北京动力源科技股份有限公司2025年度持续督导年度报告深度解读

关键要点与投资者须知

• 保荐人持续督导情况：中德证券有限责任公司作为保荐人，对动力源进行了全年度持续督导，涵盖公司治理、内控、信息披露、募集资金使用等方面。
• 监管处罚与整改：2025年3月31日，公司及部分核心高管因收入核算不准确、减值计提不准确、内部控制存在缺陷，被北京证监局责令改正，并对主要责任人胡一元出具警示函。同时，上交所对公司及责任人出具监管警示。公司需提交整改报告，说明措施及进展。此事项已被记入证券期货市场诚信档案，对于公司声誉及后续融资能力可能有一定影响。
• 募集资金账户冻结情况：截至2025年12月31日，公司部分募集资金账户出现冻结，但相关资金已于2026年1月和2月解除冻结。保荐人核查后确认所有募集资金账户不存在余额被冻结，且对募投项目影响有限。
• 业绩下滑：2025年营业收入为4.31亿元，同比下降26.23%；归母净利润亏损3.18亿元，较上年减亏23.48%。公司业绩大幅下滑，主要受国际贸易摩擦影响出口业务受阻，现金流短缺，国内通信电源需求不及预期，新增订单减少。公司已充分披露相关风险。
• 募投项目进度缓慢：“车载电源研发及产业化项目”计划投入1.22亿元，截止2025年底仅投入883.89万元，投入进度仅7.21%。项目推进慢于原计划，主要受宏观环境和市场需求变化影响。保荐人现场核查，项目在新地点正常实施，场地装修和部分设备进场，但整体进度滞后。
• 财务资助款项回收滞后：公司转让全资子公司科丰鼎诚后，形成被动财务资助，协议约定于2025年底前收回847.38万元，但截至2026年4月仍有397.38万元未收回。公司已按规定披露进展，并将采取措施保护公司及股东利益。
• 信息披露与合规：保荐人全程审阅公司信息披露文件，确认真实、准确、完整，无虚假记载或重大遗漏。公司未发生重大违规事项，除上述监管处罚与财务资助逾期外，整体合规运行。

可能影响股价的敏感事项

• 监管处罚与整改措施：公司及高管受到证监局与上交所监管警示，内部控制缺陷暴露，需高度关注整改成效及后续影响。
• 业绩大幅下滑：收入与利润持续下滑，国际贸易摩擦及通信电源市场低迷导致订单减少，需警惕公司经营风险及估值压力。
• 募投项目进展滞后：募投项目资金投入进度仅7.21%，与预期存在较大差距，可能影响未来业绩增长与产业布局。
• 财务资助逾期未收回：被动形成财务资助逾期，部分款项未收回，需关注资金回笼及对公司现金流的影响。
• 募集资金账户冻结历史：虽现已解除，但曾出现资金冻结，需关注公司资金管理与合规风险。

投资者解读与建议

动力源2025年度持续督导报告显示，公司正面临业绩下滑、募投项目进展缓慢、财务资助逾期未收回、内部控制缺陷等多重挑战。保荐人已督促公司加强整改与信息披露，但投资者需关注公司后续整改效果、业绩恢复、募投项目推进及财务资助回收进展。这些事项均具备较高的价格敏感性，可能影响公司估值与股价走势。

免责声明

本文仅为基于公司持续督导报告的事实解读，不构成投资建议。投资者需根据自身风险偏好和市场环境审慎决策，关注公司后续公告与实际经营进展。

Deep Dive: Beijing Dynamic Power Technology Co., Ltd. 2025 Annual Continuous Supervision Report

Key Points & Investor Highlights

• Ongoing Supervision: Zhongde Securities acted as sponsor, conducting full-year supervision over governance, internal controls, information disclosure, and use of raised funds.
• Regulatory Penalties & Rectification: On March 31, 2025, the company and key executives were penalized by Beijing CSRC for inaccurate income accounting, insufficient impairment provision, and internal control defects. The company was ordered to rectify, and the main responsible person received a warning letter. The Shanghai Stock Exchange also issued regulatory warnings. This has been recorded in the market integrity file, potentially affecting reputation and future fundraising.
• Raised Fund Account Freezing: As of December 31, 2025, some raised fund accounts were frozen, but all freezes were lifted by early 2026. Sponsor confirmed all accounts are unfrozen, with limited impact on project implementation.
• Performance Decline: 2025 revenue was RMB 430.86 million, down 26.23% year-on-year; net loss attributable to parent was RMB -317.86 million, a 23.48% reduction in loss. The major decline was due to international trade frictions, blocked export business, cash flow shortage, and weak domestic demand. Risks have been fully disclosed.
• Slow Progress of Investment Projects: The “Vehicle Power R&D and Industrialization Project” planned to invest RMB 122.54 million, but as of end-2025 only RMB 8.84 million had been invested (7.21%). Progress is much slower than planned, mainly due to changing macro environment and market needs. On-site checks confirm normal implementation at the new site, but overall lagging.
• Delayed Recovery of Financial Assistance: After divesting subsidiary Kefeng Dingcheng, RMB 8.47 million of financial assistance was formed; agreement required recovery by end-2025, but as of April 2026, RMB 3.97 million was still outstanding. Company has disclosed progress and will take measures to protect interests.
• Disclosure & Compliance: Sponsor reviewed all disclosure documents, confirming authenticity and completeness. No major violations except above regulatory penalties and overdue financial assistance.

Price-sensitive Matters

• Regulatory Penalties & Rectification: Penalties and warnings for internal control defects require investor attention to rectification progress and impact.
• Performance Decline: Significant drop in revenue and profit, with risks from trade friction and weak demand; watch for ongoing business risks and valuation pressure.
• Slow Project Progress: Investment project lagging behind schedule may affect future growth and industry positioning.
• Delayed Financial Assistance Recovery: Overdue recovery affects cash flow and should be monitored.
• History of Fund Account Freezing: Though resolved, indicates need to watch for fund management and compliance risks.

Investor Interpretation & Suggestions

The 2025 annual supervision report shows Dynamic Power is facing multiple challenges: performance decline, slow project progress, overdue financial assistance recovery, and internal control defects. The sponsor has urged rectification and disclosure, but investors should closely monitor the effectiveness of these measures, recovery of performance, project advancement, and financial assistance recovery. All these issues are price-sensitive and could affect valuation and share price.

Disclaimer

This article is based on facts disclosed in the annual supervision report and does not constitute investment advice. Investors should make decisions based on their risk preference and pay attention to subsequent announcements and business developments.

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