Bonree(SH:688229) Zheng Quan Zhi Xing·2025-08-27 22:28Core Viewpoint - The recent financial report of Borui Data (688229) shows a modest increase in revenue but significant improvement in net profit loss, indicating potential recovery despite ongoing challenges [1]. Financial Performance - Total revenue for the first half of 2025 reached 70.20 million yuan, a year-on-year increase of 5.19% compared to 66.73 million yuan in 2024 [1]. - The net profit attributable to shareholders was -26.19 million yuan, showing a 46.75% improvement from -49.18 million yuan in the previous year [1]. - In Q2 2025, total revenue was 33.99 million yuan, up 16.84% year-on-year, while the net profit attributable to shareholders was -16.99 million yuan, an increase of 51.72% from the same period last year [1]. Key Financial Ratios - Gross margin stood at 67.72%, down 5.22% from 71.45% in 2024, while the net margin improved to -37.30%, a 49.58% increase from -73.98% [1]. - Total operating expenses (sales, management, and financial expenses) amounted to 40.87 million yuan, accounting for 58.21% of revenue, a decrease of 24.85% year-on-year [1]. - Earnings per share improved to -0.60 yuan, a 46.90% increase from -1.13 yuan in 2024 [1]. Accounts Receivable and Cash Flow - Accounts receivable increased to 84.10 million yuan, representing 59.83% of total revenue, indicating a significant portion of revenue is tied up in receivables [1]. - Operating cash flow per share was -0.80 yuan, reflecting a 21.05% improvement from -1.01 yuan in the previous year [1]. Investment Considerations - The company has shown a historical median ROIC of 35.54%, but the worst year recorded a ROIC of -24.66% in 2024, indicating volatility in investment returns [3]. - Analysts suggest monitoring cash flow and accounts receivable due to the negative net profit and cash flow trends over the past three years [3].