Core Viewpoint - 博科测试 (301598) reported a solid performance in its 2025 mid-year financial results, with significant increases in revenue and net profit compared to the previous year [1] Financial Performance - The total revenue for the first half of 2025 reached 241 million yuan, marking a year-on-year increase of 12.67% [1] - The net profit attributable to shareholders was 47.94 million yuan, up 16.65% year-on-year [1] - In Q2 2025, the revenue was 153 million yuan, reflecting a 4.91% increase year-on-year, while the net profit was 33.84 million yuan, a 4.02% increase [1] Key Financial Metrics - Gross margin stood at 42.51%, a decrease of 4.53% year-on-year, while net margin improved to 19.85%, an increase of 3.53% [1] - Total expenses (selling, administrative, and financial) amounted to 32.02 million yuan, accounting for 13.26% of revenue, down 3.87% year-on-year [1] - Earnings per share (EPS) was 0.81 yuan, down 12.51% year-on-year, while the net asset per share increased by 55.77% to 16.3 yuan [1] Cash Flow and Receivables - The company reported a significant increase in accounts receivable, which rose by 100.34% year-on-year [1] - Operating cash flow per share was 1.28 yuan, a decrease of 15.4% compared to the previous year [1] Return on Investment - The company's return on invested capital (ROIC) for the previous year was 12.61%, indicating strong capital returns [3] - The historical median ROIC since the company went public is 36.6%, suggesting good investment returns over time [3] Financial Health Indicators - The company has a healthy cash asset position, with a cash flow to current liabilities ratio averaging 18.17% over the past three years [3] - Concerns were raised regarding the accounts receivable and inventory levels, with accounts receivable to profit ratio at 165.08% and inventory to revenue ratio at 110.21% [3]
博科测试2025年中报简析：营收净利润同比双双增长，应收账款上升