皓元医药一季度盈利显著提升但需关注现金流与债务状况

Performance Overview - The company reported a total revenue of 606 million yuan for Q1 2025, representing a year-on-year increase of 20.05% [1] - The net profit attributable to shareholders reached 62.38 million yuan, showing a significant year-on-year growth of 272.28% [1] - The net profit excluding non-recurring items was 58.92 million yuan, with a year-on-year increase of 323.19% [1] Profitability - The gross margin improved to 48.58%, an increase of 19.08 percentage points compared to the same period last year [2] - The net profit margin was 10.09%, reflecting a year-on-year growth of 208.16%, indicating effective cost control [2] Expense Control - Total operating expenses (selling, administrative, and financial expenses) amounted to 132 million yuan, accounting for 21.74% of total revenue, a decrease of 0.71 percentage points from the previous year [3] Cash Flow and Debt Situation - The operating cash flow per share was -0.15 yuan, a decline of 181.8% year-on-year, indicating significant cash outflow pressure [4] - Total interest-bearing debt increased to 1.824 billion yuan, a year-on-year growth of 88.90%, suggesting potential repayment risks [4] Other Key Indicators - The net asset value per share was 13.44 yuan, down 20.53% year-on-year [5] - Earnings per share were 0.3 yuan, reflecting a year-on-year increase of 275.00% [5] - The cash balance was 1.067 billion yuan, up 139.54% compared to the same period last year, indicating improved liquidity [5]