BUSEN(SZ:002569) Zheng Quan Zhi Xing·2025-08-26 23:08Financial Performance - *ST Bosen (002569) reported a significant decline in net profit, down 66.92% year-on-year [1] - Total operating revenue for the first half of 2025 was 51.95 million yuan, a decrease of 25.19% compared to the previous year [1] - The company recorded a net loss of 10.46 million yuan for the first half of 2025, worsening from a loss of 6.27 million yuan in the same period of 2024 [1] Quarterly Analysis - In Q2 2025, total operating revenue was 19.61 million yuan, down 41.95% year-on-year [1] - The net profit for Q2 2025 was a loss of 6.29 million yuan, a staggering decline of 463.81% compared to the previous year [1] Key Financial Ratios - Gross margin decreased to 30.17%, down 18.0% year-on-year [1] - Net margin fell to -20.42%, a decline of 93.77% compared to the previous year [1] - Total expenses (selling, administrative, and financial) amounted to 21.53 million yuan, accounting for 41.43% of revenue, an increase of 19.9% year-on-year [1] Cash Flow and Assets - Cash and cash equivalents decreased significantly, with monetary funds at 4.96 million yuan, down 74.72% year-on-year [1] - Accounts receivable also saw a decline, totaling 18.19 million yuan, down 63.72% from the previous year [1] - The company reported a negative operating cash flow per share of -0.01 yuan, a decrease of 150.34% year-on-year [1] Investment Returns - Historical data indicates a median Return on Invested Capital (ROIC) of -19.51% over the past decade, with the worst year being 2024 at -78.09% [3] - The company has reported losses in 7 out of 13 annual reports since its listing, indicating poor investment returns [3] Financial Health Indicators - The ratio of cash to current liabilities is only 6.61%, suggesting liquidity concerns [4] - The average net cash flow from operating activities over the past three years has been negative, indicating ongoing financial challenges [4]