博腾股份2025年一季度盈利能力回升但仍需关注应收账款

Core Viewpoint - Boteng Co., Ltd. shows signs of recovery in Q1 2025, particularly in profitability and cost control, despite still reporting losses in net profit [2][7]. Operational Overview - In Q1 2025, Boteng achieved total revenue of 801 million yuan, an increase of 18.21% year-on-year. However, the net profit attributable to shareholders was -4.2842 million yuan, and the net profit after deducting non-recurring items was -10.0901 million yuan, indicating a significant improvement of 95.48% and 89.21% respectively compared to the same period last year [2]. Profitability Analysis - The gross profit margin for the reporting period was 26.33%, reflecting a year-on-year increase of 66.21%. The net profit margin was -3.19%, which improved by 82.62% year-on-year, indicating progress in cost control and enhancement of product value [3]. Cost and Expenses - Total sales, management, and financial expenses amounted to 140 million yuan, with the three expenses accounting for 17.44% of revenue, a decrease of 24.83% compared to the same period last year, demonstrating effective expense management [4]. Asset Status - As of the end of the reporting period, the company's cash and cash equivalents were 1.251 billion yuan, a decrease of 30.75% year-on-year. Accounts receivable stood at 766 million yuan, an increase of 16.26% year-on-year. Although accounts receivable increased, its growth rate was lower than that of revenue, and with a negative net profit, monitoring the collection of accounts receivable is advised [5]. Dividends and Financing - Since its listing, Boteng has raised a total of 2.396 billion yuan in financing and distributed a total of 1.199 billion yuan in dividends, resulting in a dividend-to-financing ratio of 0.5, indicating a commitment to shareholder returns [6]. Business Model - The company's performance heavily relies on research and development, necessitating a deeper examination of its R&D outcomes and their contributions to long-term growth [7].