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析
报告核心要点梳理
- 保荐人中德证券对公司持续督导期为2025年1月1日至2025年12月31日。
- 公司在督导期内严格遵守法律法规，未发生重大违法违规或违背承诺事项。
- 公司及董事、财务负责人、董事会秘书因财务核算及内部控制问题，受到监管警示及责令改正。
- 部分募集资金账户曾被冻结，但于2026年初全部解冻，不影响募投项目实施。
- 2025年营业收入大幅下滑，同比减少26.23%；归母净利润虽亏损，但减亏23.48%。
- 募投项目“车载电源研发及产业化项目”进展缓慢，仅完成7.21%资金投入，受市场环境影响。
- 子公司股权转让导致被动财务资助，部分款项未及时收回，截至2026年4月仍有397万元未收回。
- 公司已针对上述财务资助逾期情况进行信息披露及风险说明。
投资者需重点关注的重大事项
1. 财务与内部控制监管警示
2025年3月，公司及相关责任人因收入核算不准确、减值计提不准确、内部控制缺陷被北京证监局责令改正并受到警示函。上交所亦对公司及责任人予以监管警示。此类事项可能影响公司治理及财务透明度，对投资者信心构成挑战。
2. 募集资金账户冻结与解冻
公司部分募集资金账户曾被冻结（金额分别为18.6万元与93.9万元），但至2026年4月全部解除冻结。保荐人认为对募投项目实施无重大不利影响，但此类事件提醒投资者关注公司资金流动性与合规性。
3. 业绩大幅下滑
2025年公司营业收入为4.308亿元，同比下降26.23%；归母净利润亏损3178.57万元，虽较去年减亏23.48%，但业绩下滑主要受国际贸易摩擦、出口受阻、通信电源需求不足等影响。公司短期现金流紧张，订单交付不达预期。此业绩表现可能对公司股价形成压力。
4. 募投项目进展缓慢
“车载电源研发及产业化项目”两年建设期内，仅投入883.89万元，占计划的7.21%。项目推进慢于预期，受宏观环境及行业需求变化影响。投资者需关注项目后续进展及资金使用效率。
5. 被动财务资助回收风险
公司转让全资子公司科丰鼎诚100%股权后，形成847万元被动财务资助。协议约定2025年底前还款，但截至2026年4月仍有397万元未收回。公司已披露财务资助逾期风险及拟采取措施，提醒投资者关注潜在坏账风险。
信息披露与规范运作
保荐人认为公司按照监管要求进行信息披露，重大事项均及时公告。保荐人持续关注公司治理、资金使用、项目进展及财务风险，督促公司采取措施保护投资者利益。
投资者风险提示
- 公司业绩大幅下滑，未来盈利能力存在不确定性。
- 募投项目进度缓慢，可能影响未来业务布局及成长预期。
- 被动财务资助回收风险，若未能及时收回可能形成实际损失。
- 公司曾因财务与内部控制问题被监管警示，治理能力需持续提升。
结语
本报告反映出北京动力源科技股份有限公司面临业绩压力、募投项目推进不畅及财务资助回收等风险。上述事项均为投资者应重点关注的重大信息，可能对公司股价产生影响，建议投资者持续关注公司后续公告及经营改善举措。
免责声明：本文仅为信息披露与投资参考，不构成任何投资建议。投资者应根据自身风险偏好及市场情况审慎决策，关注公司后续公告。
English Version
In-depth Analysis: Beijing Dynamic Power Technology Co., Ltd. 2025 Annual Continuous Supervision Report
Key Highlights of the Report
- Supervision period by Zhongde Securities runs from January 1, 2025 to December 31, 2025.
- The company strictly complies with laws and regulations; no major violations or broken commitments during the period.
- Company and key staff received regulatory warnings and corrective instructions due to accounting and internal control deficiencies.
- Some fundraising accounts were frozen but all were released by early 2026, with no adverse impact on investment projects.
- 2025 revenue dropped sharply by 26.23% YoY; net loss narrowed by 23.48% but performance remains weak.
- Investment project (“Vehicle Power R&D and Industrialization Project”) progressed slowly, with only 7.21% of funds invested, affected by market conditions.
- Transfer of a subsidiary caused passive financial assistance, with part of the funds still unrecovered (RMB 3.97 million outstanding as of April 2026).
- The company disclosed the overdue financial support and relevant risks.
Major Issues Investors Must Pay Attention To
1. Financial and Internal Control Regulatory Warnings
In March 2025, the company and relevant persons received corrective orders and warning letters from Beijing CSRC due to inaccurate revenue accounting and internal control deficiencies. The SSE also issued regulatory warnings. These issues may impact corporate governance and financial transparency, challenging investor confidence.
2. Fundraising Account Freezing and Release
Some fundraising accounts were frozen (RMB 186,105 and RMB 939,697), but all were released by April 2026. The sponsor believes there is no major adverse impact, but such events highlight liquidity and compliance risks.
3. Significant Performance Decline
2025 revenues reached RMB 430.85 million, down 26.23% YoY. Net loss attributable to shareholders was RMB -31.79 million, with the loss narrowed by 23.48%. Performance decline was due to trade friction, disrupted exports, and weak demand for communication power. Short-term cash flow was tight, and order delivery fell short. This may pressure the share price.
4. Slow Progress of Investment Projects
The “Vehicle Power R&D and Industrialization Project” only invested RMB 8.84 million, 7.21% of the plan, due to changes in the macro environment and industry demand. Investors should monitor further progress and fund efficiency.
5. Risk of Passive Financial Assistance Recovery
After transferring 100% equity of a subsidiary (Kefeng Dingcheng), RMB 8.47 million of financial assistance was formed. As of April 2026, RMB 3.97 million remains unrecovered. The company disclosed the overdue situation and plans to address it. Investors should pay attention to potential bad debt risks.
Disclosure and Compliance
The sponsor finds that the company discloses information according to regulatory requirements, and all major issues are announced. The sponsor continues to monitor governance, fund usage, project progress, and financial risk, urging the company to protect investor interests.
Investor Risk Warning
- Sharp performance decline and uncertainty in future profitability.
- Slow progress in investment projects may affect future business layout and growth expectations.
- Risks in recovering passive financial assistance; if not recovered, actual losses may occur.
- Company received regulatory warnings for financial and internal control issues; governance needs ongoing improvement.
Conclusion
This report indicates Beijing Dynamic Power Technology faces pressures from performance, sluggish project progress, and financial recovery risks. These are major issues investors should monitor as they may impact share price. Investors are advised to pay attention to subsequent disclosures and improvement measures.
Disclaimer: This article is for information and investment reference only and does not constitute investment advice. Investors should make decisions based on their own risk preferences and market conditions, and follow ongoing company announcements.
