BSU(SH:600010) Zheng Quan Zhi Xing·2025-08-26 23:09Core Insights - The company Baosteel Co., Ltd. reported a total revenue of 31.329 billion yuan for the first half of 2025, a year-on-year decrease of 11.02%, while the net profit attributable to shareholders increased by 39.99% to 151 million yuan [1][3]. Financial Performance - Total revenue for the second quarter of 2025 was 15.895 billion yuan, down 8.97% year-on-year [1]. - The gross profit margin improved to 9.56%, an increase of 11.45% year-on-year, while the net profit margin surged to 0.36%, reflecting a significant increase of 728.9% [1]. - The company’s short-term debt pressure increased, with a current ratio of 0.56 [1]. Key Financial Metrics - The company reported a decrease in cash and cash equivalents by 7.36% to 9.665 billion yuan [3]. - Accounts receivable decreased by 10.49% to 3.815 billion yuan [1]. - Interest-bearing liabilities rose by 3.59% to 46.776 billion yuan [1]. - The total of selling, administrative, and financial expenses was 1.779 billion yuan, accounting for 5.68% of revenue, an increase of 7.17% year-on-year [1]. Investment and Debt Analysis - The company’s return on invested capital (ROIC) was 1.91%, indicating weak capital returns [4]. - The company has a high level of financial expenses, with financial expenses accounting for 186.08% of the average operating cash flow over the past three years [4]. - The debt situation is concerning, with an interest-bearing asset liability ratio of 27.18% and a current ratio of only 0.56 [4]. Fund Holdings - The largest fund holding Baosteel shares is the Jiashi Zhongzheng Rare Earth Industry ETF, with 64.79 million shares, which increased its holdings [4].