两面针遭监管问询背后：不差钱却对外新增借款

Core Viewpoint - The company, Two-faced Needle, faces scrutiny from the stock exchange after disclosing its 2024 annual report, highlighting issues such as "non-urgent borrowing" and weak profitability in its main business [1] Financial Performance - As of the end of 2024, Two-faced Needle reported short-term borrowings of 90 million yuan, a significant increase of 55.17% year-on-year, despite holding a large amount of cash totaling 1.273 billion yuan, which accounts for 46.78% of total assets [2] - The company has a unique arbitrage model, with an average annual deposit interest rate of 3.26%, while the actual financing cost of loans obtained through various policies is as low as 0.22%-2.6%, resulting in a spread of 3.04 percentage points [2] - Interest income reached 40.72 million yuan in 2024, constituting 455% of the net profit excluding non-recurring items, indicating a heavy reliance on financial operations rather than core business activities [3] Business Challenges - The company derives 70% of its revenue from hotel daily necessities but faces structural challenges, including weak bargaining power as a supplier, low-value-added products, and a lag in channel transformation [4] - The reliance on external products accounts for 30% of its offerings, further compressing profit margins, while R&D investment remains below 1%, significantly lower than industry leaders [4] - Despite a strategic focus on "focusing on the main business and deepening the integration of medical and elderly care," the company has seen limited success in cost reduction and efficiency improvement, with sales expenses increasing by only 6.99% and management expenses rising by 15.33% in 2024 [4]