阿石创2025年一季度增收不增利，多项财务指标下滑需关注

Core Viewpoint - Astone's Q1 2025 report shows revenue growth but significant declines in profitability and cash flow, indicating challenges in cost control and debt management [1][2][7] Operating Performance - Astone achieved total revenue of 301 million yuan in Q1 2025, a year-on-year increase of 12.01%. However, the net profit attributable to shareholders was -3.71 million yuan, a decline of 15.78% year-on-year, with the non-recurring net profit dropping to -8.15 million yuan, a decrease of 90.88% [2] Profitability - The company's gross margin was 5.75%, down 21.44% year-on-year, and the net margin was -1.42%, a decrease of 36.04% year-on-year, indicating ineffective cost control despite revenue growth [3] Expense Control - Total operating expenses (selling, administrative, and financial) amounted to 19.27 million yuan, accounting for 6.4% of revenue, a year-on-year decrease of 1.81%. However, financial expenses posed significant pressure, with a ratio of 128.49% relative to the average operating cash flow over the past three years [4] Cash Flow and Debt Situation - The company's cash flow situation is concerning, with operating cash flow per share at -0.22 yuan, a year-on-year decrease of 207.94%. The total interest-bearing debt is 767 million yuan, with an interest-bearing asset-liability ratio of 39.68%, indicating notable debt pressure [5] Accounts Receivable - Accounts receivable stood at 255 million yuan, an increase of 11.71% year-on-year, necessitating attention to the collection of receivables given the negative net profit [6] Summary - Overall, while Astone reported revenue growth in Q1 2025, it faces significant challenges in profitability, cash flow, and debt management, warranting close monitoring of its operational improvement measures [7]