Bangyun Technology Q1 2025 Financial Report Analysis: Revenue Drops 73.55%, Non-GAAP Net Profit Turns Loss with a Sharp 202.25% Decline

Operating Revenue: Plummeted Over 70%, Delivery and Acceptance Delays

In the first quarter of 2025, Boyan Technology achieved operating revenue of 27.7058 million yuan, a significant drop of 73.55% compared to 104.7656 million yuan in the same period last year. The company stated that the decline was mainly due to delays in customer delivery and acceptance schedules, leading to a sharp decrease in sales revenue.

Net Profit: From Profit to Loss, Drop Over 170%

During this reporting period, Boyan Technology’s net profit attributable to shareholders of the listed company was -27.2056 million yuan, compared to a profit of 35.3077 million yuan in the same period last year, a year-over-year decline of 177.05%. The performance shifted from profit to loss.

Net Profit Excluding Non-Recurring Gains and Losses: Down Over 200%, Main Business Under Pressure

Net profit excluding non-recurring gains and losses was -31.8529 million yuan, compared to a profit of 31.1522 million yuan in the same period last year, a plunge of 202.25%. The profitability of the core business has significantly deteriorated.

Basic Earnings Per Share: From Profit to Loss, Down Over 178%

Basic earnings per share were -0.18 yuan/share, compared to 0.23 yuan/share in the same period last year, a decrease of 178.26%. Earnings per share turned negative, significantly reducing shareholder returns per unit of stock.

Non-Recurring Earnings Per Share: Same as Basic, From Profit to Loss

The non-recurring earnings per share are consistent with basic earnings per share, at -0.18 yuan/share, compared to 0.23 yuan/share last year, a decline of 178.26%, directly reflecting the drop in core business profitability.

Accounts Receivable: Slight Decrease in Scale

As of March 31, 2025, the company’s accounts receivable amounted to 291.958 million yuan, a slight decrease of 1.35% from the end of the previous year’s 295.9449 million yuan, maintaining a relatively stable scale.

Notes Receivable: Over 30% Year-over-Year Decline

At the end of the reporting period, notes receivable were 8.7058 million yuan, down 36.22% from 13.6514 million yuan at the end of last year. The reduction in notes receivable reflects changes in the company’s collection structure.

Weighted Average Return on Net Assets: From Positive to Negative

During this reporting period, the company’s weighted average return on net assets was -1.89%, compared to 2.29% in the same period last year, a decrease of 4.18 percentage points. The company’s profitability on shareholders’ equity has turned negative, with a significant decline.

Inventory: Slight Increase in Scale

As of March 31, 2025, inventory was 85.7954 million yuan, up 8.06% from 79.3962 million yuan at the end of last year. The slight increase may be related to the company’s stocking and production rhythm.

Sales Expenses: Up 26.44% Year-over-Year

During this reporting period, sales expenses were 6.324 million yuan, an increase of 26.44% from 5.0015 million yuan last year. The growth in sales expenses amid a sharp decline in revenue warrants attention.

Management Expenses: Slight Decrease

Management expenses for the period were 15.1081 million yuan, slightly down 0.56% from 15.1936 million yuan last year, remaining relatively stable.

Financial Expenses: Up 156.73% Year-over-Year

Financial expenses for this period were -2.632 million yuan, compared to -1.025 million yuan last year, an increase of 156.73%. Interest expenses were 1.84 million yuan, a significant decrease of 96.21% from 4.860 million yuan last year; interest income was 3.491 million yuan, down 41.93% from 6.012 million yuan.

R&D Expenses: Surged 56.11%, Proportion Soared to 69.35%

During the period, R&D expenses were 19.214 million yuan, up 56.11% from 11.0275 million yuan last year. Due to the significant decline in revenue, R&D investment accounted for 69.35% of operating income, a substantial increase of 57.72 percentage points from last year’s 11.63%. The company stated that this is mainly due to persistent technological innovation and increased R&D investment in consumer products like Cloud PC and AI Agent.

Operating Cash Flow: Net Outflow Widens

The net cash flow from operating activities was -36.626 million yuan, further expanding from -26.442 million yuan last year. The company explained that this was mainly due to decreased collections and the expiration of property tax benefits, leading to increased tax expenses.

Cash received from sales of goods and services was 31.416 million yuan, down 36.16% from 49.2148 million yuan last year; tax and fee payments were 5.9855 million yuan, a sharp increase of 2155.27% from 0.2654 million yuan.

Investing Cash Flow: From Net Inflow to Outflow

The net cash flow from investing activities was -19.9456 million yuan, turning from a net inflow of 27.6419 million yuan last year. Cash recovered from investments was 51.9801 million yuan, a 72.27% decrease from 187.4700 million yuan; cash paid for investments was 70 million yuan, down 55.91% from 158.7605 million yuan.

Financing Cash Flow: From Outflow to Inflow

During this period, net cash flow from financing activities was 14.7596 million yuan, reversing from a net outflow of 14.4792 million yuan last year. The main reason was receiving 15 million yuan in new borrowings, with no similar inflow last year.

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