尽管三费(销售费用、管理费用、财务费用)占营收比从52.67%降至46.26%，减少了12.16%，但绝对金额 仍高达2.98亿元，占营业收入的比重较高。 现金流状况堪忧 近期康泰生物（300601）发布2025年一季报，证券之星财报模型分析如下： 营收增长但盈利能力下滑 康泰生物在2025年一季度实现了营业总收入6.45亿元，同比增长42.85%。然而，归母净利润仅为 2243.41万元，同比下降58.51%，这表明公司在收入增长的同时并未能有效转化为利润。 毛利率和净利率下降 公司的毛利率为73.46%，较去年同期减少了12.62个百分点。净利率更是大幅下降至3.47%，同比减少了 71.0%。这反映出公司在成本控制方面面临较大压力。 成本费用情况 分红与融资 自上市以来，康泰生物累计融资31.38亿元，累计分红16.64亿元，分红融资比为0.53，显示出公司较为 重视股东回报。 商业模式依赖研发与营销 公司业绩主要依靠研发、营销及股权融资驱动，未来需进一步评估这些驱动力的实际效果及其可持续 性。 截至一季度末，公司货币资金为2.2亿元，较去年同期的8.76亿元大幅减少74.90%。同时，每股经营性 现金 ...

Core Viewpoint - The performance of the leading domestic membrane technology company, BWS (碧水源), has significantly declined, with a notable drop in both revenue and net profit in the 2024 annual report [2][4]. Financial Performance - BWS reported a revenue of 8.549 billion yuan, a year-on-year decrease of 4.51% [4]. - The net profit attributable to shareholders was only 58.585 million yuan, down 92.34% compared to the previous year [4]. - The company's net profit has decreased from 1.143 billion yuan in 2020 to 58.585 million yuan in 2024 [4]. Accounts Receivable - As of the end of 2024, BWS's accounts receivable reached 12.4 billion yuan, an increase of 12.27% year-on-year [7]. - The accounts receivable turnover rate has declined from 0.9 in 2022 to 0.73 in 2024, indicating a slower cash recovery speed [7]. - The increase in accounts receivable is attributed to the macroeconomic environment and delayed payment capabilities of local governments [7][8]. Debt Pressure - BWS's asset-liability ratio rose to 62.18% in 2024, up from 60.53% in 2023 [9]. - Total liabilities reached 49.584 billion yuan, with current liabilities amounting to 29.367 billion yuan [9]. - The company had only 4.252 billion yuan in cash at the end of 2024, while the net profit was 58.585 million yuan, indicating a significant cash flow issue [9]. Industry Context - The overall environmental protection industry is facing challenges due to a complex economic environment, leading to reduced investment in environmental projects by governments and enterprises [5]. - Local governments are adjusting budgets for environmental projects due to fiscal pressures, impacting business expansion and project progress for companies in the industry [5].

Overview of Operating Performance - The total operating revenue of the company reached 2.022 billion yuan in 2024, an increase of 21.38% year-on-year [1] - The net profit attributable to the parent company was 51.445 million yuan, a significant increase of 90.33% year-on-year [1] - The fourth quarter showed remarkable performance with total operating revenue of 606 million yuan, up 32.27% year-on-year, and a net profit of 12.2965 million yuan, up 3554.48% year-on-year [1] Profitability Analysis - The overall profitability of the company improved, but the gross margin was 16.7%, a decrease of 2.1% year-on-year [2] - The net profit margin was 2.5%, an increase of 51.74% year-on-year [2] - Earnings per share were 0.11 yuan, an increase of 88.46% year-on-year [2] Expense Control and Cash Flow - The total of the three expenses (selling, administrative, and financial expenses) was 158 million yuan, accounting for 7.81% of revenue, a decrease of 15.06% year-on-year [3] - Operating cash flow per share was only 0.01 yuan, a decrease of 93.02% year-on-year, indicating a concerning cash flow situation in operating activities [3] Accounts Receivable and Liabilities - As of the end of the reporting period, accounts receivable amounted to 634 million yuan, an increase of 33.24% year-on-year, with accounts receivable to profit ratio reaching 1232.76%, indicating a significant risk in accounts receivable recovery [4] - Interest-bearing liabilities were 304 million yuan, an increase of 171.90% year-on-year, indicating a rise in the company's debt level [4] Main Business Composition - The main business revenue primarily comes from modified plastics, accounting for 80.50% with revenue of 1.627 billion yuan and a gross margin of 17.63% [5] - Revenue from smart lighting-related products was 253 million yuan, accounting for 12.51% with a gross margin of 14.87% [5] - Other products generated revenue of 136 million yuan, accounting for 6.75% with a gross margin of 11.69% [5] Industry and Regional Distribution - The South China region contributed the most, with revenue of 1.067 billion yuan, accounting for 52.77% and a gross margin of 17.72% [6] - The East China region generated revenue of 478 million yuan, accounting for 23.65% with a gross margin of 14.15% [6] - Direct export revenue was 340 million yuan, accounting for 16.81% with a gross margin of 18.98% [6]

Revenue and Profit - The total revenue for the year 2024 reached 1.027 billion yuan, representing a year-on-year growth of 16.09%. However, the net profit attributable to shareholders was only 52.4657 million yuan, a significant decline of 38.93%. The net profit after deducting non-recurring gains and losses was 38.97 million yuan, down 49.4% [1][6]. Profitability - The company's gross margin was 16.35%, a decrease of 16.88 percentage points compared to the same period last year. The net profit margin was 5.04%, reflecting a year-on-year decline of 48.2%, indicating challenges in cost control and weakened profitability [2]. Expense Situation - Total selling, administrative, and financial expenses amounted to 81.2831 million yuan, accounting for 7.92% of revenue, which is an increase of 46.03% year-on-year. Selling expenses rose by 72.11% due to the addition of a new automotive parts business and increased employee compensation and business entertainment expenses. Administrative expenses increased by 43.79% primarily due to depreciation and amortization from IPO projects and the introduction of a new system. Financial expenses surged by 615.06% due to interest expenses from convertible bonds issued in August 2023 [3]. Accounts Receivable and Cash Flow - Accounts receivable stood at 384 million yuan, which is 732.25% of the latest annual net profit, indicating potential risks in accounts receivable management. The operating cash flow per share was 0.75 yuan, a decline of 57.59%, showing a deterioration in cash flow from operating activities [4]. Assets and Liabilities - Cash and cash equivalents amounted to 538 million yuan, a decrease of 32.26% year-on-year. Fixed assets increased by 49.4%, while construction in progress decreased by 52.87%, mainly due to investments from IPO fundraising and convertible bond projects. Short-term borrowings decreased by 65.26%, while contract liabilities increased by 33.57% [5]. Overall Summary - Overall, while the company achieved revenue growth in 2024, it faced significant profit declines. Key challenges include weakened profitability, substantial expense increases, and issues in accounts receivable management. Future improvements are needed in cost control, expense optimization, and accounts receivable management to enhance overall financial health [6].

关于北京利尔高温材料股份有限公司 向特定对象发行股票申请文件 反馈意见的回复 大信备字[2023]第 2-00008 号 大信会计师事务所(特殊普通合伙) WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 国际大厦 22 岸 2206 邮编 100083 WUYIGE Certified Public Accountants.LLP *路 1 号 Room 2206 22/F.Xuevuan International Tower No. 1 Zhichun Road,Haidian Dist. Beijing,China,100083 传自 Fax: IXX til- Internet. +86 (10) 82327668 www.daxincpa.com.cn 关于北京利尔高温材料股份有限公司 向特定对象发行股票申请文件反馈意见的回复 大信备字[2023]第 2-00008 号 中国证券监督管理委员会、深圳证券交易所: 根据中国证券监督管理委员会出具的《中国证监会行政许可项目审查一次反馈意见通知书》 (223115号)的要求,大信会计师事务所(特殊普通合伙)(以下简称"会计 ...