本报记者 李贝贝 上海报道 6月16日下午，广东松发陶瓷股份有限公司（下称"松发股份"，证券简称"*ST松发"，603268.SH）举行2024年及 2025年一季度线上业绩说明会。会上，《华夏时报》记者以投资者身份就公司业绩改善措施、退市风险化解以及 与恒力重工集团有限公司（下称"恒力重工"）重大资产重组进展等问题向松发股份董事长卢堃进行提问。 财报显示，2024年公司营业收入同比增长33.34%，但归属于上市公司股东的净利润为-7664.24万元。截至今年一 季度末，松发股份尚未扭亏为盈。不过，随着与恒力重工重大资产重组工作的持续推进，公司管理层对于未来的 经营前景持乐观态度。 卢堃表示，2025年5月16日，恒力重工的过户手续及相关工商变更登记均已完成，恒力重工已成为松发股份的全资 子公司，且将纳入松发股份的合并报表范围。重组完成后，截至2024年12月31日，上市公司（即"松发股份"）总 资产规模增至188.73亿元，2024年度营业收入54.96亿元，利润总额3.84亿元，"上市公司经营情况较本次重大资产 重组前已有明显改善，盈利能力显著增强"。 业绩承压面临退市风险 年报显示，松发股份是一家集研发 ...

Financial Performance - In Q1 2025, the company reported total revenue of 57.46 million yuan, an increase of 23.17% year-on-year [1][3] - The net profit attributable to shareholders was a loss of 20.87 million yuan, compared to a loss of 10.56 million yuan in the same period last year [1][3] - The net profit after deducting non-recurring gains and losses was a loss of 21.50 million yuan, compared to a loss of 11.06 million yuan in the previous year [1][3] - The net cash flow from operating activities was -12.93 million yuan, worsening from -4.20 million yuan in the same period last year [1][3] - Basic earnings per share were -0.17 yuan, compared to -0.05 yuan in the previous year [1][3] Cash Flow and Assets - As of the end of Q1 2025, the company had a net cash flow from operating activities of -12.93 million yuan, a decrease of 872.49 thousand yuan year-on-year [26] - The company’s total assets were 557.03 million yuan, down from 571.78 million yuan at the end of the previous year [3] - The company’s cash and cash equivalents increased by 37.02% compared to the end of the previous year [36] Shareholder Structure - The top ten circulating shareholders as of the end of Q1 2025 included new shareholders such as the National Social Security Fund and others, replacing previous shareholders [47] - The largest shareholder, Hengli Group Co., Ltd., held 30.14% of the total shares, remaining unchanged [48] Valuation Metrics - As of April 29, 2025, the company's price-to-earnings ratio (TTM) was approximately -50.51 times, and the price-to-book ratio (LF) was about -226.9 times [3][50] - The price-to-sales ratio (TTM) was approximately 15.38 times [3][51]