Core Viewpoint - *ST Boda (600130) reported a mixed performance in its 2025 interim report, with significant revenue growth but a decline in net profit, indicating potential operational challenges ahead [1]. Financial Performance - The total revenue for the first half of 2025 reached 226 million yuan, a year-on-year increase of 61.14% compared to 140 million yuan in 2024 [1]. - The net profit attributable to shareholders was 3.95 million yuan, down 33.69% from 5.95 million yuan in the previous year [1]. - The gross margin decreased to 13.26%, a drop of 10.38% year-on-year, while the net margin fell to 2.36%, down 56.42% [1]. - The company reported a significant increase in accounts receivable, which rose by 59.91% to 113 million yuan [1]. Cash Flow and Expenses - Operating cash flow per share was -0.02 yuan, unchanged from the previous year, but the cash flow from operating activities increased by 20.36% due to improved collection of receivables [12] [20]. - Total sales, administrative, and financial expenses amounted to 13.35 million yuan, accounting for 5.9% of revenue, a decrease of 9.41% year-on-year [1]. Asset and Liability Changes - Cash and cash equivalents decreased by 41.45% due to investments in entrusted wealth management [3]. - Short-term borrowings were fully repaid, resulting in a 100% decrease [8]. - Other receivables increased by 159.97% due to higher deposits paid [5]. Investment and Returns - The return on invested capital (ROIC) was reported at 0.07%, indicating weak capital returns, with a historical median ROIC of 2.92% over the past decade [18]. - The company has experienced four years of losses since its listing, suggesting a generally poor investment outlook [18]. Business Model and Operational Insights - The company's performance is primarily driven by research and development, necessitating a thorough examination of the underlying drivers of this growth [19]. - The accounts receivable situation is concerning, with accounts receivable to profit ratio reaching 2215.71% [20].
*ST波导2025年中报简析:增收不增利,应收账款上升