Buydeem Group(SZ:300824) Zheng Quan Zhi Xing·2025-08-08 22:30Core Viewpoint - Beiding Co., Ltd. reported significant growth in revenue and net profit for the first half of 2025, indicating strong operational performance and effective cost control [2][3]. Operational Overview - Total revenue reached 432 million yuan, a year-on-year increase of 34.05% - Net profit attributable to shareholders was 55.83 million yuan, up 74.92% - Non-recurring net profit was 53.20 million yuan, an increase of 86.07% - In Q2 alone, revenue was 219 million yuan, growing 34.67%, with net profit at 22.46 million yuan, up 140.86% [2]. Profitability - The gross margin improved to 49.71%, a rise of 4.67% - The net margin increased to 12.93%, reflecting a 30.49% growth, showcasing enhanced cost control and operational efficiency [3]. Expense Control - Total sales, management, and financial expenses amounted to 146 million yuan, accounting for 33.71% of revenue, down 4.48% year-on-year - Sales expenses increased by 41.17%, attributed to heightened promotional efforts [4]. Asset and Liability Status - Cash and cash equivalents stood at 402 million yuan, a 36.33% increase - Accounts receivable rose to 56.44 million yuan, up 90.10% - Interest-bearing liabilities surged to 120 million yuan, a 191.63% increase, with accounts receivable now representing 81.2% of profit, potentially impacting cash flow [5]. Cash Flow - Operating cash flow per share was 0.04 yuan, reflecting a 79.40% increase - However, net cash flow from investing activities decreased by 54.81%, mainly due to reduced net redemptions of financial products [6]. Main Business Composition - Revenue from proprietary brand business was 356 million yuan, accounting for 82.49% of total revenue, with a gross margin of 55.88% - OEM/ODM business revenue was 75.59 million yuan, making up 17.51% of total revenue - Domestic revenue was 331 million yuan, representing 76.68% of total revenue, with a gross margin of 57.57%, while overseas revenue was 101 million yuan, accounting for 23.32% with a gross margin of 23.89% [7]. Development Outlook - The company aims to enhance the quality of dietary life for modern families and individuals by offering superior products and expanding market share - Plans include optimizing talent structure and improving distribution mechanisms to boost team competitiveness and better meet user needs [8].