Beimo Gaoke 2025 Annual Report Analysis: Non-GAAP Net Profit Increased by 3072.30%, Operating Cash Flow Doubled

Operating Revenue: Up 70.66% Year over Year; Aviation Manufacturing Drives Growth

In 2025, the company achieved operating revenue of 917,999,960.70 yuan, up 70.66% from 537,899,353.73 yuan in 2024, with revenue scale rebounding significantly to near the 2023 level. By industry, revenue from aviation manufacturing was 613,613,489.20 yuan, up 96.21% year over year, and its share of total revenue rose from 58.14% in 2024 to 66.84%. This is the core driving force behind the growth in operating revenue. Revenue from inspection services was 251,594,857.89 yuan, up 20.06% year over year, maintaining steady growth. Revenue from other businesses was 52,791,613.61 yuan, up 238.18% year over year, with its share increasing to 5.75%.

Net Profit: Up 1138.28% Year over Year; Profitability Repaired Significantly

In 2025, the net profit attributable to shareholders of listed companies was 200,034,978.00 yuan, up 1138.28% year over year from 16,154,211.77 yuan in 2024. The net profit scale returned to around 90% of that in 2023. The sharp increase in profitability mainly comes from three aspects: first, the significant rebound in operating revenue scale, which increases the total gross profit; second, internal cost reduction and efficiency improvement, with optimization and control of period expenses; and third, strengthening efforts to collect accounts receivable, leading to a year-over-year decrease in credit impairment losses.

Non-GAAP Net Profit: Up 3072.30% Year over Year; Strong Profitability in Core Business

The non-GAAP net profit attributable to shareholders of listed companies, after deducting non-recurring gains and losses, was 195,291,006.56 yuan. This represented a 3072.30% year-over-year increase from 6,156,135.22 yuan in 2024. The growth rate of non-GAAP net profit far exceeds that of net profit, indicating that the company’s core business profitability is strong and its earnings quality is high.

Earnings Per Share: Both Basic and Non-GAAP EPS Rise Sharply

In 2025, basic earnings per share were 0.60 yuan per share, up 1100.00% from 0.05 yuan per share in 2024. Non-GAAP earnings per share were 0.59 yuan per share, up significantly from 0.02 yuan per share in 2024. The sharp improvement in earnings per share directly reflects the company’s repaired profitability level and significantly strengthens its ability to return value to shareholders.

Expenses: R&D Expenses Grow Significantly; Period Expense Structure Optimized

In 2025, the company’s total period expenses were 183,016,343.17 yuan, up 16.60% year over year from 156,953,554.09 yuan in 2024. The expense growth rate was lower than the operating revenue growth rate, and the effectiveness of expense control has become evident.

Selling Expenses: Up 28.25% Year over Year; Reasonable Growth with Revenue Scale Expansion

Selling expenses were 37,636,939.16 yuan, up 28.25% year over year from 29,347,420.78 yuan in 2024. This was mainly because the scale of operating revenue expanded, and expenses related to sales such as employee compensation and service fees increased accordingly. The growth rate of selling expenses matched the growth rate of aviation manufacturing revenue, representing reasonable growth.

Administrative Expenses: Up 1.54% Year over Year; Strong Control Effect

Administrative expenses were 63,160,158.38 yuan, up only 1.54% year over year from 62,202,563.96 yuan in 2024, far below the operating revenue growth rate. Through measures such as optimizing management processes and controlling office expenses, the company achieved refined control over administrative expenses.

Financial Expenses: Down 26.95% Year over Year; Reduced Interest Expenses

Financial expenses were 5,697,317.92 yuan, down 26.95% year over year from 7,799,648.09 yuan in 2024. This was mainly due to a significant decline in the balance of long-term borrowings during the period. Interest expenses decreased from 9,912,798.71 yuan in 2024 to 4,638,060.93 yuan. Meanwhile, the decrease in interest income was relatively small, which together drove the decline in financial expenses.

R&D Expenses: Up 32.84% Year over Year; Increased Investment in New Projects

R&D expenses were 76,521,927.71 yuan, up 32.84% year over year from 57,603,921.26 yuan in 2024. This was mainly because the company undertook new R&D projects during the period and the stage of existing projects changed. As a result, inputs such as R&D material issuance and test and inspection expenses increased. R&D expenses accounted for 8.34% of operating revenue. The company continued to increase R&D investment to maintain technological competitiveness.

R&D Personnel: Slight Adjustment in Staff Size; Core Team Remains Stable

In 2025, the number of R&D personnel was 152, down 13 from 165 in 2024, a change of -7.88%. The proportion of R&D personnel decreased from 19.01% in 2024 to 15.51%. In terms of education, there were 118 undergraduates and 17 master’s degree holders, down 7 and 2 respectively from 2024. This was mainly because R&D personnel under the age of 30 decreased from 78 to 56, down 22, and the share dropped significantly. However, the core technical team remains stable. R&D investment continued to grow, and this did not cause major impact on the company’s R&D progress.

Cash Flow: Operating Cash Flow Doubles; Cash Flow Structure Optimized

In 2025, the net increase in cash and cash equivalents of the company was -26,589,502.47 yuan, compared with -347,497,343.74 yuan in 2024, narrowing significantly. The cash flow situation improved markedly.

Net Cash Flow from Operating Activities: Up 105.10% Year over Year; Large Improvement in Revenue Collections

Net cash flow generated from operating activities was 378,434,028.51 yuan, up 105.10% year over year from 184,515,302.06 yuan in 2024. This was mainly due to an increase in business during the period. Cash received from sales of goods and the provision of services increased from 695,946,628.27 yuan in 2024 to 900,233,215.53 yuan. At the same time, cash outflows from operating activities decreased slightly by 0.68%. With operating cash flow doubling, the quality of revenue improved significantly.

Net Cash Flow from Investing Activities: Loss Narrowed by 34.70% Year over Year; Wealth Management Scale Contracted

Net cash flow generated from investing activities was -71,653,555.08 yuan, compared with -109,729,044.51 yuan in 2024. The loss narrowed by 34.70% year over year. This was mainly because a controlling subsidiary, Jing Hanyu, reduced purchases of wealth management products. Cash outflows from investing activities decreased from 190,695,061.24 yuan to 71,662,075.08 yuan. Meanwhile, cash received from recovering investments declined significantly, so the overall scale of investment losses narrowed.

Net Cash Flow from Financing Activities: Loss Narrowed by 21.06% Year over Year; Lower Debt Repayment Pressure

Net cash flow generated from financing activities was -333,361,662.02 yuan, compared with -422,283,601.29 yuan in 2024. The loss narrowed by 21.06% year over year. This was mainly because the prior period’s acquisition of a controlling subsidiary, Jing Hanyu, involved payments that resulted in a large cash outflow due to minority shareholders’ equity. In the current period, cash paid to repay debt increased from 1,500,000.00 yuan to 308,477,025.80 yuan. However, other financing outflows fell significantly, so total financing cash outflows decreased from 755,400,965.56 yuan to 335,621,330.35 yuan.

Potential Risks

2. Risk of Intensifying Industry Competition: The market for civilian aviation brake and braking systems is currently dominated by foreign industry giants. When expanding in the civil aviation sector, the company faces international companies’ technology and market barriers. In the military sector, as industry conditions improve, new entrants may participate in competition, squeezing market share.
3. Risk of R&D Falling Short of Expectations: Multiple model products, such as landing gear and braking control systems, are under development. If technical breakthroughs and test and validation do not meet expectations, it will affect product batch production and delivery, causing the company to miss market opportunities.
4. Risk of Accounts Receivable: At the end of 2025, the carrying value of accounts receivable was 1,415,380,307.70 yuan, accounting for 36.68% of total assets. Although collection efforts were strengthened in the current period, approval processes for defense industry customers are complex. If collections slow down later, it will affect the company’s cash flow and capital turnover.
5. Risk of Raw Material Price Volatility: Some raw materials required for the company’s production are special materials. If raw material prices rise significantly, while product prices are constrained by the military’s pricing approval and review controls, it will compress the company’s profit margins.

Compensation for Senior Management and Supervisors: Chairman and General Manager Lead

• Chairman Zhang Tianchuang: During the reporting period, the total pre-tax compensation received from the company was 2 million yuan. At the same time, he also serves as the company’s general manager and is comprehensively responsible for the company’s business and management. His compensation is linked to the company’s performance growth.
• General Manager Zhang Tianchuang: The same person as the chairman. The total pre-tax compensation is 2 million yuan. His compensation reflects the company’s incentives for core management positions, matching the contribution made by leading the company to achieve a significant increase in performance.
• Deputy General Manager: Zheng Dan’s pre-tax compensation was 500,000 yuan; Yang Changkun’s pre-tax compensation was 500,000 yuan; Wang Xi’s pre-tax compensation was 560,000 yuan. The compensation of the core management team is related to performance contributions in business segments such as the company’s R&D and sales.
• Chief Financial Officer Wan Peng: Pre-tax compensation was 300,000 yuan, responsible for the company’s financial management. His compensation meets the level of peers in the same position within the industry.

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