Core Insights - ST Yuancheng reported a total revenue of 36.01 million yuan for Q1 2025, representing a year-on-year increase of 25.34%, while the net profit attributable to shareholders was -25.32 million yuan, a decrease of 12.76% compared to the previous year [1] - The company's gross margin improved significantly, with a year-on-year increase of 76.44%, while the net margin also saw an increase of 18.59% [1] - The financial health indicators show a concerning trend, with cash flow and net assets declining, indicating potential liquidity issues [3] Financial Performance - Total revenue for Q1 2025 was 36.01 million yuan, up from 28.73 million yuan in Q1 2024, marking a 25.34% increase [1] - The net profit attributable to shareholders for Q1 2025 was -25.32 million yuan, compared to -22.46 million yuan in Q1 2024, reflecting a decline of 12.76% [1] - The gross margin for Q1 2025 was -1.45%, an improvement from -6.16% in Q1 2024, showing a 76.44% increase [1] - The net margin for Q1 2025 was -72.55%, improved from -89.11% in Q1 2024, indicating an 18.59% increase [1] Cash Flow and Debt Analysis - The company's cash and cash equivalents decreased significantly to 10.99 million yuan, down 70.93% from 37.82 million yuan in the previous year [1] - The accounts receivable increased by 38.16%, rising from 648 million yuan to 895.7 million yuan [1] - The company has a debt ratio of 23.12% for interest-bearing liabilities, indicating a need for careful monitoring of its debt situation [3] Operational Efficiency - The total of selling, administrative, and financial expenses was 19.70 million yuan, accounting for 54.7% of revenue, a decrease of 11.54% year-on-year [1] - The earnings per share for Q1 2025 was -0.08 yuan, a decrease of 14.29% from -0.07 yuan in Q1 2024 [1] - The operating cash flow per share improved to 0.02 yuan, a significant increase of 109.88% from -0.17 yuan in the previous year [1]
ST元成2025年一季报简析:增收不增利,盈利能力上升