*ST美谷（000615）2025年一季报简析：净利润减52.45%，短期债务压力上升

Core Insights - *ST Meigu's Q1 2025 financial report shows a significant decline in revenue and net profit, indicating ongoing financial struggles [1] - The company's liquidity position is concerning, with a current ratio of 0.3, suggesting potential short-term debt repayment issues [1] Financial Performance - Total revenue for Q1 2025 was 238 million yuan, a decrease of 13.49% compared to Q1 2024 [1] - The net profit attributable to shareholders was -41.18 million yuan, down 52.45% year-on-year [1] - Gross margin fell to 18.22%, a decline of 23.84% from the previous year [1] - Net margin worsened to -18.85%, reflecting a 100.26% decrease year-on-year [1] - Earnings per share decreased to -0.05 yuan, a drop of 52.54% compared to the same period last year [1] Cash Flow and Debt Analysis - Cash and cash equivalents decreased by 26.87% to 97.95 million yuan [1] - The company's interest-bearing debt decreased by 5.67% to 1.058 billion yuan [1] - The ratio of financial expenses to the average operating cash flow over the past three years reached 54.05%, indicating high financial burden [4] Business Model and Operational Insights - The company relies heavily on marketing-driven performance, necessitating a deeper analysis of the underlying drivers [4] - The cumulative financing since its listing is 1.81 billion yuan, with total dividends amounting to 132 million yuan, resulting in a dividend-to-financing ratio of 0.07 [4] - The cash flow situation is critical, with cash assets constituting only 4.54% of total assets and 11.48% of current liabilities [4]