德恩精工：2025年一季度盈利能力提升但需关注现金流与债务状况

Core Viewpoint - 德恩精工's Q1 2025 financial results show improved profitability despite negative net profit, indicating potential for future growth [2][7] Operating Performance - The company achieved total revenue of 124 million yuan in Q1 2025, a year-on-year increase of 5.13% [2] - The net profit attributable to shareholders was -14.02 million yuan, but improved by 31.92% year-on-year [2] - The non-recurring net profit was -17.95 million yuan, with a year-on-year improvement of 23.19% [2] Profitability - Gross margin reached 6.78%, up 57.96% year-on-year, while net margin was -11.94%, an increase of 33.52% year-on-year [3] Cost Control - Total selling, administrative, and financial expenses amounted to 20.63 million yuan, accounting for 16.65% of revenue, a decrease of 9.37% year-on-year [4] Cash Flow and Asset Status - Operating cash flow per share was 0.06 yuan, a significant increase of 317.91% year-on-year [5] - Cash and cash equivalents were 97.06 million yuan, down 26.18% year-on-year, while accounts receivable increased by 7.24% to 107 million yuan [5] - The ratio of cash to current liabilities was only 26.28%, indicating a need for improved cash flow management [5] Debt Situation - Interest-bearing debt was 635 million yuan, a decrease of 7.75% year-on-year, with an interest-bearing asset-liability ratio of 32.74% [6] Dividends and Financing - Since its listing, the company has raised a total of 425 million yuan and distributed dividends totaling 70.40 million yuan, resulting in a dividend-to-financing ratio of 0.17 [7]