Financial Overview - The company reported a total operating revenue of 96.6553 million yuan for Q1 2025, an increase of 18.46% year-on-year [1][2] - The net profit attributable to the parent company was 12.7091 million yuan, a decrease of 8.7% year-on-year [1][2] - The net profit excluding non-recurring items was 11.0729 million yuan, an increase of 10.1% year-on-year [1][2] Accounts Receivable and Cash Flow - The accounts receivable was significantly high, with accounts receivable to net profit ratio reaching 579.24% [4] - The operating cash flow per share was 0.12 yuan, showing a year-on-year increase of 215.71%, indicating improvement in cash flow [4] Debt Servicing Ability and Financing Dividends - The company has a healthy cash position with monetary funds amounting to 150 million yuan, a year-on-year increase of 95.37% [5] - Interest-bearing liabilities were 1.8256 million yuan, a significant decrease of 95.25% year-on-year [5] - Cumulative financing since listing totaled 651 million yuan, with cumulative dividends amounting to 44.16 million yuan, resulting in a dividend financing ratio of 0.07 [5] Business Model and Capital Expenditure - The company's performance is primarily driven by capital expenditure and equity financing [6] - The average operating cash flow over the past three years relative to current liabilities was only 13.81%, suggesting a need for attention to cash flow conditions [6] Key Financial Metrics - Gross margin was 30.03%, a decrease of 11.79% year-on-year [7] - Net margin was 13.86%, a decrease of 17.67% year-on-year [7] - The ratio of operating expenses to revenue was 9.22%, a decrease of 41.78% year-on-year [7] - Earnings per share was 0.09 yuan, a decrease of 8.33% year-on-year [7]
长青科技一季度营收增长但净利润下滑,需关注应收账款与现金流