华立科技2025年一季度业绩下滑显著，需关注现金流及应收账款风险

Performance Overview - The total revenue for Huali Technology in Q1 2025 was 185 million yuan, a year-on-year decrease of 14.04% [2] - The net profit attributable to shareholders was 11.43 million yuan, down 42.78% year-on-year [2] - The net profit after deducting non-recurring gains and losses was 11.16 million yuan, a decline of 43.23% year-on-year [2] Profitability Analysis - The gross profit margin was 28.16%, a decrease of 3.92 percentage points compared to the same period last year [3] - The net profit margin was 6.18%, down 33.44 percentage points year-on-year, indicating pressure on cost control [3] Expense Control - Total expenditures on sales, management, and financial expenses amounted to 29.09 million yuan, accounting for 15.72% of revenue, an increase of 26.94% year-on-year [4] Cash Flow and Asset Status - The operating cash flow per share was -0.44 yuan, a decrease of 461.60% year-on-year, indicating significant cash outflow from operations [5] - Accounts receivable stood at 261 million yuan, representing 308.83% of the latest annual net profit, highlighting a substantial risk in receivables collection [5] Capital Structure and Financing - Interest-bearing debt was 115 million yuan, an increase of 14.68% year-on-year [6] - Cash and cash equivalents were 116 million yuan, down 9.11% year-on-year, with a cash-to-current liabilities ratio of only 38.7%, suggesting potential short-term repayment pressure [6] Business Model and Dividends - Since its listing, the company has raised a total of 308 million yuan and distributed dividends totaling 46.70 million yuan, resulting in a dividend financing ratio of 0.15 [7] Summary - Overall, Huali Technology's financial performance in Q1 2025 was disappointing, particularly in terms of profitability and cash flow, necessitating attention to accounts receivable management and cash flow improvement to address potential financial risks [8]