东阿阿胶2025年一季度盈利能力增强，但现金流状况恶化

Core Viewpoint - Dong'e Ejiao reported strong revenue and profit growth in Q1 2025, but faced challenges in cash flow management and accounts receivable [2][5][6] Business Overview - In Q1 2025, Dong'e Ejiao achieved total revenue of 1.719 billion yuan, an increase of 18.24% year-on-year; net profit attributable to shareholders reached 425 million yuan, up 20.25% year-on-year; and net profit excluding non-recurring items was 416 million yuan, a rise of 26.69% year-on-year [2] Profitability - The company's gross margin reached 73.62%, an increase of 2.55 percentage points year-on-year; net margin was 24.73%, up 1.66 percentage points year-on-year, indicating effective cost control and enhanced product value [3] Cost Control - Total selling, administrative, and financial expenses amounted to 693 million yuan, accounting for 40.31% of total revenue, a decrease of 2.13 percentage points compared to the same period last year, reflecting progress in cost management [4] Cash Flow and Financial Position - Operating cash flow per share was -0.47 yuan, a significant decrease of 147.63% compared to 0.99 yuan in the same period last year; cash and cash equivalents fell from 6.791 billion yuan to 5.432 billion yuan, a year-on-year decrease of 20.02%; accounts receivable increased from 187 million yuan to 541 million yuan, a rise of 190.08%, indicating challenges in cash flow management and accounts receivable collection [5] Summary - Overall, Dong'e Ejiao demonstrated strong profitability in Q1 2025 but faces pressure in cash flow management and accounts receivable, necessitating close monitoring of future cash flow improvement measures and accounts receivable management [6]