保税科技2025年中报简析：净利润同比下降65.45%

Core Viewpoint - The financial performance of Baoshui Technology (600794) in the 2025 mid-year report shows significant declines in revenue and profit, indicating potential challenges in its business model and operations [1] Financial Performance Summary - Total operating revenue for 2025 is 420 million yuan, a decrease of 22.13% compared to 540 million yuan in 2024 [1] - Net profit attributable to shareholders is 48.67 million yuan, down 65.45% from 141 million yuan in the previous year [1] - The gross profit margin is 29.29%, a decline of 32.68% from 43.50% in 2024 [1] - The net profit margin is 14.18%, down 50.88% from 28.86% in 2024 [1] - Total expenses (selling, administrative, and financial) amount to 52.51 million yuan, accounting for 12.5% of revenue, an increase of 10.46% year-on-year [1] - Earnings per share decreased to 0.04 yuan, a drop of 66.67% from 0.12 yuan in 2024 [1] - Operating cash flow per share is -0.01 yuan, a decrease of 104% compared to 0.33 yuan in 2024 [1] Significant Changes in Financial Items - Accounts receivable decreased by 29.72%, from 9.98 million yuan to 7.01 million yuan [3] - Cash and cash equivalents decreased by 31.86%, from 837 million yuan to 570 million yuan [1] - Inventory increased by 218.09%, indicating a rise in self-operated inventory purchases [3] - Long-term receivables decreased by 68.0%, attributed to reduced returns from financing leasing business [3] - Financial expenses decreased by 122.18%, due to a reduction in bank borrowings [4] Cash Flow Analysis - Net cash flow from operating activities decreased by 103.96%, primarily due to reduced cash inflows from supply chain management businesses [4] - Net cash flow from financing activities increased by 90.76%, driven by decreased demand for bank acceptance bills [4] Historical Performance and Outlook - The company's return on invested capital (ROIC) for the previous year was 7.64%, indicating average capital returns [5] - Analysts expect the company's performance in 2025 to be around 138 million yuan, with an average earnings per share forecast of 0.12 yuan [5]