贝克微：Building through transition; Maintain BUY-20260326

CMB International Global Markets | Equity Research | Company Update BaTeLab (2149 HK) BaTeLab (2149 HK) - Building Building through transition; Maintain BUY BaTeLab reported FY25 results with revenue broadly flat at +0.9% YoY, while net profit declined by 26.8% YoY to RMB122mn, mainly due to share-based compensation of ~RMB53mn and a forex loss of ~RMB14mn amid RMB appreciation. Excluding these two non-core items, adj. net profit grew 18.5% YoY. Gross margin declined to 51.7% in FY25 from 53.0% in FY24, pri ...