舍得酒业：一季报营收利润下滑，现金流增长

Core Insights - In the first quarter of 2025, the company reported total revenue of 1.576 billion yuan, a year-on-year decrease of 25.14% [1] - The net profit attributable to shareholders was 346 million yuan, down 37.10% year-on-year, while the net profit excluding non-recurring items was 343 million yuan, also down 37.14% [1] - The operating cash flow net amount was 224 million yuan, showing a significant increase of 106.76% year-on-year [1] Financial Performance - Basic earnings per share were 1.0582 yuan, and the weighted average return on equity was 4.80%, a decrease of 2.21 percentage points year-on-year [1] - The return on invested capital was 4.05%, down 2.71 percentage points compared to the same period last year [1] - The company's current ratio was 1.95, while the quick ratio was 0.59 at the end of the first quarter [1] Cash Flow and Investments - The net cash flow from operating activities was 224 million yuan, up 106.76% year-on-year [1] - Cash flow from financing activities increased by 9.7289 million yuan to 135 million yuan year-on-year [1] - Cash flow from investing activities was -362 million yuan, compared to 264 million yuan in the same period last year [1] Asset and Liability Changes - Fixed assets decreased by 1.57% compared to the end of the previous year, while construction in progress increased by 14.16% [1] - Accounts receivable financing increased by 124.51% compared to the end of the previous year, and intangible assets rose by 11.47% [1] - Significant changes in liabilities included a 12.7% decrease in notes payable and accounts payable, a 45.84% increase in long-term borrowings, and an 88.32% increase in taxes payable [1] Shareholder Changes - Among the top ten circulating shareholders at the end of the first quarter, a new shareholder, Penghua CSI Wine Index Securities Investment Fund (LOF), replaced the previous year-end shareholder, the National Social Security Fund 117 Portfolio [1]