Ledman(SZ:300162) Zheng Quan Zhi Xing·2025-04-28 23:46Financial Overview - In Q1 2025, the company achieved total operating revenue of 263 million yuan, a decrease of 13.56% compared to the same period last year [1] - Despite the decline in revenue, the net profit attributable to shareholders reached 2.25 million yuan, an increase of 11.69% year-on-year [1] - The non-recurring net profit was -1.59 million yuan, an increase of 31.35% year-on-year [1] Key Financial Indicators - Gross margin was 23.64%, a decrease of 2.97% year-on-year [7] - Net margin was 0.81%, a decrease of 32.1% year-on-year [7] - Operating cash flow per share was -0.14 yuan, a significant decrease of 1001.36% year-on-year [7] - Earnings per share were 0.01 yuan, an increase of 14.58% year-on-year [7] Asset and Liability Situation - Operating cash flow indicates a substantial outflow, necessitating attention to the company's cash flow status [3] - Accounts receivable amounted to 279 million yuan, an increase of 16.46% year-on-year, which is higher than the decline in operating revenue, suggesting potential collection pressure [4] - Interest-bearing liabilities reached 129 million yuan, an increase of 9.71% year-on-year [7] Business Model and Financing - The company's performance is primarily driven by marketing efforts, warranting further investigation into the effectiveness of this strategy [5] - Since its listing, the company has raised a total of 1.42 billion yuan and distributed a total of 145 million yuan in dividends, resulting in a dividend-to-financing ratio of 0.1 [5] Summary - In Q1 2025, while the company reported an increase in net profit, it faced challenges with declining operating revenue and cash flow, alongside a rapid increase in accounts receivable, indicating a need for close monitoring of cash flow and receivables collection [6]