China Boqi Environmental (Holding) Co (HKSE:02377) Operating Income : HK$296 Mil (TTM As of Dec. 2023)

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What is China Boqi Environmental (Holding) Co Operating Income?

China Boqi Environmental (Holding) Co's Operating Income for the six months ended in Dec. 2023 was HK$158 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2023 was HK$296 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. China Boqi Environmental (Holding) Co's Operating Income for the six months ended in Dec. 2023 was HK$158 Mil. China Boqi Environmental (Holding) Co's Revenue for the six months ended in Dec. 2023 was HK$1,244 Mil. Therefore, China Boqi Environmental (Holding) Co's Operating Margin % for the quarter that ended in Dec. 2023 was 12.74%.

Good Sign:

China Boqi Environmental (Holding) Co Ltd operating margin is expanding. Margin expansion is usually a good sign.

China Boqi Environmental (Holding) Co's 5-Year average Growth Rate for Operating Margin % was 3.60% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. China Boqi Environmental (Holding) Co's annualized ROC % for the quarter that ended in Dec. 2023 was 7.70%. China Boqi Environmental (Holding) Co's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2023 was 41.17%.

China Boqi Environmental (Holding) Co Operating Income Historical Data

The historical data trend for China Boqi Environmental (Holding) Co's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

China Boqi Environmental (Holding) Co Operating Income Chart

China Boqi Environmental (Holding) Co Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Operating Income

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216.57

264.28

285.04

256.36

295.91

China Boqi Environmental (Holding) Co Semi-Annual Data
	Dec14	Dec15	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23
Operating Income	Get a 7-Day Free Trial												141.19	82.74	177.53	137.43	158.48

China Boqi Environmental (Holding) Co Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Dec. 2023 adds up the semi-annually data reported by the company within the most recent 12 months, which was HK$296 Mil.

China Boqi Environmental (Holding) Co (HKSE:02377) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

China Boqi Environmental (Holding) Co's annualized ROC % for the quarter that ended in Dec. 2023 is calculated as:

	ROC % (Q: Dec. 2023 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Jun. 2023 )	+	Invested Capital (Q: Dec. 2023 ))	/ count )
=	316.956 * ( 1 - 21.41% )	/	( (3036.43	+	3429.718)	/ 2 )
=	249.0957204	/	3233.074
=	7.70 %

where

	Invested Capital		(Q: Jun. 2023 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	5188.104	-	1681.634	-	( 470.04	-	max(0, 1804.304	-	2905.821	+	470.04	))
=	3036.43

	Invested Capital		(Q: Dec. 2023 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	5489.454	-	1413.728	-	( 646.008	-	max(0, 1965.516	-	3075.543	+	646.008	))
=	3429.718

Note: The Operating Income data used here is two times the semi-annual (Dec. 2023) data.

2. Joel Greenblatt's definition of Return on Capital:

China Boqi Environmental (Holding) Co's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2023 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Dec. 2023 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Jun. 2023		Q: Dec. 2023
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	300.536	/	( ( (716.041 + max(-552.279, 0))	+	(743.951 + max(-240.133, 0)) )	/	2 )
=	300.536	/	( ( 716.041	+	743.951 )	/	2 )
=	300.536	/	729.996
=	41.17 %

where Working Capital is:

	Working Capital		(Q: Jun. 2023 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(992.079	+	38.33	+	147.388)	-	(1681.634	+	0	+	48.442)
=	-552.279

	Working Capital		(Q: Dec. 2023 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(1292.31	+	36.24	+	262.17)	-	(1413.728	+	0	+	417.125)
=	-240.133

When net working capital is negative, 0 is used.

Note: The EBIT data used here is two times the semi-annual (Dec. 2023) EBIT data.

3. Operating Income is also linked to Operating Margin %:

China Boqi Environmental (Holding) Co's Operating Margin % for the quarter that ended in Dec. 2023 is calculated as:

Operating Margin %	=	Operating Income (Q: Dec. 2023 )	/	Revenue (Q: Dec. 2023 )
	=	158.478	/	1244.188
	=	12.74 %

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

China Boqi Environmental (Holding) Co Operating Income Related Terms

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China Boqi Environmental (Holding) Co (HKSE:02377) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Industrial Products » China Boqi Environmental (Holding) Co Ltd (HKSE:02377) » Definitions » Operating Income

Comparable Companies

Traded in Other Exchanges

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Address

No. Jia 8, Xinglongzhuang, Floor 2, Guoben Culture Building, Chaoyang District, Beijing, CHN, 100123

Website

http://www.chinaboqi.com

China Boqi Environmental (Holding) Co Ltd is an investment holding company. It operates in four segments: Environmental protection facilities, mainly including EPC, which consists of project design, procurement of equipment and materials, project construction and equipment installment, and testing services; Operation & maintenance segment comprises of operation service and regular maintenance service for desulfurization and denitrification facilities and dust removal facilities; Concession operations segment includes the construction of infrastructure or acquisition of existing infrastructure from the grantor and operation and maintenance of flue gas treatment project; and Others segment consists of the sale of by-products and others. The group primarily operates in the PRC.

Executives

Ge Tong	2202 Interest of your spouse
Zeng Zhijun	2201 Interest of corporation controlled by you
Best Dawn Limited	2101 Beneficial owner
Cheng Liquan Richard
Cheng Liquan Richard	2401 A concert party to an agreement to buy shares
World Hero International Limited	2101 Beneficial owner
Cheng Liquan Richard	2401 A concert party to an agreement to buy shares
Great Origin Ventures Limited	2201 Interest of corporation controlled by you
New Asia Limited	2101 Beneficial owner
Zhu Weihang	2201 Interest of corporation controlled by you
Zhou Xuan	2202 Interest of your spouse
Guang Fa Ji Jin Guan Li You Xian Gong Si
Zhang Yi	2201 Interest of corporation controlled by you
Wan Ten Lap	2201 Interest of corporation controlled by you
Partners Investment Management Limited	2201 Interest of corporation controlled by you

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