近期美晨科技（300237）发布2025年一季报，证券之星财报模型分析如下： 经营业绩 美晨科技在2025年第一季度实现营业总收入4.05亿元，较去年同期下降6.14%。尽管收入有所下滑，但 归母净利润和扣非净利润分别录得-4839.23万元和-5427.86万元，同比分别上升47.84%和44.63%，显示 出亏损幅度有所收窄。 盈利能力 商业模式与未来发展 美晨科技的业绩主要依赖于研发驱动，但当前的现金流和债务状况需要引起重视。公司需进一步优化资 本结构，改善现金流，以确保可持续发展。 公司在费用控制方面表现出色，销售费用、管理费用及财务费用总计6497.99万元，三费占营收比为 16.05%，同比减少46.13%。这表明公司在优化内部管理、降低运营成本方面取得了显著进展。 资产与负债 截至报告期末，公司货币资金为4506.53万元，较去年同期大幅减少80.63%，应收账款为10.99亿元，同 比下降10.34%。值得注意的是，有息负债达到28.84亿元，同比增长40.51%，反映出公司面临较大的短 期债务压力，流动比率仅为0.95。 现金流状况 每股经营性现金流为-0.0元，同比减少103.81%，显示 ...

Revenue and Profit - The company achieved a total revenue of 933 million yuan in Q1 2025, representing a year-on-year increase of 0.61% [2] - The net profit attributable to shareholders reached 8.27 million yuan, a significant year-on-year increase of 3666.57%, while the net profit excluding non-recurring items was 1.77 million yuan, up 133.55% year-on-year [2] Profitability - The gross margin stood at 26.52%, an increase of 12.91% year-on-year, indicating improved profitability in core operations [3] - The net profit margin was 0.68%, which, despite a year-on-year increase of 282.8%, remains at a low level [3] - Earnings per share were 0.02 yuan, reflecting a year-on-year decline of 60.0%, suggesting that profit expansion did not translate into higher earnings per share [3] Cost Control - Total selling, administrative, and financial expenses amounted to 178 million yuan, accounting for 19.04% of revenue, which is an increase of 3.13% year-on-year [4] Cash Flow and Asset Status - Operating cash flow per share was -1.46 yuan, a year-on-year decrease of 19.56%, indicating increased cash outflow from operating activities [5] - Accounts receivable totaled 1.596 billion yuan, representing 465.81% of the latest annual net profit, highlighting a need to monitor receivables collection to mitigate potential bad debt risks [5] Capital Structure - Interest-bearing debt rose to 330 million yuan, a substantial year-on-year increase of 2630.92%, indicating significant growth in debt financing [6] - Cash and cash equivalents were 1.524 billion yuan, down 7.34% year-on-year, necessitating attention to the company's liquidity management [6] Business Model and Future Development - The company's performance is primarily driven by research and development, necessitating further examination of the actual conversion of R&D results [7] - Since its listing, the company has raised a total of 631 million yuan and distributed dividends totaling 184 million yuan, resulting in a dividend financing ratio of 0.29, indicating stable operations in the capital market [7]