健盛集团2025年一季度业绩下滑，需关注现金流与债务状况

Revenue and Profit - The company achieved total revenue of 560 million yuan in Q1 2025, representing a year-on-year increase of 2.12% [2] - However, the net profit attributable to shareholders was 60.12 million yuan, a year-on-year decrease of 26.88%, and the net profit after deducting non-recurring items was 61.29 million yuan, down 23.45% year-on-year [2] Profitability - The company's gross margin was 26.84%, a decrease of 8.53 percentage points compared to the same period last year [3] - The net profit margin was 10.73%, which represents a year-on-year decline of 28.4%, indicating pressure on cost control [3] Expense Situation - Total selling, administrative, and financial expenses reached 72.66 million yuan, accounting for 12.97% of revenue, which is a year-on-year increase of 24.66% [4] - The increase in expenses may be one of the reasons for the decline in profit [4] Assets and Liabilities - As of the end of the reporting period, the company's cash and cash equivalents amounted to 524 million yuan, a year-on-year increase of 56.97% [5] - Accounts receivable rose to 467 million yuan, up 10.87% year-on-year, with accounts receivable accounting for 143.76% of the latest annual net profit, indicating potential recovery risks [5] - Interest-bearing liabilities were 1.061 billion yuan, a year-on-year increase of 47.03%, with an interest-bearing asset-liability ratio of 27.28%, reflecting some debt pressure [5] Cash Flow and Dividends - The operating cash flow per share was 0.56 yuan, a year-on-year increase of 37.16%, indicating an improvement in cash flow from operating activities [6] - Since its listing, the company has raised a total of 2.275 billion yuan and distributed dividends of 807 million yuan, resulting in a dividend-to-financing ratio of 0.35 and an estimated dividend yield of 6.23% [6] Overall Summary - Overall, the company's performance in Q1 2025 was relatively flat, with slight revenue growth but a significant decline in profit, particularly in net profit margin [7] - The company needs to closely monitor cash flow and debt conditions, especially the management of accounts receivable and the increase in interest-bearing liabilities [7]