Bomai Ke 2025 Annual Report Analysis: Non-GAAP Net Profit Plummets 61.26%, Operating Cash Flow Surges 885.12%

Interpretation of Core Revenue and Profitability Indicators

Operating Income: Down 28.02% Year-on-Year

In 2025, Bomaike achieved operating income of 1.90 billion yuan, a decrease of 28.02% compared to 2.64 billion yuan in 2024. Analyzing by quarter, the annual revenue showed a trend of “high at the beginning, low in the middle, and then rebounding,” with the highest revenue in the first quarter at 543 million yuan, dropping to a low of 280 million yuan in the third quarter, and rebounding to 578 million yuan in the fourth quarter. From a business structure perspective, the marine oil and gas resource development module was the only source of revenue, generating 1.889 billion yuan, a year-on-year decrease of 20.90%; the natural gas liquefaction module had no revenue for the year, down 100% year-on-year. Regionally, overseas business contributed all revenue of 1.889 billion yuan, down 27.97% year-on-year.

Net Profit and Deducted Net Profit: Significant Shrinkage in Profitability

In 2025, the net profit attributable to shareholders of the listed company was 61.4478 million yuan, a decline of 38.89% from 101 million yuan in 2024; the deducted net profit was 44.7054 million yuan, a significant drop of 61.26% from 115.3891 million yuan in 2024. The shrinkage in deducted earnings far exceeded that of net profit, mainly due to the impact of non-recurring gains and losses. The total non-recurring gains and losses for the year were 16.7425 million yuan, which included a reversal of impairment provisions for other receivables of 8.7602 million yuan and gains and losses from entrusted investment or asset management of 6.1939 million yuan.

Earnings Per Share: Simultaneous Decline in Profitability

The basic earnings per share in 2025 was 0.22 yuan/share, a decline of 38.89% from 0.36 yuan/share in 2024; the deducted earnings per share was 0.16 yuan/share, a drop of 60.98% from 0.41 yuan/share in 2024, consistent with the changes in net profit and deducted net profit, reflecting a comprehensive decline in the company’s profitability.

Detailed Breakdown of Expense Structure

Sales Expenses: Year-on-Year Increase of 46.15%

In 2025, sales expenses were 28.8428 million yuan, a year-on-year increase of 46.15% from 19.7353 million yuan in 2024, mainly due to an increase in service fees during the period. In terms of expense composition, service fees reached 19.9134 million yuan, accounting for 69.04% of sales expenses, a growth of 62.32% compared to 12.2681 million yuan in 2024, making it the core driver of the increase in sales expenses.

Management Expenses: Slight Increase of 9.98%

Management expenses were 73.9836 million yuan, an increase of 9.98% from 67.2731 million yuan in 2024, primarily due to an increase in employee compensation during the period. Employee compensation amounted to 44.5930 million yuan, accounting for 60.27% of management expenses, which was a 9.59% increase from 40.6893 million yuan in 2024, matching the overall growth rate of management expenses.

Financial Expenses: From Negative to More Negative and Scale Expansion

In 2025, financial expenses were -56.7614 million yuan, further expanding from -1.9108 million yuan in 2024, mainly due to exchange rate fluctuations leading to a net foreign exchange loss of -54.5167 million yuan (i.e., foreign exchange gains), while the net foreign exchange loss in 2024 was 7.0916 million yuan. Meanwhile, interest income was 6.6623 million yuan, interest expense was 3.0824 million yuan, and net interest income was 3.5799 million yuan, collectively driving financial expenses into a large negative figure.

R&D Expenses: Year-on-Year Decrease of 31.60%

R&D expenses were 81.3277 million yuan, a year-on-year decrease of 31.60% from 118.9028 million yuan in 2024, mainly due to reduced R&D investment during the period. In terms of expense composition, labor costs were 48.7230 million yuan, accounting for 59.91% of R&D expenses, a 39.02% decrease from 79.8963 million yuan in 2024, which was the primary reason for the decline in R&D expenses; material costs were 23.3314 million yuan, down 13.80% from 27.0680 million yuan in 2024.

R&D Personnel Situation: Stable Team Size

As of the end of 2025, the number of R&D personnel in the company was 269, accounting for 19.87% of the total number of employees. In terms of educational structure, there were 213 personnel with a bachelor’s degree or higher, accounting for 79.18% of the total R&D personnel; the age structure was predominantly young, with 133 R&D personnel aged 30-40, accounting for 49.44%, and 59 personnel under 30, accounting for 21.93%, indicating that the team is generally young and possesses a high level of education.

Analysis of Cash Flow Situation

Operating Cash Flow: Surging by 885.12%

In 2025, the net cash flow from operating activities was 116.9218 million yuan, a dramatic increase of 885.12% compared to 11.8688 million yuan in 2024, mainly due to an increase in tax refunds received during the period. The tax refunds received reached 221 million yuan, compared to only 57.7168 million yuan in 2024. Additionally, cash received from sales of goods and provision of services was 2.088 billion yuan, an increase from 1.908 billion yuan in 2024, resulting in total cash inflows from operating activities of 2.326 billion yuan and total outflows of 2.210 billion yuan, ultimately achieving a net inflow of 117 million yuan.

Investment Cash Flow: From Negative to Positive

In 2025, the net cash flow from investment activities was 220.6313 million yuan, a turnaround from -98.4758 million yuan in 2024, mainly due to an increase in cash recovered from investments during the period. Cash received from investment recoveries reached 847 million yuan, while there were no related recoveries in 2024; at the same time, cash paid for investments was 625 million yuan, resulting in total cash inflows from investment activities of 863 million yuan and total outflows of 642 million yuan, achieving a net inflow of 221 million yuan.

Financing Cash Flow: Expanded Net Outflow

In 2025, the net cash flow from financing activities was -559.1712 million yuan, further expanding from -190.6535 million yuan in 2024, mainly due to reduced financing during the period. Cash received from loans was 200 million yuan, a significant decrease from 598 million yuan in 2024; while cash paid for debt repayments was 698 million yuan, an increase from 680 million yuan in 2024. Total cash inflows from financing activities were 213 million yuan, total outflows were 772 million yuan, resulting in a net outflow of 559 million yuan.

Core Risk Alerts

Industry Cyclicality Risk

The industries in which the company operates, such as natural gas liquefaction and marine oil and gas development, are typical cyclical industries that are significantly impacted by economic cycle fluctuations. If the global economy declines and the demand for energy resources decreases, it will directly affect the company’s project undertakings and performance growth. Although the company has laid out in multiple regions and product fields globally, the cyclical fluctuations of the industry still pose challenges to its business stability.

Energy Transition Risk

The global transition towards diversification and cleanliness in energy is accelerating. If the pace of transition exceeds expectations and the company’s strategic transformation fails to keep pace with market changes, it may face risks of mismatched business structure and market demand. Currently, the company has gradually increased its operational strength in natural gas business and is exploring fields such as wind power and hydrogen energy, but new businesses have not yet formed substantial support.

Order Decline Risk

Although the company has sufficient orders on hand in 2025, if related projects progress slowly or significant fluctuations in oil prices occur, new orders may fall short of expectations. The company needs to continuously enhance its core competitive advantages to ensure high-quality delivery of ongoing projects while actively exploring the market to secure advantageous orders to maintain business continuity.

Major Client Concentration Risk

The company’s clients are mainly well-known global energy companies and general contractors, resulting in a high industry concentration. If client demand in the industry changes due to economic cycles, geopolitical factors, or technological innovations, it will adversely affect the company’s production and operations. Although the company is maintaining core clients while expanding new ones, the industry characteristics of client concentration are unlikely to change in the short term.

Geopolitical Risk

The current international geopolitical situation is complex, with frequent disputes that may affect the stability of large international energy project development and increase uncertainty in the company’s business. Although many of the company’s projects are customized products with high stability, the long project cycles mean that if extreme changes occur in the geopolitical situation during that period, it may lead to changes in project execution.

Interpretation of Executive Compensation

In 2025, the company’s chairman, Peng Wencheng, received a total pre-tax compensation of 1.56 million yuan from the company. The president (also held by Peng Wencheng) received the same pre-tax compensation of 1.56 million yuan; Vice President Peng Wenge received pre-tax compensation of 1.7299 million yuan, the highest among executives; another Vice President, Qiu Panfeng, received pre-tax compensation of 1.5119 million yuan, and Vice President and Board Secretary Wang Xin received pre-tax compensation of 1.3178 million yuan; Financial Director Xie Hongjun received pre-tax compensation of 1.2398 million yuan. Overall, the compensation of the company’s core executives is basically in line with industry levels and is commensurate with the company’s profitability for the year.

Click to view the original announcement>>

Disclaimer: The market has risks, and investment requires caution. This article is automatically published by AI models based on third-party databases and does not represent the views of Sina Finance. Any information appearing in this article is for reference only and does not constitute personal investment advice. Please refer to actual announcements for discrepancies. For inquiries, please contact [email protected].