Bide Science and Technology(SH:605298) Zheng Quan Zhi Xing·2025-07-03 16:27Group 1 - The core viewpoint of the news is the response of Jiangsu Bid Technology Co., Ltd. to the regulatory inquiry regarding its 2024 annual report, highlighting the company's acquisition of Jing Tang Dexin and its performance metrics [1][2][3] - Jiangsu Bid Technology received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, prompting a detailed response from the auditing firm [1] - The company acquired 100% equity of Jing Tang Dexin, which specializes in the design and maintenance of subway automatic door systems, with performance commitments set for 2022 to 2024 [2][3] Group 2 - Jing Tang Dexin's main business model includes the sale of spare parts and maintenance services, with a focus on subway vehicle door systems [4][5] - The revenue recognition policy involves recognizing income upon delivery and acceptance of goods, with specific conditions for installation [5] - Key financial indicators from 2021 to 2024 show a significant increase in revenue and net profit, with total revenue reaching 6,404.57 million yuan in 2024 [6][9] Group 3 - The urban rail transit industry in China has shown substantial growth, with 58 cities operating 361 lines and a total operating mileage of 12,160.77 kilometers by the end of 2024 [7] - The maintenance industry is expected to continue growing, driven by the increasing demand for safety and reliability in subway door systems [8][13] - Jing Tang Dexin's performance during the commitment period was significantly enhanced due to increased demand and a stable customer base, primarily consisting of state-owned enterprises [9][14] Group 4 - The company has a substantial order backlog of approximately 99.43 million yuan as of the end of 2024, indicating a strong future revenue stream [13][19] - The decline in revenue for 2024 is attributed to the completion of major orders, particularly from the Beijing Subway Operations Company [11][14] - The company anticipates continued growth in the maintenance sector as urban rail networks expand and enter high-frequency maintenance phases [13][19] Group 5 - The excess performance rewards for Jing Tang Dexin's original shareholders are structured to incentivize management and are calculated based on net profit exceeding set targets [15][16] - The accounting treatment for these rewards is classified as future period costs, impacting the consolidated net profit of Jiangsu Bid Technology [15][16] - The goodwill impairment testing for Jing Tang Dexin indicates that the projected revenue growth rate has been adjusted to 5%-10%, reflecting a positive outlook for future performance [16][19]