Core Viewpoint - The article discusses the financial performance of Supor in Q1 2025, highlighting revenue growth and stable profitability, driven by domestic sales recovery and strong export performance [3][4][5]. Group 1: Financial Performance - Supor reported Q1 2025 revenue of 5.786 billion yuan, a year-over-year increase of 7.59% [3]. - The net profit attributable to shareholders was 497 million yuan, up 5.82% year-over-year, while the net profit excluding non-recurring items was 484 million yuan, reflecting a 4.98% increase [3]. Group 2: Sales and Market Dynamics - Domestic sales showed recovery, with the introduction of national subsidies in 2025 positively impacting small kitchen appliances, leading to a 2.5% year-over-year increase in retail sales [4]. - Export sales are expected to grow slightly above 5%, with the company capitalizing on pre-tariff shipping opportunities to the U.S. [4]. Group 3: Profitability and Cost Management - The gross margin for Q1 2025 was 23.9%, a slight increase of 0.1 percentage points year-over-year [5]. - The net profit margin was 8.6%, down 0.14 percentage points year-over-year, indicating stable profitability [5]. - The company effectively controlled its expense ratios, with sales, management, and R&D expenses showing slight reductions [5]. Group 4: Cash Flow and Financial Health - As of the end of Q1 2025, the company's net cash decreased to 2.6 billion yuan, down 2.4 billion yuan year-over-year, but still represented 20% of total assets, indicating a solid operational safety cushion [6]. - Operating cash flow for Q1 2025 was 584 million yuan, reflecting a 44% year-over-year decline [6].