BAOSE(SZ:300402) Zheng Quan Zhi Xing·2025-04-26 01:23Core Viewpoint - Baose Co., Ltd. reported a decline in total operating revenue for Q1 2025, but showed resilience in net profit and cash flow despite challenges [1][5]. Financial Overview - Total operating revenue for Q1 2025 was 422 million yuan, a decrease of 9.8% compared to the same period last year [1]. - Net profit attributable to shareholders reached 18.86 million yuan, an increase of 2.62% year-on-year [1]. - Non-recurring net profit was 16.33 million yuan, down 7.84% year-on-year [1]. Accounts Receivable and Debt - Accounts receivable surged to 788 million yuan, a year-on-year increase of 52.51%, with a ratio to profit of 1152.39%, raising concerns about future cash flow and bad debt risk [3]. - Interest-bearing debt decreased from 336 million yuan to 183 million yuan, a reduction of 45.64%, indicating progress in reducing debt burden [3]. Business Model and Capital Structure - The company's performance is primarily driven by R&D and equity financing, with total financing since listing amounting to 948 million yuan and total dividends of 200 million yuan, resulting in a dividend financing ratio of 0.21 [4]. - Cash assets are healthy, with monetary funds at 879 million yuan, reflecting a year-on-year growth of 29.28% [4]. Profitability Metrics - Gross margin was 20.26%, an increase of 17.53% year-on-year, indicating effective cost control [6]. - Net margin was 4.47%, up 13.77% year-on-year, showing improvement in profitability [6]. - Operating expenses accounted for 5.76% of revenue, a slight increase of 1.99% year-on-year [6]. - Earnings per share were 0.08 yuan, a year-on-year increase of 2.52% [6]. - Cash flow per share improved significantly to 0.14 yuan, a remarkable increase of 772.77% year-on-year [6].