宁波色母2025年一季度盈利能力增强但现金流和资产状况堪忧

Core Viewpoint - Ningbo Color Master achieved an increase in profitability in Q1 2025 despite a decline in total revenue, indicating improved operational efficiency and cost control [1][4]. Financial Performance - The company reported total revenue of 107 million yuan in Q1 2025, a year-on-year decrease of 6.46%, while net profit attributable to shareholders reached 25.13 million yuan, up 26.81% year-on-year [1]. - The non-recurring net profit was 19.99 million yuan, reflecting a year-on-year growth of 4.99% [1]. - Gross margin improved to 36.46%, an increase of 12.83% year-on-year, and net margin rose to 23.49%, up 35.57% year-on-year, indicating effective cost management [1]. Asset and Cash Flow Situation - The company's cash position deteriorated significantly, with cash and cash equivalents dropping from 330 million yuan in Q1 2024 to 93.40 million yuan in Q1 2025, a decline of 71.69% [2]. - Operating cash flow per share turned negative, decreasing from 0.09 yuan in 2024 to -0.03 yuan in 2025, a reduction of 139.32% [2]. Accounts Receivable and Liabilities - Accounts receivable increased by 4.09% to 143 million yuan, while interest-bearing liabilities surged by 82.84% to 13.07 million yuan [3]. - The ratio of accounts receivable to profit reached 142.03%, raising concerns about the collection efficiency [3]. Dividends and Financing - Since its listing, the company has raised a total of 579 million yuan and distributed dividends totaling 136 million yuan, resulting in a dividend-to-financing ratio of 0.23, indicating reliance on equity financing for business development [4].