Bangyan Technology (688132) 北京商报·2025-04-10 12:52Core Viewpoint - After a steady growth in net profit before going public, the company Bangyan Technology (688132) has experienced a significant decline in performance post-IPO, reporting a net loss for the second consecutive year in its 2024 annual report [1][3]. Financial Performance - In the 2024 fiscal year, Bangyan Technology reported an operating income of approximately 347 million yuan and a net profit attributable to shareholders of approximately -36.61 million yuan [3]. - The company's net profit before going public was 71.10 million yuan in 2020 and 79.27 million yuan in 2021, but it dropped to 41.12 million yuan in 2022 and further declined to -52.25 million yuan in 2023 [3]. - As of April 10, 2024, the company's stock price closed at 19.33 yuan per share, significantly below the IPO price of 28.88 yuan per share, with a total market value of 2.943 billion yuan, down from a peak of 4.547 billion yuan in November 2022 [3]. Executive Compensation - Despite the declining performance, the company has increased the salaries of some executives and core technical personnel, with the chairman and actual controller, Zhu Guosheng, earning over 2 million yuan in 2024, a more than 40% increase from 2023 [4][5]. - Other executives, including Zhu Guoqiang and several core technical staff, also saw salary increases ranging from approximately 3.8% to 41.05% in 2024 compared to 2023 [5][6]. R&D Investment - Bangyan Technology reported R&D expenses of 72.39 million yuan in 2024, accounting for 20.87% of sales revenue, but this represents a 15.37% decrease from 85.48 million yuan in 2023 [9]. - The decline in R&D spending could weaken the company's technological innovation capabilities and product competitiveness, potentially impacting market share and profitability in the long term [9].