The new liquid cooling business has become profitable. Bohui Co., Ltd.: Last year's losses significantly narrowed, and it is expected to turn a profit in Q1 this year | Financial report analysis

Source: Caixin Media

Caixin Media April 1 (Reporter Chen Xiaxiao) Boyi Shares (300839.SZ) has seen its operating conditions gradually improve. Its loss in the past year has narrowed significantly, and the company expects to turn profitable in the first quarter of this year.

The company released an announcement this evening. In 2025, it generated operating revenue of about RMB 2.82B, up 23.52% year over year. Net profit attributable to shareholders of the listed company was -RMB 58.87 million, a much narrower loss compared with -RMB 307 million in the same period last year.

Regarding the significant narrowing of losses, the company said it was mainly because it actively took measures to improve operating efficiency and its financial position. By optimizing existing equipment and processes, adjusting the product mix, expanding the international vessel bunkering market, and combining multiple cost-reduction and efficiency-enhancement measures, it worked to strengthen its profitability and ensure stable operations.

The announcement shows that at the end of the reporting period, the company’s total assets were RMB 1.75B, and its owners’ equity attributable to shareholders of the listed company was RMB 759 million, up 88.80%, mainly due to the fact that during the reporting period the “Boyi Convertible Bonds” were fully converted and redeemed, leading to reduced liabilities and increased owners’ equity.

The company also disclosed that it expects to achieve net profit attributable to shareholders of RMB 40 million to RMB 50 million in Q1 this year, up 183.99%–204.99%. In response to the sharp growth in performance, the company said that during the reporting period it took measures to actively expand the market, optimize the product mix, and achieve stable and high production in the first quarter. As a result, production and sales volumes, revenue, and net profit all increased significantly.

The financial report shows that in recent years, Boyi Shares has faced pressure on its performance. In 2023, the company recorded a loss of about RMB 203 million, its first loss since listing; in 2024, the loss widened to RMB 307 million. In 2025, the company’s operations improved step by step, laying the foundation for turning profitable in the first quarter of 2026.

Boyi Shares was established in 2005. Its main businesses include R&D, production, and sales of products such as environmentally friendly aromatic oils and fuel oils. Its main products include environmentally friendly aromatic oils, fuel oil, white oil, base oil, asphalt, and more, which are mainly used in daily chemical, textiles, precision machinery, energy storage materials, international vessel bunkering, and other fields.

In February 2025, Boyi Shares and its actual controller planned to transfer the company’s controlling stake to Wuxi Huishan Yuanxin Xiwang Industrial Upgrade and M&A Investment Partnership Enterprise through a “share transfer agreement + additional share issuance + waiving voting rights.” After the additional share issuance and the voting rights waiver are completed, the company’s actual controller will be changed to the state-owned assets administration office of Wuxi City’s Huishan District.

In June 2025, the company opened a new business direction. It established a wholly owned subsidiary in Wuxi to develop liquid-cooled computing power. In the same year in July, through its subsidiary, it planned to purchase servers, data center premises, and supporting technical services, among others, for intelligent computing services and related businesses. The total purchase amount is expected not to exceed RMB 390 million.

It is worth noting that during an investor exchange in March 2026, the company said that the liquid-cooled new business is a forward-looking direction and is currently in the stage of technological accumulation and resource integration, and the related businesses are being carried out in an orderly manner. In its Q1 performance forecast this year, the company stated that the new business has already achieved profitability, contributing a new profit growth point to the company’s overall performance.

(Caixin Media reporter Chen Xiaxiao)

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