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 年年度跟踪报告 | 保荐人名称：兴业证券股份有限公司 | 被保荐公司简称：贝隆精密 | | --- | --- | | 保荐代表人姓名：张华辉 | 联系电话：020–83637785 | | 保荐代表人姓名：贾晓斌 | 联系电话：020–83637785 | 一、保荐工作概述 | 项 目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 不适用 | | 2．督导公司建立健全并有效执行规章制度的 | | | 情况 | | | （1）是否督导公司建立健全规章制度（包括 但不限于防止关联方占用公司资源的制度、 | | | 募集资金管理制度、内控制度、内部审计制 | 是 | | 度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 每月查询 | | （2）公司募集资金项目进展是否与信息披露 | | | 文件一致 | 是 | | ...

杭州市上城区钱江路 1366 号华润大厦 A 座 3001 邮编：311500 Room 01, 30/F, Area A, China Resources Tower, No.1366, Qianjiang Road, Hangzhou 311500, China T: (86-571) 8992 6500 F: (86-571) 8992 6501 北京竞天公诚（杭州）律师事务所 关于贝隆精密科技股份有限公司 2024 年年度股东大会的法律意见书 致：贝隆精密科技股份有限公司 北京竞天公诚（杭州）律师事务所（以下简称"本所"）接受贝隆精密科技 股份有限公司（以下简称"公司"）的委托，指派本所律师列席并见证了公司于 2025 年 5 月 15 日（星期四）14:30 在公司 2 楼会议室召开的 2024 年年度股东大 会（以下简称"本次股东大会"），现依据《中华人民共和国公司法》《中华人 民共和国证券法》《上市公司股东大会规则》等中国现行法律、法规和相关规范 性文件（以下简称"中国法律法规"）及《贝隆精密科技股份有限公司章程》（以 下简称"《公司章程》"）、《贝隆精密科技股份有限公司股东大会议事规则》 （以 ...

3、本次股东大会以现场投票和网络投票相结合的方式召开。 一、召开会议的基本情况 （一）会议召开情况 证券代码：301567 证券简称：贝隆精密 公告编号：2025-022 贝隆精密科技股份有限公司 2024 年年度股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东大会未出现否决议案的情况； 2、本次股东大会未涉及变更前次股东大会决议的情况； 1、现场会议时间：2025 年 5 月 15 日下午 14:30。 2、现场会议地点：浙江省余姚市舜宇西路 184 号贝隆精密科技股份有限公 司 2 楼会议室。 3、会议方式：现场投票和网络投票相结合。 4、召集人：贝隆精密科技股份有限公司（以下简称"公司"）董事会。 5、网络投票时间： 通过深圳证券交易所交易系统进行网络投票的时间为：2025 年 5 月 15 日的 交易时间，即 9:15-9:25，9:30-11:30 和 13:00-15:00。 通过互联网投票系统（http://wltp.cninfo.com.cn）进行网络投票的时间为： 2025 年 5 月 15 日 9: ...

Core Viewpoint - Beilong Precision's stock closed at 39.18 yuan, with a PE ratio of 75.01, significantly higher than the industry average of 36.08 [1] Company Overview - Beilong Precision Technology Co., Ltd. specializes in the R&D, production, and sales of precision structural components, primarily used in smartphones, wearable devices, smart home applications, and automotive electronics [1] - The company has participated in drafting national standards for mold positioning rings and has received accolades in national mechanical industry skill competitions [1] Financial Performance - For Q1 2025, Beilong Precision reported revenue of 85.58 million yuan, a year-on-year decrease of 8.59%, and a net profit of 8.04 million yuan, down 3.51% year-on-year, with a gross margin of 21.66% [1] Market Position - Beilong Precision ranks 75th in terms of PE ratio within the consumer electronics industry, which has an average PE of 36.08 and a median of 43.52 [2]

Core Viewpoint - Beilong Precision Technology Co., Ltd. reported a revenue increase of 5.65% in 2024, but faced a significant decline in net profit due to various industry challenges and operational factors [2][3] Financial Performance - In 2024, Beilong Precision achieved an operating income of 402 million yuan, with a year-on-year growth of 5.65% [2] - The net profit attributable to shareholders was 37.9 million yuan, representing a year-on-year decrease of 34.75% [2] - The non-recurring net profit was 31.48 million yuan, down 38.41% year-on-year [2] - Basic earnings per share stood at 0.54 yuan [2] Quarterly Analysis - In Q4 2024, Beilong Precision's operating income was 105 million yuan, showing a year-on-year decline of 5.82% but a quarter-on-quarter increase of 2.24% [3] - The net profit for Q4 was 11.88 million yuan, down 22.96% year-on-year but up 42.26% quarter-on-quarter [3] - The non-recurring net profit for Q4 was 9 million yuan, reflecting a year-on-year decrease of 39.37% but a quarter-on-quarter increase of 22.50% [3] Profitability Metrics - The gross profit margin for 2024 was 24.47%, a decrease of 6.73 percentage points year-on-year [4] - The net profit margin was 9.43%, down 5.84 percentage points year-on-year [4] Expense Analysis - Total operating expenses for 2024 were 59.93 million yuan, an increase of 7.21 million yuan year-on-year [4] - The expense ratio was 14.91%, up 1.05 percentage points year-on-year [4] - Sales expenses increased by 27.78%, management expenses rose by 38.31%, and R&D expenses grew by 9.64% [4] - Financial expenses decreased by 101.45% [4] Cash Flow - The net operating cash flow for 2024 was 69.79 million yuan, a significant increase of 75.4% year-on-year [4] - The increase in cash flow was attributed to higher cash receipts from sales of goods and services, indicating no reliance on receivables [4] Company Overview - Beilong Precision was established on November 9, 2007, and went public on January 16, 2024 [4] - The company specializes in the R&D, production, and sales of precision structural components, primarily used in smartphones, wearable devices, smart home products, and automotive electronics [4]

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]

Financial Performance - The company's basic earnings per share for Q1 2025 is CNY 0.1100, a decrease of 15.38% compared to Q1 2024's CNY 0.1300 [1] - The company's operating revenue for Q1 2025 is CNY 0.86 billion, down 8.51% from CNY 0.94 billion in Q1 2024 [1] - The net profit for Q1 2025 remains at CNY 0.08 billion, unchanged from Q1 2024 [1] - The return on equity (ROE) for Q1 2025 is 1.08%, a decline of 19.4% from 1.34% in Q1 2024 [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 3.1568 million shares, accounting for 14.86% of the circulating shares, with an increase of 2.2231 million shares compared to the previous period [1] - New significant shareholders include Shi Ruqiao with 1.05 million shares (4.94%), and several funds and individual investors entering the top ten list [2] - Notable exits from the top ten shareholders include Yang Haiyang and Chen Shengxia, who have withdrawn their holdings [2][3] Dividend Policy - The company has announced that it will not distribute dividends or transfer shares this time [4]

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 ...