凯瑞德2025年财报：四季度盈利改善，现金流好转

Core Viewpoint - The company faces significant pressure on its performance in 2025, although some financial indicators show signs of improvement [1] Financial Performance - The net profit attributable to the parent company for the entire year of 2025 was -22.18 million yuan, but the loss in the fourth quarter narrowed to -1.05 million yuan, which is an increase compared to the third quarter but a reduced year-on-year decline [2] - The gross profit margin in the fourth quarter increased to 6.58%, significantly higher than the average level in the first three quarters [2] Financial Condition - The net cash flow from operating activities turned positive in 2025, reaching 2.52 million yuan, a substantial year-on-year increase due to timely collection of sales receivables and increased cash inflows from financing activities [3] - At the end of 2025, the company's asset-liability ratio was 8.88%, significantly lower than at the end of the third quarter of 2025 [3] - The current ratio and quick ratio improved, indicating enhanced short-term solvency [3] Operational Status - The total operating revenue for 2025 was 465 million yuan, a year-on-year decline [4] - Total period expenses decreased year-on-year, with the three expenses accounting for 4.2% of revenue [4] - The net profit margin for 2025 was -4.77%, and the gross profit margin was only 1.07%, indicating weak profitability in the main business [4] - The weighted average return on equity (ROE) was -54.99%, and the return on assets (ROA) was -13.33% [4]