Golden Bridge(SH:600639) Zheng Quan Zhi Xing·2025-04-30 23:37Core Viewpoint - The recent Q1 2025 report of Pudong Jinqiao (600639) indicates significant declines in revenue and net profit, raising concerns about the company's financial health and operational efficiency [2][3]. Financial Performance - Total revenue for Q1 2025 was 510 million yuan, a year-on-year decrease of 43.88% - Net profit attributable to shareholders was 103 million yuan, down 54.87% year-on-year - Non-recurring net profit was 91.17 million yuan, reflecting a 59.81% decline year-on-year [2]. Key Financial Indicators - Gross margin stood at 61.48%, a decrease of 5.57% year-on-year - Net margin was 18.27%, down 28.02% year-on-year - Operating expenses accounted for 26.94% of revenue, an increase of 76.96% year-on-year - Earnings per share (EPS) was 0.09 yuan, a decrease of 54.77% year-on-year - Cash flow per share was 0.9 yuan, a significant increase of 765.16% year-on-year [3]. Asset and Liability Situation - Cash and cash equivalents amounted to 5.616 billion yuan, an increase of 13.84% year-on-year - Accounts receivable reached 239 million yuan, up 11.94% year-on-year - Interest-bearing liabilities totaled 19.955 billion yuan, an increase of 6.69% year-on-year [4]. Financial Analysis - The company's return on invested capital (ROIC) was 3.95%, indicating weak capital returns - The net profit margin from the previous year was 35.89%, suggesting high value-added products or services [5]. Debt Servicing Ability - The ratio of cash assets to current liabilities was only 44.26%, indicating potential short-term repayment pressure - The average operating cash flow over the past three years was -22.34% relative to current liabilities, raising concerns about liquidity [6]. Financing and Dividends - Since its listing, the company has raised a total of 3.766 billion yuan and distributed 5.038 billion yuan in dividends, resulting in a dividend-to-financing ratio of 1.34, reflecting a proactive dividend policy [7]. Areas of Concern - Despite a significant increase in cash flow per share, the average operating cash flow over the past three years has been negative, necessitating ongoing monitoring - The interest-bearing debt ratio has reached 39.83%, and the negative average operating cash flow over the past three years could pose debt risks - The inventory-to-revenue ratio is high at 846.82%, warranting attention to inventory turnover [8].