ZHUHAI COSMX(SH:688772) Xin Lang Cai Jing·2025-05-13 02:34Core Viewpoint - Zhuhai Guanyu reported a decline in revenue and net profit for Q1 2025, indicating challenges in the consumer battery segment and overall financial performance [1][2]. Financial Performance - Q1 2025 revenue was 2.5 billion yuan, a year-on-year decrease of 2.0% and a quarter-on-quarter decrease of 17.4% [1]. - The net profit attributable to the parent company was -20 million yuan, marking a shift to a loss compared to the previous year and the previous quarter [1]. - The non-recurring net profit was -50 million yuan, with losses widening year-on-year and transitioning to a loss quarter-on-quarter [1]. Margin Analysis - The gross margin for Q1 2025 was 21.38%, down 3.28 percentage points year-on-year and down 3.89 percentage points quarter-on-quarter [2]. - The impact of export tax rebates was fully reflected in Q1 2025, with controllable effects on overall gross margin [2]. - The fluctuation in gross margin was also influenced by production capacity utilization [2]. Expense Overview - The total expense ratio for Q1 2025 was 26.39%, a decrease of 0.51 percentage points year-on-year but an increase of 5.10 percentage points quarter-on-quarter [2]. - Sales expense ratio was 0.63%, up 0.14 percentage points year-on-year and up 0.09 percentage points quarter-on-quarter [2]. - Management expense ratio was 10.42%, down 2.26 percentage points year-on-year and up 0.16 percentage points quarter-on-quarter [2]. - R&D expense ratio was 14.88%, up 1.79 percentage points year-on-year and up 1.48 percentage points quarter-on-quarter [2]. - Financial expense ratio was 0.46%, down 0.18 percentage points year-on-year and up 3.38 percentage points quarter-on-quarter [2]. Cash Flow and Other Financial Data - Operating net cash flow for Q1 2025 was 507 million yuan, showing a decline both year-on-year and quarter-on-quarter [3]. - Asset impairment losses were 48 million yuan, while other income was 41 million yuan [3]. - Capital expenditures amounted to 845 million yuan [3]. Future Outlook - The company is expected to benefit from increased demand for mobile batteries driven by AI and product upgrades, with Q2 2025 anticipated to show significant growth [3]. - The impacts of export tax rebates and rising cobalt prices are expected to have a positive effect [3]. - New product launches in the second half of the year, such as steel shells and silicon-carbon products, are projected to improve profitability [3]. - The power battery segment is expected to gradually reduce losses with the ramp-up of start-stop and drone applications [3].