深圳贝仕达克技术股份有限公司2025年年度报告详细解读

一、报告概览及关键信息

• 证券代码：300822
• 公司简称：贝仕达克
• 上市地：深圳证券交易所
• 年度审计意见：标准无保留意见，由天健会计师事务所出具
• 2025年度利润分配预案：每10股派发现金红利0.30元（含税），不送红股，不以公积金转增股本
• 公司主营业务：智能控制器及智能产品的研发、生产和销售，产品广泛应用于电机控制、锂电池控制、智能家居、汽车电机等领域

二、主要业务与行业地位

1. 智能控制器业务

智能控制器作为电子产品的“神经中枢”和“大脑”，集成了自动控制、微电子、传感、通讯等多项技术，主要应用于电机控制和锂电池控制等。公司产品已覆盖电机控制器、锂电池控制器、智能家居控制器、汽车电机控制器，并在便携、高效、节能等方向持续创新，客户多为国际知名企业，产品远销全球。

2. 智能产品业务

公司顺应智能化趋势，产品涵盖智能照明、安防、地板清洁工具、智能家居、宠物智能、智能汽配等。产品使用射频、蓝牙、Wi-Fi等技术，实现远程控制、设备互联等功能，应用场景覆盖欧美家庭，提升智能生活体验。

3. 行业地位

公司凭借强大的研发能力和优质客户积累，形成了在行业内的竞争优势。与全球行业龙头客户建立了长期合作关系，销售网络遍布全球。

三、经营模式

• 采购模式： 以订单为导向，严格评审供应商，优化库存，降低采购成本。
• 生产模式： 以定制化生产为主，按订单组织生产，品质全流程管控。
• 销售模式： 以直销为主，兼有国内销售和出口销售（进料对口、一般贸易）、线上经销等多渠道。

四、业绩驱动因素

1. 智能控制产业和智慧生活趋势推动行业持续增长。
2. 公司在智能控制器行业超过十年的积累，客户结构优质且稳定，技术创新能力强。
3. 全球生产基地布局（深圳、河源、越南），并通过外延式并购延伸产业链，助力业绩增长。

五、财务数据与股东结构

1. 主要财务数据

• 2025年营业收入：8.38亿元，同比下降1.52%
• 归属于上市公司股东净利润：1,217.40万元，同比大幅下降77.97%
• 扣除非经常性损益净利润：1,152.19万元，同比下降78.15%
• 总资产：15.13亿元，同比减少3.27%
• 净资产：12.37亿元，同比减少2.23%
• 经营活动现金流净额：4,885.45万元，同比增长5.39%
• 基本每股收益：0.0393元，同比下降77.92%
• 加权平均净资产收益率：0.98%，同比下降3.41个百分点

2. 分季度表现

尽管前三季度实现盈利，第四季度出现较大亏损（归属于股东净利润-2,013万元），对全年业绩造成显著冲击。

3. 股东结构

• 前两大股东为深圳市泰萍鼎盛投资有限公司（31.10%）和深圳市奕龙达克投资有限公司（29.47%），均受公司实际控制人肖萍、李清文实际控制。
• 前十大股东持股较为集中，实际控制人及一致行动人合计持股比例较高。

六、重大事项披露——控股子公司苏州柯姆电器有限公司破产清算

1. 事件概述

公司控股子公司苏州柯姆电器有限公司因资不抵债且无清偿能力，已被法院裁定受理破产清算。2026年1月，苏州柯姆被移送破产审查，法院认定其具备破产清算条件，并已依法裁定受理。

2. 对公司影响

• 贝仕达克将丧失对苏州柯姆的控制权，后者不再纳入合并报表范围。
• 截至目前，公司对苏州柯姆的应收账款约152.66万元，其他应收款约3,842.75万元，存在全额损失风险，将依据会计准则进行减值处理。
• 该事项可能对公司2025年及未来净利润产生较大负面影响，投资者需密切关注后续公告。

3. 信息披露与风险提示

公司将持续关注破产清算进展，并及时履行信息披露义务。投资者需注意相关投资风险。

七、投资者须知及潜在影响

• 公司2025年业绩大幅下滑，净利润同比下降近八成，且第四季度出现较大亏损。
• 控股子公司破产清算，存在较大应收款项损失风险，对公司资产和利润表有负面影响，属于重大、潜在影响公司估值和股价的重要事项。
• 公司主营业务仍具备一定行业竞争力，客户结构优质，具备全球布局和创新能力，但需关注业绩压力和资产减值风险。
• 分红预案显示公司现金流尚可，但分红水平有限，股东回报较低。

免责声明

本文内容仅供参考，不构成任何投资建议。投资者应以公司正式公告为准，并根据自身风险偏好谨慎决策。公司业绩和重大事项可能影响股价，投资有风险，入市需谨慎。

English Summary

Shenzhen Bestechnic Technology Co., Ltd. 2025 Annual Report Detailed Analysis

1. Key Report Highlights

• Stock Code: 300822
• Short Name: Bestechnic
• Listed on: Shenzhen Stock Exchange
• Audit Opinion: Unqualified (clean) opinion by Tianjian CPA
• Dividend Plan: Cash dividend of RMB 0.30 (tax included) per 10 shares, no bonus shares or capital reserve transfer
• Main business: R&D, production, and sale of intelligent controllers and smart products across motor control, lithium battery management, smart home, and automotive sectors

2. Business Overview and Industry Position

1. Intelligent Controllers

These products act as the “brain” and “nervous system” for electronic devices, integrating control, microelectronics, sensor, and communication technologies. Main applications include motor and lithium battery control, with a strong international customer base and ongoing innovation in efficiency and energy saving.

2. Smart Products

Covering smart lighting, security, cleaning tools, pet tech, auto accessories, etc., with RF, Bluetooth, Wi-Fi for remote and automated controls, mainly targeting overseas markets.

3. Industry Position

The company enjoys a competitive edge with strong R&D, global sales, and long-term relationships with leading customers.

3. Business Model

• Procurement: Order-driven, strict supplier evaluation, optimized inventory, cost control.
• Production: Custom manufacturing based on orders, full-process quality control.
• Sales: Mainly direct sales (domestic and export), and online distribution via e-commerce.

4. Performance Drivers

1. Industry trends in smart living and intelligent control supporting steady growth.
2. More than ten years of industry experience, strong and stable customer base, technical innovation capability.
3. Global manufacturing base layout (Shenzhen, Heyuan, Vietnam), and business extension via M&A.

5. Financial Data and Shareholding Structure

1. Key Financials

• 2025 revenue: RMB 838 million (-1.52% YoY)
• Net profit attributable to shareholders: RMB 12.17 million (-77.97% YoY)
• Non-recurring profit: RMB 11.52 million (-78.15% YoY)
• Total assets: RMB 1.51 billion (-3.27% YoY)
• Net assets: RMB 1.24 billion (-2.23% YoY)
• Operating cash flow: RMB 48.85 million (+5.39% YoY)
• Basic EPS: RMB 0.0393 (-77.92% YoY)
• ROE: 0.98% (-3.41 pct pts YoY)

2. Quarterly Breakdown

Despite profits in the first three quarters, the fourth quarter saw a steep loss (net profit -RMB 20.13 million), heavily impacting annual results.

3. Shareholding

• Top two shareholders (Shenzhen Taiping Dingsheng and Yilong Dake) together control over 60%, both ultimately controlled by the actual controllers.
• Top ten shareholders are highly concentrated; control structure is stable.

6. Major Event – Subsidiary Bankruptcy

1. Event

Controlling subsidiary Suzhou Come Electric entered bankruptcy proceedings in January 2026 due to insolvency. The court accepted the bankruptcy case, and the company will lose control; Suzhou Come will be deconsolidated.

2. Impact

• Company loses control over Suzhou Come; not consolidated anymore.
• Receivables from Suzhou Come (RMB 1.53 million accounts receivable, RMB 38.43 million other receivables) are at risk of full loss, and impairment will impact profit and asset balance sheets.
• This is a material event that could affect future profits and valuation; investors should closely watch follow-up disclosures.

3. Disclosure and Risk

The company will continue to disclose updates and reminds investors of related risks.

7. Investor Takeaways and Price Sensitive Issues

• 2025 performance saw a sharp fall, with net profit down nearly 80%, plus a significant Q4 loss.
• Subsidiary bankruptcy with potential large receivable write-offs will negatively impact profits and assets, and is major, price-sensitive information.
• Main business remains with competitive edge and stable customers, but risks from profit pressure and asset impairment are high.
• Dividend payout is small, reflecting modest returns to shareholders.

Disclaimer

The content is for informational purposes only, not investment advice. Investors should refer to official announcements and assess risks before investing. Company performance and major events may affect share price. Investment carries risks; please be cautious.

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