宝明科技2025年一季度业绩下滑，现金流及债务状况需关注

Core Viewpoint - Baoming Technology (002992) reported a significant decline in financial performance for Q1 2025, with both revenue and net profit showing substantial decreases, indicating weakened profitability and increased financial pressure [1][6]. Financial Performance - The total operating revenue for Q1 2025 was 307 million yuan, a decrease of 15.41% compared to the same period last year [1]. - The net profit attributable to shareholders was -17.61 million yuan, a dramatic decline of 79.79% year-on-year [1]. - The non-recurring net profit was -15.60 million yuan, down 25.24% year-on-year, highlighting a significant reduction in profitability [1]. Profitability - The gross margin was 11.23%, a decrease of 5.13 percentage points year-on-year [2]. - The net profit margin was -6.61%, a decrease of 122.45 percentage points year-on-year [2]. - Earnings per share were -0.10 yuan, a 100% decrease compared to the previous year [2]. Expense Situation - Total expenditures on sales, management, and financial expenses amounted to 29.46 million yuan, accounting for 9.6% of operating revenue, which is an increase of 15.69% year-on-year [3]. Assets and Liabilities - As of the end of Q1 2025, the company's cash and cash equivalents were 278 million yuan, an increase of 39.36% year-on-year [4]. - Accounts receivable stood at 449 million yuan, a decrease of 14.05% year-on-year [4]. - Interest-bearing liabilities were 711 million yuan, an increase of 4.56% year-on-year [4]. - The current ratio was only 0.84, indicating a decline in short-term solvency [4]. Cash Flow Situation - The operating cash flow per share was -0.21 yuan, a decrease of 108.49% year-on-year, indicating that cash outflows from operating activities exceeded inflows [5]. Summary - Overall, Baoming Technology's financial performance in Q1 2025 was weak, with significant declines in revenue and net profit, reduced profitability, increased expenses, and concerning cash flow and debt levels [6].