Neoway(SH:688159) Zheng Quan Zhi Xing·2025-05-01 01:35Revenue and Profit - The company achieved a total revenue of 1.058 billion yuan in Q1 2025, representing a year-on-year growth of 22.66%. However, the net profit attributable to shareholders was only 17.5995 million yuan, a significant decline of 70.03% year-on-year. The non-recurring net profit was 17.684 million yuan, down 68.01% year-on-year, indicating a notable decrease in profitability despite revenue growth [1]. Key Financial Metrics - The company's gross margin was 7.59%, a decrease of 41.55 percentage points compared to the same period last year, reflecting low added value of products or services. The net margin was 1.59%, down 76.11 percentage points year-on-year, further indicating weakened profitability [2]. Expense Control - Total operating expenses (selling, administrative, and financial expenses) amounted to 34.1202 million yuan, accounting for 3.23% of revenue, which is a decrease of 1.66 percentage points year-on-year. However, the effectiveness of expense control was limited, failing to significantly improve profit margins [3]. Cash Flow and Asset Status - The company's cash and cash equivalents reached 436 million yuan, a year-on-year increase of 137.46%. However, the operating cash flow per share was only 0.01 yuan, although it increased by 104.17% year-on-year, it remains at a low level. Accounts receivable stood at 548 million yuan, up 37.15% year-on-year, and the rapid increase in accounts receivable may impact cash flow [4]. Debt Situation - Interest-bearing liabilities amounted to 760 million yuan, a year-on-year increase of 59.26%. The interest-bearing asset-liability ratio has reached 35.7%, raising concerns about the company's future debt repayment capacity [5]. Business Model and Capital Return - The company's performance is primarily driven by research and development, but the capital return has been average in recent years, with a return on invested capital (ROIC) of 9.2% last year. The net margin was 3.12%, indicating low added value of products or services when considering all costs [6].