*ST Bo Dao 2025 Annual Report Analysis: Sales Expenses Increased by 112.33%, Non-Recurring Net Loss Narrowed to 7.4781 Million Yuan

Revenue: Multiple Business Drivers Achieve 30.45% Growth

In 2025, *ST Boda achieved operating revenue of 470,414,681.38 yuan, a year-on-year increase of 30.45%; after deducting non-core and non-material income, the revenue was 443,635,379.94 yuan, a 55.59% increase compared to the previous year.

From a business perspective, revenue from mobile phones and accessories, vehicle-mounted modules, smart devices, and module processing all increased: vehicle-mounted module revenue surged by 106.65% year-on-year, smart device revenue grew by 104.06%, mobile phone and accessories revenue increased by 28.82%, and module processing also grew with customer shipment volume. Regionally, domestic revenue increased by 71.39% year-on-year, while overseas revenue grew by 30.14%, with the domestic market becoming the main growth driver.

Profitability: Slight Increase in Net Profit Attributable to Parent, Narrowing of Non-recurring Net Loss

In 2025, the company’s net profit attributable to shareholders of the listed company was 5,250,696.66 yuan, a slight increase of 2.73% year-on-year; however, net profit after deducting non-recurring gains and losses was -7,478,076.83 yuan, narrowing the loss from -13,975,452.78 yuan in 2024 by 46.5%.

The weak growth in profitability mainly stems from the fact that net profit after non-recurring items remains a loss, and the company’s profit still relies on non-recurring gains and losses: in 2025, non-recurring gains and losses totaled 12,728,773.49 yuan, mainly from government grants recognized in current profits and losses, fair value changes of financial assets, and gains/losses from disposals.

Earnings Per Share: Basic Earnings Flat, Non-recurring Losses Narrowed

In 2025, the company’s basic earnings per share was 0.01 yuan/share, unchanged from 2024; after deducting non-recurring gains and losses, basic earnings per share was -0.01 yuan/share, narrowing the loss from -0.018 yuan/share in 2024 by 44.44%.

Expenses: Significant Rise in Sales and R&D Expenses

In 2025, the company’s total operating expenses increased significantly, especially sales and R&D expenses:

Sales Expenses: Doubling to 5.5153 Million Yuan

Sales expenses for the period were 5,515,285.34 yuan, a 112.33% increase year-on-year, mainly because the Chongqing subsidiary included in the consolidated scope from November 2024 had full-year expenses, and the company expanded business development, leading to higher sales expenses proportional to revenue growth.

Management Expenses: Slight Increase of 11.72%

Management expenses amounted to 28,547,238.26 yuan, up 11.72%, reflecting the expansion of the company’s operational scale.

Financial Expenses: Narrowed from -8.0585 Million Yuan to -3.0540 Million Yuan

Financial expenses were -3,054,001.50 yuan, significantly narrowed from -8,058,531.90 yuan in 2024, mainly due to increased operating funds demand from higher income, reduced deposit balances, and lower interest rates, leading to decreased interest income and increased exchange losses.

R&D Expenses: Up 46.54% to 34.3437 Million Yuan

R&D expenses were 34,343,656.54 yuan, up 46.54%, partly because the Chongqing subsidiary’s full-year expenses were included, and partly due to increased investment in product development and higher R&D demands across business segments.

R&D Personnel: 17% of Employees Are R&D Staff, Youthful Profile Prominent

At the end of 2025, the company had 75 R&D personnel, accounting for 17.05% of total staff. From educational background, 94.67% held bachelor’s degrees or above (6 master’s, 65 bachelor’s); age-wise, 58.67% were under 30, indicating a young, highly educated team that provides a solid talent base for technological R&D.

| R&D Personnel Structure | | — | — | — | | Number | Percentage (%) | | — | — | — | | Total R&D Staff | 75 | 17.05 | | Master’s Degree | 6 | 8.00 | | Bachelor’s Degree | 65 | 86.67 | | Associate Degree | 4 | 5.33 | | Under 30 Years Old | 44 | 58.67 | | 30-40 Years Old | 21 | 28.00 | | 40-50 Years Old | 7 | 9.33 | | 50-60 Years Old | 3 | 4.00 |

Cash Flow: Weak Operating Cash Flow, Investment Turns Positive

In 2025, the company’s cash flow shows a pattern of “weaker operating cash flow, positive investment cash flow, and narrowed financing outflows”:

Operating Activities: Net Outflow Expands to 19.5513 Million Yuan

Net cash flow from operating activities was -19,551,317.93 yuan, a significant increase in net outflow compared to -2,528,770.98 yuan in 2024, mainly due to increased raw material stocking and higher cash payments for purchases and services.

Investing Activities: Net Inflow of 24.0339 Million Yuan

Net cash flow from investing activities was 24,033,923.37 yuan, turning positive from a net outflow of 34,127,537.09 yuan in 2024, mainly because of reduced investment in financial products and cash inflows from redemption of investments.

Financing Activities: Narrowed Net Outflow to 9.5586 Million Yuan

Net cash flow from financing activities was -9,558,628.08 yuan, significantly less than -64,712,912.76 yuan in 2024, mainly due to reduced cash payments for share repurchases.

| Cash Flow Item | | — | — | — | — | | 2025 (Yuan) | 2024 (Yuan) | YoY Change | | — | — | — | — | | Operating Cash Flow | -19,551,317.93 | -2,528,770.98 | Outflow expanded | | Investing Cash Flow | 24,033,923.37 | -34,127,537.09 | Turned positive | | Financing Cash Flow | -9,558,628.08 | -64,712,912.76 | Outflow narrowed |

Risk Reminder: Delisting Risk Pending Review, Business Transformation Uncertain

2. Delisting Risk: In 2024, the company was subject to delisting risk warning due to negative non-recurring net profit and revenue below 300 million yuan after deducting non-recurring items. Although in 2025 it meets the conditions for lifting the delisting warning, approval from the Shanghai Stock Exchange is still required, and the outcome remains uncertain.
3. Business Transformation Risk: The company’s traditional mobile phone business faces weakening competitiveness, while new businesses such as vehicle-mounted modules and smart devices are still in expansion stages without core competitiveness yet established. If market expansion falls short of expectations, profitability will be affected.
4. Cash Flow Risk: Continuous net outflow from operating activities may pressure the company’s capital chain if raw material stocking demands persist or receivables collection is delayed.
5. Dependence on Non-recurring Gains and Losses: The company’s profitability remains highly reliant on non-recurring gains and losses. If government grants, financial income, and other non-recurring items decrease, the company may face profit decline or even increased losses.

Senior Management Compensation: Disclosure of Chairman and General Manager’s Remuneration

During the reporting period, the company’s Chairman and General Manager Xu Lihua received a pre-tax total remuneration of 653.7k yuan; the same individual served as both Chairman and General Manager. Deputy General Manager Pu Jie received 520,000 yuan pre-tax, and CFO Lin Jianhua received 480.3k yuan pre-tax.

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