The Shanghai Stock Exchange recently issued an information disclosure regulatory inquiry letter regarding Bestore's 2025 annual report, focusing on the company's monetary funds and trading financial assets. At the end of 2025, the company held 313 million yuan in monetary funds, with interest income of 4.8 million yuan, down 80.37 percent year on year. Over the same period, trading financial assets surged from zero to 934 million yuan, yet disposal gains from wealth management products remained zero for two consecutive years, with only a slight increase in fair value changes, creating a clear mismatch between scale and returns. Bestore replied that the sharp drop in interest income was due to two overlapping factors. On one hand, declining revenue and dividend payouts shrank total funds, with the average daily balance of monetary funds in 2025 at 374 million yuan, down 61.78 percent from 978 million yuan in 2024. On the other hand, the main agreement deposit bank, Hankou Bank, was affected by regulatory rectification of manual interest subsidies, causing the agreement deposit rate to fall from 2.99 percent all the way to 0.55 percent, and the composite deposit rate to drop from 2.49 percent to 1.26 percent. The surge in trading financial assets was because the company shifted idle funds from deposits with persistently declining returns into bank wealth management products. In 2025, cumulative rolling purchases of wealth management products totaled 7.045 billion yuan, with a composite yield of 1.59 percent. The unredeemed balance at year-end was 934 million yuan, corresponding to a fair value change gain of 11.01 million yuan, which matches the scale of the wealth management products and is logically consistent.
Bestore Co LtdInterest income fell 80% due to lower deposit rates and reduced funds, and wealth management products generated no disposal gains, indicating poor financial management.