LSGC(SH:600738) Zheng Quan Zhi Xing·2025-04-30 23:26Overall Overview - The company reported a total revenue of 177 million yuan for Q1 2025, representing a year-on-year decline of 8.51% [1] - The net profit attributable to the parent company was 58.84 million yuan, down 7.79% year-on-year [1] - The net profit after deducting non-recurring items was 57.88 million yuan, a decrease of 8.99% compared to the previous year [1] Key Financial Indicators - Gross margin was 69.53%, an increase of 2.21% year-on-year [6] - Net margin was 32.25%, up 2.44% year-on-year [6] - Operating expenses accounted for 18.11% of revenue, a decrease of 10.0% year-on-year [6] - Earnings per share remained stable at 0.08 yuan compared to the same period last year [6] Asset and Liability Situation - The company has a total of 222 million yuan in cash, which is a decrease of 39.08% year-on-year [6] - Accounts receivable reached 186 million yuan, showing a significant year-on-year increase of 57.14% [6] - Interest-bearing liabilities amounted to 599 million yuan, down 6.39% year-on-year [6] Financial Health - The cumulative financing amount since listing is 3.839 billion yuan, with total dividends of 2.081 billion yuan, resulting in a dividend-to-financing ratio of 0.54, indicating stable capital operations [4] - The ratio of cash to current liabilities is only 22.15%, indicating some cash flow pressure [7] - The ratio of accounts receivable to profit is as high as 256.15%, suggesting significant risks in accounts receivable recovery [7] Summary - Overall, the company's financial performance in Q1 2025 is relatively flat, with declines in both revenue and net profit [5] - Despite improvements in gross and net margins, the substantial increase in accounts receivable and tight cash flow situation warrant close attention from investors [5]