Core Viewpoint - Jiangsu Boyun, a representative enterprise in the basic chemical industry, has reported a decline in both operating revenue and net profit for the first half of 2025, indicating ongoing pressure on profitability [1][3]. Financial Performance - In the first half of 2025, Jiangsu Boyun's net profit margin decreased from 22.28% in the same period of 2024 to 19.53%, a drop of 2.75 percentage points [3]. - The gross profit margin slightly decreased from 32.27% to 32.00%, while the return on equity fell by 0.71 percentage points to 5.15% [3]. Operational Efficiency - The inventory turnover days increased to 66.75 days, up 4.38% from the previous year, indicating heightened inventory management pressure [6]. - The net cash flow from operating activities improved significantly to 105 million yuan, compared to 30 million yuan in the same period of 2024 [6]. - The debt-to-asset ratio for the first half of 2025 was 5.16%, an increase of 1.17 percentage points year-on-year, but the overall debt level remains low [6]. Institutional Holdings - As of the first half of 2025, the number of institutional investors holding shares in Jiangsu Boyun has drastically decreased to 3, down from 66 in the same period of 2024, indicating a significant reduction in institutional participation [8]. - The company's market capitalization peaked at 5.126 billion yuan on March 31, 2022, and currently stands at 3.817 billion yuan, requiring a 34.27% increase in stock price to reach its historical high [8].
江苏博云2025上半年净利率连续三年下滑，盈利能力持续承压