奥飞数据：2025年一季度营收增长显著，但需关注现金流与债务压力

Revenue and Profit - The company achieved significant revenue growth in Q1 2025, with total revenue reaching 536 million yuan, a year-on-year increase of 40.62% [2] - However, the growth of net profit attributable to shareholders and net profit excluding non-recurring items was relatively slow, at 51.75 million yuan and 54.61 million yuan, with year-on-year increases of 2.47% and 2.29% respectively [2] Profitability - The company's gross margin was 31.58%, an increase of 1.64 percentage points compared to the same period last year, indicating improved cost control [3] - The net profit margin was 9.7%, a year-on-year decrease of 25.29%, suggesting challenges in profit conversion [3] Expense Control - Total operating expenses (selling, administrative, and financial expenses) amounted to 87.53 million yuan, accounting for 16.33% of revenue, a decrease of 11.33 percentage points from the previous year, indicating improved expense management [4] Cash Flow and Debt Situation - The company's cash and cash equivalents significantly increased to 761 million yuan, a year-on-year growth of 137.39%, while accounts receivable decreased to 369 million yuan, down 18.38% [5] - Interest-bearing liabilities rose to 7.915 billion yuan, a year-on-year increase of 53.97%, indicating increased short-term debt pressure, with a current ratio of only 0.56, raising concerns about debt repayment capacity [5] Per Share Metrics - The net asset value per share was 3.47 yuan, a year-on-year increase of 7.49% [6] - Operating cash flow per share was 0.2 yuan, a significant year-on-year increase of 1134.69%, indicating improved cash flow from operations [6] - Earnings per share were 0.05 yuan, a slight year-on-year decrease of 0.19% [6] Business Model and Capital Structure - The company's performance is primarily driven by capital expenditures and equity financing, necessitating close attention to the rationality of capital expenditure projects and funding pressures [7] - The company's return on invested capital (ROIC) was 4.28%, indicating weak capital returns, with a net profit margin of 5.88%, suggesting average value addition of products or services [7]