山鹰国际2025年一季度业绩下滑，需关注现金流与债务风险

Revenue and Profit - The company achieved total revenue of 6.766 billion yuan in Q1 2025, a year-on-year increase of 1.45% [1] - However, the net profit attributable to shareholders was 32.8145 million yuan, a year-on-year decrease of 16.0%, and the non-recurring net profit was -44.3305 million yuan, a year-on-year decrease of 186.4% [1] Profitability - The company's gross margin was 9.88%, a decrease of 0.05 percentage points year-on-year [2] - The net profit margin was 0.36%, a decrease of 12.56 percentage points year-on-year [2] - Earnings per share were 0.01 yuan, a year-on-year decrease of 33.33% [2] Expense Control - Total selling, administrative, and financial expenses amounted to 606 million yuan, with the three expenses accounting for 8.95% of revenue, a year-on-year decrease of 8.48 percentage points [3] - Despite the decrease in expense ratio, overall expenses remain at a relatively high level [3] Cash Flow and Debt Situation - Operating cash flow per share was 0.05 yuan, a year-on-year decrease of 52.59% [4] - Cash and cash equivalents were 4.757 billion yuan, a year-on-year decrease of 8.25% [4] - Interest-bearing liabilities stood at 27.6 billion yuan, a year-on-year decrease of 12.32%, but the interest-bearing asset-liability ratio reached 50.56%, with a current ratio of only 0.45, indicating short-term debt pressure and cash flow issues [4] Business Model and Capital Return - The company's performance relies heavily on R&D and marketing, but the ROIC last year was only 1.17%, indicating weak capital returns [5] - The net profit margin was -1.69%, suggesting low added value of the company's products or services [5] - Since its listing, the company has raised a total of 7.630 billion yuan and distributed dividends totaling 1.852 billion yuan, resulting in a dividend-to-financing ratio of 0.24 [5] Summary - Overall, the company's performance in Q1 2025 appears weak, particularly in terms of profitability, cash flow, and debt management, indicating significant pressure in these areas [6]