麒麟信安一季度业绩下滑显著，需关注现金流与费用控制

Performance Overview - The total revenue for Q1 2025 was 35.92 million yuan, a decrease of 18.62% compared to the same period last year [2] - The net profit attributable to shareholders was -13.68 million yuan, a significant decline of 88.09% year-on-year; the net profit excluding non-recurring items was -19.15 million yuan, down 41.16% [2] Profitability Analysis - The gross margin reached 82.7%, an increase of 26.03% year-on-year, but the net margin fell to -38.22%, a decrease of 131.91% [3] - The proportion of operating expenses (selling, administrative, and financial expenses) to revenue was 90.06%, an increase of 55.95%, indicating pressure on cost control [3] Cash Flow and Financial Position - The operating cash flow per share was -0.38 yuan, a decrease of 53.01% year-on-year, indicating a worsening trend in cash flow from operations [4] - Accounts receivable reached 327 million yuan, an increase of 11.62%, with accounts receivable to profit ratio at 4126.01%, suggesting significant collection risks [4] Capital Structure and Financing Situation - The company's cash and cash equivalents were 266 million yuan, a decrease of 5.77%, while interest-bearing debt was 9.047 million yuan, an increase of 4.83% [5] - Despite healthy cash assets, the ongoing negative operating cash flow necessitates attention to cash flow management [5] Business Model and Future Development - The company's performance relies on R&D, marketing, and equity financing; however, these factors have not effectively improved profitability [6] - Future focus should be on cost control and cash flow management to enhance current operational conditions [6] Summary - Overall, the performance of the company in Q1 2025 was disappointing, particularly in profitability and cash flow, facing significant pressure [7] - The company needs to closely monitor expense control and accounts receivable management to ensure sustainable future development [7]