B-SOFT(SZ:300451) Sou Hu Cai Jing·2025-04-28 22:22Core Viewpoint - The recent financial report of Chuangye Huikang (300451) indicates a significant decline in revenue and net profit for Q1 2025 compared to the same period in 2024, raising concerns about the company's financial health and operational efficiency [1][3]. Financial Performance Summary - Total revenue for Q1 2025 was 290 million yuan, a decrease of 22.67% year-on-year from 375 million yuan in Q1 2024 [1]. - The net profit attributable to shareholders for Q1 2025 was -15.64 million yuan, representing a decline of 226.6% compared to a profit of 12.36 million yuan in Q1 2024 [1]. - The gross profit margin improved to 55.12%, an increase of 6.8% year-on-year, while the net profit margin fell to -5.06%, a decrease of 233.34% [1]. - Total receivables accounted for 114.01% of the latest annual revenue, indicating a high level of outstanding payments [1]. Cost and Expense Analysis - Total expenses (sales, management, and financial) amounted to 78.54 million yuan, which is 27.05% of revenue, reflecting a year-on-year increase of 21.54% [1]. - The company reported a significant increase in interest-bearing liabilities, rising by 400.02% to 54.88 million yuan [1]. Market and Operational Insights - The decline in revenue is attributed to the company's client base, primarily public medical institutions, which face strict budget controls and lengthy procurement processes [3]. - The uneven distribution of payment schedules and project acceptance has been influenced by external market conditions and the transition between old and new products [3]. Business Model and Financing - The company has relied heavily on equity financing, with a total financing amount of 2.814 billion yuan and cumulative dividends of 230 million yuan since its listing, resulting in a dividend-to-financing ratio of 0.08 [4].