出品：新浪财经上市公司研究院 文/夏虫工作室 核心观点：百利天恒为何遭机构投资者减持，这背后究竟传递何种信号？一方面，公司市研率显著高于 同行，但BD授权收入含金量似乎弱于同行；另一方面，市场常以"潜在交易总额"进行估值，但里程碑 付款存在很大的不确定性，百利天恒的估值有没有被透支？在公司估值疑似高估背景下，公司又如期推 进定增，其是否需要给相关机构留足相关套利空间？这是否进一步压制公司股价？ 近日，百利天恒发布半年报，相比去年靓丽业绩，公司出现暴跌。 2025年中报显示，百利天恒上半年实现营收1.71亿元，比上年同期减少96.92%；归母净利润-11.18亿 元，同比下降123.96%。上年同期，公司营收为55.53亿元，归母净利润高达46.66亿元。 百利天恒属于十倍大牛股。自2023年1月底至今，公司股价涨幅超10倍。 颇为意外的是，百利天恒股市走强之际，近期疑似遭机构投资者减持。 Wind数据显示，基金投资者持股比例比例由2024年年末的50.50%下降至2025年半年报末的30.43%。其 中，报告期末，十大流通股东中，华夏基金、中欧基金及广发基金均对百利天恒进行减持。 | 接齿颖 | | | | ...

Core Viewpoint - Zhejiang Zhenlei Technology Co., Ltd. received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, emphasizing the importance of transparency and compliance in financial disclosures [1][2]. Revenue Performance - The company achieved a revenue of 303 million yuan in 2024, representing a year-on-year growth of 8.04%. The fourth quarter accounted for 39.93% of total revenue, indicating seasonal revenue characteristics [2][3]. - Revenue breakdown shows that direct sales contributed 294 million yuan (96.81%), while distribution sales accounted for 9.66 million yuan (3.19%). The main products include RF analog chips and modules, with technical service revenue amounting to 34.21 million yuan [2][3]. Customer and Sales Analysis - The company provided detailed information on its top five direct sales customers, including sales amounts and product categories. The top customer accounted for 6.55% of direct sales revenue [4][5]. - The pricing strategy involves negotiation based on product features, market competitiveness, and production costs. The company also offers certain discounts based on sales volume for distribution customers [7][8]. Return and Warranty Policies - The company has established return and exchange policies in its sales contracts, with a low return rate of approximately 1.01% for direct sales and 1.73% for distribution sales over the past three years [8][9]. - Warranty agreements vary among customers, with terms ranging from 1 to 5 years, and the company has reported minimal quality-related returns [8][9]. Cash Flow Analysis - The company's operating cash flow showed significant fluctuations across quarters, with a net cash flow of -4.38 million yuan in Q1 and 3.95 million yuan in Q2. The cash flow is influenced by seasonal factors and the timing of project budgets and payments from government-related clients [12][13][14]. - The company’s cash flow patterns align with industry trends, where Q1 and Q3 typically show weaker cash flow, while Q2 and Q4 exhibit stronger performance [14][15]. Accounts Receivable - As of the end of 2024, the company reported accounts receivable of 411.89 million yuan, with a bad debt provision of 47.57 million yuan, resulting in a bad debt ratio of 11.55%. The accounts receivable increased by 21%, outpacing revenue growth [17][19]. - The aging analysis indicates that 40% of accounts receivable are over one year old, raising concerns about collection risks, particularly from government-related clients [17][19].