帕瓦股份2025年一季度业绩下滑，需关注现金流与费用控制

Core Viewpoint - The recent financial report of Pava Co., Ltd. (688184) for Q1 2025 indicates a significant decline in revenue and persistent negative net profit, raising concerns about cash flow and expense management [1][6]. Financial Overview - As of the end of the reporting period, the total operating revenue was 80.01 million yuan, a year-on-year decrease of 72.59% [2][3]. - The net profit attributable to shareholders was -56.01 million yuan, an increase of 46.01% year-on-year [2][3]. - The net profit excluding non-recurring items was -59.69 million yuan, up 42.46% year-on-year [2][3]. Quarterly Data - In Q1 2025, the total operating revenue was 80.01 million yuan, reflecting a 72.59% year-on-year decline [3]. - The net profit attributable to shareholders was -56.01 million yuan, which is a 46.01% increase compared to the previous year [3]. - The net profit excluding non-recurring items was -59.69 million yuan, showing a 42.46% year-on-year increase [3]. Expense Ratio - The proportion of three major expenses (financial, sales, and management expenses) significantly increased, with a total of 13.87 million yuan, accounting for 17.34% of total revenue, which is a 411.08% year-on-year increase [4]. Key Financial Indicators - Gross margin was 79.33%, a year-on-year increase of 2360.9% [5]. - Net margin was -70.0%, a decrease of 96.99% year-on-year [5]. - Earnings per share was -0.34 yuan, an increase of 90.88% year-on-year [5]. - Cash flow per share was -0.74 yuan, a decrease of 6.01% year-on-year [5]. - The company had monetary funds of 393 million yuan, an increase of 46.48% year-on-year [5]. - Accounts receivable amounted to 60.28 million yuan, a decrease of 82.66% year-on-year [5]. - Interest-bearing liabilities were 179 million yuan, an increase of 1040.88% year-on-year [5]. Business Model and Financing - The company's performance is primarily driven by R&D and capital expenditures, with a total financing amount of 1.743 billion yuan since its listing and total dividends of 44.34 million yuan, resulting in a dividend-to-financing ratio of 0.03 [5]. Issues to Monitor - The ratio of monetary funds to current liabilities is only 60.86%, and the average cash flow from operating activities over the past three years has been negative, indicating a need for attention to cash flow conditions [6]. - The financial expenses situation has also been concerning, with the average net cash flow from operating activities over the past three years being negative [6].