Zheng Quan Zhi Xing·2025-04-26 22:29Financial Performance - The company reported total revenue of 619 million yuan for Q1 2025, a decrease of 4.25% year-on-year [1] - The net profit attributable to shareholders was 90.31 million yuan, down 7.41% compared to the same period last year [1] - The gross margin was 69.52%, an increase of 0.44% year-on-year, while the net profit margin decreased to 13.55%, down 5.36% [1] - Total expenses (selling, administrative, and financial) amounted to 272 million yuan, accounting for 43.96% of revenue, an increase of 5.94% year-on-year [1] - Earnings per share (EPS) was 0.39 yuan, a decrease of 7.14% year-on-year [1] Accounts Receivable and Cash Flow - Accounts receivable represented 77.11% of the latest annual net profit, indicating a significant amount of outstanding payments [1] - Operating cash flow per share was 0.37 yuan, down 18.22% year-on-year [1] Business Model and Market Position - The company's return on invested capital (ROIC) was 5.01%, indicating average capital returns [3] - The net profit margin for the previous year was 13.95%, suggesting high added value for products or services [3] - The company relies heavily on marketing-driven performance, necessitating further investigation into the underlying drivers [3] Future Expectations - Analysts expect the company's performance in 2025 to reach 505 million yuan, with an average EPS forecast of 2.17 yuan [4] Fund Holdings - The largest fund holding the company’s shares is Tianhong Pension 2035 Three-Year (FOF) A, with 12,400 shares newly entered into the top ten holdings [5] - The fund's current scale is 120 million yuan, with a net value of 1.0282 as of April 23, showing a 0.12% increase from the previous trading day [5] Product Performance - The company anticipates a 65% year-on-year increase in hyaluronic acid product sales in 2024, despite a slowdown in growth due to market conditions [7]