Core Viewpoint - Hongxin Technology (301539) reported a mixed performance in its Q1 2025 financial results, with revenue growth but a decline in net profit [1] Financial Performance - Total revenue for Q1 2025 reached 248 million yuan, an increase of 11.17% year-on-year [1] - Net profit attributable to shareholders was 10.18 million yuan, a decrease of 21.36% year-on-year [1] - Gross margin stood at 12.39%, down 8.5% year-on-year, while net margin was 4.11%, down 29.27% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 12.32 million yuan, accounting for 4.97% of revenue, an increase of 17.1% year-on-year [1] - Earnings per share were 0.07 yuan, a decrease of 41.67% year-on-year [1] Financial Ratios and Metrics - Return on Invested Capital (ROIC) for the previous year was 6.49%, indicating average capital returns [2] - The net profit margin for the previous year was 4.87%, suggesting low added value for products or services [2] - Cash flow situation is concerning, with cash and cash equivalents to current liabilities at only 27.15% [3] - The average operating cash flow over the past three years to current liabilities is 18.73% [3] Accounts Receivable - Accounts receivable reached 444.98% of net profit, indicating a significant amount of outstanding payments [1][3] Financing and Dividends - Since its IPO, the company has raised a total of 394 million yuan and distributed dividends totaling 29.6 million yuan, resulting in a dividend-to-financing ratio of 0.08 [2]
宏鑫科技2025年一季报简析：增收不增利，公司应收账款体量较大