Linewell(SH:603636) Zheng Quan Zhi Xing·2025-04-26 23:23Revenue and Profit - The company reported total revenue of 170 million yuan for Q1 2025, representing a year-on-year increase of 58.05% [1] - Despite the significant revenue growth, the net profit attributable to shareholders was negative at -34.69 million yuan, although this reflects a year-on-year improvement of 48.59% [1] - The non-recurring net profit was also negative at -35.89 million yuan, with a year-on-year increase of 48.25% [1] Key Financial Metrics - The gross profit margin stood at 24.74%, a decrease of 15.83% year-on-year [2] - The net profit margin was -20.81%, showing an increase of 67.6% year-on-year [2] - Total operating expenses (selling, administrative, and financial expenses) amounted to 67.77 million yuan, accounting for 39.77% of revenue, which is a decrease of 42.28% year-on-year [2] - The earnings per share (EPS) was -0.06 yuan, reflecting a year-on-year increase of 50% [2] Asset and Liability Situation - The company's cash and cash equivalents totaled 196 million yuan, a decrease of 27.17% year-on-year [3] - Accounts receivable amounted to 2.016 billion yuan, down 14.44% year-on-year [3] - Interest-bearing liabilities were 1.453 billion yuan, a decrease of 10.95% year-on-year [3] - Notably, inventory increased significantly, with a year-on-year growth of 33.64% [3] Business Model and Financing - The company's performance is primarily driven by capital expenditures, necessitating close attention to the rationality of capital expenditure projects and potential funding pressures [4] - Since its listing, the company has raised a total of 1.035 billion yuan and distributed dividends totaling 517 million yuan, resulting in a dividend-to-financing ratio of 0.5 [4]