宝利国际2025年中报简析：净利润同比下降170.28%，公司应收账款体量较大

Financial Performance - The company reported total revenue of 519 million yuan for the first half of 2025, a decrease of 54.61% year-on-year [1] - The net profit attributable to shareholders was -6.88 million yuan, down 170.28% compared to the previous year [1] - In Q2 2025, total revenue was 290 million yuan, reflecting a 61.0% decline year-on-year [1] - The net profit for Q2 2025 was -10.12 million yuan, a decrease of 288.13% year-on-year [1] - The gross margin was 0.89%, down 72.15% year-on-year, while the net margin was -1.53%, a decline of 341.67% [1] Financial Ratios and Metrics - The company's return on invested capital (ROIC) was 1.8% last year, indicating weak capital returns [3] - The median ROIC over the past decade was 1.92%, with a notably poor ROIC of -7% in 2022 [3] - The ratio of accounts receivable to net profit reached 1153.67%, highlighting significant credit risk [1][3] Cost Structure - Total selling, administrative, and financial expenses amounted to 33.99 million yuan, representing 6.54% of revenue, an increase of 78.02% year-on-year [1] - The company’s cash flow situation is concerning, with cash and cash equivalents covering only 28.09% of current liabilities [3] Debt and Asset Management - Interest-bearing liabilities decreased to 556 million yuan, down 32.96% year-on-year [1] - The interest-bearing asset-liability ratio stands at 33.05%, indicating a moderate level of debt [3]