Revenue and Profit - The company achieved total revenue of 258 million yuan in Q1 2025, a year-on-year increase of 0.51% [2] - The net profit attributable to shareholders was 18.37 million yuan, a year-on-year decrease of 3.63% [2] - The net profit after deducting non-recurring items was 18.06 million yuan, a year-on-year decrease of 1.88% [2] Profitability - The company's gross margin was 32.02%, a year-on-year decrease of 12.33% [3] - The net profit margin was 7.11%, a year-on-year decrease of 4.13% [3] - This indicates challenges in cost control and a weakening of profitability [3] Expense Control - Total selling, administrative, and financial expenses amounted to 45.92 million yuan, accounting for 17.82% of revenue, a year-on-year decrease of 13.68% [4] - Although the expense ratio has decreased, the impact of expense control on overall profitability remains a concern [4] Assets and Liabilities - As of the end of Q1 2025, the company's cash and cash equivalents were 365 million yuan, a decrease of 30.27% year-on-year [5] - Accounts receivable stood at 658 million yuan, a decrease of 10.02% year-on-year [5] - Interest-bearing liabilities were 5.72 million yuan, a decrease of 27.05% year-on-year [5] - Notably, accounts receivable accounted for 3052.04% of the latest annual net profit, highlighting the need to monitor receivables collection [5] Cash Flow - The operating cash flow per share was -0.2 yuan, a year-on-year decrease of 94.96% [6] - The significant reduction in cash flow may pose pressure on the company's future operations and development [6] Dividends and Financing - Since its listing, the company has raised a total of 362 million yuan and distributed a total of 218 million yuan in dividends, resulting in a dividend-to-financing ratio of 0.6 [7] - This indicates a proactive approach in terms of dividends [7] Business Model and Outlook - The company's performance primarily relies on research and marketing efforts, necessitating further investigation into the effectiveness of these drivers [8] - Overall, the company's Q1 2025 performance appears relatively flat, with particular attention needed on accounts receivable and cash flow pressures [8]
楚天龙2025年一季度业绩平淡，需关注应收账款与现金流压力