Core Viewpoint - The recent financial report of Jinguang Electric (688517) indicates a mixed performance with an increase in revenue but a decline in net profit, highlighting concerns regarding accounts receivable and profitability metrics [1][3]. Financial Performance Summary - Total revenue for Q1 2025 reached 139 million yuan, representing an 8.36% year-on-year increase compared to 129 million yuan in Q1 2024 [1]. - Net profit attributable to shareholders for Q1 2025 was 19.09 million yuan, showing a 7.16% decline from 20.57 million yuan in Q1 2024 [1]. - The gross profit margin decreased to 29.45%, down 18.62% from 36.19% in the previous year [1]. - The net profit margin also fell to 13.69%, a decrease of 14.32% from 15.98% in Q1 2024 [1]. - The total of selling, administrative, and financial expenses amounted to 16.14 million yuan, accounting for 11.57% of revenue, which is a 4.1% increase year-on-year [1]. Accounts Receivable and Cash Flow - The accounts receivable balance was significant, with accounts receivable reaching 37.5 million yuan, which is 411.72% of the net profit for the period [1][3]. - Operating cash flow per share improved significantly to 0.08 yuan, a remarkable increase of 3096.13% compared to a negligible amount in the previous year [1]. Capital and Return Metrics - The company's return on invested capital (ROIC) was reported at 10.65%, indicating average capital return performance [3]. - The cumulative financing amount since the company's listing is 262 million yuan, with total dividends paid amounting to 153 million yuan, resulting in a dividend-to-financing ratio of 0.58 [3].