Core Viewpoint - Meishi Technology (001229) reported disappointing performance in Q1 2025, particularly in profitability and cost control, indicating significant challenges ahead for the company [1][7]. Operating Performance - The total revenue for Q1 2025 was 27.31 million yuan, a decrease of 1.63% compared to the same period last year [2]. - The net profit attributable to shareholders was 5.86 million yuan, a substantial decline of 59.23% year-on-year; the net profit after deducting non-recurring items was 5.27 million yuan, down 55.76% year-on-year [2]. Costs and Expenses - The total of the three major expenses (selling, administrative, and financial expenses) reached 11.31 million yuan, with the proportion of total revenue rising from 25.14% in the same period last year to 41.41%, an increase of 64.7% [3]. Profitability - The gross margin was 54.17%, a decrease of 28.18 percentage points year-on-year; the net profit margin was 21.45%, down 58.55 percentage points year-on-year [4]. - Earnings per share were 0.06 yuan, a decrease of 57.14% compared to the previous year [4]. Cash Flow and Assets Liabilities - Despite poor performance, the operating cash flow per share improved to 0.22 yuan, a year-on-year increase of 44.66% [5]. - Cash and cash equivalents amounted to 374 million yuan, a decrease of 38.34% from 606 million yuan in the same period last year [5]. - Accounts receivable were 61.60 million yuan, down 2.43% year-on-year; interest-bearing liabilities were 1.28 million yuan, a decrease of 31.72% year-on-year [5]. Business Model and Capital Operations - Since its listing, the company has raised a total of 543 million yuan and distributed dividends totaling 100 million yuan, resulting in a dividend-to-financing ratio of 0.18 [6]. - The company's performance has primarily relied on equity financing, necessitating further attention to the long-term impact of this financing approach on its development [6]. Summary - Overall, Meishi Technology's performance in Q1 2025 was unsatisfactory, particularly in profitability and cost control, indicating the need for effective measures to enhance profitability and optimize cost structure in the future [7].
魅视科技2025年一季度业绩下滑显著，三费占比大幅上升