KINGLAND(SZ:002443) Zheng Quan Zhi Xing·2025-04-25 22:50Financial Performance - The company reported total revenue of 878 million yuan for Q1 2025, a decrease of 15.34% year-on-year compared to 1.037 billion yuan in Q1 2024 [1] - The net profit attributable to shareholders was 26.26 million yuan, down 46.57% from 49.14 million yuan in the same quarter last year [1] - The gross margin was 11.1%, reflecting a decline of 13.54% year-on-year, while the net margin decreased by 33.29% to 3.65% [1] - Total expenses (selling, administrative, and financial) amounted to 37.82 million yuan, representing 4.31% of revenue, an increase of 22.21% year-on-year [1] Accounts Receivable and Cash Flow - The company's accounts receivable reached 730 million yuan, accounting for 362.52% of the net profit, indicating a significant concern regarding cash flow [1][4] - The cash and cash equivalents decreased to 499 million yuan, down 41.32% from the previous year [1] Business Model and Market Position - The company specializes in various types of pipes and fittings, which are widely used in water supply, drainage, firefighting, gas, oil and gas transportation, construction, and communication sectors [4] - The company has maintained a stable operation despite a decline in performance due to external factors, particularly in the real estate sector [4] - The company has a low debt ratio and healthy financial status, with a cumulative financing amount of 1.237 billion yuan and cumulative dividends of 1.004 billion yuan since its listing [3]