BSP(SZ:000761) Zheng Quan Zhi Xing·2025-08-29 22:42Core Insights - The company, Benxi Steel Plate (000761), reported a narrowing loss in its 2025 mid-year financial results, with total revenue of 24.698 billion yuan, a year-on-year decrease of 12.93% [1] - The net profit attributable to shareholders was -1.399 billion yuan, showing an improvement of 9.21% compared to the previous year [1] Financial Performance - Total revenue for Q2 2025 was 12.36 billion yuan, down 8.61% year-on-year [1] - Q2 net profit attributable to shareholders was -633 million yuan, an increase of 1.26% year-on-year [1] - Gross margin stood at -3.01%, a decrease of 6.56% year-on-year [1] - Net margin was -5.53%, down 4.89% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 555.6 million yuan, accounting for 2.25% of revenue, an increase of 12.62% year-on-year [1] - Earnings per share were -0.34 yuan, an increase of 9.07% year-on-year [1] Balance Sheet Highlights - Cash and cash equivalents increased to 2.12 billion yuan, up 6.41% year-on-year [1] - Accounts receivable decreased to 933 million yuan, down 29.67% year-on-year [1] - Interest-bearing debt rose to 10.552 billion yuan, an increase of 19.75% year-on-year [1] - Net asset value per share decreased to 2.33 yuan, down 34.17% year-on-year [1] Operational Insights - The company's historical return on invested capital (ROIC) has been weak, with a median of 2.2% over the past decade, and a particularly poor ROIC of -18% in 2024 [1] - The company has reported losses in five out of its 27 annual reports since going public, indicating a generally poor financial performance [1] Cash Flow and Debt Analysis - The cash flow situation is concerning, with cash and cash equivalents to current liabilities ratio at 8.14% [2] - The interest-bearing asset-liability ratio has reached 23.06%, indicating a significant level of debt [2]