Workflow
必易微一季度业绩下滑显著,需关注现金流与费用控制

Performance - The company reported total revenue of 123 million yuan in Q1 2025, a decrease of 9.28% compared to the same period last year [1] - The net profit attributable to shareholders was -13.13 million yuan, a significant decline of 4708.31% year-on-year, indicating severe losses during the quarter [1] - The net profit after deducting non-recurring items was -15.36 million yuan, down 96.92% year-on-year, further highlighting the financial difficulties faced by the company [1] Costs and Expenses - The total of the three major expenses (financial, sales, and administrative) rose significantly to 17.64 million yuan, with their proportion of total revenue increasing from 8.87% in the same period last year to 14.34%, an increase of 61.75% [2] Profitability - The company's gross margin was 29.13%, an increase of 9.57% year-on-year, but the net margin fell to -12.38%, a decrease of 362.09% [3] - Earnings per share were -0.19 yuan, a decrease of 4734.15% year-on-year, reflecting a deterioration in shareholder returns [3] Cash Flow and Financial Position - Despite the net loss, the company's cash balance increased to 414 million yuan, up 98.11% year-on-year, indicating strong cash reserve capabilities [4] - Operating cash flow per share was only 0.21 yuan, with a modest growth of 12.72% year-on-year, and the average operating cash flow to current liabilities ratio over the past three years was -32.34%, suggesting concerns regarding cash flow [4] Business Model and Future Development - The company's performance heavily relies on R&D and equity financing, meaning future growth and stability will depend on the effectiveness of R&D investments and support from capital markets [5] - Given that the net cash flow from operating activities has been negative for the past three years, investors should closely monitor the company's financial expenses and their impact on overall financial health [5]