Breaking Down Jiangsu Bojun Industrial Technology Co., Ltd Financial Health: Key Insights for Investors

Investors tracking Jiangsu Bojun Industrial Technology Co., Ltd (300926.SZ) should pay attention to a series of striking facts: revenue surged to CNY 4,074.73 million in the nine months to Sept 30, 2025 - a 42.3% year-over-year jump with TTM revenue at CNY 4,528.61 million (up 37.8%); profitability has accelerated with nine-month net income of CNY 626.8 million (a 70.4% rise) and TTM net margin at 14.50% alongside an ROE of 29.28%; leverage appears controlled with total debt of CNY 2.02 billion and a debt-to-equity ratio of 0.66, while liquidity shows tension (current ratio 1.07, quick ratio 0.62) and operating cash flow for the TTM is negative at CNY -260.19 million; valuation metrics (TTM P/E 19.09, forward P/E 16.31, P/S 2.78, P/B 4.53) and a 52-week share gain of 34.63% frame market sentiment, and forecasts point to annual revenue and EPS growth of 17.5% and 14.9% respectively - read on to uncover how these numbers translate into investment implications, risks, and potential catalysts.

Jiangsu Bojun Industrial Technology Co., Ltd (300926.SZ) - Revenue Analysis

• Nine months ended Sep 30, 2025: Revenue CNY 4,074.73 million, up 42.3% vs. CNY 2,862.22 million in the same period of 2024.
• TTM revenue as of Mar 31, 2025: CNY 4,528.61 million, representing 37.8% growth year-over-year.
• Quarterly revenue growth rate: 37.80%; latest quarter YoY growth: 44.59%.
• Revenue per employee: ~CNY 1.55 million, indicating efficient workforce utilization.
• Gross profit margin (TTM ending Mar 31, 2025): 25.03%, showing effective cost management.

• Robust revenue growth (TTM +37.8%, 9-month +42.3%) suggests expanding market share or higher ASPs in core product lines.
• A 25.03% gross margin on growing revenue indicates scalable operations and room for operating leverage.
• High revenue per employee (~CNY 1.55M) supports capital-light or productivity-focused business characteristics.
• Quarterly and latest-quarter growth rates (37.80% and 44.59%) point to sustained demand rather than one-off seasonality.

Jiangsu Bojun Industrial Technology Co., Ltd (300926.SZ) - Profitability Metrics

• Net income (9 months ended Sep 30, 2025): CNY 626.8 million - an increase of 70.4% from CNY 367.68 million in the same period of 2024.
• TTM net income (as of Mar 31, 2025): CNY 661.54 million; net profit margin: 14.50%.
• TTM operating income (as of Mar 31, 2025): CNY 796.16 million; operating margin: 18.50%.
• Return on equity (ROE): 29.28% - indicating high efficiency in converting equity into profit.
• TTM earnings per share (EPS): CNY 1.45.
• Trailing and latest-quarter margins have improved, with a reported net profit margin of 14.50% in the latest quarter.

• Implications for investors: elevated ROE (29.28%) and expanding margins (operating 18.50%, net 14.50%) suggest efficient capital deployment and improving profitability per unit of revenue.
• Risk considerations: sustaining high growth in net income (70.4% YoY for 9M 2025) will depend on revenue growth continuity and cost control to maintain margins.
• Valuation drivers to monitor: EPS trend (CNY 1.45 TTM), margin sustainability, and the conversion of operating income to net income.

Jiangsu Bojun Industrial Technology Co., Ltd (300926.SZ) - Debt vs. Equity Structure

• Total debt: CNY 2.02 billion.
• Debt-to-equity ratio: 0.66 (stable vs. prior quarter).
• Enterprise value (EV): CNY 15.68 billion; debt-to-EV ≈ 12.9%.
• Total liabilities: CNY 3,397.63 million; total assets: CNY 7,367.70 million; debt-to-assets ≈ 46.2%.
• Interest coverage ratio: 13.21.
• Debt-to-equity remains lower than the industry average, implying more conservative leverage policy.

• Implication for creditors: strong coverage and moderate leverage reduce default risk under normal operating conditions.
• Implication for equity holders: lower leverage limits financial risk but may constrain EPS upside from debt-fueled growth.
• Liquidity and solvency posture: moderate liabilities relative to assets, with interest coverage suggesting operational earnings comfortably support financing costs.

Jiangsu Bojun Industrial Technology Co., Ltd (300926.SZ) - Liquidity and Solvency

Key liquidity and solvency metrics for Jiangsu Bojun Industrial Technology Co., Ltd (300926.SZ) show a mixed picture: short-term coverage is marginally above 1x while quick-assets coverage falls well below 1x, cash flows are strained on an operational basis despite a recent quarterly inflow, and the company carries a sizeable net debt burden on a per-share basis.

• Current ratio: 1.07 - indicates the company has CNY 1.07 in current assets for every CNY 1.00 of current liabilities, a marginal cushion for short-term obligations.
• Quick ratio: 0.62 - highlights potential difficulty meeting short-term liabilities without relying on inventory liquidation.
• Net change in cash (latest quarter): +CNY 91.94 million - a positive quarterly cash movement that provides near-term relief.
• Operating cash flow (TTM): -CNY 260.19 million - negative cash generation from operations over the trailing twelve months, signaling operational cash stress.
• Total cash (latest quarter): CNY 307.98 million - available cash buffer for immediate liquidity needs.
• Net cash position: -CNY 1.71 billion (≈ -CNY 3.95 per share) - the company is net debt-negative, reflecting a significant leverage position relative to equity/share count.

Key considerations for investors:

• Short-term liquidity is only slightly above break-even; working capital management and inventory turnover trends will be critical to monitor.
• Persistent negative operating cash flow over the TTM period raises questions about core profitability and cash conversion; the latest quarter's positive cash change is helpful but not definitive.
• The negative net cash position (substantial net debt) increases financial risk and may constrain strategic flexibility unless deleveraging occurs.
• Monitor upcoming quarterly cash flow reports, debt maturities, and any asset-sale or capital-raise activity that could alter the net cash position and quick ratio.

For broader context on the company's mission and strategy, see: Mission Statement, Vision, & Core Values (2026) of Jiangsu Bojun Industrial Technology Co., Ltd.

Jiangsu Bojun Industrial Technology Co., Ltd (300926.SZ) - Valuation Analysis

• Discount/premium context: Forward P/E (16.31) vs TTM P/E (19.09) signals expected earnings improvement; a narrowing gap would validate current forward optimism.
• Balance-sheet lens: P/B of 4.53 indicates the market prices substantial intangible value or expected ROE above book returns.
• Cash-flow perspective: EV/EBITDA of 14.21 places the company in a moderate valuation band-neither deep value nor extreme premium.

• Momentum risk/reward: A 34.63% 52‑week gain suggests elevated investor enthusiasm; investors should watch upcoming earnings vs. the expectations embedded in the forward P/E.
• Relative valuation: P/S of 2.78 makes revenue-generating efficiency and margin profile key drivers for re-rating.

Jiangsu Bojun Industrial Technology Co., Ltd (300926.SZ) - Risk Factors

• Net cash position: -CNY 1.71 billion (-CNY 3.95 per share), indicating a net debt stance that may constrain liquidity and financing flexibility.
• Quick ratio: 0.62, implying potential difficulty covering short-term liabilities without liquidating inventory.
• Operating cash flow (TTM): CNY -260.19 million, reflecting negative cash generation from core operations over the trailing twelve months.
• Debt-to-equity ratio: 0.66, higher than typical industry peers, signaling elevated financial leverage and greater sensitivity to interest rate or revenue shocks.
• Interest coverage ratio: 13.21, indicating current EBIT is sufficient to cover interest expenses comfortably, which partially offsets leverage concerns.
• Beta: 0.43, showing lower historical volatility versus the broader market - this can reduce market-driven price swings but may also signal limited upside in bullish cycles.

• Liquidity risk: The combination of negative net cash and a sub-1 quick ratio raises the risk of short-term funding stress, particularly if revenue or receivables deteriorate.
• Operational risk: Negative operating cash flow (TTM) suggests operations are not currently self-funding, increasing reliance on financing or capital injections to sustain growth or meet obligations.
• Leverage risk vs. resilience: A debt-to-equity of 0.66 increases sensitivity to macroeconomic shocks and credit conditions, though the high interest coverage ratio (13.21) reduces immediate default risk on interest payments.
• Market risk: A beta of 0.43 points to reduced market-driven volatility, which may limit both downside and upside price movements compared with higher-beta peers.
• Funding and refinancing risk: With net debt and negative operating cash flow, refinancing terms, access to capital markets, and covenant constraints become important potential risk drivers.

Jiangsu Bojun Industrial Technology Co., Ltd (300926.SZ) - Growth Opportunities

• Consensus forecasts project annual revenue growth of 17.5% and annual earnings growth of 13.9%.
• EPS is expected to rise at approximately 14.9% per annum, supporting valuation expansion if realized.
• Return on equity (ROE) is forecasted to reach about 22.5% within three years, implying stronger capital efficiency and profitability.
• Revenue per employee stands near CNY 1.55 million, suggesting efficient workforce utilization relative to peers.
• Latest quarter net profit margin improved to 14.50%, reflecting margin recovery and operational discipline.
• Share performance: stock price up 34.63% over the past 52 weeks, signaling positive market sentiment and investor confidence.

• Key growth drivers: expanding addressable market, product portfolio scale-up, improved margin structure, and operational productivity gains (reflected in revenue/employee).
• Investor implications: elevated EPS and ROE forecasts support potential re-rating if execution and demand persist.
• Risks to monitor: execution on volume expansion, input-cost pressures that could compress margins, and macro demand cyclicality that could affect the revenue growth trajectory.