.35%, representing a moderate leverage position but one that increases fixed obligations and risk during revenue or margin stress.
• Operating cash flow recovery: Q3 2025 net cash flow from operating activities reached 170 million yuan, a 127.32% year-over-year increase, improving liquidity dynamics.
• Equity base: registered capital of 107.7 million yuan, relevant for dilution and capital-raising considerations.

• Profitability swing: conversion from +41.75 million yuan profit to -73.47 million yuan loss year-over-year signals margin volatility or one-off charges affecting net earnings.
• Negative ROE and margin metrics: persistent negative ROE (-6.05%) and negative net margin (-3.76%) could erode shareholder value if not reversed through cost control or revenue growth.
• Leverage exposure: a 50.35% debt-to-equity ratio increases interest and principal servicing risk, particularly if operating cash generation weakens.
• Operational improvement dependency: improved operating cash flow (170 million yuan in Q3 2025, +127.32% YoY) is encouraging but must be sustainable to offset accumulated losses and support debt obligations.
• Capital and financing needs: with registered capital of 107.7 million yuan and recent losses, further equity or debt financing could lead to dilution or higher leverage if operational recovery stalls.

Jiangsu Transimage Technology Co., Ltd. (002866.SZ) - Growth Opportunities

Jiangsu Transimage Technology Co., Ltd. is positioning for international expansion while maintaining a core revenue base in input devices. Key metrics and strategic moves provide a snapshot of where incremental growth may come from and how the company's capital structure is adapting.

• International footprint: established subsidiaries in Singapore and Vietnam to support manufacturing, sales and supply-chain diversification.
• Vietnam facility expansion: expanded leasing of production and support facilities in Vietnam, producing significant increases in right-of-use assets and corresponding lease liabilities.
• Product concentration: input devices (keyboards and touch modules) generated RMB 673 million, representing 66.83% of total revenue.
• Operational cash improvement: net cash flow from operating activities improved to RMB 170 million in Q3 2025, a 127.32% year-over-year increase.
• Capital structure: registered capital stands at RMB 107.7 million; debt-to-equity ratio is 50.35%, indicating a moderate leverage profile.

• Growth levers to monitor:
  • Revenue mix: sustaining or diversifying the 66.83% reliance on input devices will affect risk and upside.
  • Cash generation: continued improvement in operating cash flow (Q3 2025: RMB 170m, +127.32% YoY) supports capex and lease commitments.
  • International execution: performance of Singapore and Vietnam subsidiaries will influence margins and working capital cycles.
  • Leverage management: debt-to-equity at 50.35% gives capacity for incremental borrowing but requires monitoring as lease liabilities rise.

Further context and investor-oriented details are available here: Exploring Jiangsu Transimage Technology Co., Ltd. Investor Profile: Who's Buying and Why?