Luoman Technologies(SH:605289) Zheng Quan Zhi Xing·2025-04-28 22:35Revenue and Profit - The company achieved a total revenue of 180 million yuan in Q1 2025, representing a year-on-year increase of 49.44% compared to 121 million yuan in the same period last year [2] - However, the net profit attributable to shareholders was 14.42 million yuan, a year-on-year decrease of 20.68%, while the net profit excluding non-recurring items was 14.36 million yuan, down 22.59% year-on-year [2] Profitability - The company's gross margin was 29.64%, a decrease of 1.6 percentage points year-on-year; the net profit margin was 8.17%, a significant decline of 40.57% year-on-year [3] - Earnings per share were 0.13 yuan, reflecting a year-on-year decrease of 23.53%, indicating pressure on cost control and profitability levels [3] Expense Situation - Total expenditures on selling, administrative, and financial expenses amounted to 41.02 million yuan, accounting for 22.75% of revenue, which is an increase of 28.5% year-on-year [4] Cash Flow and Accounts Receivable - The operating cash flow per share was -1.21 yuan, a year-on-year decrease of 24.85%, indicating poor cash flow from operating activities [5] - Accounts receivable reached 560 million yuan, representing 81.4% of the latest annual revenue, which may adversely affect future cash flow [5] Asset and Liability Situation - The company's cash and cash equivalents were 397 million yuan, a year-on-year decrease of 25.13%; interest-bearing liabilities increased significantly by 105.05% to 305 million yuan [6] Business Model and Financing Dividends - Since its listing, the company has raised a total of 591 million yuan and distributed dividends totaling 79.45 million yuan, resulting in a dividend-to-financing ratio of 0.13 [7] - The company's performance is primarily driven by equity financing, necessitating further research into the sustainability of this model [7]