Eagle Eye Warning: Beishidake's Operating Revenue Decreases

Sina Finance Listed Company Research Institute | Financial Report Eagle Eye Warning

On March 15, BessTech released its 2025 annual report, with an audit opinion of standard unqualified audit opinion.

The report shows that the company’s total operating revenue for 2025 was 837 million yuan, a decrease of 1.52% year-on-year; net profit attributable to parent company was 12.174 million yuan, down 77.97%; net profit after non-recurring gains and losses attributable to parent was 11.522 million yuan, down 78.15%; basic earnings per share were 0.0393 yuan/share.

Since listing in February 2020, the company has paid cash dividends 6 times, totaling 199 million yuan. The announcement states that the company plans to distribute a cash dividend of 0.3 yuan (tax included) for every 10 shares to all shareholders.

The Listed Company Financial Report Eagle Eye Warning System performs intelligent quantitative analysis of BessTech’s 2025 annual report from four dimensions: performance quality, profitability, capital pressure and safety, and operational efficiency.

1. Performance Quality

During the reporting period, the company’s revenue was 837 million yuan, down 1.52% year-on-year; net profit was -4.7536 million yuan, down 113.21%; net cash flow from operating activities was 48.8545 million yuan, up 5.39%.

Overall performance analysis requires attention to:

• Decline in operating income. During the reporting period, operating income was 840 million yuan, a decrease of 1.52%.

• Significant decline in net profit attributable to parent. During the reporting period, net profit attributable to parent was 1.2174 million yuan, a sharp decrease of 77.97%.

• Significant decline in net profit after non-recurring gains and losses attributable to parent. During the reporting period, this was 11.5219 million yuan, down 78.15%.

• Net profit turned negative for the first time in three years, at -4.7536 million yuan.

In terms of operational asset quality, key points include:

• Accounts receivable/revenue ratio continues to grow. Over the past three annual reports, the ratios are 20.74%, 28.23%, and 31.06%, respectively, showing a continuous increase.

In terms of cash flow quality, key points include:

• The ratio of net cash flow from operating activities to net profit continues to decline. Over the past three half-year reports, this ratio is 7.68, 1.29, and -10.28, respectively, indicating a downward trend in profitability quality.

2. Profitability

During the reporting period, the company’s gross profit margin was 24.05%, down 4.81% year-on-year; net profit margin was -0.57%, down 113.42%; return on equity (weighted) was 0.98%, down 77.68%.

From the company’s operational perspective, key points include:

• Decline in gross profit margin. During the period, gross profit margin was 24.05%, a decrease of 4.81%.

• Significant drop in net profit margin. During the period, net profit margin was -0.57%, a sharp decline of 113.42%.

From the company’s asset side, key points include:

• Significant decrease in return on net assets. During the period, weighted average ROE was 0.98%, down 77.68%.

• The average ROE over the past three years has been below 7%. During the period, the weighted average ROE was 0.98%, and the three-year average ROE is below 7%.

• Return on invested capital below 7%. During the period, the company’s ROIC was 1.01%, with an average over three periods below 7%.

From customer concentration and minority shareholders perspectives, key points include:

• Minority shareholders’ profit and loss are negative, while net profit attributable to parent is positive. During the period, minority shareholders’ profit and loss was -200 million yuan, and net profit attributable to parent was 12.174 million yuan.

• The top five customers account for a large proportion of revenue. During the period, sales to the top five customers accounted for 83.05% of total sales, indicating high customer concentration.

3. Capital Pressure and Safety

During the reporting period, the company’s asset-liability ratio was 19.65%, an increase of 1.32%; current ratio was 3.49, quick ratio was 2.86; total debt was 5.5813 million yuan, all short-term debt.

Short-term capital pressure requires attention:

• Significant increase in short-term to long-term debt ratio. During the period, short-term debt to long-term debt rose sharply to 2.13.

• From a capital management perspective, interest income to monetary funds ratio is below 1.5%. During the period, monetary funds were 462 million yuan, short-term debt was 5.5813 million yuan, and the average interest income/monetary funds ratio was 0.681%, below 1.5%.

4. Operating Efficiency

During the period, accounts receivable turnover was 3.35 times, down 17.38%; inventory turnover was 3.71 times, up 2.81%; total asset turnover was 0.55 times, down 0.15%.

In terms of operational assets, key points include:

• Accounts receivable/total assets ratio continues to increase. Over the past three annual reports, the ratios are 11.56%, 15.37%, and 17.22%, respectively.

• Long-term assets need attention: total asset turnover rate has been declining, with ratios of 0.56, 0.55, and 0.55 over the three periods, indicating weakening efficiency.

• Other non-current assets fluctuate significantly. During the period, other non-current assets increased to 3.615 million yuan from 688,100 yuan at the start.

From the perspective of the three expenses (selling, general, and administrative expenses), key points include:

• Management expenses growth exceeds 20%. During the period, management expenses were 8.4527 million yuan, up 23.13%.

• Management expenses growth exceeds revenue growth. During the period, management expenses increased by 23.13%, while revenue decreased by 1.52%, indicating expenses grew faster than income.

Click on BessTech’s Eagle Eye Warning to view the latest alerts and visualized financial report previews.

Sina Finance Listed Company Financial Report Eagle Eye Warning Introduction: The Eagle Eye Warning system is an intelligent professional analysis platform for listed company financial reports. It gathers authoritative financial experts from accounting firms and listed companies to track and interpret the latest financial reports from multiple dimensions such as performance growth, earnings quality, capital pressure and safety, and operational efficiency, providing visual alerts for potential financial risks. It offers professional, efficient, and convenient technical solutions for financial institutions, listed companies, and regulatory authorities to identify and warn of financial risks.

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