关于对《关于上海交大昂立股份有限公司 2025 年业绩预告相关事项的监管工作函》 的回复 深圳正一会计师事务所（特殊普通合伙） e and the 深圳正一会计师事务所(特殊普通合伙)关于对 《关于上海交大昂立股份有限公司 2025 年业绩预告相关事项的 监管工作函》的回复 上海证券交易所上市公司管理二部: 深圳正一会计师事务所(特殊普通合伙)(以下简称"深圳正一"或"本所")已于 2026 年 2 月 11 日收到贵部出具的上证公函【2026】0404 号《关于上海交大昂立股份 有限公司 2025 年业绩预告相关事项的监管工作函》(以下简称"监管工作函"),就需要 年审会计师发表意见的相关问题进行了认真核查与落实,现将核查情况和意见回复如下: 1、关于公司业务开展情况。公司经营保健品、医养及发放贷款业务,其中,公司 保健品业务采用线上及线下销售方式。业绩预告显示，公司预计 2025 年实现营业收入 约为 3.15 亿元,预计归母净利润约为 450 万元,扣非净利润约为-700 万元,扣非净利 润与上年同期相比,预计将减少约 1,281万元,同比下降约 220%。公司业绩下滑主要 原因为保健品板块 2025 ...

Financial Performance Expectations - The company expects to achieve an operating revenue of approximately CNY 315 million for 2025, with a net profit attributable to shareholders of about CNY 4.5 million, and a non-recurring net profit of approximately -CNY 7 million, representing a year-on-year decrease of about CNY 12.81 million or 220%[2] - The decline in performance is primarily attributed to a decrease in revenue from the health products segment for 2025[2] - The company expects a net profit attributable to shareholders of approximately 4.50 million for 2025, with a non-recurring net profit of approximately -7.00 million[30] - The estimated non-recurring profit and loss for 2025 is approximately 1,150 million[31] Revenue Breakdown by Segment - The health products segment generated revenue of CNY 136.68 million, while the medical and nursing segment contributed CNY 157.84 million, and the real estate segment accounted for CNY 16.81 million, totaling CNY 314.70 million across all segments[6] - The total revenue for the health product segment is CNY 13,667.94 million, with online sales contributing CNY 3,459.95 million and offline sales contributing CNY 10,207.99 million[19] - The real estate segment's total revenue from leasing activities reached CNY 111.44 million, with the largest lease contributing CNY 26.27 million[12] - The company reported a total of CNY 28.00 million in revenue from pawn services in the other segment, with the largest transaction amounting to CNY 4.23 million[14] Customer and Supplier Relationships - The top ten customers in the health products segment accounted for a total sales revenue of CNY 704.02 million, with the largest customer contributing CNY 172.82 million[7] - The total procurement amount from major suppliers in the health product segment is CNY 18,072,295.36, with long-term cooperation established for over 10 years with several suppliers[16] - The total procurement amount from major suppliers in the medical care segment is CNY 29,225,386.59, with ongoing relationships since 2019 for most suppliers[16] - The company confirmed that there are no related party transactions between major customers and suppliers, ensuring compliance with regulations[17] Revenue Recognition and Compliance - The company is required to disclose detailed information regarding revenue recognition, customer transactions, and sales return situations for 2025[2] - The revenue recognition policy adheres to the new revenue standards, with all sales confirmed based on external evidence such as customer acceptance and logistics records[23] - The company has established clear revenue recognition policies for each business segment, ensuring compliance and accuracy in financial reporting[22] - The company’s revenue recognition practices are in line with the five-step model of the new revenue standards, ensuring that all criteria are met before recognizing revenue[22] Financial Management and Liabilities - As of the end of 2025, the company's cash and cash equivalents decreased to 263.12 million yuan from 481.99 million yuan, while total assets decreased to 45.38 million yuan from 53.53 million yuan[34] - The company’s total liabilities decreased to 17.54 million yuan from 29.07 million yuan, with other payables decreasing to 17.47 million yuan from 28.99 million yuan[34] - The company’s total equity increased to 27.84 million yuan from 24.46 million yuan, with retained earnings showing a slight improvement[34] - The company reported a decrease in other receivables by 6.4 million yuan due to the recovery of loans from related parties[35] Audit and Compliance Measures - The total revenue for the auditing firm for 2025 is projected to be 8,829,077.84 yuan, with the audit fee for the company being 1.2 million yuan, representing approximately 13.59% of the firm's total revenue[63] - Shenzhen Zhengyi has implemented specific measures to maintain independence, including prohibiting direct economic relationships with clients outside of professional service fees[66] - The company has established a quality control review system, categorizing the annual report audit as Class A business and implementing a seven-level review process[66] - The audit team will maintain independence and reasonable professional skepticism, adhering strictly to accounting and auditing standards[68] Legal and Litigation Matters - The ongoing litigation involving Angli Small Loan may have uncertain impacts on the company's financial reports, as the outcome is still pending[38] - The company successfully defended against a lawsuit regarding a 40 million yuan fund transfer, with the court ruling in favor of Jiuding Pawn[51] - The debt relationship between Jiuding Pawn and the company was confirmed in 2024, following a court ruling that resolved uncertainties regarding a lawsuit involving a minority shareholder[57] Loan Management and Provisions - Jiuding Pawn's financial management includes a provision policy that mandates a 50%-75% provision for doubtful loans, ensuring prudent risk management[53] - The company reported a total of 5.7 million yuan in loans to Angli Small Loan, with a significant portion classified as impaired[52] - Jiuding Pawn classified the remaining 1.25 million yuan loan from Angli Small Loan as "doubtful" and provisioned for 937.5 thousand yuan, reflecting a 75% impairment rate[53] - The company plans to return 4.5 million yuan to Jiuding Pawn in 2025, which will lead to a reversal of the corresponding impairment provision[59]

Market Overview - The food processing sector experienced a decline of 0.66% on January 28, with Jiaoda Onlian leading the drop [1] - The Shanghai Composite Index closed at 4151.24, up 0.27%, while the Shenzhen Component Index closed at 14342.9, up 0.09% [1] Individual Stock Performance - Huadong Co. (002840) closed at 9.71, up 1.57% with a trading volume of 168,700 shares and a turnover of 163 million yuan [1] - Anjiexin Food (603345) closed at 88.70, up 0.91% with a trading volume of 40,900 shares and a turnover of 365 million yuan [1] - Double Happiness Development (000895) closed at 25.57, down 0.16% with a trading volume of 132,200 shares and a turnover of 340 million yuan [1] - Jiaoda Onlian (600530) closed at 6.38, down 5.06% with a trading volume of 145,300 shares and a turnover of 93.49 million yuan [2] Capital Flow Analysis - The food processing sector saw a net outflow of 129 million yuan from institutional investors, while retail investors had a net inflow of 89.24 million yuan [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors are more active [2] Detailed Capital Flow for Selected Stocks - Huadong Co. had a net inflow of 20.81 million yuan from institutional investors, while retail investors saw a net outflow of 18.02 million yuan [3] - Double Happiness Development experienced a net inflow of 13.82 million yuan from institutional investors, with retail investors also seeing a net outflow of 4.17 million yuan [3] - Gais Food (920826) had a net inflow of 10.71 million yuan from institutional investors, while retail investors had a minor net outflow [3]

Group 1 - The company, Jiaotong Angli (600530), has not yet established a financial shared service center [1]

Core Viewpoint - Shanghai Jiaotong University Anli Co., Ltd. expects a significant decline in its 2025 annual net profit, projecting a decrease of approximately 85% compared to the previous year, primarily due to reduced revenue in its health products segment and losses from its investment subsidiary [2][3]. Group 1: Performance Forecast - The company anticipates a net profit attributable to shareholders of approximately 4.5 million yuan for 2025, a decrease of about 25.98 million yuan year-on-year [2]. - The expected net profit after deducting non-recurring gains and losses is projected to be -7 million yuan, reflecting a year-on-year decline of approximately 220% [2]. - Estimated operating revenue for 2025 is around 314.7 million yuan, with core operating revenue (excluding unrelated business income) expected to be approximately 314.07 million yuan [2]. Group 2: Previous Year Performance - In the previous year, the total profit was 38.99 million yuan, with a net profit attributable to shareholders of 30.48 million yuan and a net profit after deducting non-recurring gains and losses of 5.82 million yuan [3]. - The earnings per share for the previous year were 0.04 yuan [3]. Group 3: Reasons for Performance Decline - The decline in net profit is attributed to decreased revenue in the health products segment compared to the previous year [3]. - Losses from the investment subsidiary have also contributed to the decline in net profit [3].

Group 1 - The report analyzes the structure and investment risks of the health food and tonic market in China from 2026 to 2032 [1][3] - It provides an overview of the industry's economic characteristics, major segments, and supply chain structure [3] - The market size, key demand factors, and competitive landscape are examined, highlighting both domestic and international market dynamics [3][4] Group 2 - The macroeconomic environment in China, including historical GDP, fixed asset investment, and trade patterns, is analyzed [4] - Future economic outlook for 2026-2032 is discussed, focusing on potential growth and challenges [4] Group 3 - The report assesses the supply and demand conditions in the health food and tonic industry, including production capacity and market growth rates [4][5] - It forecasts the overall sales capabilities and profitability metrics for 2025, including industrial sales output and profit margins [4][5] Group 4 - The competitive strategies of key players in the health food and tonic market are analyzed, including market growth potential and product competition strategies [7][8] - The report discusses the impact of trade wars and economic crises on the industry, as well as the competitive landscape from 2026 to 2032 [7][8] Group 5 - Consumer preferences and purchasing habits regarding health food and tonic products are examined, including brand loyalty and price sensitivity [6][7] - The report highlights the importance of understanding consumer demographics and regional preferences for effective marketing strategies [6][7] Group 6 - The report outlines investment opportunities and potential returns in the health food and tonic industry, emphasizing market prospects and strategic planning [8] - It identifies key factors influencing industry development, including favorable and unfavorable conditions, as well as challenges and opportunities [8]

Group 1 - The article discusses a performance forecast for Jiao Da Ang Li, which was mistakenly published as Ang Li Education due to editorial errors and oversight during verification [1] - The editorial team of Gelonghui issued a correction statement and apologized to investors and the listed company for the mistake [1]

Group 1 - The company, Jiaotong Angli, announced an expected net profit attributable to shareholders of approximately 4.5 million yuan for the year 2025, which represents a decrease of about 25.98 million yuan compared to the same period last year, indicating a year-on-year decline of approximately 85% [2] - The company anticipates an operating revenue of approximately 314.7 million yuan for the year 2025 [2]

Core Viewpoint - The company, Jiao Da Ang Li (交大昂立), has announced a significant decrease in its expected net profit for the year 2025, projecting a net profit of approximately 4.5 million yuan, which represents a decline of about 25.98 million yuan compared to the previous year, indicating a year-on-year decrease of approximately 85% [1] Group 1 - The company expects its net profit attributable to shareholders to be around 4.5 million yuan for 2025 [1] - This projected net profit reflects a decrease of approximately 25.98 million yuan compared to the same period last year [1] - The decline in net profit is attributed to a decrease in revenue from the health products segment [1]

Core Viewpoint - The company, Jiaotong Angli (交大昂立), has announced a significant decrease in its expected net profit for the year 2025, projecting a net profit of approximately 4.5 million yuan, which represents a decline of about 25.98 million yuan compared to the previous year, indicating a year-on-year decrease of approximately 85% [1] Group 1 - The expected net profit for 2025 is approximately 4.5 million yuan [1] - The projected decrease in net profit is about 25.98 million yuan compared to the previous year [1] - The year-on-year decline in net profit is approximately 85% [1] Group 2 - The decline in net profit is attributed to a decrease in revenue from the health products segment [1]