宝馨科技2025年中报简析：亏损收窄，短期债务压力上升

Core Viewpoint - Baoxin Technology (002514) reported a significant decline in revenue and a negative net profit for the first half of 2025, indicating ongoing financial challenges despite some improvements in profit margins [1] Financial Performance - Total revenue for the first half of 2025 was 101 million yuan, a decrease of 42.51% year-on-year compared to 176 million yuan in 2024 [1] - The net profit attributable to shareholders was -44.83 million yuan, an increase of 57.71% year-on-year from -106 million yuan in 2024 [1] - In Q2 2025, total revenue was 60.66 million yuan, up 11.69% year-on-year, while the net profit attributable to shareholders was -21.11 million yuan, an increase of 68.77% year-on-year [1] Profitability Metrics - Gross margin improved to 24.04%, a year-on-year increase of 199.85% [1] - Net margin was -44.34%, showing a year-on-year improvement of 30.91% [1] - The ratio of selling, administrative, and financial expenses to revenue was 47.03%, up 5.17% year-on-year [1] Balance Sheet and Cash Flow - Current ratio reached 0.54, indicating increased short-term debt pressure [1] - Cash and cash equivalents decreased by 36.82% to 23.68 million yuan [1] - Accounts receivable dropped by 50.30% to 223 million yuan [1] - Earnings per share were -0.06 yuan, an increase of 57.68% year-on-year [1] Historical Performance and Investment Return - The company's historical return on invested capital (ROIC) median over the past decade was 3.41%, with a particularly poor ROIC of -52.18% in 2024 [3] - The company has reported losses in four out of its fourteen annual reports since going public, indicating a generally weak financial performance [3] Debt and Financial Health - Interest-bearing liabilities increased by 14.63% to 1.047 billion yuan [1] - The ratio of interest-bearing liabilities to total assets reached 27.3% [3] - The liquidity position is concerning, with cash flow from operations averaging only 3.8% of current liabilities over the past three years [3]