恒源煤电2025年一季度业绩大幅下滑，多项关键财务指标表现不佳

Core Insights - The company's financial performance in Q1 2025 has significantly declined, with total revenue dropping by 42.52% year-on-year to 1.179 billion yuan and net profit decreasing by 93.70% to 27.1819 million yuan [1] Financial Performance - The gross margin has decreased to 22.08%, down by 50.88 percentage points compared to the same period last year, while the net profit margin fell from 15.16% to 2.11%, a decline of 89.93% [2] Cost and Expenses - Despite the revenue decline, total selling, administrative, and financial expenses reached 166 million yuan, accounting for 14.06% of total revenue, which is an increase of 12.93% year-on-year [3] Cash Flow Situation - Operating cash flow per share has decreased by 73.79% to 0.15 yuan, and cash and cash equivalents have dropped by 24.01% to 5.671 billion yuan compared to the same period last year [4] Debt and Shareholder Returns - The company's interest-bearing debt has increased by 1.25% to 2.804 billion yuan, with a cumulative financing of 3.562 billion yuan and cumulative dividends of 5.728 billion yuan since its listing, resulting in a dividend-to-financing ratio of 1.61. The estimated dividend yield is 4.28%, which may attract long-term investors [5]