Revenue and Profit - The total operating revenue for the first quarter of 2025 was 85.4471 million yuan, representing a year-on-year increase of 12.72% [1] - The net profit attributable to the parent company was 2.8105 million yuan, showing a year-on-year decline of 8.41% [1] - The net profit after deducting non-recurring items was -96,700 yuan, reflecting a significant year-on-year decrease of 108.22% [1] Key Financial Indicators - The accounts receivable were notably high, with accounts receivable amounting to 2304.48% of the latest annual net profit [2] - Interest-bearing liabilities stood at 1.7402 million yuan, marking a year-on-year increase of 130.87% [2] Business Model and Financing - The company's performance is primarily driven by research and marketing efforts [3] - Since its listing, the total financing amount has reached 392 million yuan, while total dividends distributed amount to 95.5279 million yuan, resulting in a dividend-to-financing ratio of 0.24 [3] Summary - Overall, the company experienced revenue growth in Q1 2025, but profit performance was poor, particularly with a significant drop in net profit after non-recurring items [4] - The high proportion of accounts receivable raises concerns regarding its impact on the company's cash flow [4] Profitability Metrics - The gross margin was 24.13%, a decrease of 1.63 percentage points year-on-year [5] - The net profit margin was 3.18%, down 19.88 percentage points year-on-year [5] - Operating expenses accounted for 15.42% of revenue, a decrease of 4.33 percentage points year-on-year [5] - The earnings per share were 0.01 yuan, reflecting a year-on-year decrease of 8.51% [5]

Core Insights - Black Cat Co., Ltd. reported a significant decline in financial performance for Q1 2025, with total revenue of 2.18 billion yuan, down 8.58% year-on-year, and a net loss attributable to shareholders of 35.52 million yuan, a decrease of 1046.17% compared to the previous year [1][3] Financial Performance Summary - Total revenue for Q1 2025 was 2.18 billion yuan, a decrease of 8.58% from 2.385 billion yuan in Q1 2024 [1] - Net profit attributable to shareholders for Q1 2025 was -35.52 million yuan, compared to a profit of 3.75 million yuan in Q1 2024, marking a decline of 1046.17% [1] - Gross margin fell to 3.66%, down 24.68% from 4.85% in the previous year [1] - Net margin turned negative at -1.75%, a decrease of 1613.96% from 0.12% in Q1 2024 [1] - Total expenses (selling, administrative, and financial) amounted to 94.12 million yuan, representing 4.32% of revenue, an increase of 22.39% year-on-year [1] - Earnings per share for Q1 2025 was -0.05 yuan, a decline of 1047.06% from 0.01 yuan in Q1 2024 [1] Cash Flow and Debt Analysis - Cash and cash equivalents decreased significantly to 314 million yuan, down 62.61% from 841 million yuan [1] - Accounts receivable remained relatively stable at 1.911 billion yuan, a slight decrease of 0.25% [1] - Interest-bearing liabilities increased to 3.525 billion yuan, up 22.89% from 2.868 billion yuan [1] - The company's cash flow situation is concerning, with cash and cash equivalents representing only 3.93% of total assets and 9.84% of current liabilities [3] Investment and Market Position - The company has a low return on invested capital (ROIC) of 1.83%, indicating weak capital returns [3] - Cumulative financing since its IPO is 1.995 billion yuan, with total dividends of 753 million yuan, resulting in a dividend financing ratio of 0.38 [3] - Analysts project a performance of 270 million yuan for 2025, with an average earnings per share estimate of 0.36 yuan [3] Fund Holdings - The largest fund holding Black Cat Co., Ltd. is Guotai Juxin Value Advantage Mixed A, with 16.6 million shares and a recent increase in holdings [4] - Other funds have also increased their positions, indicating some level of confidence in the company's future despite current financial challenges [4]

本次财报公布的各项数据指标表现尚佳。其中，毛利率51.32%，同比增18.06%，净利率-23.83%，同比 增26.22%，销售费用、管理费用、财务费用总计1357.54万元，三费占营收比65.33%，同比增5.38%，每 股净资产3.38元，同比增1.69%，每股经营性现金流-0.05元，同比减336.56%，每股收益-0.03元，同比 增15.99% 据证券之星公开数据整理，近期南华仪器（300417）发布2025年一季报。截至本报告期末，公司营业总 收入2077.95万元，同比上升44.18%，归母净利润-388.52万元，同比上升16.54%。按单季度数据看，第 一季度营业总收入2077.95万元，同比上升44.18%，第一季度归母净利润-388.52万元，同比上升 16.54%。本报告期南华仪器应收账款上升，应收账款同比增幅达56.62%。 | 项目 | 2024年一季报 | 2025年一季报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 1441.22万 | 2077.95万 | 44.18% | | 归母净利润（元） | -465.5万 | - ...

近期贝斯特（300580）发布2025年一季报，证券之星财报模型分析如下： 财务概况 贝斯特在2025年一季度实现营业总收入3.5亿元，同比上升1.89%；归母净利润为6939.86万元，同比微 升0.23%；扣非净利润为6536.63万元，同比下降1.87%。这表明公司在报告期内的盈利能力略有波动。 盈利能力分析 这些数据显示公司的盈利能力有所下降，尤其是毛利率和净利率均出现下滑。 应收账款与资本结构 截至报告期末，贝斯特的应收账款达到4.66亿元，占最新年报归母净利润的比例高达161.22%。这一比 例较高，意味着公司需要加强对应收账款的管理，以降低潜在的坏账风险。 此外，公司的货币资金为1.55亿元，较去年同期减少8.49%，显示出公司在现金储备上的变化。 总结 总体来看，贝斯特在2025年一季度的表现较为平淡，虽然营业总收入和归母净利润略有增长，但扣非净 利润、毛利率、净利率等关键指标均有所下滑。同时，公司应收账款占比过高，现金流也有所减弱，这 些都是需要重点关注的问题。 毛利率：34.19%，较去年同期减少3.59个百分点。 净利率：19.85%，同比减少1.91个百分点。 每股收益：0.14元，同 ...