博汇股份2025年中报简析：亏损收窄

Core Viewpoint - 博汇股份 reported a narrowing loss in its 2025 mid-year financial results, with total revenue slightly declining and a significant improvement in net profit loss compared to the previous year [1] Financial Performance - Total revenue for 2025 was 1.342 billion yuan, a decrease of 1.73% year-on-year [1] - The net profit attributable to shareholders was -59.29 million yuan, an improvement of 43.8% year-on-year [1] - The gross margin was 0.96%, down 96.63% year-on-year, while the net margin was -4.35%, an increase of 43.76% year-on-year [1] - Operating cash flow per share was 0.37 yuan, up 143.39% year-on-year [1] Cost and Expenses - Operating costs increased by 36.0% due to macroeconomic policy impacts [3] - Total selling, administrative, and financial expenses amounted to 54.05 million yuan, accounting for 4.03% of revenue, a decrease of 4.5% year-on-year [1] Cash Flow and Debt - Cash and cash equivalents increased significantly by 440.31%, attributed to reduced raw material inventory and tax refunds [3] - The company’s interest-bearing debt decreased by 7.82% to 1.259 billion yuan [1] Business Strategy and Adjustments - The company is shifting its development philosophy from "large and strong" to "specialized and precise," focusing on enhancing supply chain resilience and optimizing production processes [4] - New product developments include transformer oil, which is being adapted for use in energy storage and cooling applications [4] - The company has expanded its international market presence and is the only private refinery in China operating bonded high-sulfur fuel oil [4]