On the evening of October 16, Boschke (Guangxi Bossco Environmental Protection Technology Co.,Ltd.) (SZ300422, last closing price: 5.14 yuan, market capitalization: 2.744 billion yuan) released its third-quarter report for 2025. The data showed that the company achieved revenue of approximately 1.512 billion yuan in the first three quarters, a year-on-year increase of 27.1%. However, the net profit attributable to shareholders of the listed company was approximately -212 million yuan, a year-on-year decline of 270.83%. In the third quarter alone, Boschke's revenue grew 60.61% year-on-year to 260 million yuan, yet the net profit attributable to shareholders plummeted by 97.59% to -165 million yuan. This performance has attracted market attention.
Boschke has been ensnared in financial losses in recent years. The company reported net losses of 515 million yuan, 448 million yuan, 216 million yuan, and 865 million yuan from 2021 to 2024. The continuing losses in the first three quarters of 2025 reflect potential issues in its operational management and market expansion, necessitating in-depth analysis and effective remedial measures.
Additionally, Boschke faces significant financial pressure. In the first three quarters, the company generated a net cash flow of -35.86 million yuan from its operating activities, compared to 163 million yuan in the same period last year. As of September 30, Boschke's asset-liability ratio stood at 86.53%, a year-on-year increase of 11.65%. The high asset-liability ratio and negative operating cash flow indicate potential difficulties in the company's cash turnover, which may impact its daily operations and future investment plans.
To alleviate financial pressure, Boschke announced on the evening of the release of its third-quarter report that the company and its subsidiaries plan to continue financing loan operations with the related party Beigang Jintou and its subsidiaries, with an additional financing limit of no more than 500 million yuan. The company and its subsidiaries will provide relevant credit enhancement measures based on financing needs, including the use of owned assets as collateral or pledge. Previously, the company had provided accounts receivable as collateral to Bank of China for loan applications, with the book value of restricted assets accounting for 30.18% of the company's audited total assets for 2024. Frequent financing and asset pledges can meet the company’s funding needs to some extent, but they also increase financial risks and debt repayment pressure.
It is believed that to emerge from its current predicament, Boschke must first strengthen financial management, optimize the efficiency of fund usage, and rationally plan financial expenditures to avoid unnecessary fund waste. Secondly, the company should conduct an in-depth analysis of the reasons for its losses, adjust its business structure, and enhance the profitability of its core business. Given the increasingly competitive environmental market, the company needs to increase its investment in technological innovation, improve product and service quality, and enhance market competitiveness. Furthermore, the company should make prudent decisions regarding related-party financing, fully assess risks, and ensure that financing actions align with the company’s long-term interests. It should also strengthen communication with investors, disclose relevant information in a timely manner, and stabilize market expectations.
Comments