Market Overview - On August 4, the internet e-commerce sector rose by 0.28% compared to the previous trading day, with ST Tongpu leading the gains [1] - The Shanghai Composite Index closed at 3583.31, up 0.66%, while the Shenzhen Component Index closed at 11041.56, up 0.46% [1] Stock Performance - ST Tongpu (600365) closed at 3.15, with a gain of 2.94% and a trading volume of 43,500 shares, amounting to a transaction value of 13.5 million yuan [1] - Other notable performers included Ruoyu Chen (003010) with a closing price of 50.43, up 2.11%, and San Tai Co. (301558) at 65.6, up 1.27% [1] - The overall trading volume and transaction values for various stocks in the sector were significant, with Ruoyu Chen reaching 345 million yuan [1] Capital Flow - The internet e-commerce sector experienced a net outflow of 36.34 million yuan from institutional investors and 69.55 million yuan from speculative funds, while retail investors saw a net inflow of 106 million yuan [2] - The capital flow data indicates varying investor sentiment, with institutional and speculative investors pulling back while retail investors increased their positions [2] Individual Stock Capital Flow - Focus Technology (002315) had a net inflow of 22.92 million yuan from institutional investors, while it faced a net outflow of 31.69 million yuan from retail investors [3] - Ruoyu Chen (003010) saw a net inflow of 11.21 million yuan from institutional investors but a net outflow of 30.26 million yuan from speculative funds [3] - Other stocks like San Tai Co. (301558) and Star徽股份 (300464) also showed mixed capital flows, indicating diverse investor strategies within the sector [3]

Market Overview - The internet e-commerce sector experienced a decline of 0.78% on July 30, with Lionhead Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 3615.72, up 0.17%, while the Shenzhen Component Index closed at 11203.03, down 0.77% [1] Individual Stock Performance - Notable gainers included Ruoyuchen with a closing price of 49.45, up 2.13%, and Huakai Yibai at 11.49, up 0.97% [1] - Lionhead Co., Ltd. saw a significant decline of 5.43%, closing at 13.05, with a trading volume of 192,000 shares and a transaction value of 255 million [2] - Other stocks like Kuaijingtong and Saiwei Times also faced declines of 3.20% and 2.91% respectively [2] Capital Flow Analysis - The internet e-commerce sector experienced a net outflow of 222 million from main funds, while retail investors saw a net inflow of 223 million [2] - The capital flow for individual stocks showed that Ruoyuchen had a net inflow of approximately 35.48 million from main funds, while Ji Hong Co. faced a net outflow of 35.25 million [3] - The overall trend indicates a shift in investor sentiment, with retail investors showing more interest compared to institutional investors [2][3]

Core Insights - The company, Guolian Co., focuses on B2B e-commerce, providing a comprehensive service platform for industrial products and raw materials, with online trading and commercial information services as its core offerings [3] Financial Performance - In 2019, the company achieved a net profit attributable to shareholders of 159 million yuan, which grew to 1.455 billion yuan by 2024, marking a cumulative growth of 815.34% over six years [3] - The company has maintained profitability without any loss in the past six years, achieving a 100% growth rate in net profit during this period [3] - Revenue increased from 14.818 billion yuan in 2020 to 53.585 billion yuan in 2024, indicating a sustained expansion in revenue scale with a high compound annual growth rate [3] - Net profit rose from 304 million yuan in 2020 to 1.455 billion yuan in 2024, demonstrating significant improvement in profitability [3] Market Performance - Since its listing, the company's market value has increased by 4.72 times, reflecting strong growth potential [5] - The peak market value reached 65.698 billion yuan on November 22, 2022, with the stock price rising to 131.75 yuan [5] - As of July 29, the stock price was 24.37 yuan, with a market value of 17.56 billion yuan, indicating a decrease of 48.138 billion yuan in market value, or a 73.27% drop from its peak [5]

Core Viewpoint - Company has disclosed adjustments to its revenue figures for the first three quarters of 2024, citing discrepancies due to a change in accounting practices and further verification of transactions [1][4]. Group 1: Revenue Adjustments - Company reported quarterly revenues for 2024 as follows: 13.623 billion, 12.105 billion, 14.514 billion, and 13.343 billion, with discrepancies of -16.21%, -10.23%, and -15.91% for the first three quarters compared to previous reports [1]. - Adjustments were made based on a more thorough review of transactions, leading to corrections in revenue recognition for prior periods [1][4]. Group 2: Business Model and Operations - Company operates a B2B e-commerce and industrial internet platform, with online product trading accounting for 99.65% of its revenue [2]. - Transactions are categorized based on whether they involve physical movement of goods or merely the transfer of ownership rights [2]. Group 3: Regulatory Compliance and Risk Management - Company has implemented a multi-dimensional evaluation system for customers and suppliers to enhance financial reporting accuracy and mitigate business risks [3][4]. - Adjustments to revenue recognition were influenced by new regulatory guidelines and specific risk events identified in the industry [3][4]. Group 4: Executive Compensation - Executive compensation is linked to audited net profit rather than revenue figures, with specific salaries disclosed for key executives [4].

Core Viewpoint - The company held its seventh board meeting on July 25, 2025, where it approved the capital increase and introduction of investors for its subsidiary, Beijing Weiduoduo E-commerce Co., Ltd., and corrected the financial data for the first three quarters of 2024 [1][4]. Group 1: Board Meeting Resolutions - The board meeting was convened with all nine directors present, and the resolutions were passed unanimously [2][3]. - The board approved the proposal regarding the capital increase and introduction of investors for the subsidiary [1]. - The proposal for correcting the financial data for the first three quarters of 2024 was also approved [4][6]. Group 2: Financial Data Correction - The company acknowledged discrepancies in the reported revenue for the first three quarters of 2024, with differences of -16.21%, -10.23%, and -15.91% compared to previous reports [16]. - The company explained that the corrections were due to a change in revenue recognition methods, specifically the adoption of net method for certain transactions [17][20]. - The company emphasized that the corrections align with accounting standards and improve the quality of financial information [10][11]. Group 3: Compliance and Governance - The company received a regulatory letter from the Shanghai Stock Exchange regarding its 2024 annual report, prompting a review of its revenue recognition practices [15]. - The company has implemented a multi-dimensional evaluation system for customers and suppliers to enhance risk management and compliance [54][56]. - The company is committed to improving the accuracy and reliability of its financial reporting through enhanced training and understanding of accounting standards among its financial personnel [57][58].

Group 1 - The company reported a significant decline in quarterly revenue for 2024, with figures of 13.623 billion, 12.105 billion, and a variance of -16.21%, -10.23%, and -15.91% respectively, attributed to a shift in revenue recognition methods from gross to net [2][3][4] - The company operates primarily in B2B e-commerce and industrial internet platforms, with online product transactions accounting for 99.65% of total revenue [3][4] - The revenue recognition methods are categorized into two types: transactions with physical movement of goods and those without, affecting how revenue is recorded [5][6] Group 2 - For transactions without physical movement, the company applies net revenue recognition due to the inability to demonstrate control over the goods before transfer to customers [6][14] - In transactions with physical movement, the company assumes the role of the primary responsible party, thus recognizing revenue based on the total consideration received [11][12] - The company has implemented a multi-dimensional evaluation system for customers and suppliers to enhance business management and mitigate risks, particularly in light of recent regulatory scrutiny [16][19][23] Group 3 - The company has not identified any discrepancies in revenue recognition methods from 2020 to 2023, asserting that past practices were consistent with accounting standards [22][23] - Adjustments to revenue recognition for the first three quarters of 2024 were made based on a comprehensive review of business operations and market conditions, leading to a more cautious accounting approach [29][30] - The company emphasizes that its revenue recognition practices align with industry norms and regulatory requirements, ensuring the accuracy and reliability of financial reporting [20][21][22]

证券代码：603613 证券简称：国联股份 公告编号：2025-024 北京国联视讯信息技术股份有限公司 关于 2024 年年度报告的信息披露监管工作函 之部分回复的公告 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。 一、公司回复： （一）对照会计准则要求，结合具体业务开展模式，补充披露本年度对营 业收入采用总额法和净额法确认的判断依据； 公司主营 B2B 电子商务和产业互联网平台，以工业电子商务为基础，以产 业大数据和产业数字化为支撑，为相关行业提供工业品和原材料的网上商品交易、 商业信息服务和数字技术服务。该业务产品主要涉及涂料化工相关产品、卫生用 品相关产品、玻璃相关产品、化肥相关产品、粮油相关产品等。本年度公司的业 务开展模式较前期未发生变更，网上商品交易业务占公司营业收入 99.65%。 公司的销售及采购为独立环节，客户通过公司多多电商平台的自营商城（多 多超市）选择所需商品进行下单采购，公司根据客户需求、交易数据及未来的市 场预测向供应商采购货物或通过预付款方式要求供应商备货。多多超市（多多自 营）由公司根据具体 ...

证券代码：603613 证券简称：国联股份 公告编号：2025-025 北京国联视讯信息技术股份有限公司 关于控股子公司增资扩股并引入投资者的公告 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： 北京国联视讯信息技术股份有限公司（以下简称"公司"或"国联股份"） 控股子公司北京卫多多电子商务股份有限公司（以下简称"卫多多"或"标的公 司"）拟实施A1轮增资扩股，珠海格金九号股权投资基金合伙企业（有限合伙） 拟出资10,000万元人民币，其中49.7512万元计入注册资本，9,950.2488万元计 入资本公积，持股比例为1.6051%；珠海格金三号股权投资基金合伙企业（有限 合伙）拟出资10,000万元人民币，其中49.7512万元计入注册资本，9,950.2488 万元计入资本公积，持股比例为1.6051%；本次增资完成后，卫多多注册资本由 3,000万元增加至3,099.5024万元，仍为公司控股子公司。本次卫多多增资扩股 事项不构成关联交易，亦不构成重大资产重组。 风险提示：卫多多增资扩股并引入投资者不会 ...

证券代码：603613 证券简称：国联股份 公告编号：2025-023 北京国联视讯信息技术股份有限公司 第九届监事会第七次会议决议公告 本公司监事会及全体监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。 北京国联视讯信息技术股份有限公司（以下简称"公司"或"国联股份"） 第九届监事会第七次会议于 2025 年 7 月 25 日以通讯的方式召开。本次会议由监 事会主席刘锐女士召集并主持，会议应出席监事 4 人，实际出席监事 4 人，公司 董事会秘书列席了本次会议。经全体监事一致同意豁免本次监事会的通知时限， 会议通知已于 2025 年 7 月 24 日以电子邮件方式向各位监事发出，本次会议的召 集、召开及表决程序符合《公司法》等法律、法规、规范性文件及《公司章程》、 《监事会议事规则》的规定。 经与会监事认真讨论，审核并通过如下事项： 一、审议通过《关于公司 2024 年前三季度财务数据更正的议案》 监事会认为：公司本次对 2024 年前三季度财务数据更正事项符合相关法律 法规的规定，能够客观反映公司实际财务状况，提高了公司财务信息质量，不存 在 ...

证券代码：603613 证券简称：国联股份 公告编号：2025-022 北京国联视讯信息技术股份有限公司 第九届董事会第七次会议决议公告 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。 经与会董事认真讨论，审核并通过如下事项： 一、审议通过《关于控股子公司北京卫多多电子商务股份有限公司 A1 轮增 资扩股并引入投资者的议案》 具体内容详见 2025 年 7 月 26 日刊登在《中国证券报》、《上海证券报》、 《证券时报》、《证券日报》和上海证券交易所网站（http://www.sse.com.cn/） 披露的《关于控股子公司增资扩股并引入投资者的公告》（公告编号：2025-025）。 会议表决结果：9 票同意，0 票反对，0 票弃权。 本议案无需提交公司股东大会审议。 二、审议通过《关于公司 2024 年前三季度财务数据更正的议案》 具体内容详见 2025 年 7 月 26 日刊登在《中国证券报》、《上海证券报》、 《证券时报》、《证券日报》和上海证券交易所网站（http://www.sse.com.cn/） 披露的《北京国联 ...