晓程科技2025年一季度财报：营收增长显著，需关注应收账款与现金流

Revenue and Profit - The company achieved total revenue of 90.73 million yuan in Q1 2025, representing a year-on-year growth of 24.77% [2] - The net profit attributable to shareholders was 11.007 million yuan, with a year-on-year increase of 7.42%, while the net profit excluding non-recurring items was 10.299 million yuan, up 26.29% year-on-year [2] Profitability - The company's gross margin was 62.86%, showing a year-on-year increase of 28.6%, indicating improved cost control [3] - However, the net profit margin decreased by 19.36% to 19.93%, suggesting underperformance in net profit [3] - Earnings per share remained stable at 0.04 yuan compared to the same period last year [3] Expense Control - Total operating expenses (selling, administrative, and financial expenses) amounted to 18.6552 million yuan, accounting for 20.56% of revenue, which is a year-on-year decrease of 23.21% [4] Cash Flow and Accounts Receivable - Operating cash flow per share was 0.1 yuan, reflecting a significant year-on-year increase of 2521.57%, indicating substantial improvement in cash flow from operations [5] - Accounts receivable stood at 94.2176 million yuan, which is 202.38% of the latest annual net profit, highlighting the need to monitor accounts receivable collection [5] Assets and Liabilities - Cash and cash equivalents amounted to 418 million yuan, representing a year-on-year growth of 20.20%, indicating a healthy cash position [6] - Specific figures for interest-bearing liabilities were not disclosed, but the overall debt situation appears to be healthy based on available data [6] Business Model and Capital Expenditure - The company's performance is primarily driven by capital expenditures, necessitating close attention to the rationality of capital projects and funding pressures [7] - Over 15 years since its listing, the company has raised a total of 856 million yuan and distributed dividends totaling 99.736 million yuan, resulting in a dividend financing ratio of 0.12, reflecting its capital operation strategy [7] Summary - Overall, the company demonstrated strong revenue growth and effective expense control in Q1 2025, but attention is needed on accounts receivable management and the sustainability of cash flow [8]