审计报告 日出东方控股股份有限公司 容诚审字[2025]215Z0180号 容诚会计师事务所(特殊普通合伙) 中国·北京 目 录 | 序号 | 内 容 | 页码 | | --- | --- | --- | | 1 | 审计报告 | 1-6 | | 2 | 合并资产负债表 | 1 | | 3 | 合并利润表 | 2 | | 4 | 合并现金流量表 | 3 | | 5 | 合并所有者权益变动表 | 4 | | 6 | 母公司资产负债表 | 5 | | 7 | 母公司利润表 | 6 | | 8 | 母公司现金流量表 | 7 | | 9 | 母公司所有者权益变动表 | 8 | | 10 | 财务报表附注 | 9 - 135 | 审 计 报 告 容诚会计师事务所（特殊普通合伙） 总所：北京市西城区阜成门外大街 22 号 1 幢 10 层 1001-1 至 1001-26 (100037) TEL:010-6600 1391 FAX:010-6600 1392 E-mail:bj@rsmchina.com.cn https://www.rsm.global/china/ 容诚审字[2025]215Z0180号 日出东方控 ...

Core Viewpoint - The report provides a summary of non-operating fund occupation and other related fund transactions for Sunrise Oriental Holdings Co., Ltd. as of December 31, 2024, ensuring compliance with regulatory requirements [2]. Group 1: Company Overview - Sunrise Oriental Holdings Co., Ltd. has undergone an audit by RSM China, resulting in an unqualified audit opinion for its financial statements as of December 31, 2024 [1]. - The management of Sunrise Oriental is responsible for the accurate and complete preparation and disclosure of the summary of non-operating fund occupation and related transactions [2]. Group 2: Regulatory Compliance - The report adheres to the requirements set forth by the China Securities Regulatory Commission and the Shanghai Stock Exchange regarding the management of fund transactions and external guarantees [2]. - The summary table of non-operating fund occupation and related transactions is intended for the annual report disclosure and should be read in conjunction with the audited financial statements [2].

Core Viewpoint - The audit report for Sunrise Eastern Holdings Co., Ltd. indicates that the financial statements for the year ending December 31, 2024, fairly reflect the company's financial position and operating results in accordance with accounting standards [1][2]. Group 1: Audit Opinion - The audit firm believes that the financial statements present a true and fair view of the company's financial status and performance for the year [1]. - The audit was conducted in accordance with Chinese auditing standards, ensuring independence and adherence to ethical responsibilities [2]. Group 2: Key Audit Matters - Revenue recognition is identified as a key audit matter due to the inherent risk of management manipulating revenue recognition to meet specific targets [3]. - The company operates in various sectors including water heaters, kitchen appliances, clean energy heating, and water purification, with revenue recognition methods varying by business type [3][4]. Group 3: Revenue Recognition Procedures - The audit procedures for revenue recognition included evaluating internal controls, performing analytical procedures, and verifying sales records against supporting documents [4][5]. - Specific methods were employed to assess revenue from different sales models, including dealer, project, e-commerce, and export sales [4][5]. Group 4: Management Responsibilities - The management is responsible for preparing financial statements that fairly reflect the company's financial position and for maintaining effective internal controls [5]. - Management must assess the company's ability to continue as a going concern and disclose relevant matters [5]. Group 5: Financial Reporting and Accounting Policies - The company prepares its financial statements based on the going concern assumption and adheres to relevant accounting standards [12][13]. - Important accounting policies and estimates are established in accordance with accounting standards, ensuring the financial statements reflect the company's financial condition accurately [12][13]. Group 6: Company Overview - Sunrise Eastern Holdings Co., Ltd. was established in April 1997 and has undergone several capital increases, with the current registered capital being 813,278,001 RMB [11][12]. - The company primarily engages in the research, production, and sales of water heaters, kitchen appliances, clean energy heating, and water purification products under various brands [11][12].

Core Viewpoint - The company has corrected the non-operating fund occupation data for the year 2024, with the cumulative amount revised from 32.614 million yuan to 27.586 million yuan, which does not affect the annual financial statements or the company's financial status and operating results [1][6]. Summary by Relevant Sections Non-operating Fund Occupation - The cumulative non-operating fund occupation amount for 2024 was corrected from 32.614 million yuan to 27.586 million yuan, with the repayment amount adjusted from 29.762 million yuan to 27.586 million yuan [1][4]. - The year-end balance of occupied funds for 2024 was reported as 0, indicating no further fund occupation after January 2025 [2][5]. Financial Reports and Audits - The company disclosed the corrected data in various reports, including the "Special Explanation on Non-operating Fund Occupation and Other Related Fund Transactions for 2024," the "2024 Annual Report," and the "2024 Audit Report" [1][6]. - The company emphasized that the corrections do not require adjustments to the annual financial statements and will not impact the financial condition or operating results [1][6]. Related Party Transactions - The company engaged in borrowing transactions with its controlling shareholder, Tibet Longsheng Energy Management Co., Ltd., with a total borrowing amount of 3.261 million yuan for the year 2024 [4][5]. - The company has taken measures to communicate with Tibet Longsheng to ensure the return of all occupied funds, with no further fund occupation reported after January 2025 [5][6]. Other Financial Data - The company reported that the total amount of other receivables at the end of the period was 13.597 million yuan, with a bad debt provision of 8.303 million yuan [2][3]. - The company also noted that the receivables from Tibet Longsheng accounted for 3.151 million yuan, representing 3.82% of the total other receivables [2][3].

Financial Performance - The company's operating revenue for 2024 reached ¥5,078,804,634.19, an increase of 4.89% compared to ¥4,842,143,498.20 in 2023[23] - The net profit attributable to shareholders for 2024 was ¥212,356,792.76, reflecting a slight increase of 1.79% from ¥208,628,068.04 in 2023[23] - The net cash flow from operating activities significantly decreased by 97.19%, amounting to ¥15,451,259.89 compared to ¥549,733,894.33 in 2023[23] - The total assets of the company as of the end of 2024 were ¥7,341,507,174.58, representing a 3.81% increase from ¥7,071,741,334.77 in 2023[23] - The net assets attributable to shareholders increased by 4.41% to ¥4,161,299,245.88 from ¥3,985,644,297.29 in 2023[23] - Basic earnings per share for 2024 were ¥0.2611, up 6.88% from ¥0.2443 in 2023[24] - The weighted average return on equity for 2024 was 5.10%, a decrease of 0.29 percentage points from 5.39% in 2023[24] Cash Flow and Investments - The company generated positive cash flow from operating activities in Q2 2024, amounting to approximately ¥112.30 million, compared to a negative cash flow of approximately ¥270.74 million in Q1 2024[27] - The company’s financing activities generated a net cash flow of ¥339,611,096.47, a significant improvement compared to a net outflow of ¥47,568,757.08 in the previous year[72] - Cash and cash equivalents at the end of the period increased by 67.00% to ¥752,528,112.44, compared to ¥450,606,068.94 in the previous period, representing 10.25% of total assets[90] - The company has provided a financial support of up to RMB 500 million from its controlling shareholder, with an annual interest rate of 2.63%[181] - The company has entrusted a total of 21,337.92 million RMB in cash asset management, with an outstanding balance of 10,925.45 million RMB[186] Market and Product Development - The company aims to enhance its competitive edge by providing low-carbon energy system solutions for commercial and industrial sectors, aligning with national dual carbon strategies[34] - The company is focusing on technological innovation and digital transformation to drive growth in the clean energy and kitchen appliance sectors[34] - The company has successfully launched its air energy products in extreme cold environments, validating their performance and enhancing brand visibility[35] - The company aims to provide comprehensive energy solutions by integrating solar, storage, air source heat pumps, and charging stations[56] - The company is focused on becoming a leading provider of low-carbon system solutions through innovation and resource collaboration[57] Research and Development - Research and development expenses for the period were 175.59 million yuan, which is 3.46% of total operating revenue[85] - The company is focusing on user operation enhancement, system empowerment, and product commercialization to improve its retail marketing system[110] - In R&D, the company is developing ultra-quiet air energy products and enhancing energy efficiency in commercial applications, aiming for breakthroughs in core technologies[111] - The company is committed to improving the performance of energy storage products, particularly in energy density and safety, while reducing production costs[112] Corporate Governance - The company strictly adheres to corporate governance regulations, ensuring independence from controlling shareholders in assets, personnel, finance, and operations[121] - The company has established a robust internal control system to enhance governance levels and ensure compliance with relevant laws and regulations[121] - The board of directors and supervisory board members have fulfilled their duties with integrity and diligence, prioritizing the interests of the company and its shareholders[121] - The company has not engaged in any related party transactions that would compromise its independence[122] Shareholder Information - The company plans to distribute a cash dividend of ¥0.54 per 10 shares, subject to approval at the 2024 annual general meeting[6] - The total pre-tax remuneration for directors and senior management during the reporting period amounted to 9.08 million yuan[126] - The company has implemented a stock incentive plan, granting 22.9 million restricted shares to 497 participants[157] - The company completed the repurchase and cancellation of 1,342,600 restricted shares as part of the stock incentive plan[157] Environmental and Social Responsibility - The company invested 3.79 million yuan in environmental protection initiatives during the reporting period[164] - The company reduced carbon emissions by 16,800 tons through the implementation of clean energy projects and improved production processes[166] - The company actively engaged in community welfare activities, including the "Warm House" project in Tibet and the "Healthy Community" initiative[169] Risks and Challenges - The company is facing risks from macroeconomic uncertainties, which may impact consumer purchasing power and product demand[115] - The company acknowledges intensified competition in the air energy heat pump market, necessitating a clear brand strategy and product innovation[117] - The company is addressing raw material price volatility by diversifying procurement channels and establishing strategic reserves[118]

Financial Performance - The company's operating revenue for the first half of 2025 was ¥1,860,546,911.48, a decrease of 12.42% compared to ¥2,124,462,478.61 in the same period last year[21] - The total profit for the first half of 2025 was ¥40,625,763.38, down 30.78% from ¥58,689,662.79 in the previous year[21] - The net profit attributable to shareholders was ¥41,302,841.84, representing a decline of 27.08% from ¥56,644,750.38 year-on-year[21] - Basic earnings per share for the first half of 2025 were ¥0.0508, down 27.74% from ¥0.0703 in the same period last year[22] - The weighted average return on net assets was 0.99%, a decrease of 0.42 percentage points from 1.41% year-on-year[22] - The company reported a total comprehensive income of CNY 33,351,609.04 for the first half of 2025, down from CNY 52,016,163.17 in the previous year, a decline of 35.8%[120] - The company reported a net loss of CNY 63,489,972.08 for the current period, which is a significant decline compared to previous earnings[137] Cash Flow and Assets - The net cash flow from operating activities was negative at ¥-13,105,426.66, an improvement from ¥-158,440,351.21 in the same period last year[21] - The total assets at the end of the reporting period were ¥7,541,070,234.84, an increase of 2.72% from ¥7,341,507,174.58 at the end of the previous year[21] - The company's total assets decreased to CNY 6,261,110,974.92 from CNY 6,441,509,707.34, representing a reduction of 2.8%[116] - Current assets totaled RMB 2,621,130,734.94, up from RMB 2,386,352,349.02, indicating an increase of about 9.83%[112] - The cash and cash equivalents stood at RMB 752,537,942.09, showing a marginal increase from RMB 752,528,112.44[112] - The company's cash and cash equivalents decreased to CNY 1,373,492,618.03 from CNY 1,525,914,110.67, a decrease of 9.9%[115] Operating Costs and Expenses - Operating costs fell by 14.69%, totaling approximately ¥1.30 billion, which is in line with the revenue decline[63] - Research and development expenses increased by 6.59%, reaching approximately ¥68.31 million, indicating a focus on innovation[63] - The company implemented strict cost control measures, resulting in a 9.98% reduction in management expenses[63] - The company reported a significant increase in receivables from dividends, rising to RMB 93,800,000.00 from RMB 46,600,000.00, a growth of approximately 100.00%[112] Market and Industry Trends - The air source heat pump industry in China experienced a 22.3% year-on-year decline in domestic sales, with challenges in retail, engineering, and integrated markets[35] - The heating market overall declined by 20.4%, with significant price competition in the northern household heating sector[36] - The average profit margin in the solar thermal industry has dropped below 8% due to excessive competition and price wars, impacting consumer confidence[39] - The kitchen appliance sector is experiencing low demand and price reductions due to a sluggish real estate market, affecting operational performance[76] Strategic Initiatives and Innovations - The company focuses on R&D through a combination of independent innovation and open collaboration, emphasizing customized and integrated technology development[34] - The company is focusing on technology innovation and digitalization to create differentiated products and activate existing market potential[42] - The company is implementing a "one vertical, one horizontal" strategy to provide low-carbon energy solutions and zero-carbon home solutions[43] - The company has established the first zero-carbon experimental building in the air-source heat pump industry, setting a benchmark for green manufacturing and leading the industry towards low-carbon and sustainable development[47] Corporate Governance and Shareholder Information - The company confirmed its commitment to avoid any direct or indirect competition with its controlled companies, ensuring no conflicts of interest[85] - The largest shareholder, Sunrain Holding Group Co., Ltd., holds 462,000,600 shares, representing 56.82% of the total shares[104] - The total number of common shareholders as of the end of the reporting period is 88,627[102] - The company has canceled 229,900 restricted shares from its 2021 incentive plan due to the departure of five incentive targets and performance issues with seven others[100] Social Responsibility and Community Engagement - The company actively engages in social responsibility initiatives, establishing various charitable funds to contribute to public welfare[82] - The company initiated a new round of the "Sunshine Bathhouse" charity project to address hot water usage issues for disadvantaged families with disabilities[83] - The company launched the "Mount Everest Guardian Plan 2025," promoting an eco-friendly initiative that exchanges garbage for coffee at the Everest base camp[83] Risks and Challenges - The company faces risks from macroeconomic uncertainties, including inflation and exchange rate fluctuations, which may impact market demand[74] - Fluctuations in raw material prices, such as galvanized steel and copper, pose a risk to production costs and profitability[77] - Industry competition is intensifying, particularly in the solar energy sector, necessitating continuous technological advancements and brand development[75]

1 / 5 | 更正文件及出处 | 更正前 | 更正后 | | --- | --- | --- | | 《容诚会计师事务所（特殊普 | | | | 通合伙）关于日出东方控股股 | 资金占用方西藏隆晟能源管理有限 | 资金占用方西藏隆晟能源管理有限 | | 份有限公司 2024 年度非经营 | 公司 2024 年度占用累计发生金额 | 公司 2024 年度占用累计发生金额（不 | | | （不含利息）3,261.41 万元，2024 | 含利息）2,758.63 万元，2024 年度 | | 性资金占用及其他关联资金往 | 年度偿还累计发生金额 2,976.25 | 偿还累计发生金额 2,703.47 万元， | | 来情况专项说明》之"附件- | 万元，2024 年期末占用资金余额 | 2024 年期末占用资金余额 55.16 万 | | 非经营性资金占用及其他关联 | 285.16 万元 | 元 | | 资金往来情况汇总表" | | | | | 2024 年度，公司全资子公司西藏日 | 2024 年度，公司全资子公司西藏日出 | | | 出东方阿康清洁能源有限公司向公 | | | | 司控股股东同一控制下企 ...

Market Overview - The kitchen and bathroom appliance sector increased by 0.48% on August 26, with Aopu Technology leading the gains [1] - The Shanghai Composite Index closed at 3868.38, down 0.39%, while the Shenzhen Component Index closed at 12473.17, up 0.26% [1] Stock Performance - Aopu Technology (603551) closed at 12.79, up 4.24% with a trading volume of 57,800 shares and a turnover of 73.02 million yuan [1] - Boss Electric (002508) closed at 20.24, up 1.20% with a trading volume of 118,900 shares and a turnover of 241 million yuan [1] - Wanhe Electric (002543) closed at 12.82, up 0.79% with a trading volume of 53,300 shares and a turnover of 68.11 million yuan [1] - Other notable stocks include Zhejiang Meida (002677) at 7.13 (+0.71%), and Vatti (002035) at 6.69 (+0.60%) [1] - Shuaifeng Electric (605336) closed at 15.94, down 0.13%, while Mars Man (300894) closed at 14.74, down 0.47% [1] - Yitian Smart (300911) closed at 57.50, down 1.91% with a significant turnover of 456 million yuan [1] Fund Flow Analysis - The kitchen and bathroom appliance sector experienced a net outflow of 19.79 million yuan from institutional investors and 10.70 million yuan from retail investors, while retail investors saw a net inflow of 30.49 million yuan [1] - Detailed fund flow for individual stocks shows that Yitian Smart (300911) had a net inflow of 39.04 million yuan from institutional investors, while it faced a net outflow of 39.13 million yuan from retail investors [2] - Boss Electric (002508) had a significant net outflow of 30.53 million yuan from institutional investors, but a net inflow of 28.01 million yuan from retail investors [2] - Shuaifeng Electric (605336) saw a net outflow of 7.60 million yuan from institutional investors, with a notable net inflow of 7.33 million yuan from retail investors [2]

Core Viewpoint - The company, 日出东方 (Sunrise Orient), reported a mixed financial performance for Q1 2025, with a decline in total revenue but an increase in net profit, indicating potential resilience in profitability despite revenue challenges [1]. Financial Performance - As of Q1 2025, the company reported total revenue of 693 million yuan, a year-on-year decrease of 5.17% [1]. - The net profit attributable to shareholders was 46.775 million yuan, reflecting a year-on-year increase of 10.71% [1]. - The non-recurring net profit was 71.206 million yuan, showing a year-on-year growth of 10.25% [1]. - The company's liquidity ratios were reported as follows: current ratio at 0.946, quick ratio at 0.676, and debt-to-asset ratio at 44.50% [1]. Stock Performance - On August 25, 2025, the stock closed at 10.92 yuan, with a slight increase of 0.28% [1]. - The trading volume was 566,700 hands, with a total transaction value of 616 million yuan [1]. - There was a net outflow of main funds amounting to 24.2877 million yuan, accounting for 3.94% of the transaction value [1]. Company Overview - 日出东方控股股份有限公司 was established in 1997 and is located in Lianyungang City, primarily engaged in research and experimental development [2]. - The company has a registered capital of 8.13278 billion yuan and a paid-in capital of 8 billion yuan [1]. - The legal representative of the company is 徐新建 [1]. Investment and Intellectual Property - The company has made investments in 30 enterprises and participated in 69 bidding projects [2]. - It holds 413 trademark registrations and 406 patent registrations, along with 35 administrative licenses [2].

Market Overview - On August 22, the kitchen and bathroom appliance sector declined by 0.74%, with Aopu Technology leading the decline [1] - The Shanghai Composite Index closed at 3825.76, up 1.45%, while the Shenzhen Component Index closed at 12166.06, up 2.07% [1] Stock Performance - The following stocks in the kitchen and bathroom appliance sector experienced price changes: - Vatti Corporation (002035) closed at 6.59, down 0.15% - Wanhe Electric (002543) closed at 12.67, down 0.31% - Boss Electric (002508) closed at 19.73, down 0.45% - Yitian Intelligent (300911) closed at 53.76, down 0.65% - Mars Man (300894) closed at 14.45, down 0.82% - Shuaixing Electric (605336) closed at 16.09, down 0.92% - Sunrise Oriental (603366) closed at 10.89, down 1.36% - Zhejiang Meida (002677) closed at 7.02, down 1.40% - Aopu Technology (603551) closed at 12.28, down 1.52% [1] Capital Flow - The kitchen and bathroom appliance sector saw a net outflow of 82.573 million yuan from main funds, while retail investors had a net inflow of 84.1644 million yuan [1] - Detailed capital flow for selected stocks: - Yitian Intelligent (300911): Main funds net inflow of 7.6044 million yuan, retail net outflow of 7.4910 million yuan - Wanhe Electric (002543): Main funds net inflow of 1.8963 million yuan, retail net outflow of 2.2001 million yuan - Aopu Technology (603551): Main funds net inflow of 0.8517 million yuan, retail net outflow of 1.5006 million yuan - Zhejiang Meida (002677): Main funds net outflow of 3.4627 million yuan, retail net inflow of 0.1567 million yuan - Vatti Corporation (002035): Main funds net outflow of 6.7138 million yuan, retail net inflow of 6.4965 million yuan - Mars Man (300894): Main funds net outflow of 12.8087 million yuan, retail net inflow of 14.1213 million yuan - Boss Electric (002508): Main funds net outflow of 22.5606 million yuan, retail net inflow of 22.8463 million yuan - Sunrise Oriental (603366): Main funds net outflow of 23.4953 million yuan, retail net inflow of 35.3115 million yuan - Shuaixing Electric (605336): Main funds net outflow of 23.8843 million yuan, retail net inflow of 16.7374 million yuan [2]