Shanxi Hi-speed Group(SZ:000755) Zheng Quan Zhi Xing·2025-04-26 00:53Core Insights - Shanxi Expressway (000755) reported a total operating revenue of 338 million yuan for Q1 2025, reflecting a year-on-year increase of 2.53% [2] - The net profit attributable to shareholders reached 107 million yuan, up 26.92% year-on-year, with the same growth rate for the net profit after deducting non-recurring gains and losses [2] Operational Overview - The company's gross profit margin improved to 57.63%, an increase of 7.9% year-on-year, while the net profit margin rose to 31.74%, up 23.79% [3] - Earnings per share were reported at 0.07 yuan, showing a year-on-year growth of 26.86% [3] Cash Flow and Debt Servicing Ability - Operating cash flow per share decreased to 0.12 yuan, a decline of 27.34% year-on-year, indicating reduced cash inflow from operating activities [4] - The company’s interest-bearing liabilities amounted to 6.407 billion yuan, down 8.22% from the previous year, but the interest-bearing asset-liability ratio remains high at 51.05% [4] Assets and Financing - Cash and cash equivalents increased to 1.178 billion yuan, reflecting a healthy cash position with a year-on-year growth of 16.37% [5] - Since its listing, the company has raised a total of 4.703 billion yuan through financing, with total dividends amounting to 294 million yuan, resulting in a dividend financing ratio of only 0.06, indicating a preference for equity financing [5] Business Model - The company's performance is primarily driven by equity financing, and the sustainability of this model requires further observation [6] - Given the high level of interest-bearing debt, it is crucial for investors to closely monitor the company's debt management and cash flow situation [6]