Industry Outlook - The industry is expected to recover from a low point, entering a moderate growth phase due to domestic consumption stimulus policies and the application of AI technology in electronic products [2][3] - Structural opportunities are emerging in the industry due to technological innovations, such as periscope motors and AR/AI glasses [2] - Precision manufacturing is seen as a foundational industry, with companies enhancing core competitiveness to seize development opportunities [2] Company Performance - In 2024, the company achieved a revenue growth of 5.65%, while net profit decreased by 34.75% [5][6] - The decline in net profit is attributed to competitive pricing strategies, increased depreciation and amortization from new facilities, and initial production challenges affecting profit margins [5][6] - The company is focusing on stabilizing old customers and products while pushing for product structure upgrades and new project developments [5][6] Talent and Culture - The company emphasizes the integration of talent and corporate culture as a core competitive advantage [3] - Plans include partnerships with universities and industry associations for talent cultivation in precision manufacturing and mold design [3][4] Future Strategies - The company aims to enhance its market presence through improved external communication and marketing efforts [3] - Future growth drivers include expanding product categories and enhancing customer satisfaction through innovative solutions [5][6] - The company is committed to using raised funds for the development of new products and technologies, with a focus on VCM motors and IMMT processes [6][9] Market Position and Challenges - The company acknowledges the challenges posed by a small market capitalization and limited stock liquidity, considering potential stock splits to enhance market activity [4] - The decline in stock price is linked to macroeconomic factors, market sentiment, and industry dynamics, with a focus on high-quality development as a long-term strategy [6][8]

一、主要会计数据和财务指标 前十大流通股东累计持有： 315.68万股，累计占流通股比： 14.86%，较上期变化： 222.31万股。 | 名称 | 持有数量(万股) | 占总股本比 | 增减情况 | | --- | --- | --- | --- | | | | 例(%) | (万股) | | 石如乔 | 105.00 | 4.94 | 新进 | | 信达澳亚基金-工商银行-信澳若拙1号集合资产管理计划 | 38.92 | 1.83 | 新进 | | 信达澳亚基金-中文天地出版传媒集团股份有限公司-信澳践 | | | | | 昇1号单一资产管理计划 | 36.70 | 1.73 | 新进 | | 严伟虎 | 36.18 | 1.70 | 新进 | | 高炎康 | 27.00 | 1.27 | 新进 | | 孟顺祥 | 22.42 | 1.06 | 新进 | | 王骏 | 16.55 | 0.78 | 不变 | | 任福岩 | 11.73 | 0.55 | 新进 | | 邓雨林 | 11.18 | 0.53 | 5.31 | | 金振江 | 10.00 | 0.47 | 新进 | | 较上个报告期退出前十大 ...

Financial Performance - The company's revenue for Q1 2025 was ¥85,577,321.34, a decrease of 8.59% compared to ¥93,623,303.20 in the same period last year[8] - Net profit attributable to shareholders was ¥8,037,815.37, down 3.51% from ¥8,330,437.47 year-on-year[8] - The net profit after deducting non-recurring gains and losses was ¥5,437,842.46, representing a decline of 20.27% compared to ¥6,820,723.75 in the previous year[8] - Basic and diluted earnings per share were both ¥0.11, a decrease of 15.38% from ¥0.13 in the previous year[8] - Total operating revenue for the current period is 85,577,321.34, a decrease of 8.3% from 93,623,303.20 in the previous period[25] - Net profit for the current period is 8,037,815.37, a decrease of 3.5% compared to 8,330,437.47 in the previous period[26] Cash Flow - The net cash flow from operating activities decreased significantly by 80.84%, amounting to ¥6,397,819.40, down from ¥33,397,717.32 in the same period last year[8] - Cash inflow from operating activities totaled 97,106,751.28, down from 128,473,000.21 in the previous period, representing a decrease of approximately 24.4%[27] - Net cash flow from operating activities dropped significantly to 6,397,819.40 from 33,397,717.32, a decline of about 80.9%[27] - Cash inflow from financing activities was 25,000,000.00, compared to 370,465,789.20 in the previous period, a decrease of approximately 93.3%[28] - Net cash flow from financing activities was 12,979,003.94, down from 154,713,472.57, a decline of about 91.6%[28] - The ending balance of cash and cash equivalents was 40,385,204.94, significantly lower than 166,143,528.91 in the previous period[28] Assets and Liabilities - Total assets at the end of the reporting period were ¥882,163,029.16, an increase of 0.51% from ¥877,682,386.38 at the end of the previous year[8] - Current assets total 321,606,161.98, an increase of 3.9% from 312,101,262.08 at the beginning of the period[22] - Non-current assets amount to 560,556,867.18, a decrease of 0.4% from 565,581,124.30 at the beginning of the period[23] - Total liabilities amount to 131,043,545.70, a decrease of 2.1% from 134,600,718.29 at the beginning of the period[23] - Current liabilities total 108,017,214.83, a decrease of 3.2% from 112,263,874.82 at the beginning of the period[23] - Total equity attributable to shareholders is 751,119,483.46, an increase of 1.5% from 743,081,668.09 at the beginning of the period[24] Shareholder Information - The total number of common shareholders at the end of the reporting period is 9,318[16] - The largest shareholder, Yang Jiong, holds 52.50% of the shares, totaling 37,800,000 shares[16] - The second-largest shareholder, Ningbo Beiyu Investment, holds 7.50% of the shares, totaling 5,400,000 shares[16] - The total number of restricted shares at the beginning of the period was 54,000,200, with 3,240,050 shares released from restrictions during the period[17] - The total number of unrestricted shares at the end of the period is 50,760,150[17] - The company has a significant number of shares held by insiders, with a total of 1,080,000 shares held by Gao Yankan, subject to transfer restrictions[19] - The company plans to release restricted shares for Yang Jiong, Ningbo Beiyu Investment, and Wang Yangyang on January 15, 2027[17] - The total number of shares held by the top ten unrestricted shareholders is 2,000,000[16] - The company has a clear structure of shareholding with significant control by the founding family[16] Other Financial Metrics - The company reported a financial expense of -84,101.81, a significant improvement compared to 816,016.53 in the previous period[25] - The company reported a significant increase in accounts receivable financing, which rose by 612.92% to ¥1,440.06 million compared to the beginning of the period[14] - Other income increased by 93.47% to ¥336,600.00, primarily due to an increase in government subsidies compared to the previous year[14] - The company experienced a 91.61% decrease in net cash flow from financing activities, totaling ¥1,298,555.00, primarily due to the absence of stock issuance compared to the previous year[13] - Cash outflow from investment activities was 27,230,980.70, down from 39,412,367.66, indicating a decrease of approximately 30.9%[28] - Net cash flow from investment activities was -17,150,980.70, improving from -28,934,438.89 in the previous period[28] - The company has not yet audited the first quarter report for 2025[29]

Core Viewpoint - Beilong Precision (301567) reported a mixed financial performance for the year 2024, with revenue growth but a significant decline in net profit, indicating potential challenges in profitability and cash flow management [1][2]. Financial Performance Summary - Total revenue for 2024 reached 402 million yuan, a year-on-year increase of 5.65% compared to 380 million yuan in 2023 [3]. - Net profit attributable to shareholders was 37.9 million yuan, down 34.75% from 58.1 million yuan in the previous year [3]. - The fourth quarter saw a revenue of 105 million yuan, a decrease of 5.82% year-on-year, with net profit of 11.9 million yuan, down 22.96% [1]. Key Financial Ratios - Gross margin decreased to 24.47%, down 21.57% from 31.20% in 2023, while net margin fell to 9.43%, a decline of 38.25% [3]. - The ratio of selling, general, and administrative expenses to revenue increased to 8.56%, up 10.6% from 7.74% [3]. - Earnings per share dropped to 0.54 yuan, a 50% decrease from 1.08 yuan in the previous year [3]. Cash Flow and Debt Management - Cash and cash equivalents increased significantly by 319.47% to 38.6 million yuan [3]. - Accounts receivable decreased by 5.08% to 147 million yuan, but the ratio of accounts receivable to net profit reached 388.76%, indicating potential liquidity issues [1][4]. - Interest-bearing debt decreased by 95.70% to 12 million yuan, reflecting a reduction in financial leverage [3]. Operational Insights - The company's return on invested capital (ROIC) was 5.43%, indicating average capital efficiency [4]. - The cumulative financing since the IPO was 386 million yuan, with total dividends amounting to 20.16 million yuan, resulting in a dividend-to-financing ratio of 0.05 [4]. - The company’s reliance on capital expenditure and equity financing raises concerns about the sustainability of its growth model [4].

贝隆精密科技股份有限公司 2024 年度审计报告 第 1 页 共 84 页 目 录 | | 页 次 | | --- | --- | | 一、审计报告 | 1-7 | | 二、财务报表 | 8-13 | | (一) 资产负债表 | 8-9 | | (二) 利润表 | 10 | | (三) 现金流量表 | 11 | | (四) 所有者权益变动表 | 12-13 | 三、财务报表附注 14-84 第 2 页 共 84 页 审 计 报 告 中汇会审[2025]5145号 贝隆精密科技股份有限公司全体股东： 一、审计意见 我们审计了贝隆精密科技股份有限公司(以下简称贝隆精密公司)财务报表，包 括2024年12月31日的资产负债表，2024年度的利润表、现金流量表、所有者权益变 动表以及财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编制，公 允反映了贝隆精密公司2024年12月31日的财务状况以及2024年度的经营成果和现 金流量。 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的"注册 会计师对财务报表审计的责任"部分进一步阐述了我们在这些准则下的责任 ...

兴业证券股份有限公司 关于贝隆精密科技股份有限公司 使用部分闲置募集资金暂时补充流动资金的核查意见 兴业证券股份有限公司（以下简称"保荐人"）作为贝隆精密科技股份有限 公司（以下简称"贝隆精密"或"公司"）首次公开发行股票并在创业板上市的 保荐人，根据《证券发行上市保荐业务管理办法》《上市公司监管指引第 2 号— —上市公司募集资金管理和使用的监管要求》《深圳证券交易所创业板股票上市 规则》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范 运作》等有关规定，对贝隆精密使用部分闲置募集资金暂时补充流动资金的事项 进行了审慎核查，核查情况及核查意见如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意贝隆精密科技股份有限公司首次公开 发行股票注册的批复》（证监许可[2023]1705 号）同意注册，并经深圳证券交易 所同意，贝隆精密科技股份有限公司（以下简称"公司"）首次公开发行人民币 普通股（A 股）股票 1,800 万股，每股面值为人民币 1.00 元，发行价格为人民币 21.46 元/股，募集资金总额为人民币 386,280,000.00 元，扣除发行费用人民币 60,864, ...

贝隆精密科技股份有限公司 内部控制审计报告 中国杭州市钱江新城新业路 8 号 UDC 时代大厦 A 座 5-8 层、12 层、23 层 www.zhcpa.cn Floors5-8,12and23,Block A,UDC Times Building,No.8 Xinye Road，Qianjiang New City,Hangzhou Tel.0571-88879999 Fax.0571-88879000 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表 审计意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制审计报告 中汇会审[2025]5148号 贝隆精密科技股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了贝隆精密科技股份有限公司(以下简称贝隆精密公司)2024年12月31日的 财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》《企业内部控制应用指引》《企业内部控制 评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是贝隆精密 公司 ...

关于贝隆精密科技股份有限公司 非经营性资金占用及其他关联资金往来情况的专项审核说明 中国杭州市钱江新城新业路 8 号 UDC 时代大厦 A 座 5-8 层、12 层、23 层 www.zhcpa.cn Floors5-8,12and23,Block A,UDC Times Building,No.8 Xinye Road，Qianjiang New City,Hangzhou Tel.0571-88879999 Fax.0571-88879000 目 录 | | 页 | 次 | | --- | --- | --- | | 一、非经营性资金占用及其他关联资金往来情况的专项 | | | | 审核说明 | 1-2 | | | 二、非经营性资金占用及其他关联资金往来情况汇总表 | | 3 | 中国杭州市钱江新城新业路 8 号 UDC 时代大厦 A 座 5-8 层、12 层、23 层 www.zhcpa.cn Floors5-8,12and23,Block A,UDC Times Building,No.8 Xinye Road，Qianjiang New City,Hangzhou Tel.0571-88879999 ...

贝隆精密科技股份有限公司 2024 年度审计报告 第 1 页 共 84 页 目 录 | | 页 次 | | --- | --- | | 一、审计报告 | 1-7 | | 二、财务报表 | 8-13 | | (一) 资产负债表 | 8-9 | | (二) 利润表 | 10 | | (三) 现金流量表 | 11 | | (四) 所有者权益变动表 | 12-13 | 三、财务报表附注 14-84 第 2 页 共 84 页 审 计 报 告 中汇会审[2025]5145号 我们审计了贝隆精密科技股份有限公司(以下简称贝隆精密公司)财务报表，包 括2024年12月31日的资产负债表，2024年度的利润表、现金流量表、所有者权益变 动表以及财务报表附注。 贝隆精密科技股份有限公司全体股东： 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编制，公 允反映了贝隆精密公司2024年12月31日的财务状况以及2024年度的经营成果和现 金流量。 一、审计意见 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的"注册 会计师对财务报表审计的责任"部分进一步阐述了我们在这些准则下的责任 ...

兴业证券股份有限公司 关于贝隆精密科技股份有限公司 2024 年度募集资金存放与使用情况的核查意见 兴业证券股份有限公司（以下简称"保荐人"）作为贝隆精密科技股份有限 公司（以下简称"贝隆精密"或"公司"）首次公开发行股票并在创业板上市的 保荐人，根据《证券发行上市保荐业务管理办法》《深圳证券交易所上市公司自 律监管指引第 2 号——创业板上市公司规范运作》等有关规定，对贝隆精密 2024 年度募集资金存放与使用情况的事项进行了审慎核查，核查情况及核查意见如下： 一、募集资金基本情况 （一）募集资金到位情况 经中国证券监督管理委员会《关于同意贝隆精密科技股份有限公司首次公开 发行股票注册的批复》（证监许可[2023]1705 号）同意注册，并经深圳证券交易 所同意，贝隆精密科技股份有限公司（以下简称"公司"）首次公开发行人民币 普通股（A 股）股票 1,800 万股，每股面值为人民币 1.00 元，发行价格为人民币 21.46 元/股，募集资金总额为人民币 386,280,000.00 元，扣除发行费用人民币 60,864,945.15 元（不含税）后，实际募集资金净额为人民币 325,415,054.85 ...