博世科2025年中报简析：增收不增利，短期债务压力上升

Core Insights - Boschke (300422) reported a total revenue of 1.252 billion yuan for the first half of 2025, representing a year-on-year increase of 21.82%, while the net profit attributable to shareholders was -47.2044 million yuan, a significant decline of 279.54% compared to the previous year [1] Financial Performance - Total revenue for the first half of 2025 was 1.252 billion yuan, up from 1.028 billion yuan in 2024, marking a growth of 21.82% [1] - The net profit attributable to shareholders was -47.2044 million yuan, compared to a profit of 26.2923 million yuan in 2024, reflecting a decline of 279.54% [1] - Gross margin decreased to 14.34%, down 30.9% year-on-year, while net margin fell to -3.87%, a drop of 270.4% [1] - Total operating expenses (sales, management, and financial expenses) amounted to 187 million yuan, accounting for 14.9% of revenue, a decrease of 15.35% year-on-year [1] Cash Flow and Debt - The company experienced a significant increase in short-term debt pressure, with a current ratio of 0.63 [1] - Cash and cash equivalents decreased by 50.42% to 337 million yuan [1] - Long-term payables increased by 768.92% due to new borrowings [3] Asset and Liability Changes - The use of right assets increased by 33.24% due to the addition of leasing assets [2] - Contract liabilities decreased by 43.17% as a result of completed industrial projects [2] - Accounts receivable decreased by 14.83% to 1.178 billion yuan [1] Operational Efficiency - The company’s operating costs rose by 31.67% due to increased revenue [4] - Sales expenses decreased by 31.37%, indicating reduced sales-related expenditures [5] - The net cash flow from operating activities fell by 33.39% due to decreased cash receipts from sales [6] Investment and Returns - The company’s historical return on invested capital (ROIC) has been relatively low, with a median of 8.2% since its listing, and a particularly poor ROIC of -11.32% in 2024 [7] - The company has reported losses in four out of nine annual reports since its listing, indicating potential concerns for value investors [7]