博汇科技2025年中报简析：亏损收窄，盈利能力上升

Core Viewpoint - 博汇科技 (688004) reported a decline in total revenue for the first half of 2025, with a total revenue of 51.2035 million yuan, down 9.45% year-on-year, while the net profit attributable to shareholders improved, showing a loss of 16.9022 million yuan, which is a 24.08% improvement compared to the previous year [1] Financial Performance Summary - Total revenue for 2025 was 51.2035 million yuan, a decrease of 9.45% from 2024's 56.5452 million yuan [1] - Net profit attributable to shareholders for 2025 was -16.9022 million yuan, an improvement of 24.08% from -22.2645 million yuan in 2024 [1] - Gross margin increased to 56.8%, up 16.1% year-on-year, while net margin improved to -33.01%, up 16.16% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 27.4257 million yuan, accounting for 53.56% of revenue, a decrease of 6.43% year-on-year [1] - Earnings per share improved to -0.21 yuan, a 25% increase from -0.28 yuan in the previous year [1] Cash Flow and Financial Position Summary - Operating cash flow per share was -0.47 yuan, a decrease of 14.3% year-on-year [1] - Cash and cash equivalents decreased by 24.12% to 62.6251 million yuan due to increased operational funding needs [2] - Accounts receivable decreased by 11.27% to 52.6156 million yuan [1] - Interest-bearing liabilities surged by 3824.37% to 51.1672 million yuan [1] Changes in Key Financial Items - Accounts receivable notes decreased by 75.98% due to a reduction in outstanding commercial acceptance bills [2] - Prepayments increased by 89.54% due to higher procurement payments [2] - Inventory increased by 30.81% due to increased stock and shipped goods [2] - Financial expenses rose by 284.71% due to increased borrowing costs [3] - Research and development expenses increased by 10.49% as the company invested more in AI and new product development [3] Investment and Cash Flow Activities - Cash flow from investment activities decreased by 99.52% due to the impact of timing on financial product purchases and redemptions [4] - Cash flow from financing activities increased by 1199.19% due to new repurchase loans [4]