恒星科技2025年一季报简析：净利润增390.5%，公司应收账款体量较大

Financial Performance - The company reported total revenue of 1.117 billion yuan for Q1 2025, a decrease of 0.83% year-on-year [1] - The net profit attributable to shareholders was 5.67 million yuan, an increase of 390.5% year-on-year [1] - The gross margin was 8.27%, down 5.3% year-on-year, while the net margin improved to 0.51%, up 392.96% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 61.29 million yuan, accounting for 5.49% of revenue, a decrease of 9.52% year-on-year [1] Balance Sheet and Cash Flow - The company had accounts receivable of 906 million yuan, a decrease of 10.78% year-on-year, but the accounts receivable to net profit ratio reached 6656.07% [1][3] - Cash and cash equivalents were reported at 815 million yuan, down 13.70% year-on-year [1] - The company’s operating cash flow per share was 0.14 yuan, an increase of 406.88% year-on-year [1] Business Model and Strategy - The company’s return on invested capital (ROIC) was 1.08%, indicating weak capital returns [3] - The net profit margin for the previous year was 0.27%, suggesting low added value in products or services [3] - The company relies on R&D, marketing, and equity financing to drive performance [3] - The company plans to continue internal innovation and external market expansion to promote high-quality development [3]