（编辑 王雪儿） 证券日报网讯 北摩高科9月8日在互动平台回答投资者提问时表示，公司按账龄分析法计提坏账，坏账 准备计提受以前年度收入确认时点及后续回款影响。公司针对应收账款制定了稳健的会计政策，半年度 足额计提坏账准备，不存在调节公司利润情况。 ...

（编辑 王雪儿） 证券日报网讯 北摩高科9月8日在互动平台回答投资者提问时表示，京瀚禹电子业务范围覆盖半导体芯 片检测业务，如集成电路、分类器件、阻容感元件、混合电路、继电器等等，今年8月底CNAS扩项， 已将车规级元器件的检测纳入扩项检测能力。 ...

证券日报网讯北摩高科（002985）9月8日在互动平台回答投资者提问时表示，公司的起落架和刹车制动 产品已覆盖多种新机型，考虑到涉密原因，市场份额不便于透露。 ...

Market Overview - The Shanghai Composite Index closed at 3844.84 points, with a decline of 0.79% [1] - The total trading volume of A-shares reached 1,930.44 billion yuan [1] Stocks with Death Cross - A total of 43 A-shares experienced a death cross, where the 5-day moving average fell below the 10-day moving average [1] - Notable stocks with significant distance between their 5-day and 10-day moving averages include: - Zhongma Transmission (603767) with a distance of -3.93% [1] - Jifeng Technology (300022) with a distance of -1.30% [1] - Canqin Technology (688182) with a distance of -1.28% [1] Individual Stock Performance - Zhongma Transmission (603767) saw a decrease of 0.82% with a latest price of 29.01 yuan, which is 8.91% below the 10-day moving average [1] - Jifeng Technology (300022) decreased by 2.12%, latest price at 8.30 yuan, 4.39% below the 10-day moving average [1] - Canqin Technology (688182) dropped by 6.45%, latest price at 25.68 yuan, 7.56% below the 10-day moving average [1] - Other notable declines include: - Meiai Technology (688376) down 4.72% [1] - Jingxin Pharmaceutical (002020) down 2.82% [1] - Zhongyuan Media (000719) down 1.36% [1] Additional Stocks with Death Cross - Other stocks showing a death cross include: - Guomai Technology (002093) down 5.22% [2] - Nanfang Pump Industry (300145) down 5.30% [2] - ST Diweixun (300167) down 1.59% [2] - Aerospace Development (000547) down 3.00% [2] - The performance of these stocks indicates a broader trend of declining prices among companies experiencing a death cross [2]

Group 1 - The core viewpoint of the news is the announcement of the 11th Jin Qilin Golden Secretary Honor List, highlighting the recognition of outstanding corporate secretaries in the A-share market [1][2] - Wang Xi, the Secretary of the Board of Directors of Beimo Gaoke, won the Jin Qilin Golden Secretary Responsibility Pioneer Award for his exceptional professional capabilities and performance [1][2] - The Jin Qilin Golden Secretary evaluation has been held for eleven years, recognizing over 900 outstanding corporate secretaries, and is regarded as an authoritative award in the industry [1] Group 2 - Corporate secretaries play multiple roles as a key link between listed companies and the capital market, acting as gatekeepers for corporate governance and advisors for capital strategy [1][2] - The award reflects not only individual excellence in capital communication and compliance governance but also the market's recognition of Beimo Gaoke's governance level and value growth [2]

Financial Performance - The company reported a total revenue of 460 million yuan for the first half of 2025, representing a year-on-year increase of 33.4% [1] - The net profit attributable to shareholders reached 80.9761 million yuan, up 21.5% year-on-year [1] - In Q2 2025, total revenue was 198 million yuan, showing a significant year-on-year increase of 88.73% [1] - The net profit for Q2 2025 was 27.1802 million yuan, reflecting a remarkable year-on-year growth of 501.8% [1] Profitability Metrics - The gross margin stood at 48.7%, a decrease of 18.31% year-on-year [1] - The net profit margin was 18.66%, down 23.36% year-on-year [1] - Total selling, administrative, and financial expenses amounted to 53.2837 million yuan, accounting for 11.59% of revenue, which is a decrease of 28.26% year-on-year [1] Cash Flow and Earnings - Earnings per share (EPS) was reported at 0.24 yuan, an increase of 20.0% year-on-year [1] - Operating cash flow per share was 0.4 yuan, showing a substantial increase of 244.52% year-on-year [1] - The company's net asset value per share was 7.74 yuan, down 2.61% year-on-year [1] Accounts Receivable and Inventory - The accounts receivable amount was notably high, with accounts receivable to net profit ratio reaching 9496.41% [1] - Inventory to revenue ratio was reported at 173.24%, indicating a significant level of inventory relative to sales [4] Business Model and Market Position - The company's return on invested capital (ROIC) for the previous year was 0.78%, indicating weak capital returns [4] - The historical median ROIC since the company went public is 17.43%, suggesting better investment returns in the past [4] - The company relies heavily on research and marketing for its performance, necessitating a closer examination of these driving factors [4] Industry Context - The company is actively involved in the domestic aircraft manufacturing sector, particularly in the production of brake systems for commercial aircraft [6] - The domestic aircraft industry is experiencing a shift towards internationalization and self-sufficiency in the supply chain, with significant developments in the C919 and C909 aircraft models [5][6] - The production capacity for the C919 is expected to reach 150 units per year by 2027 and 200 units per year by 2029, indicating a growing market opportunity [5]

据证券之星公开数据整理，近期北摩高科（002985）发布2025年中报。截至本报告期末，公司营业总收 入4.6亿元，同比上升33.4%，归母净利润8097.61万元，同比上升21.5%。按单季度数据看，第二季度营 业总收入1.98亿元，同比上升88.73%，第二季度归母净利润2718.02万元，同比上升501.8%。本报告期 北摩高科公司应收账款体量较大，当期应收账款占最新年报归母净利润比达9496.41%。 业务评价：公司去年的ROIC为0.78%，资本回报率不强。去年的净利率为3.69%，算上全部成本后，公 司产品或服务的附加值不高。从历史年报数据统计来看，公司上市以来中位数ROIC为17.43%，投资回 报也很好，其中最惨年份2024年的ROIC为0.78%，投资回报一般。公司历史上的财报较为好看（注：公 司上市时间不满10年，上市时间越长财务均分参考意义越大。）。 商业模式：公司业绩主要依靠研发及营销驱动。需要仔细研究这类驱动力背后的实际情况。 财报体检工具显示： 建议关注公司现金流状况（货币资金/流动负债仅为65.33%、近3年经营性现金流均值/流动负债仅为 16.84%） 建议关注公司应收账款状况 ...

Core Viewpoint - The performance meeting held by Beijing Beimo Gaoke Friction Material Co., Ltd. highlighted significant growth in revenue driven by the landing gear, brake disc, and wheel businesses, with a notable increase in landing gear operations [1][2]. Group 1: Financial Performance - The company reported revenue growth attributed to the increase in landing gear, brake disc, and wheel businesses, with landing gear operations showing substantial growth [1]. - In the first half of the year, the company completed stage certification for two types of landing gear and began bulk deliveries, having delivered multiple units of four types of aircraft [1]. Group 2: Civil Aviation Business - The company engaged in multiple civil aviation large aircraft brake disc STC certification and ground test projects for a certain type of domestic aircraft, with plans to complete five special process certifications by the end of August [2]. - Participation in the Paris Air Show facilitated discussions with international aviation giants like Boeing, aiming to promote collaborative projects [2]. Group 3: Subsidiary Performance - The subsidiary Jinghanyu maintained stable revenue year-on-year in the first half of 2025, with net profit increasing due to cost reduction and efficiency improvement measures [2]. - Jinghanyu achieved five invention patents and completed 4,018 R&D tasks, maintaining a leading position in the military electronic component testing industry [2]. Group 4: Strategic Initiatives - The new management's civil aviation strategy includes active participation in the domestic aircraft manufacturing process and leveraging PMA supplier qualifications to meet airline maintenance needs [2]. - The strategy also involves resource integration through the subsidiary Saini Aviation to expand into the international civil aviation market by adhering to European and American quality systems [2].

Financial Performance - In the first half of 2025, the company achieved operating revenue of 460 million yuan, a year-on-year increase of 33.40% [2][3] - Net profit attributable to shareholders reached 80.98 million yuan, up 21.50% year-on-year [2] - The net profit excluding non-recurring gains and losses was 79.82 million yuan, reflecting a growth of 29.68% [2][3] - The parent company's operating revenue grew by 58.99% year-on-year [3] Business Development - The company completed phase verification for two types of landing gear and began batch deliveries, with four types of aircraft already delivered [4] - In civil aviation, multiple STC certifications for aircraft brake discs were initiated, and NADCAP certifications for various processes are expected to be completed by the end of August [5] - Participation in the Paris Air Show facilitated productive discussions with major international aviation companies, aiming to enhance collaboration [5] Cash Flow and Receivables - The net cash flow from operating activities was 131 million yuan, a significant improvement from a negative 90.73 million yuan in the same period last year [6] - Cash received from sales and services amounted to 368 million yuan, an increase of 93 million yuan year-on-year, indicating improved collection quality [6][7] Subsidiary Performance - The subsidiary Jinghan Yu maintained stable revenue, with net profit increasing due to cost control measures [8] - The subsidiary achieved breakthroughs in testing technology, securing five invention patents and completing 4,018 R&D tasks [8] Future Strategic Plans - The company aims to contribute to the domestic aircraft manufacturing strategy by leveraging its quality, service, and technical advantages [9] - Plans to expand into the civil aviation market by utilizing existing PMA supplier qualifications to meet maintenance and replacement needs [9] - Future international market cooperation will be driven through the subsidiary Saini Aviation, focusing on quality system certification and process standardization [9]

Core Viewpoint - Beijing Beimo Gaoke Friction Material Co., Ltd. reported significant growth in revenue and net profit for the first half of 2025, driven by its landing gear, brake disc, and wheel businesses [2][3][4]. Group 1: Financial Performance - The company achieved operating revenue of 460 million yuan, a year-on-year increase of 33.40% [2]. - The net profit attributable to shareholders reached 80.9761 million yuan, up 21.50% year-on-year [2]. - The net profit excluding non-recurring gains and losses was 79.8168 million yuan, reflecting a growth of 29.68% [2]. - The parent company's operating revenue saw a remarkable increase of 58.99% year-on-year [2]. Group 2: Business Development - The landing gear segment completed phase verification for two types of landing gear and began batch deliveries, with four types of aircraft already delivered [2]. - The company expanded its landing gear production line and procured multiple processing equipment to enhance capacity [2]. - In the brake control system and wheel segment, the company successfully completed state verification and batch deliveries for certain aircraft models [3]. Group 3: Product Innovation and Market Expansion - The company is actively developing carbon-carbon and carbon-ceramic brake discs, with production lines entering the trial production phase [4]. - In the civil aviation sector, the company is conducting STC certification for multiple large aircraft brake discs and ground tests for a domestic aircraft project [4]. - The company participated in the Paris Air Show, engaging in productive discussions with major international aviation companies, aiming to accelerate cooperation projects [4].