北京动力源科技股份有限公司2025年度持续督导报告深度解读

核心要点

• 保荐人中德证券对动力源公司持续督导，覆盖2025年1月1日至2025年12月31日。
• 公司2025年营业收入大幅下降26.23%，归母净利润亏损31,785.71万元，但较2024年减亏23.48%。
• 公司募投项目进展缓慢，投入仅占计划7.21%。
• 公司曾被监管部门责令改正、主要责任人收到警示函，存在收入核算、减值计提和内部控制缺陷等问题。
• 部分募集资金账户曾被冻结，但目前均已解冻，未对募投项目造成重大影响。
• 子公司股权转让后产生财务资助逾期未收回，截至2026年4月25日仍有397.38万元未收回。
• 公司正积极整改并披露相关信息，未发现其他重大违法违规事件。

详细内容

一、公司经营与财务状况

2025年度，北京动力源科技股份有限公司营业收入为43,085.53万元，同比下降26.23%，显示公司业务受到重大影响。全年实现归母净利润亏损31,785.71万元，但较2024年减亏23.48%，亏损幅度有所收窄。收入下降主要原因是国际贸易摩擦导致直接出口业务受阻，公司现金流短期紧缺，上半年订单交付不达预期，同时国内通信电源市场需求低迷，新增订单减少。

这一业绩表现对投资者极具警示意义，表明公司经营环境恶化，短期盈利能力受损，可能影响公司估值和股价。

二、募投项目实施进展缓慢

公司2022年度向特定对象发行股票募集资金，募投项目“车载电源研发及产业化项目”建设期为两年，拟投入资金12,254.51万元。截至2025年末，仅投入883.89万元，进度仅为7.21%。保荐人现场核查显示，项目场地正在装修，部分设备已进场，但整体进度明显滞后于计划。原因包括外部宏观环境变化、市场竞争格局调整和技术迭代节奏变化。

募投项目进展不及预期，可能影响公司未来业务扩展和成长预期，对股价构成潜在压力。

三、募集资金账户曾被冻结但已解冻

2025年末，公司在兴业银行及上海银行开设的募集资金专户分别有186,105.51元和939,697.46元被冻结，分别于2026年1月30日和2月6日解冻。除上述情况外，所有募集资金账户截至2026年4月1日均未出现余额冻结，冻资金对募投项目实施未造成重大不利影响。

资金流动情况正常，短期资金安全无重大风险，但投资者需关注公司资金调配能力。

四、公司被动提供财务资助逾期未收回

公司于2024年转让全资子公司北京科丰鼎诚资产管理有限公司股权，形成被动财务资助。协议约定2025年底前归还公司往来款847.38万元，但截至2026年4月25日仍有397.38万元未收回。公司已及时披露逾期情况并采取措施，保荐人持续督促公司保护股东利益。

财务资助逾期未收回，显示公司在子公司管理和资金回收方面存在风险，需持续关注。

五、监管处罚与整改

2025年3月31日，公司及董事、财务负责人、董事会秘书胡一元收到北京证监局责令改正措施和警示函，涉及收入核算、减值计提不准确及内部控制缺陷。同期，上交所也对公司及有关责任人予以监管警示。公司已提交整改报告，保荐人督促公司提升财务管理和信息披露水平。

公司受到监管处罚，管理层需高度重视整改，相关负面信息或影响市场对公司治理和财务规范性的信心。

六、信息披露与合规

保荐人对所有信息披露文件均进行了审阅，认为公司信息披露合规，未发现重大虚假、误导性陈述或遗漏。公司治理制度、内控制度均已建立并有效执行，未发生控股股东资金占用、违规担保、管理层侵占公司利益等重大问题。

合规披露和治理结构完善有助于增强投资者信心，但需持续关注。

投资者需重点关注事项

• 业绩大幅下滑与亏损减缓，表明公司经营压力巨大。
• 募投项目进展缓慢，未来业务扩展和技术升级存在不确定性。
• 部分募集资金账户曾被冻结，虽已解冻但资金安全和流动性需关注。
• 财务资助逾期未收回，资金回收风险需警惕。
• 公司曾受到监管处罚，内部控制和财务管理需进一步整改。

投资者可能面临的风险

• 公司短期盈利能力受损，业绩下滑可能影响股价。
• 募投项目进展不及预期，未来成长性存在不确定性。
• 资金回收和管理风险，或影响公司现金流与运营。
• 监管处罚负面影响，市场对公司治理和财务规范性的信心受损。

免责声明

本分析仅基于《北京动力源科技股份有限公司2025年度持续督导年度报告书》内容，不代表任何投资建议。投资者需结合自身情况、市场环境及公司后续公告进行决策。本文不承担因使用本文内容导致的任何法律责任。

English Version

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

Key Points

• Lead underwriter Zhongde Securities conducted continuous supervision from Jan 1, 2025 to Dec 31, 2025.
• 2025 revenue dropped sharply by 26.23%, net loss attributable to parent was RMB -317.86 million, though loss narrowed by 23.48% compared to 2024.
• Funded project progress was slow, only 7.21% of planned investment completed.
• The company received regulatory correction orders and a warning letter for inaccurate revenue, impairment calculations, and internal control deficiencies.
• Some fundraising accounts were frozen but have since been released, with no major adverse impact on project implementation.
• Financial assistance from subsidiary equity transfer remains overdue; RMB 3.97 million has not been recovered as of April 25, 2026.
• The company is actively rectifying and disclosing relevant information, no other major violations found.

Details

1. Business and Financial Status

In 2025, Beijing Dynamic Power Technology Co., Ltd. reported revenue of RMB 430.86 million, down 26.23% year-on-year, indicating significant business impact. Net loss attributable to parent reached RMB -317.86 million, though the loss narrowed by 23.48% compared to 2024. The decline was mainly due to international trade friction hampering direct exports, temporary cash flow shortages, order deliveries below expectations, and weak domestic demand for telecom power products.

This performance is crucial for investors, signaling deteriorating business conditions and impaired short-term profitability, likely affecting company valuation and share price.

2. Slow Progress in Funded Projects

The company’s 2022 private placement raised funds for the “Vehicle Power R&D and Industrialization Project,” with a planned two-year construction period and RMB 122.54 million investment. By end 2025, only RMB 8.84 million was invested, just 7.21% of the plan. Site checks showed venue under renovation and some equipment arrived, but overall progress lagged behind schedule due to changes in macro environment, market competition, and tech upgrades.

Project delays may impact future business expansion and growth expectations, posing potential pressure on stock price.

3. Fundraising Accounts Frozen but Released

At year-end 2025, fundraising accounts at Industrial Bank and Shanghai Bank were frozen for RMB 186,105.51 and RMB 939,697.46 respectively, but were released in early 2026. As of April 1, 2026, all fundraising accounts are unfrozen, and the frozen funds did not materially affect project implementation.

Fund flows are normal, no major short-term liquidity risk, but investors should monitor fund allocation capability.

4. Overdue Financial Assistance from Subsidiary Equity Transfer

In December 2024, the company transferred subsidiary Beijing Kefeng Dingcheng Asset Management Co., Ltd. equity, resulting in passive financial assistance. The agreement required RMB 8.47 million to be repaid by end 2025, but as of April 25, 2026, RMB 3.97 million remains unrecovered. The company has disclosed the overdue situation and is taking measures to protect shareholder interests.

Overdue financial assistance highlights risks in subsidiary management and fund recovery; continued monitoring is needed.

5. Regulatory Penalties and Rectification

On March 31, 2025, the company and key personnel received correction orders and warning letters from Beijing Securities Regulatory Bureau for inaccurate revenue, impairment calculations, and internal control flaws. The Shanghai Stock Exchange also issued regulatory warnings. The company has submitted a rectification report, and the underwriter is urging improved financial management and disclosure.

Regulatory penalties signal the need for better controls and may affect market confidence in the company’s governance and financial transparency.

6. Information Disclosure and Compliance

The underwriter reviewed all disclosure files and found them compliant, with no major false or misleading statements or omissions. Corporate governance and internal controls are in place and executed effectively, with no major issues such as controlling shareholder fund occupation, illegal guarantees, or management encroachment on company interests.

Proper disclosure and sound governance help build investor confidence, but ongoing vigilance is required.

Investor Focus Points

• Sharp earnings drop and ongoing losses indicate significant business pressure.
• Slow project progress creates uncertainty for future expansion and tech upgrades.
• Previous fundraising account freezes resolved, but fund safety and liquidity require attention.
• Overdue financial assistance signals fund recovery risk.
• Regulatory penalties highlight need for internal controls and financial management improvements.

Risks Investors May Face

• Short-term profitability impaired; earnings slide may affect share price.
• Project progress below expectations; future growth uncertain.
• Fund management and recovery risk may impact cash flow and operations.
• Negative regulatory actions may erode market confidence in governance and financial discipline.

Disclaimer

This analysis is solely based on the “2025 Annual Supervision Report” and does not constitute investment advice. Investors should consider their own circumstances, market environment, and future company announcements before making decisions. The author assumes no legal responsibility for any consequences arising from use of this article.

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