BIYI(SH:603215) Chang Jiang Shang Bao·2025-09-09 23:32Core Viewpoint - Despite significant revenue growth, the net profit of Biyi Co., Ltd. continues to decline, and the fundraising amount for its private placement project has been reduced from 624 million yuan to no more than 482 million yuan [1][5]. Financial Performance - In the first half of 2025, Biyi Co., Ltd. achieved an operating income of 1.157 billion yuan, a year-on-year increase of 34.53%, while net profit was 53.71 million yuan, a year-on-year decrease of 21.04% [2][9]. - The company's asset-liability ratio has increased from 34.37% at the end of 2022 to 61.52% by the end of the first half of 2025 [2][14]. Fundraising and Investment Projects - The total investment for the fundraising project remains unchanged at 807 million yuan, but the amount to be raised has decreased by 142 million yuan, approximately 23% [2][6]. - The funds are intended for the construction of the "Zhongyi Industrial Park Smart Kitchen Appliances Project (Phase II)," which aims to enhance production capacity and strengthen the company's core competitiveness [3][4]. Performance Assessment - Biyi Co., Ltd. has struggled to meet performance targets set for 2023-2025, with revenue and net profit growth rates not reaching the required benchmarks [8][10]. - The company has experienced a decline in gross margin, with rates of 21.21%, 15.55%, and 14.36% for 2023, 2024, and the first half of 2025, respectively [10]. Inventory Management - The book value of inventory has increased significantly, reaching 338 million yuan in the first half of 2025, a year-on-year growth of 66.85% [13]. - The company acknowledges that further increases in inventory could adversely affect operational performance if not managed effectively [12].