JOYVIO FOOD(SZ:300268) Zheng Quan Zhi Xing·2025-04-26 06:54Core Viewpoint - *ST Jiahua (300268) reported a significant decline in financial performance for Q1 2025, indicating ongoing challenges in its business operations and financial health [2][3]. Financial Overview - The total operating revenue for the company was 678 million yuan, a year-on-year decrease of 34.09% [2][3]. - The net profit attributable to shareholders was -181 million yuan, reflecting a year-on-year decline of 105.49% [2][3]. - The non-recurring net profit was also -181 million yuan, with a year-on-year decrease of 106.79% [2][3]. Key Financial Indicators - The net profit margin last year was -31.45%, indicating low added value in products or services after accounting for all costs [4]. - The gross margin was -7.98%, down 76.78% year-on-year [8]. - The net margin was -29.71%, a decrease of 224.38% year-on-year [8]. - The ratio of operating expenses to revenue was 29.86%, an increase of 80.56% year-on-year [8]. - The earnings per share were -1.04 yuan, a decline of 105.48% year-on-year [8]. Cash Flow and Financial Health - The ratio of cash and cash equivalents to total assets was only 4.98%, suggesting a need to monitor the company's cash flow situation [9]. - The financial expenses accounted for 323.08% of the average operating cash flow over the past three years, highlighting the importance of controlling financial costs [9]. Financing and Dividends - Since its listing, the company has raised a total of 841 million yuan and distributed dividends totaling 20.10 million yuan, resulting in a dividend-to-financing ratio of only 0.02 [5]. Business Model - The company's performance is primarily driven by marketing efforts, necessitating further investigation into the underlying factors that drive its business [6].