云鼎科技2025年一季度业绩滑坡：大项目竣工验收周期性是主因

Core Viewpoint - Cloud Technology (SZ000409) reported a decline in revenue and net profit for Q1 2025, primarily due to cyclical factors related to project completion and acceptance [1][2] Group 1: Financial Performance - The company's revenue for Q1 2025 was 309 million yuan, a year-on-year decrease of 20.55% [1] - Net profit for the same period was 31.47 million yuan, down 33.24% year-on-year [1] - Operating cash flow net amount was -236 million yuan, a decrease of 453.10% compared to the same period last year [2] Group 2: Business Operations - The decline in Q1 performance is attributed to the absence of large-scale project completions, contrasting with two significant projects in Q1 2024 that positively impacted revenue [1] - The company continues to focus on smart mining and industrial internet as core business areas [1] Group 3: Cost Structure - Sales expenses increased by 50.69% year-on-year to 11.54 million yuan, driven by enhanced market development efforts [2] - Research and development investment decreased by 6.72% year-on-year to 17.77 million yuan [2] Group 4: Historical Performance - From 2022 to 2024, the company's revenue growth rates were 114.69%, 4.62%, and 18.35% respectively, while net profit growth rates were 42.58%, 146.17%, and 50.11% [2]