保立佳2025年中报简析：净利润增136.26%，短期债务压力上升

Core Viewpoint - The recent financial report of Baolijia (301037) indicates a decline in total revenue while showing significant improvement in net profit, highlighting a mixed performance in the company's financial health [1]. Financial Performance - As of the end of the reporting period, the total revenue was 926 million yuan, a year-on-year decrease of 17.23% [1]. - The net profit attributable to shareholders was 8.5864 million yuan, reflecting a year-on-year increase of 136.26% [1]. - In Q2, total revenue was 501 million yuan, down 21.15% year-on-year, while net profit reached 18.9337 million yuan, up 459.56% year-on-year [1]. - The gross margin was 12.84%, an increase of 15.3% year-on-year, while the net margin was 0.94%, up 144.61% year-on-year [1]. - Total expenses (selling, administrative, and financial) amounted to 108 million yuan, accounting for 11.63% of revenue, an increase of 11.19% year-on-year [1]. Cash Flow and Debt Situation - The current ratio stands at 0.8, indicating increased short-term debt pressure [1]. - Cash and cash equivalents decreased by 6.03% to 247 million yuan [1]. - Accounts receivable decreased by 18.58% to 562 million yuan [1]. - Interest-bearing liabilities increased slightly by 0.71% to 1.287 billion yuan [1]. Shareholder Metrics - The net asset per share is 4.58 yuan, down 17.59% year-on-year [1]. - Earnings per share increased to 0.06 yuan, a rise of 135.29% year-on-year [1]. - Operating cash flow per share was 0.46 yuan, reflecting a year-on-year increase of 135.2% [1]. Business Model and Investment Return - The company's historical return on invested capital (ROIC) has been average, with a median of 7.61% since its listing, and a particularly poor ROIC of -5.9% in 2024 [3]. - The business model relies heavily on marketing-driven performance, which requires careful examination of the underlying drivers [3]. - The company has reported two years of losses since its listing, indicating a fragile business model [3].