Core Viewpoint - The company, Hainan Yedao (Group) Co., Ltd., has a high concentration of major customers and suppliers, which poses potential risks to its business stability and revenue generation [1][9][10]. Customer and Supplier Analysis - The company reported a total revenue of 175 million yuan, with the top five customers contributing 139 million yuan, accounting for 79.17% of total sales [1][9]. - The top five suppliers accounted for 84 million yuan in purchases, representing 83.47% of total procurement [1][9]. - The company has a stable relationship with its major customers, including long-term partnerships with distributors in various regions [10][11]. Business Segment Performance - In the liquor segment, the company has shifted its strategy to focus on direct sales through established distributors, which has resulted in a decrease in the proportion of revenue from white liquor from 56% in 2022 to 20% in 2024 [4][5]. - The beverage segment has transitioned to a sole distributor model, which has helped maintain stable revenue from coconut juice products [8][10]. Recent Developments - The company has been actively expanding its white liquor business, collaborating with new partners to enhance product offerings and market reach [4][6]. - Changes in management and strategic partnerships have influenced the company's sales dynamics, particularly in the white liquor segment [4][5][6]. Supplier Relationships - The company maintains a diverse supplier base for its liquor production, ensuring that it is not overly reliant on any single supplier [11][12]. - Long-term relationships with suppliers have been established to ensure consistent quality and supply of raw materials [11][12]. Internal Control and Governance - The company has identified weaknesses in its internal controls, particularly in distributor management, which could impact financial reporting accuracy [13][14]. - The management structure has raised concerns regarding independence and governance, necessitating improvements to ensure compliance and operational integrity [13][14].

中审亚太会计师事务所（特殊普通合伙） China Audit Asia Pacific Certified Public Accountants LLP 《关于海南椰岛（集团）股份有限公司 2024 年年度 报告的信息披露监管工作函》有关问题的回复 中审亚太审字（2025）009175 号 上海证券交易所： 根据贵所近日下发给海南椰岛（集团）股份有限公司（以下简称"海南椰岛" 或"公司"）的《关于海南椰岛（集团）股份有限公司 2024 年年度报告的信息 披露监管工作函》（上证公函【2025】0691 号）的内容，我所现就函件中需要 年审会计师发表意见的部分回复如下： 一、关于主要客户及供应商 年报显示，报告期内公司实现营业收入 1.75 亿元，其中前五大客户销售额 为 1.39 亿元，占比 79.17%；前五大供应商采购额为 0.84 亿元，占比 83.47%。 客户及供应商的集中度较高。 请公司：（1）分业务板块列示公司前五大客户和供应商的名称、销售或采 购金额、提供和采购的产品或服务、货款结算情况、是否存在关联关系及关联 交易定价是否公允，并结合近三年主要客户和供应商变化情况，量化分析对公 司主营业务的影 ...

股票简称：*ST 椰岛 股票代码：600238 编号：2025-023 号 海南椰岛（集团）股份有限公司 关于对 2024 年年度报告信息披露监管工作函的回复公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： ●公司 2022-2024 年度营业收入持续下滑、净利润为亏损、经营活动产生 的现金流量净额为负数。为改善整体经营情况，公司正采取积极措施来提升公 司的营收能力、经营效益及经营性现金流。但结合酒类行业情况及消费形势， 营业收入和业绩的提升以及经营性现金流的改善可能存在不确定性，提醒投资 者关注公司在指定信息披露渠道公开披露的财务数据，注意投资风险。 近日，海南椰岛（集团）股份有限公司（以下简称"公司"）收到上海证券 交易所发来的《关于海南椰岛(集团)股份有限公司 2024 年年度报告的信息披露 监管工作函》，现就工作函内容进行如下回复： 一、关于主要客户及供应商 年报显示，报告期内公司实现营业收入 1.75 亿元，其中前五大客户销售额 为 1.39 亿元，占比 79.17%；前五大供应商采购额为 ...

股票简称：*ST 椰岛 股票代码：600238 编号：2025-022 号 1 | 贵州省仁怀市 | 椰岛糊涂酒业 | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 原告起诉被告贵州椰岛糊涂酒业，诉求解除双方《经 | 贵 | 台 | 福 | 股 | 份 | 有 | 限 | 公 | ( | 销合同》，提请贵州椰岛糊涂酒业退还酒款、支付 | | | | | | 建 | 泉 | 州 | 司；海南椰岛 | 合 | 同 | 法院已受理，等待开 | ) | 3 | 市场开发费及补贴费、赔偿因合同解除而造成的直 | 1428.82 | 品牌运营 | 酒业发展有限 | 纠纷 | 庭 | | 接损失等合计 | 万元。诉求椰岛酒业发展、贵 | 1428.82 | 有限公司 | 公司；贵州糊 | 州糊涂酒业（集团）有限公司承担连带赔偿责任。 | | | | | | | | | | | 涂酒业（集团） | 有限公司 | | | | | | | ...

2024 年年度股东大会的法律意见书 致：海南椰岛（集团）股份有限公司 海南问源律师事务所（以下简称"本所"）接受海南椰岛（集团）股份有限公司（以下简 称"公司"）的委托，指派李琳、张雅欢两位律师出席了公司2024 年年度股东大会（以下简称 "本次股东大会"）。 本所律师根据《中华人民共和国公司法》（以下简称《公司法》）、《上市公司股东大会规则》 （以下简称《股东大会规则》）等法律法规、规范性文件及《海南椰岛（集团）股份有限公司 章程》（以下简称《公司章程》）的有关规定，按照律师行业公认的道德规范、业务标准和勤勉 尽责精神，就本次股东大会的召集、召开程序、出席会议人员的资格、表决程序及表决结果等 重要事项的合法性发表法律意见如下： 一、本次股东大会的召集、召开程序 本次股东大会由公司董事会召集。2025 年4 月30 日，公司董事会分别在《中国证券报》、 《上海证券报》、《证券日报》及上海证券交易所网站上公告了《海南椰岛（集团）股份有限公 司关于召开2024 年年度股东大会的通知》（以下简称《会议通知》）。《会议通知》中列明了本 次股东大会的召开时间、召开地点、审议事项、出席对象、出席会议登记办法等事项，并明 ...

证券代码：600238 证券简称：*ST 椰岛 公告编号：2025-021 海南椰岛（集团）股份有限公司 2024年年度股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 5 月 20 日 (二)股东大会召开的地点：海南省海口市秀英区药谷二横路 2 号椰岛集团办公楼 7 层会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 491 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 64,762,277 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 14.4494 | | 份总数的比例（%） | | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集,段守奇董事长主持本次会议。大会采取现场投 二、 议案审议情况 (一)非累积投票议案 1 ...

Financial Performance - In 2024, the company's operating revenue was approximately 175.21 million yuan, a decrease of 21.97% compared to 2023's 224.53 million yuan [1] - The net profit attributable to shareholders was approximately 136.14 million yuan, down from 149.16 million yuan in the previous year, marking a decline of 8.56% [1] - The net cash flow from operating activities was negative 18.29 million yuan, an improvement from negative 38.54 million yuan in 2023, indicating a 39.8% reduction in losses [1] Employee Statistics - As of the end of 2024, the total number of employees at Hainan Yedao was 388, a decrease of 11.86% from 434 employees at the end of 2023 [2] - The number of sales personnel dropped significantly from 99 to 41, representing a 58.59% reduction [2] Management Changes - The chairman of the company, Duan Shouqi, received a salary of 684,100 yuan in 2024, which is an increase of 38.2% from 495,000 yuan in the previous year [5] - Former General Manager Ma He’s salary was 641,500 yuan, reflecting a substantial increase of 102.17% from 317,300 yuan [5] - Ma He resigned as General Manager shortly before the performance disclosure but continues to serve as a director [8] Product Development and Market Challenges - The company reported delays in the development, production, and marketing of new products, which contributed to lower sales during the reporting period [1] - Issues such as inaccurate product positioning and unreasonable pricing strategies led to poor market performance, increased credit impairment on receivables, and slow inventory turnover, exacerbating operational losses [1]

Core Viewpoint - Hainan Yedao, known as the "first stock of health wine," reported a significant decline in revenue and continued losses, raising concerns about its management and market strategy [1][2][4]. Financial Performance - In 2024, Hainan Yedao achieved revenue of only 175 million yuan, marking a 21.97% decline following two consecutive years of nearly 50% decreases [1]. - Cumulative losses since 2015 have reached 794 million yuan, leading to a "*ST" warning and increasing the risk of delisting [2]. - The company's revenue for Q1 2025 further declined by 18.47% to 44 million yuan [4]. Product Performance - Sales of the flagship product, Luguijiu, fell by 44.47%, with a gross margin decrease of 7.87% [4]. - Other product lines, including the white wine series and other alcoholic beverages, also experienced significant revenue declines of 28.27% and 20.84%, respectively [4]. - High-end products, such as the Haijiao Sea Sauce 20, recorded minimal sales, with only 2 purchases noted [7]. Management and Strategy - The management team has faced instability, with the recent departure of General Manager Ma He shortly after the poor performance announcement [1][8]. - Ma He had previously engaged in aggressive marketing strategies, including a nationwide advertising campaign, which did not yield the expected results [10][12]. - The company has shown a high dependency on a limited number of clients and suppliers, with the top five clients accounting for 79.17% of total sales [7]. Market Position - Hainan Yedao's stock price has plummeted by 84.7% from its peak of 32.78 yuan, reflecting a severe loss of investor confidence [13]. - The company is at a critical juncture, facing internal challenges and market pressures that threaten its operational viability and future prospects [13].

Group 1: Stock Performance and Announcements - Xinglei Co., Ltd. (鑫磊股份) experienced a significant stock increase, with a cumulative rise of 43.6% over two trading days, reaching a historical high [2][4] - Chunguang Technology (春光科技) achieved a four-day consecutive limit-up, with a total increase of 45.86% from April 30 to May 9, marking a three-year high [5][7] - Multiple ST stocks, including *ST Huawang, *ST Gengxing, and *ST Yedao, also saw limit-up trading, with cumulative price deviations exceeding 12% over three days [9] Group 2: Company Operations and Financials - Xinglei Co., Ltd. focuses on air dynamics technology, specializing in energy-efficient air compressors and blowers [4] - Chunguang Technology reported a revenue of 2.122 billion yuan in 2024, a year-on-year increase of 16.62%, but a net profit decline of 42.73% due to intense industry competition and falling product prices [8] - *ST Gengxing and *ST Yedao both face uncertainties regarding their ongoing operations, with negative net profits reported for the last three accounting years [10][11]

股票简称：*ST 椰岛 股票代码：600238 编号：2025-020 号 针对公司股票交易异常波动的情况，公司对有关事项进行了核查，并发函问 询了公司控股股东，现将有关情况说明如下： 1、生产经营情况 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： ●海南椰岛（集团）股份有限公司（以下简称"公司"）股票交易于 2025 年 5 月 7 日至 5 月 9 日连续 3 个交易日收盘价格涨幅偏离值累计超过 12%，根据 《上海证券交易所交易规则》的有关规定，属于股票交易异常波动情形。 ●经公司自查并向公司控股股东及实际控制人核实，截至本公告披露日， 除公司已披露事项外，不存在应披露而未披露的重大信息。 ●公司因 2024 年度经审计的扣除非经常性损益前后的净利润孰低者为负值， 且扣除与主营业务无关的业务收入和不具备商业实质的收入后的营业收入低于 3 亿元，加上公司 2024 年度内部控制审计被出具了否定意见，最近一个会计年 度财务会计报告的审计报告显示公司持续经营能力存在不确定性，公司股票已 被实施退市风险警 ...