Maddie Technology (stock code: 603990) recently released its 2023 annual report, which shows the company's operating results and financial status over the past year. As a company with deep accumulation in the field of medical informatization and assisted reproduction business, after completing the change of control, Maddie Technology not only continued to deepen its original business, but also entered the new energy photovoltaic industry, starting a new chapter of development by relying on the resources and platforms of state-owned shareholders. This article will analyze and discuss this financial report in detail in terms of balance and liability data, profit data, and cash flow data.

First, let's look at the balance and liability data. At the end of the reporting period, the company's total assets reached 3,915 billion yuan, a significant increase of 1.63 billion yuan at the beginning of the period, an increase of 140.14%. This growth is mainly due to the rapid expansion of the company's new business, in particular the construction and commissioning of photovoltaic cell projects. However, it is worth noting that with the expansion of the business scale, the company's debt also increased accordingly. The total debt at the end of the period reached 2,816 billion yuan, and the balance ratio rose from 16.61% at the beginning of the period to 71.92%, which undoubtedly increased the company's financial risk. Although goodwill remains stable, the decline in net worth is still something to be wary of.

Next, analyze profit data. During the reporting period, the company achieved revenue of 618 million yuan, an increase of nearly double over the same period last year. This is mainly due to product sales achieved by the company's new photovoltaic business. However, while operating income increased sharply, the company's net profit declined significantly, and even turned into a loss, reaching -265 million yuan. The reason for this is, on the one hand, that the company invested heavily in the new business, including a sharp increase in personnel introduction, R&D expenses, and marketing expenses; on the other hand, the phased fluctuation of prices in the photovoltaic industry chain also had an adverse impact on the company's gross margin, leading to a decline in the company's overall profitability.

Let's take another look at the cash flow data. During the reporting period, the net cash flow from the company's operating activities was -317 million yuan, which is a sharp decline compared to the positive value of the same period last year. This is mainly due to a sharp increase in cash expenses such as large procurement of raw materials, energy costs, and labor remuneration in the photovoltaic business. At the same time, the net cash flow from investment activities was also negative, reflecting the company's large fixed asset investment to support the construction of photovoltaic projects. Although the net cash flow from financing activities is positive, indicating that the company actively raises capital to support business development through bank loans, financial leases, and loans from controlling shareholders, it is still important to note that tight cash flow may have a potential impact on the company's operations.

In summary, although the 2023 annual report of Maddie Technology showed a good trend of sharp increase in operating income, the loss of net profit and tight cash flow conditions cannot be ignored. In the future, the company will face multiple challenges such as the release of new photovoltaic business capacity and price stability in the industrial chain. Therefore, while paying attention to the company's revenue growth, investors should fully assess its potential financial risks and take corresponding risk control measures.