Porton(SZ:300363) Zheng Quan Zhi Xing·2025-08-23 22:57Core Viewpoint - The financial performance of Boteng Co., Ltd. (300363) shows significant improvement in the first half of 2025, with notable increases in revenue and net profit compared to the same period in 2024 [1][3]. Financial Performance Summary - Total revenue for the first half of 2025 reached 1.621 billion yuan, a year-on-year increase of 19.88% from 1.352 billion yuan in 2024 [1]. - The net profit attributable to shareholders was 27.06 million yuan, a substantial increase of 115.91% compared to a loss of 170 million yuan in the previous year [1]. - The gross profit margin improved to 27.63%, reflecting a year-on-year increase of 46.8% [1]. - The net profit margin turned positive at -0.34%, a significant improvement from -16.01% in the previous year [1]. - Total expenses (selling, administrative, and financial) amounted to 294 million yuan, accounting for 18.13% of revenue, down 19.57% year-on-year [1]. Cash Flow and Financial Position - Operating cash flow per share increased by 40.98% to 0.46 yuan, while the earnings per share rose to 0.05 yuan, a 116.13% increase [1]. - Cash and cash equivalents decreased by 42.22% to 857 million yuan, attributed to the use of idle funds for cash management [3]. - Accounts receivable increased by 20.24% to 763 million yuan, indicating a rise in sales [1][3]. - Interest-bearing debt rose by 4.05% to 1.405 billion yuan, reflecting increased borrowing [1][3]. Investment Insights - The company's return on invested capital (ROIC) has been historically low, with a median of 6.69% over the past decade, and a particularly poor performance in 2024 with an ROIC of -4.25% [4]. - The business model relies heavily on research and development, necessitating a closer examination of the underlying drivers of this performance [4]. Fund Holdings - The largest fund holding Boteng shares is Tianhong Medical Innovation A, with 6.398 million shares, while several other funds have newly entered the top ten holdings [5].