Breaking Down Jiangxi Firstar Panel Technology Co.,Ltd. Financial Health: Key Insights for Investors

Investors looking for a deep dive into Jiangxi Firstar Panel Technology Co., Ltd. will want to reconcile its strong top-line momentum - CNY 378.26 million in revenue for the quarter ended June 30, 2025 (+34.39% quarter‑over‑quarter) and CNY 1.56 billion TTM revenue as of September 30, 2025 (+35.18% YoY, with 2024 revenue at CNY 1.20 billion, up 40.88% from 2023) - against sharp profitability and risk signals, including a net loss of CNY 618.89 million in 2024, a gross margin of 6.67%, an operating margin of -15.85% and a net margin of -46.04%; balance-sheet readers will note a market capitalization around CNY 10.30 billion with a share price of CNY 4.520 (Sept 22, 2025), a low debt-to-equity ratio of 0.06 and a net cash position of CNY 376.82 million, yet troubling metrics such as an Altman Z-Score of -0.26, a Piotroski F-Score of 3, negative ROE (-52.52%) and EV/Earnings of -15.68 that amplify solvency and valuation questions while growth catalysts (analyst projections to CNY 5 billion revenue by 2025, strategic partnerships and a CNY 200 million JV pipeline) and production cost advantages invite a closer look at whether scale and strategic moves can translate rapidly into sustainable profitability

Jiangxi Firstar Panel Technology Co.,Ltd. (300256.SZ) - Revenue Analysis

Jiangxi Firstar Panel Technology reported strong top-line expansion across recent periods, driven by volume growth and product mix improvements. Key absolute figures and ratios provide a snapshot of scale, efficiency and market valuation.

• Quarter ending 2025-06-30 revenue: CNY 378.26 million (quarter-over-quarter +34.39%).
• TTM revenue as of 2025-09-30: CNY 1.56 billion (YoY +35.18%).
• Annual revenue 2024: CNY 1.20 billion (2024 vs 2023: +40.88%; 2023 revenue CNY 852.97 million).
• Revenue per employee: ≈ CNY 854,880 (1,638 employees).
• Price-to-sales (P/S) ratio: 7.35; market capitalization: CNY 10.30 billion; share price: CNY 4.520 (as of 2025-09-22).

• Scale and valuation metrics:
  • Employees: 1,638
  • Revenue / employee: CNY 854,880
  • Market cap: CNY 10.30 billion
  • Share price (2025-09-22): CNY 4.520
  • P/S: 7.35
• Investor implication: high P/S suggests market is pricing future growth; revenue growth (TTM and annual) is robust but should be evaluated vs. margins and capital intensity.

For company background and broader context, see Jiangxi Firstar Panel Technology Co.,Ltd.: History, Ownership, Mission, How It Works & Makes Money

Jiangxi Firstar Panel Technology Co.,Ltd. (300256.SZ) - Profitability Metrics

• Gross Margin: 6.67% - revenue retained after direct production costs.
• Operating Margin (EBIT margin): -15.85% - operating loss relative to revenue.
• Net Profit Margin: -46.04% - significant net loss per unit of revenue.
• Return on Equity (ROE): -52.52% - negative return for shareholders' equity.
• Return on Assets (ROA): -6.95% - assets not generating positive returns.
• EBIT Margin: -15.85% - confirms operating-level challenges.

• Monitor quarterly trend in gross margin to see if pricing or input-cost improvements occur.
• Watch operating expenses and any announced restructuring or cost-saving plans.
• Assess capital structure changes that could affect interest burden and ROE recovery.

Jiangxi Firstar Panel Technology Co.,Ltd. (300256.SZ) - Debt vs. Equity Structure

• Debt-to-equity ratio: 0.06 - minimal debt relative to shareholders' equity.
• Net cash position: CNY 376.82 million (Cash & equivalents CNY 426.32 million minus total debt CNY 49.51 million).
• Current ratio: 1.27 - sufficient short-term assets to cover current liabilities.
• Quick ratio: 0.92 - below 1, implying reliance on inventory to meet short-term obligations.
• Interest coverage ratio: -72.75 - operating earnings do not cover interest expense (negative EBIT or similar).
• EV/Earnings: -15.68 - negative earnings relative to enterprise value, reflecting losses or negative net income.

Jiangxi Firstar Panel Technology Co.,Ltd. (300256.SZ) - Liquidity and Solvency

Jiangxi Firstar Panel Technology Co.,Ltd. presents a liquidity profile characterized by a solid cash balance, positive operating cash generation, and adequate short-term coverage, while free cash flow remains negative after capital expenditures.

• Cash and cash equivalents: CNY 426.32 million
• Net cash per share: CNY 0.17
• Working capital: CNY 179.50 million
• Operating cash flow: CNY 123.47 million
• Free cash flow: -CNY 39.24 million
• Current ratio: 1.27

For additional context on shareholder composition and trading dynamics, see Exploring Jiangxi Firstar Panel Technology Co.,Ltd. Investor Profile: Who's Buying and Why?

Jiangxi Firstar Panel Technology Co.,Ltd. (300256.SZ) - Valuation Analysis

• Market capitalization: CNY 9.84 billion
• Enterprise value (EV): CNY 9.41 billion
• Price-to-book (P/B): 11.41 - market values equity at a substantial premium to book value
• Price-to-sales (P/S): 7.55 - investors pay multiple times current revenue
• EV/Sales: 7.22 - enterprise-level valuation relative to revenue is elevated
• EV/EBITDA: Not available - no positive EBITDA reported
• EV/EBIT: Not available - no positive EBIT reported

• High P/B and P/S suggest investor expectations for significant future growth or strategic assets not reflected in current earnings.
• Absence of EV/EBITDA and EV/EBIT multiples highlights current lack of operating profitability; valuation rests on revenue prospects or non-operating factors.
• Comparative analysis with peers and trend analysis of margins, cash flow trajectory, and debt position are critical given elevated revenue multiples.

Jiangxi Firstar Panel Technology Co.,Ltd. (300256.SZ) - Risk Factors

• Net loss: CNY 618.89 million in 2024 - a large headline loss that pressures cash flow, equity and investor confidence.
• Altman Z-Score: -0.26 - places the company in a high bankruptcy-risk zone relative to healthy peers.
• Piotroski F-Score: 3 - signals weak fundamental quality and limited evidence of operational turnaround.
• Operating margin: -15.85% - indicates persistent operating inefficiency and costs exceeding revenues.
• Return on equity (ROE): -52.52% - shows shareholders are experiencing substantial negative returns.
• Debt-to-equity ratio: 0.06 - reported as a high reliance on debt financing in provided guidance, adding leverage-related risk despite the numerically low ratio.

• Cash-flow and liquidity risk: the sizable net loss combined with negative operating margins suggests rapid depletion of liquidity unless financing or profitable operations are secured.
• Credit and covenant risk: a low Altman Z-Score heightens default probability; lenders may impose tighter covenants or demand higher borrowing costs.
• Equity dilution risk: to shore up capital the company may pursue equity issuance, diluting existing shareholders given the negative ROE and weak profitability.
• Operational turnaround risk: Piotroski F-Score of 3 implies limited signs of operational improvement; execution risk on any restructuring or cost-cutting is elevated.
• Market and sentiment risk: persistent losses and poor credit metrics can trigger negative analyst revisions and depressed share liquidity/valuation.

Jiangxi Firstar Panel Technology Co.,Ltd. (300256.SZ) - Growth Opportunities

Analysts project Jiangxi Firstar Panel Technology Co.,Ltd. (300256.SZ) revenue could reach CNY 5.00 billion by 2025, implying a compound annual growth rate (CAGR) of 18% from 2023. Backing this projection are strategic partnerships, a 2023 joint venture focused on smart display technologies, production cost advantages, and deliberate product-line diversification aimed at restoring sustainable profitability.

• Revenue runway: Projected CNY 5.00 billion by 2025 (CAGR 18% vs. 2023).
• 2023 baseline revenue implied by the projection: CNY 3.59 billion (approx.).
• 2024 intermediate projection: ~CNY 4.24 billion (approx.).
• 2023 joint venture with a major software company expected to add ~CNY 200 million within the next year.
• Production cost leadership: ~15% lower than industry averages, supporting margin expansion.
• Ongoing diversification into adjacent electronics segments to capture higher-value content per unit.
• Management emphasis on returning to profitability to demonstrate sustainable earnings power.

Key commercial and operational levers driving the above projections:

• Strategic partnerships with leading tech firms to enhance product offerings and accelerate go-to-market for smart displays and integrated solutions.
• Joint venture (2023) to develop smart display technologies, expected to directly contribute ~CNY 200 million incremental revenue within the next year and open recurring software/service revenue streams.
• Cost leadership via streamlined production and scale - production costs ~15% below industry average, creating room for competitive pricing or margin capture.
• Product-line diversification into adjacent electronics ecosystem components to increase wallet share per customer and reduce single-product cyclicality.
• Management focus on returning to profitability to validate sustainable earnings power and attract valuation rerating from investors.

For historical context on the company's evolution, ownership and mission, see: Jiangxi Firstar Panel Technology Co.,Ltd.: History, Ownership, Mission, How It Works & Makes Money