近期深城交（301091）发布2025年一季报，证券之星财报模型分析如下： 财务概况 深城交在2025年一季度实现营业总收入1.81亿元，同比下降20.77%；归母净利润为-2764.9万元，同比上 升13.51%；扣非净利润为-3241.06万元，同比上升14.56%。尽管亏损有所收窄，但整体业绩仍呈现下滑 趋势。 深城交的业绩主要依赖于研发及股权融资驱动。公司自上市以来，累计融资总额为14.60亿元，累计分 红总额为7031.20万元，分红融资比为0.05。未来，公司需要进一步优化商业模式，提升盈利能力，并加 强对应收账款和现金流的管理。 毛利率：19.4%，同比增加104.29%，表明公司在成本控制方面有所改善。 净利率：-20.39%，同比下降8.63%，显示盈利能力依然较弱。 三费占营收比：22.5%，同比增加26.38%，销售费用、管理费用和财务费用的上升对公司利润造 成一定压力。 每股净资产：5.7元，同比下降19.31%，反映出股东权益有所减少。 每股经营性现金流：-0.62元，同比增加14.24%，虽然有所改善但仍为负值。 每股收益：-0.07元，同比增加12.5%，亏损幅度有所减小。 主要 ...

近期晶雪节能（301010）发布2025年一季报，证券之星财报模型分析如下： 盈利能力指标 从盈利能力来看，公司的毛利率为14.91%，较去年同期减少33.23%；净利率为2.98%，同比减少 25.56%。这些数据显示公司在成本控制和盈利水平方面面临一定压力。 晶雪节能2025年一季度财务表现 营收与利润 晶雪节能在2025年一季度实现营业总收入1.01亿元，较去年同期下降4.92%。归母净利润为303.7万元， 同比下降28.55%；扣非净利润为295.51万元，同比下降27.92%。这表明公司在报告期内盈利能力有所减 弱。 现金流与资产状况 商业模式与未来发展 公司业绩主要依靠研发及营销驱动，需深入研究这些驱动力的实际效果。此外，公司自上市以来累计融 资2.11亿元，累计分红5400万元，分红融资比为0.26。未来，公司应继续关注现金流和应收账款的管 理，以提升整体财务健康度。 费用控制 尽管如此，公司在费用控制方面取得了一定成效。销售费用、管理费用、财务费用总计1600.21万元， 三费占营收比为15.77%，较去年同期减少了16.1%。这表明公司在费用管理上有所改善。 值得注意的是，公司每股经营性现 ...

近期金百泽（301041）发布2025年一季报，证券之星财报模型分析如下： 业绩概况 金百泽在2025年一季度实现营业总收入1.52亿元，同比下降0.25%。归母净利润为-242.84万元，同比下 降141.66%；扣非净利润为-306.01万元，同比下降180.99%。这表明公司在该季度出现了亏损。 截至2025年一季度末，公司应收账款为2.17亿元，同比增长14.43%，且应收账款占最新年报归母净利润 的比例高达555.68%，需特别关注应收账款的回收情况。有息负债从4142.75万元大幅减少至298.73万 元，降幅为92.79%，表明公司在降低负债方面取得了一定成效。 从盈利能力来看，公司的毛利率为21.57%，较去年同期下降了12.02%。净利率为-1.72%，同比减少了 146.01%。每股收益为-0.02元，同比减少了140.00%。这些数据显示公司在盈利能力方面遇到了挑战。 成本与费用 公司在2025年一季度的销售费用、管理费用和财务费用总计为2707.23万元，三费占营收比为17.78%， 同比增长了21.02%。这表明公司在控制成本方面面临一定压力。 尽管公司面临盈利压力，但每股经营性现金 ...

Financial Overview - The company reported significant revenue and net profit growth in Q1 2025, with total revenue reaching 720 million yuan, a year-on-year increase of 66.52% [9] - The net profit attributable to shareholders was 152 million yuan, reflecting a year-on-year growth of 41.26% [9] - The net profit after deducting non-recurring gains and losses was 146 million yuan, up 34.15% year-on-year [9] Profit Margin Analysis - Despite the substantial growth in revenue and net profit, the company's profit margins have declined, with a gross margin of 33.89%, down 12.42% year-on-year [9] - The net profit margin was reported at 21.1%, a decrease of 15.17% compared to the previous year [9] Expense and Cash Flow Management - Total operating expenses (including sales, management, and financial expenses) amounted to 38.65 million yuan, accounting for 5.37% of revenue, which is an increase of 28.61% year-on-year [9] - The company demonstrated strong cash flow management, with operating cash flow per share at 1.72 yuan, a significant increase of 95.76% year-on-year [9] - Cash and cash equivalents reached 836 million yuan, reflecting a year-on-year growth of 28.31% [9] Assets and Liabilities - Accounts receivable surged to 329 million yuan, marking a year-on-year increase of 103.81%, indicating expanded sales but also potential bad debt risks [6][9] - Interest-bearing liabilities increased dramatically to 368 million yuan, a staggering growth of 516.90%, which raises concerns about the company's financial structure [6][9] Key Financial Indicators - The company's equity per share rose to 19.8 yuan, a year-on-year increase of 44.26% [9] - Earnings per share were reported at 1.48 yuan, reflecting a growth of 39.62% year-on-year [9]

Core Viewpoint - Hop Co., Ltd. reported a significant decline in financial performance for Q1 2025, with substantial drops in revenue and net profit, indicating serious challenges in profitability and cost management [2][3][5]. Financial Overview - As of the end of Q1 2025, total operating revenue was 15.44 million yuan, a year-on-year decrease of 40.65% [2][3]. - The net profit attributable to shareholders was -8.83 million yuan, a year-on-year decline of 338.96% [2][3]. - The net profit after deducting non-recurring gains and losses was -9.60 million yuan, down 416.01% year-on-year [2][3]. Cost and Expenses - The proportion of three expenses (financial, sales, and management expenses) increased significantly, with a total accounting for 77.31% of total revenue, reflecting an 86.49% year-on-year increase [4]. Profitability - The gross margin was -5.77%, a decrease of 120.48% year-on-year [5]. - The net margin was -58.35%, down 586.16% year-on-year [5]. Assets and Cash Flow - As of the end of the reporting period, cash and cash equivalents amounted to 171 million yuan, a year-on-year decrease of 32.59% [6]. - Accounts receivable stood at 120 million yuan, down 29.33% year-on-year [6]. - Interest-bearing liabilities were 72.53 million yuan, a decrease of 10.09% year-on-year [6]. - The net asset value per share was 6.64 yuan, down 20.33% year-on-year [6]. - Operating cash flow per share was -0.18 yuan, an increase of 33.18% year-on-year [6]. - Earnings per share were -0.14 yuan, a decline of 338.9% year-on-year [6]. Financial Health - The previous year's net margin was -81.16%, indicating low added value of products or services [7]. - Attention is advised on cash flow management, with a three-year average of operating cash flow to current liabilities at -32.72% [7]. - The average net cash flow from operating activities over the past three years has been negative, raising concerns about future cash flow management and cost control [7]. Financing and Dividends - Since its listing, the company has raised a total of 514 million yuan and distributed dividends totaling 21.20 million yuan, resulting in a dividend-to-financing ratio of 0.04 [8].

Core Insights - The company reported a total operating revenue of 151 million yuan for Q1 2025, a year-on-year decrease of 10.6% [1] - The net profit attributable to shareholders was 10.87 million yuan, down 16.37% year-on-year [1] - The net profit after deducting non-recurring items was 9.92 million yuan, a decline of 8.03% compared to the same period last year [1] Financial Metrics - Gross margin stood at 19.52%, an increase of 3.45% year-on-year [5] - Net margin was 7.21%, a decrease of 6.46% year-on-year [5] - Operating expenses as a percentage of revenue were 6.93%, up 1.04% year-on-year [5] - Earnings per share (EPS) was 0.07 yuan, down 12.5% year-on-year [5] - Operating cash flow per share was 0.1 yuan, a significant decrease of 40.25% year-on-year [5] - Book value per share increased to 4.44 yuan, up 2.49% year-on-year [5] Accounts Receivable and Cash Flow - The accounts receivable amounted to 173 million yuan, a year-on-year decrease of 14.89% [6] - Accounts receivable represented 320.38% of the latest annual net profit, indicating a significant concern regarding receivables management [3] - The company's cash and cash equivalents totaled 180 million yuan, reflecting a year-on-year growth of 35.12% [3] - The ratio of cash and cash equivalents to current liabilities was only 86.52%, suggesting potential cash flow issues [3] Debt Situation - Interest-bearing debt increased to 121 million yuan, a year-on-year growth of 23.66% [6]

Performance Overview - The total revenue for Huali Technology in Q1 2025 was 185 million yuan, a year-on-year decrease of 14.04% [2] - The net profit attributable to shareholders was 11.43 million yuan, down 42.78% year-on-year [2] - The net profit after deducting non-recurring gains and losses was 11.16 million yuan, a decline of 43.23% year-on-year [2] Profitability Analysis - The gross profit margin was 28.16%, a decrease of 3.92 percentage points compared to the same period last year [3] - The net profit margin was 6.18%, down 33.44 percentage points year-on-year, indicating pressure on cost control [3] Expense Control - Total expenditures on sales, management, and financial expenses amounted to 29.09 million yuan, accounting for 15.72% of revenue, an increase of 26.94% year-on-year [4] Cash Flow and Asset Status - The operating cash flow per share was -0.44 yuan, a decrease of 461.60% year-on-year, indicating significant cash outflow from operations [5] - Accounts receivable stood at 261 million yuan, representing 308.83% of the latest annual net profit, highlighting a substantial risk in receivables collection [5] Capital Structure and Financing - Interest-bearing debt was 115 million yuan, an increase of 14.68% year-on-year [6] - Cash and cash equivalents were 116 million yuan, down 9.11% year-on-year, with a cash-to-current liabilities ratio of only 38.7%, suggesting potential short-term repayment pressure [6] Business Model and Dividends - Since its listing, the company has raised a total of 308 million yuan and distributed dividends totaling 46.70 million yuan, resulting in a dividend financing ratio of 0.15 [7] Summary - Overall, Huali Technology's financial performance in Q1 2025 was disappointing, particularly in terms of profitability and cash flow, necessitating attention to accounts receivable management and cash flow improvement to address potential financial risks [8]

Core Viewpoint - The company focuses on ensuring cash flow safety as its primary operational task, employing multiple strategies to enhance financial security and create a sustainable real estate value chain platform [1] Sales and Cost Management - The company has effectively accelerated sales and cost management, achieving a sales contract amount of approximately 19.45 billion yuan and a sales area of about 1.212 million square meters in 2024, ranking 47th among China's real estate companies with sales exceeding 10 billion yuan [2] - The company has actively disposed of inefficient assets, generating approximately 2.6 billion yuan from asset revitalization and achieving cash returns of about 800 million yuan [2] - Despite a significant 65.98% year-on-year increase in real estate development revenue, sales expenses only rose by 6.81%, and management expenses remained stable, indicating effective cost control [2] Financing and Debt Management - In 2024, the company diversified its financing channels, successfully issuing asset-backed securities with a total application scale of 17 billion yuan and raising 4.6 billion yuan through the first phase of CMBS [4][5] - The company reduced its interest-bearing debt by 2.339 billion yuan year-on-year, with cash balances reaching 12.811 billion yuan, ensuring coverage of short-term liabilities for five consecutive years [4] - The financing cost significantly decreased, with the company issuing medium-term notes at a historical low rate of 3.45% and corporate bonds at 2.73%, optimizing the debt maturity structure [5] Business Transformation and Synergy - The company is driving business transformation through a four-pronged approach: real estate development, asset management, urban renewal, and cultural tourism, which has led to a 5.42% increase in annual property operating income to 462 million yuan [6] - The stable cash flow from self-owned properties has been a key factor in achieving the highest AAA credit rating, reflecting the synergy between the company's operations and financing capabilities [7] - The company is positioned to explore new development models in the real estate sector, which may present structural opportunities supported by innovative financing strategies [7]

Revenue and Profit - The company achieved total revenue of 119 million yuan in Q1 2025, a year-on-year increase of 26.98% compared to 93.37 million yuan in the same period last year [1] - The net profit attributable to the parent company reached 7.1872 million yuan, reflecting a year-on-year growth of 30.88%, while the net profit excluding non-recurring items was 4.297 million yuan, up 10.36% year-on-year [1] Profit Margin and Expense Control - The company's gross margin was 25.67%, a year-on-year decrease of 24.01%, indicating pressure on cost control [2] - The net profit margin improved to 6.06%, an increase of 3.07% year-on-year, suggesting better performance in net profitability [2] - Total operating expenses (selling, administrative, and financial expenses) amounted to 17.975 million yuan, accounting for 15.16% of revenue, a year-on-year decrease of 31.35%, showing effective expense management [2] Assets and Liabilities - As of the end of the reporting period, the company's cash and cash equivalents were 252 million yuan, down 17.61% from 306 million yuan in the same period last year [3] - Accounts receivable stood at 106 million yuan, a year-on-year increase of 32.99%, indicating a need to monitor collection efficiency as the growth rate exceeds revenue growth [3] - Interest-bearing liabilities significantly decreased to 21.6402 million yuan, down 95.04% from 437 million yuan in the same period last year, reflecting an optimized debt structure [3] Cash Flow and Shareholder Equity - The operating cash flow per share was -0.08 yuan, a substantial decline of 5686.04% compared to 0 yuan in the same period last year, indicating poor cash flow from operating activities [4] - The net asset value per share was 10.14 yuan, a year-on-year increase of 19.30%, suggesting an improvement in asset quality [4] Business Model and Capital Return - The company's performance is primarily driven by research and development and equity financing, necessitating further analysis of the effectiveness of these drivers [5] - The return on invested capital (ROIC) was 2.18%, indicating weak capital returns, while the net profit margin was 5.37%, suggesting average added value of products or services [5] Summary - Overall, the company achieved steady growth in revenue and profit in Q1 2025, but there are concerns regarding gross margin, cash flow, and accounts receivable that need attention [6]

Revenue and Profit - The company reported total revenue of 42.1272 million yuan for Q1 2025, representing a year-on-year increase of 21.58% [1] - The net profit attributable to shareholders was 5.1263 million yuan, a year-on-year decrease of 23.98% [1] - The net profit excluding non-recurring items was 2.0886 million yuan, down 52.84% year-on-year [1] Key Financial Indicators - The company's accounts receivable significantly increased to 304 million yuan, with a year-on-year growth of 45.65% [3] - Cash and cash equivalents amounted to 284 million yuan, reflecting a year-on-year increase of 101.06% [3] Debt and Financing - The company has healthy cash assets, with interest-bearing liabilities at 52,800 yuan, an increase of 4.24% year-on-year [4] - Cumulative financing since listing totals 926 million yuan, with cumulative dividends amounting to 36.6 million yuan, resulting in a dividend-to-financing ratio of 0.04 [4] Profitability Metrics - Gross margin was 37.03%, a decrease of 12.66 percentage points year-on-year [6] - Net margin stood at 12.17%, down 37.47 percentage points year-on-year [6] - Operating expenses accounted for 17.09% of revenue, an increase of 1.86 percentage points year-on-year [6] Earnings Per Share - Earnings per share were 0.09 yuan, a decrease of 24.02% year-on-year [6] - The company reported a negative operating cash flow per share of -0.51 yuan, down 1.69 year-on-year [6] - The book value per share increased to 20.69 yuan, reflecting a year-on-year growth of 2.13% [6]