BESTEK(SZ:300822) Zheng Quan Zhi Xing·2025-08-22 23:18Core Viewpoint - Beishidake (300822) reported mixed financial results for the first half of 2025, with a slight increase in total revenue but a significant decline in net profit, indicating potential challenges in profitability and cost management [1][2]. Financial Performance - Total revenue for the first half of 2025 reached 413 million yuan, a year-on-year increase of 0.66% [1]. - Net profit attributable to shareholders was 17.2 million yuan, down 54.39% compared to the previous year [1]. - The second quarter saw total revenue of 196 million yuan, a decrease of 5.13% year-on-year, and net profit of 6.62 million yuan, down 68.48% [1]. - Gross margin was 24.44%, a decrease of 3.01% year-on-year, while net margin fell to 2.33%, down 64.94% [1]. - Total expenses (selling, administrative, and financial) amounted to 57.97 million yuan, accounting for 14.04% of revenue, an increase of 25.29% year-on-year [1]. Cash Flow and Debt Management - Operating cash flow per share increased by 104.12% to 0.08 yuan, attributed to higher cash receipts from sales [1][2]. - The company’s cash assets are reported to be healthy, indicating good liquidity [3]. Accounts Receivable and Financial Ratios - Accounts receivable reached 240 million yuan, representing 434.31% of the net profit, raising concerns about collection efficiency [1][4]. - The return on invested capital (ROIC) for the previous year was 2.21%, indicating weak capital returns compared to the historical median of 20.4% since the company’s listing [2]. Business Model and Operational Insights - The company’s performance is primarily driven by research and development, necessitating a deeper analysis of the underlying factors influencing this drive [3].