电声股份2025年一季度财报：营收增长但盈利能力与现金流承压

Revenue and Profit - The company achieved total revenue of 638 million yuan in Q1 2025, representing a year-on-year increase of 21.45% [2] - However, the net profit attributable to shareholders was 4.34 million yuan, a year-on-year decrease of 15.46%, while the net profit after deducting non-recurring items was 1.41 million yuan, down 41.76% year-on-year [2] Profitability - The company's gross margin was 8.33%, a decrease of 24.39% year-on-year, and the net profit margin was 0.87%, down 4.29% year-on-year, indicating weakened profitability in core operations [3] Costs and Expenses - Total selling, administrative, and financial expenses amounted to 46.58 million yuan, accounting for 7.3% of revenue, which is a year-on-year decrease of 27.24%. Despite improved cost control, overall profitability did not see significant enhancement [4] Cash Flow and Accounts Receivable - The operating cash flow per share was -0.09 yuan, a year-on-year decrease of 9853.29%, indicating tight cash flow conditions in operational activities [5] - Accounts receivable reached 586 million yuan, which is 4170.25% of the latest annual net profit, highlighting significant pressure in accounts receivable management [5] Assets and Liabilities - Cash and cash equivalents amounted to 600 million yuan, a year-on-year decrease of 26.47%, while interest-bearing liabilities increased to 203 million yuan, a year-on-year increase of 3579.45%, indicating pressure on the company's debt situation [6] Overall Summary - In Q1 2025, the company experienced revenue growth but faced significant challenges in profitability, cash flow management, and accounts receivable. There is a need for further optimization of cost structure, enhancement of accounts receivable management, and improvement of cash flow conditions to boost overall operational efficiency and profitability [7]