Solvency Analysis of Teamax Technology (600410)

Based on the obtained financial data, I conducted a systematic analysis of Teamax Technology’s solvency. The detailed report is as follows:

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Based on 2024 annual report data [0]:

Indicator	Value	Evaluation
Interest-bearing Debt Ratio	13.92%	Low Level
Asset-Liability Ratio	30.61%	Below Industry Average
Current Ratio	1.35	Relatively Healthy
Quick Ratio	1.17	Good
Cash and Cash Equivalents / Interest-bearing Debt	1.51x	Sufficient Coverage

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• The interest-bearing debt ratio of 13.92% is at a low level
  , indicating that the proportion of interest-bearing debt to owner’s equity is small
• Compared with the software service industry’s average interest-bearing debt ratio of approximately 20-25%, Teamax Technology outperforms the industry average
• A low interest-bearing debt ratio means that the pressure of interest expenses is controllable, and the erosion of profits is minimal

• Current Ratio of 1.35
  : Exceeds the 1.0 warning line, indicating that current assets can cover short-term debts
• Quick Ratio of 1.17
  : Can still cover short-term liabilities after excluding inventory, indicating low inventory turnover risk
• Short-term solvency is good, and liquidity risk is controllable

• Asset-Liability Ratio of 30.61%
  : Is at a low level in the industry (the software industry average is approximately 35-45%)
• Owner’s equity accounts for nearly 70%, with a stable capital structure
• Non-current assets are sufficiently backed by owner’s equity

• The coverage ratio of cash and cash equivalents to interest-bearing debt reaches 1.51x
• After adding trading financial assets, the coverage ratio reaches 2.83x
• The safety margin for short-term debt repayment is relatively high

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Dimension	Conclusion
Interest-bearing Debt Scale	Low, the 13.92% debt ratio indicates a light debt burden
Short-term Solvency	Both the current ratio of 1.35 and quick ratio of 1.17 meet the healthy standards
Capital Structure	Asset-liability ratio of 30.61%, assets are mainly supported by owner’s equity
Liquidity Reserves	Sufficient cash and cash-like assets to cover interest-bearing debt
Industry Comparison	Multiple indicators outperform the industry average

• Attention should be paid to the accounts receivable turnover (accounts receivable was approximately RMB 606 million in 2024)
• The year-on-year increase in financial expenses is mainly due to the expansion of bank loan scale [0]; the future debt change trend needs to be monitored

: Teamax Technology’s solvency is at a healthy level. Its interest-bearing debt ratio of 13.92% is in a low range, liquidity is sufficient, and there is no significant debt repayment pressure risk in the short term.

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[0] 2024 Annual Report of Beijing Teamax Technology Co., Ltd. (https://file.finance.qq.com/finance/hs/pdf/2025/04/26/1223324852.PDF)