TCT(SH:688015) Zheng Quan Zhi Xing·2025-04-26 23:44Overall Overview - In Q1 2025, the company achieved total revenue of 403 million yuan, a decrease of 4.73% compared to the same period last year. However, the company's profitability improved, with net profit attributable to shareholders reaching 17.7 million yuan, an increase of 42.58% year-on-year. The net profit after deducting non-recurring items was 11.05 million yuan, a significant increase of 93.13% [1] Profitability Analysis - The gross profit margin in Q1 2025 reached 37.82%, an increase of 23.25 percentage points compared to the same period last year, indicating enhanced competitiveness in the company's core business. Additionally, the net profit margin improved from the previous year's level to 5.68%, with an increase of 18.39%, further confirming the improvement in profitability [2] Cost Control and Capital Structure - Despite the decline in revenue, the company demonstrated excellent cost control. The total selling, administrative, and financial expenses amounted to 53.05 million yuan, accounting for 13.16% of total revenue, a decrease of 2.06 percentage points year-on-year. Furthermore, interest-bearing debt decreased from 450.31 million yuan last year to 317.46 million yuan, a reduction of 29.50%, indicating optimization of the capital structure [3] Cash Flow and Accounts Receivable - Notably, the operating cash flow per share was -1.14 yuan, a decrease of 37.26% year-on-year, which may reflect significant cash outflow pressure in the company's operations. Additionally, accounts receivable increased from 1.481 billion yuan to 1.699 billion yuan, an increase of 14.73%, with accounts receivable to profit ratio reaching 2032.87%, suggesting that investors should closely monitor the company's future collection situation and its impact on cash flow [4] Shareholder Equity - The net asset per share increased from 13.27 yuan to 13.62 yuan, an increase of 2.64%, reflecting a steady improvement in asset quality. Earnings per share were 0.09 yuan, a year-on-year increase of 28.57%, indicating enhanced profitability [5]