B-Soft Co.,Ltd. (SZ300451) released its 2025 annual report on the evening of April 14. The company reported revenue of 1.052 billion yuan, down 26.07% year-on-year. The net loss attributable to shareholders of the listed company widened by 131.47% to 402 million yuan, while the non-GAAP net loss expanded by 114.48% to 412 million yuan. This performance has raised investor concerns about the company's sustainable operations and the effectiveness of its transformation efforts.
It is noteworthy that the company's revenue has declined year-on-year for seven consecutive quarters since the second quarter of 2024. Net losses have persisted for two consecutive years, with the deficit widening sharply from 174 million yuan in 2024 to 402 million yuan in 2025, more than doubling. The gross profit margin has declined for five consecutive years, dropping to 35.63% in 2025, a decrease of 9.55 percentage points year-on-year.
Cash flow conditions and accounts receivable risks are even more concerning. During the reporting period, net cash flow from operating activities was -21.199 million yuan, compared to 115 million yuan in the same period last year, a decrease of 118.48%. The net increase in cash and cash equivalents was -565 million yuan, down 690.86% year-on-year. Meanwhile, accounts receivable stood at 1.422 billion yuan, accounting for 26.94% of total assets and exceeding annual revenue by over 300 million yuan. The company's days sales outstanding (DSO) has increased year-on-year, reaching 508.7 days in 2025, up 112.7 days from 2024. In 2025, the company set aside 136 million yuan in provisions for bad debts on accounts receivable and 95 million yuan in goodwill impairment.
Facing multiple challenges from the industry and internal transformation, B-Soft Co.,Ltd. urgently needs to adopt systematic measures to break the deadlock. First, the company should prioritize the collection of accounts receivable strategically, establish specialized recovery mechanisms, and if necessary, use legal means to secure debt repayment. Shortening the collection cycle would reduce bad debt risks and prevent "paper profits" from continuously eroding cash flow. Second, the company must restructure its expense allocation, improving the efficiency of R&D investment while ensuring core technological competitiveness. Non-strategic expenditures should be deferred, and resources should be directed toward the commercialization of HI-HIS products to accelerate revenue conversion. Additionally, the profitability of subsidiaries should be carefully evaluated, with decisive action taken to cut losses in persistently unprofitable operations. Strengthening synergy with the new controlling shareholder could leverage shareholder resources to improve financing conditions and business expansion capabilities, ensuring operational security.
B-Soft Co.,Ltd. is currently mired in a performance downturn. Whether the company can halt the decline, improve its self-sustaining capabilities, and validate the effectiveness of its AI transformation strategy will depend on subsequent progress in core business recovery, the intensity of accounts receivable collection, and the large-scale implementation of new products. Investors should closely monitor improvements in the company's cash flow and any developments regarding delisting risk warnings, while prudently assessing investment risks.
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