京华激光2024年营收9.06亿，文创业务成新增长点，但现金流问题凸显

Core Viewpoint - 京华激光 reported significant revenue growth in 2024, but faces critical cash flow issues that could impact future sustainability [1][5]. Group 1: Financial Performance - The company achieved operating revenue of 906 million yuan, a year-on-year increase of 19.44% [1]. - Net profit attributable to shareholders reached 106 million yuan, up 13.46% year-on-year [1]. - Non-recurring net profit was 86.27 million yuan, reflecting an 8.60% increase year-on-year [1]. Group 2: Business Segments - The main business segments include cigarette labels, wine labels, and cultural creative products [4]. - Cigarette label revenue was 530 million yuan, serving major brands like "Zhonghua" and "Liqi" [4]. - Wine label revenue reached 154 million yuan, marking a 17% increase, with long-term partnerships with brands like "Xijiu" and "Langjiu" [4]. - Cultural creative business emerged as a new growth driver, generating 185 million yuan in revenue, a remarkable increase of 240.83% [4]. Group 3: Cash Flow Challenges - The net cash flow from operating activities was 1.85 million yuan, a significant decline of 92.80% year-on-year [5]. - The rolling quarter-on-quarter growth for non-recurring net profit was -7.86%, while net profit attributable to shareholders showed a slight decline of 0.57% [5]. - Despite revenue growth, cash flow issues present a challenge for the company's future performance [5]. Group 4: Future Outlook - The company plans to continue optimizing its product structure and increase investment in the cultural creative business to maintain competitive advantage [6]. - Strengthening cash flow management is essential for improving the financial health of the business and ensuring sustainable development [6].