Q1 2026: revenue up 5.1%, net profit down 36% to 11.1M yuan, 43.2% down ex-items, ROE 0.92%, operating cash flow negative 9.8M yuan. We attribute it to gross-margin compression and rising expenses. Not distress - clean audit, still profitable, founder-controlled, paying dividends - but deteriorating quality on a stable base. Profit fell through 2025 to near-breakeven Q4 and fell again this quarter; cash flow collapsed on the receivables build. Whether margin and collections stabilise or the channel shift keeps stretching cash conversion is the open watch item.