SBS(002098) 证券之星·2025-04-27 01:09Core Viewpoint - Xunxing Co., Ltd. demonstrated solid growth in Q1 2025, with significant increases in revenue and net profit, indicating a strong performance in its core business [2][8]. Financial Performance - The total operating revenue reached 597 million yuan, a year-on-year increase of 24.56% - The net profit attributable to shareholders was 51.83 million yuan, up 41.52% year-on-year - The net profit excluding non-recurring items was 50.06 million yuan, reflecting a 33.01% increase year-on-year [2]. Profitability - The gross profit margin stood at 33.01%, a slight decrease of 0.37 percentage points compared to the same period last year - The net profit margin improved to 8.69%, showing an increase of 11.7% year-on-year, indicating effective cost control and operational efficiency [3]. Cost Control - Total selling, administrative, and financial expenses amounted to 114 million yuan, with a combined expense ratio of 19.07%, down 2.08 percentage points year-on-year, reflecting efforts to optimize the expense structure [4]. Assets and Liabilities - As of the end of the reporting period, cash and cash equivalents were 342 million yuan, an increase of 17.46% year-on-year - Accounts receivable reached 442 million yuan, up 16.19% year-on-year, with accounts receivable accounting for 218.79% of the latest annual net profit, indicating potential cash flow pressure [5]. Cash Flow Situation - The operating cash flow per share was 0.14 yuan, a decrease of 11.45% year-on-year - The ratio of cash and cash equivalents to current liabilities was 88.87%, below 100%, suggesting a need for attention to cash flow management to ensure liquidity for short-term obligations [6]. Dividends and Financing - Since its listing, Xunxing Co., Ltd. has raised a total of 604 million yuan and distributed dividends totaling 322 million yuan, resulting in a dividend-to-financing ratio of 0.53, indicating a proactive approach to shareholder returns [7]. Business Model - The company's performance is primarily driven by marketing efforts, necessitating further investigation into the sustainability of this driving force [8].