兴森科技2025年一季报简析：增收不增利

Financial Performance - The company reported a total revenue of 1.58 billion yuan for Q1 2025, representing a year-on-year increase of 13.77% compared to 1.388 billion yuan in Q1 2024 [1] - The net profit attributable to shareholders was 9.37 million yuan, a significant decline of 62.24% from 24.82 million yuan in the same quarter last year [1] - The gross profit margin was 17.2%, showing a slight increase of 0.74% year-on-year, while the net profit margin decreased to -2.33%, down 18.01% year-on-year [1] Cost and Expenses - Total selling, administrative, and financial expenses amounted to 216 million yuan, accounting for 13.7% of revenue, which is a slight increase of 0.2% year-on-year [1] - The company’s cash flow per share was 0.01 yuan, a decrease of 77.01% compared to 0.04 yuan in the previous year [1] Debt and Assets - The company’s interest-bearing liabilities increased to 4.903 billion yuan, up 8.72% from 4.51 billion yuan [1] - The cash and cash equivalents decreased to 1.038 billion yuan, down 38.68% from 1.692 billion yuan [1] - The asset-liability ratio for interest-bearing debt reached 33.65% [3] Market Position and Future Outlook - Analysts expect the company to achieve a net profit of 141 million yuan in 2025, with an average earnings per share of 0.08 yuan [3] - The company has been primarily relying on capital expenditures and equity financing for its performance, indicating a need for careful evaluation of its capital projects [3] Fund Holdings - The largest fund holding the company’s shares is the Everbright Credit Enhancement Bond A, which has increased its holdings to 21.9391 million shares [4] - Notable fund managers, including Yang Zongchang from E Fund, have recently increased their positions in the company [4]