BJBASHI(SH:600386) Zheng Quan Shi Bao Wang·2025-09-08 08:29Core Viewpoint - The frequent resignation of senior executives at Beiba Media reflects the company's current operational difficulties and declining financial performance [2][3]. Group 1: Executive Resignations - Three senior executives, including Chairman Yan Guangxing, resigned on September 5, 2025, due to work adjustments and personal reasons [2]. - Wang Jie resigned from her position as a non-independent director and board secretary, with her term originally set to expire on June 29, 2026 [2]. - Lu Chuang also resigned from his role as an independent director for personal reasons [2]. Group 2: Financial Performance - In the first half of the year, Beiba Media reported a revenue of 1.924 billion yuan, a year-on-year decrease of 9.72% [3]. - The net profit attributable to shareholders was 6.4046 million yuan, down 36.89% year-on-year, while the net profit after deducting non-recurring items was 3.638 million yuan, a decline of 37.22% [3]. - The company's revenue for the half-year period reached a three-year low, with net profit remaining at a low level, only exceeding 10 million yuan once in the past four years [3]. Group 3: Profitability and Financial Health - The gross profit margin for the first half of 2025 was 13.78%, the lowest for the same period since 2008, indicating a decline in business profitability [3]. - The net profit margin was only 0.38%, remaining below 1% for four consecutive years [3]. - Accounts receivable reached 378 million yuan at the end of the first half, an increase of over 52 million yuan year-on-year, marking a 16% growth and the highest level in five years [3]. Group 4: Cost-Cutting Measures - In response to operational pressures, the company significantly reduced various expenses in the first half of the year, with sales expenses decreasing by nearly 20%, saving over 23 million yuan [4]. - Management expenses fell by over 14%, resulting in savings of nearly 20 million yuan, while financial expenses decreased by over 16%, saving more than 4.5 million yuan [4]. - Research and development expenses also declined by over 10%, saving nearly 1.5 million yuan, with total expenses amounting to 247 million yuan, a decrease of 48.71 million yuan compared to the same period last year [4].