Beishida (300822) 2025 Annual Report Brief Analysis: Net Profit Declined 77.97% Year-over-Year, Three Expenses Ratio Increased Significantly

NightAirdropper · 2026-03-17T01:52:49+00:00

Beishida's 2025 annual report shows operating revenue of 838 million yuan, down 1.52% year-over-year, with net profit attributable to parent company of 12.174 million yuan, down 77.97% year-over-year. The financial report reveals a rising proportion of three expenses, resulting in poor financial performance, with both gross margin and net margin declining. The company needs to pay attention to accounts receivable issues. While financial health remains sound, investment returns are extremely poor.

NightAirdropper

2026-03-17 01:52:49

Abstract generation in progress

According to publicly available data compiled by Securities Star, Besta (300822) recently released its 2025 annual report. As of the end of this reporting period, the company’s total operating revenue was 838 million yuan, a decrease of 1.52% year-over-year, and net profit attributable to shareholders was 12.174 million yuan, down 77.97% YoY. Looking at quarterly data, in the fourth quarter, total operating revenue was 187 million yuan, down 6.58% YoY, and net profit attributable to shareholders was -20.13 million yuan, a decline of 357.3% YoY. During this period, Besta’s three expense categories saw a significant increase in proportion, with financial expenses, selling expenses, and management expenses totaling a 34.21% increase relative to total revenue.

The financial data released in this report shows less-than-ideal performance indicators. Among them, gross profit margin is 24.05%, down 4.81% YoY; net profit margin is -0.57%, a decrease of 113.42% YoY; total selling, management, and financial expenses amount to 116 million yuan, accounting for 13.88% of revenue, a 34.21% increase YoY; net asset value per share is 3.97 yuan, down 2.23% YoY; operating cash flow per share is 0.16 yuan, up 5.39% YoY; earnings per share are 0.04 yuan, down 77.92% YoY.

The explanations for significant changes in certain financial items are as follows:

Management expenses changed by 23.13% due to depreciation recognized from the new generation intelligent controller industrial base project transferred to fixed assets this period.
Financial expenses changed by 119.65% due to decreased exchange gains and interest income this period.
R&D expenses increased by 14.68% owing to new R&D projects launched this period.
Total cash inflow from investing activities increased by 110.65%, mainly because of higher cash received from the transfer of equity in affiliated companies.
Total cash outflow from investing activities decreased by 49.8%, as the previous period involved transferring the new generation intelligent controller industrial base project to fixed assets, reducing related investment expenditure this period.
Total cash inflow from financing activities surged by 9666.58%, mainly due to increased cash received from notes with recourse this period.
Total cash outflow from financing activities decreased by 22.13%, as the previous period included cash spent on share repurchases, which did not recur this period.

According to Securities Star’s valuation analysis tools:

Business Evaluation: The net profit margin last year was -0.57%, indicating that after accounting for all costs, the company’s products or services have low added value. Historically, the median ROIC since the company’s listing is 15.3%, reflecting good investment returns, but 2025’s ROIC was -0.59%, indicating poor investment performance. The company’s historical financial reports are relatively good (note: the company has been listed for less than 10 years; the longer the listing, the more meaningful the financial averages).
Solvency: The company’s cash assets are very healthy.
Business Model: The company’s performance mainly relies on R&D and marketing efforts. It is necessary to carefully analyze the actual drivers behind these factors.
Business Breakdown: Over the past three years (2023/2024/2025), net return on operating assets was 3.9%, 4.4%, and – respectively; net operating profit was 33.34 million, 35.98 million, and -4.75 million yuan; net operating assets were 846 million, 820 million, and 787 million yuan.

Over the past three years (2023/2024/2025), working capital to revenue ratios were 0.22, 0.26, and 0.28, respectively; working capital (funds invested by the company in its operations) was 191 million, 224 million, and 233 million yuan; and revenue was 866 million, 851 million, and 838 million yuan.

The financial health check tool suggests paying attention to the company’s accounts receivable status (accounts receivable / profit ratio has reached 2139.21%).

This content is compiled by Securities Star based on publicly available information and generated by AI algorithms (NetTrust Backup 310104345710301240019). It does not constitute investment advice.

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