博迁新材2025年中报简析：营收净利润同比双双增长，盈利能力上升

Core Viewpoint - 博迁新材 (605376) reported strong financial performance for the first half of 2025, with significant increases in revenue and net profit compared to the previous year [1] Financial Performance Summary - Total revenue reached 519 million yuan, an increase of 18.3% year-on-year [1] - Net profit attributable to shareholders was 106 million yuan, up 93.34% year-on-year [1] - In Q2 2025, total revenue was 269 million yuan, a 12.71% increase year-on-year, while net profit was 57.65 million yuan, up 47.84% year-on-year [1] - Gross margin improved to 33.18%, reflecting a 51.57% increase year-on-year, and net margin rose to 20.35%, a 63.43% increase year-on-year [1] - Total operating expenses were 28.91 million yuan, accounting for 5.57% of revenue, a 17.54% increase year-on-year [1] - Earnings per share increased to 0.4 yuan, a 90.48% rise year-on-year [1] Key Financial Metrics - Cash flow from operating activities decreased by 34.8% due to increased raw material purchases [2] - Long-term equity investments surged by 11,721.98% due to increased equity investments [2] - Short-term borrowings increased by 37.52% as a result of additional bank loans [2] - The company’s cash and cash equivalents decreased by 38.3% year-on-year [1] Investment Insights - The company’s return on invested capital (ROIC) was 5.28% last year, indicating average capital returns [5] - The historical median ROIC since the company’s listing is 15.28%, with two years of losses since its IPO [5] - Analysts expect 2025 performance to reach 259 million yuan, with an average earnings per share forecast of 0.99 yuan [6] Fund Holdings - The largest fund holding in 博迁新材 is 东方红智华三年持有混合A, which has reduced its position [7] - Other funds, such as 招商价值成长混合A and 招商核心价值混合, have increased their holdings [7]