Bide Science and Technology(SH:605298) Xin Lang Zheng Quan·2025-07-04 09:27Core Viewpoint - The recent financial performance of Bidetech has raised concerns, particularly following the inquiry from the Shanghai Stock Exchange regarding the significant decline in operating cash flow for the year 2024 [1][2]. Group 1: Financial Performance - Bidetech's revenue surged from 49.52 million to 77.99 million from 2022 to 2024, with net profit increasing from 9.21 million to 14.49 million, achieving an excess completion rate of 130% during the performance commitment period [2]. - However, post-commitment, revenue plummeted by 17.8% to 64.05 million in 2024, with a further decline of 11.54% in Q1 2025, and net profit decreased by 20.77% [2]. - The primary cause of this revenue fluctuation is attributed to high customer concentration, with over 98% of revenue coming from Beijing Metro and its subsidiaries [2]. Group 2: Cash Flow and Financial Health - The operating cash flow for 2024 deteriorated to -50.16 million, marking a 145% increase in the negative gap over two consecutive years [3]. - Cash reserves decreased by 57.37% compared to the end of 2023, while accounts receivable surged by 33.88% to 450 million, accounting for 93% of revenue [3]. - The change in customer payment terms, extending from a 30-day settlement period to 3-6 months, has exacerbated cash flow issues, as the company continues to prepay suppliers [3]. Group 3: Goodwill and Financial Adjustments - Bidetech has adjusted parameters in its goodwill impairment testing, increasing the projected revenue growth rate from 1%-2% to 5%-10%, while simultaneously lowering the profit margin from 20.0%-21.8% to 17.1%-20.6% [2]. - This contradictory adjustment has raised suspicions of financial maneuvers aimed at delaying impairment pressure [2]. - Additionally, the company has paid 4.01 million in excess performance bonuses to the original shareholders of Jing Tang Dexin, with 50% of this amount already disbursed by May 2025, impacting profit directly [3].