宁波波导股份有限公司2025年年度报告深度解读

一、核心财务数据亮点

• 营业收入大幅增长：2025年公司实现营业收入4.70亿元，同比增长30.45%，扣除与主营业务无关及不具商业实质的收入后营业收入为4.44亿元，增长55.59%。
• 净利润小幅增长，但主营业务仍亏损：归属于上市公司股东的净利润为525万元，同比增长2.73%。但扣除非经常性损益后，归母净利润仍为-748万元，亏损同比收窄。
• 经营现金流净额转负：本年度经营活动产生的现金流量净额为-1,955万元，去年同期为-253万元，主要因原材料备货增加。
• 净资产基本持平：归属于上市公司股东的净资产为9.62亿元，总资产为12.13亿元。
• 研发费用大幅提升：研发费用为3434万元，同比增长46.54%，研发团队结构以30岁以下和30-40岁为主。

二、退市风险警示及最新进展

• 退市风险警示实施：2024年度经审计扣除非经常性损益后的净利润为负且营业收入低于3亿元，公司股票自2025年4月30日被实施退市风险警示，股票简称变更为“*ST波导”。
• 有望撤销退市风险警示：2025年度报告已符合撤销退市风险警示条件，公司将向上交所申请撤销警示，是否撤销尚需监管审核。
• 投资者需高度关注：若退市风险警示撤销，可能对公司股价产生积极影响；若未获撤销，将继续面临摘牌风险。

三、利润分配与股东权益

• 不分红不转增：2025年度利润分配预案为本年度利润不分配、不进行资本公积金转增股本。
• 母公司未弥补亏损高达3.71亿元：公司未满足现金分红条件，提醒投资者关注相关风险。

四、经营结构与业务发展

• 主营结构：主营包括手机及配件、车载模组、智能设备和模块加工等。
• 业务收入增长：主要由重庆子公司纳入合并报表和业务拓展带动。
• 销售及研发费用显著增长：销售费用同比增长112.33%，研发费用同比增长46.54%。
• 投资活动现金流为正：投资活动产生的现金流净额2,403万元，主因理财金额减少。
• 部分原材料大幅备货：存货同比增长35.38%，显示公司对原材料价格波动的防范。

五、对外投资及结构调整

• 新设及增资多家子公司与联营企业：2025年设立波导创欣（80%持股）、易联香港（全资）、乾行智联（49%持股）等，并对深圳鑫巴斯增资300万元（30%持股），多元化布局。
• 金融资产投资活跃：期末持有短期理财产品余额2.58亿元，权益工具投资4,957万元，理财产品主要为低风险银行及券商产品。

六、公司治理与风险控制

• 治理结构健全：符合上市公司公司法、证券法及上交所规则，无重大差异。
• 董事会、专门委员会履职正常：董事会全年召开5次，审计、薪酬、战略等委员会有效运行，管理层薪酬与业绩挂钩。
• 内部控制审计为无保留意见：天健会计师事务所出具标准无保留意见，内部控制有效。

七、员工与激励机制

• 员工总数440人，以生产与技术为主，硕士及以上14人，本科166人。
• 薪酬结构细化，分为基础工资、绩效、奖金等。
• 劳务外包规模大，工时33万小时，支付报酬681万元。
• 暂无股权激励或员工持股计划，但董事会对高管绩效考核严格。

八、重要合同与委托理财

• 委托理财余额高达2.55亿元，均为低风险或中低风险产品，无逾期未收回情况。
• 2025年新回购股份方案：拟回购股份数量1333万股~2667万股，占总股本1.78%~3.56%，回购金额区间6000万至1.2亿元，回购用途为员工持股计划或股权激励，已回购181.14万股。

九、关联交易与重大诉讼

• 关联交易规模小，主要为商品与服务采购/销售，关联方涉及部分新设子公司。
• 无重大诉讼、仲裁事项，无违法违规处罚记录。

十、未来发展战略与市场风险

• 主营业务竞争激烈，行业技术和市场风险高，公司在产业链中竞争优势有限。
• 车载模组和智能设备业务前景不确定，研发及市场拓展能力有限，需警惕行业波动。

十一、投资者关注的潜在风险及机会

• 退市风险与摘帽预期：退市风险警示是否撤销将成为近期股价波动核心。
• 高比例委托理财：资金运用效率及理财安全需持续关注。
• 利润持续性与主营业务盈利能力：非经常性损益占净利润比重大，主营业务亏损仍未根本扭转。
• 未分红与高额累计亏损：股东回报有限，需警惕大额未弥补亏损对后续经营和资本运作的影响。

免责声明： 本文仅基于宁波波导股份有限公司2025年年度报告内容整理与分析，所涉信息均来自公司正式披露文件。内容为作者个人解读，仅供投资者参考，不构成任何投资建议。股市有风险，投资需谨慎。

English Version for Reference

In-depth Analysis of Ningbo Bird Co., Ltd. 2025 Annual Report

I. Key Financial Highlights

• Significant Revenue Growth: 2025 revenue reached RMB 470 million, up 30.45% year-on-year. After excluding non-core and non-substantive income, it was RMB 444 million, up 55.59%.
• Marginal Net Profit Growth, Core Still Loss-Making: Net profit attributable to shareholders was RMB 5.25 million (+2.73%), but core net profit (excluding non-recurring items) remained a loss of RMB -7.48 million (loss narrowed).
• Operating Cash Flow Turned Negative: Operating cash outflow was RMB -19.55 million, mainly due to increased raw material stocking.
• Net Assets Flat: Net assets attributable to shareholders was RMB 962 million, total assets RMB 1.21 billion.
• R&D Expenditure Surged: R&D expense jumped to RMB 34.34 million (+46.54%), with a young R&D team.

II. Delisting Risk Warning & Latest Progress

• Delisting Risk Warning Implemented: Due to negative net profit after extraordinary items and revenue below RMB 300 million in 2024, the stock has been under risk warning (“*ST Bird”) since April 30, 2025.
• Potential for Warning Removal: The 2025 report meets the conditions for removal. The company will apply to SSE for removal, pending regulatory review.
• Investor Focus: Removal could boost the share price; failure means continued delisting risk.

III. Dividend Policy & Shareholder Value

• No Dividend/No Bonus Shares: 2025 profit distribution plan is no dividend, no capital reserve transfer.
• Large Accumulated Loss: Parent company’s undistributed loss is RMB -371 million; company is ineligible for cash dividends.

IV. Operations & Business Structure

• Core Business: Mobile phones & accessories, automotive modules, smart devices, module processing.
• Revenue Growth Drivers: Mainly due to consolidated Chongqing subsidiary and business expansion.
• Sales & R&D Costs Up Sharply: Sales expenses +112.33%, R&D expenses +46.54%.
• Investment Cash Flow Positive: Net inflow of RMB 24.03 million, mainly from reduced wealth management purchases.
• Heavy Raw Material Stockpiling: Inventory up 35.38% to hedge price risks.

V. External Investment & Structural Adjustment

• Multiple New Subsidiaries & Associates: New investments in Bird Chuangxin (80% stake), Yilian Hong Kong (100%), Qianxing Zhilian (49%), and capital injection to Shenzhen Xinbas (30%).
• Active Financial Investments: Short-term wealth management at RMB 258 million, equity investments at RMB 49.57 million, mostly low-risk products.

VI. Governance & Risk Controls

• Sound Corporate Governance: In line with Company Law, Securities Law, SSE rules.
• Functional Board & Committees: 5 board meetings, effective operation of audit, remuneration, strategy committees; management pay tied to performance.
• Unqualified Internal Control Opinion: Auditors issued a standard unqualified opinion.

VII. Employees & Incentives

• Total Staff 440, Mostly Production/Tech; 14 with master’s degree or above, 166 bachelor’s.
• Detailed Pay Structure; no stock incentive plan, but strict performance assessment for management.
• Large Outsourcing: 332,000 labor hours, RMB 6.81 million paid.

VIII. Key Contracts & Entrusted Wealth Management

• Entrusted Wealth Management at RMB 255 Million, all low/medium risk, no overdue.
• 2025 New Share Buyback Plan: Up to 26.67 million shares (1.78%-3.56% of total), RMB 60-120 million, for ESOP or incentive; 1.81 million shares already bought.

IX. Related Party Transactions & Legal Risks

• Small Scale Related Transactions, mainly new subsidiaries; no major lawsuits or regulatory penalties.

X. Strategic & Market Risks

• Fierce Industry Competition; company’s advantage limited; risks in technology and market remain high.
• Automotive Module & Smart Device Uncertainties: R&D and market expansion capabilities limited.

XI. Investor Risks & Opportunities

• Delisting Risk/Cap Removal: This will likely drive near-term share price volatility.
• High Entrusted Wealth Management: Efficiency and safety of fund usage must be watched.
• Profit Sustainability: Non-recurring items dominate profits, core business still in loss.
• No Dividend, Large Losses: Limited returns, large losses may impact future financing/capital moves.

Disclaimer: This article is solely based on the company’s 2025 annual report and public disclosures, and represents the author’s independent analysis. It is for reference only and does not constitute any investment advice. The stock market involves risk. Please invest cautiously.

View *ST波导 Historical chart here