But'one(SH:600455) Zheng Quan Zhi Xing·2025-08-16 22:46Core Viewpoint - 博通股份 (600455) reported a strong performance in its 2025 mid-year financial results, with significant increases in revenue and net profit compared to the previous year [1] Financial Performance - Total revenue reached 149 million yuan, a year-on-year increase of 5.23% [1] - Net profit attributable to shareholders was 13.33 million yuan, up 42.95% year-on-year [1] - In Q2 alone, total revenue was 74.25 million yuan, reflecting a 5.79% increase year-on-year, while net profit for the quarter was 13.98 million yuan, up 27.49% [1] - Gross margin improved to 48.6%, an increase of 5.76% year-on-year, and net margin rose to 12.19%, up 35.09% [1] Cost and Expense Management - Total selling, administrative, and financial expenses amounted to 53.81 million yuan, accounting for 36.18% of revenue, a decrease of 3.21% year-on-year [1] - Earnings per share increased to 0.21 yuan, a rise of 43.0% year-on-year [1] - Operating cash flow per share was -1.91 yuan, down 8.7% year-on-year [1] Asset and Liability Changes - Cash and cash equivalents increased by 13.34% to 117 million yuan [3] - Accounts receivable rose by 36.74% to 1.48 million yuan, attributed to increased receivables from the subsidiary [3] - Long-term borrowings increased by 120.96%, driven by loans for campus construction projects [4] Business Model and Investment Returns - The company's return on invested capital (ROIC) was 12.04%, indicating strong capital returns [5] - The net profit margin was reported at 15.88%, suggesting high added value in products or services [5] - Historical performance shows variability, with six years of losses since its IPO, indicating a need for careful evaluation of capital expenditures [5] Cash Flow and Fund Management - The cash flow situation is a concern, with cash and cash equivalents covering only 24.51% of current liabilities [6] - The largest fund holding in 博通股份 is 华夏稳进增益一年持有混合A, which has recently increased its position [6]