博汇股份（300839）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 Summary - Total revenue for 2025 mid-year 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] - Total expenses (selling, administrative, and financial) amounted to 54.05 million yuan, accounting for 4.03% of revenue, a decrease of 4.5% year-on-year [1] - Earnings per share were -0.25 yuan, an increase of 43.18% year-on-year [1] Cash Flow and Debt Management - Operating cash flow per share was 0.37 yuan, an increase of 143.39% year-on-year, indicating improved cash generation [1] - The company reported a significant increase in cash and cash equivalents, with a net increase of 440.31% due to reduced raw material inventory and tax refunds [4] - The company’s interest-bearing debt decreased by 7.82% year-on-year, totaling 1.259 billion yuan [1] Strategic 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 [6] - It is adjusting its product structure to emphasize special oils and new chemical materials, with innovations such as transformer oil aimed at expanding application areas [6] - The company has opened a wholly-owned subsidiary in Wuxi to explore new liquid cooling business directions [6] Market Position and Future Outlook - 博汇股份 is the only private refinery in China operating bonded high-sulfur fuel oil, breaking the reliance on imports for this product [6] - The company is actively exploring cost reduction and efficiency improvement measures across various operational dimensions [6] - The company’s cash flow situation and debt levels are areas of concern, with a debt ratio of 71.11% for interest-bearing liabilities [7]