Group 1 - The cloud office concept declined by 2.82%, ranking among the top declines in the concept sector, with major declines seen in Wanxing Technology, Guangyun Technology, and Kingsoft Office [1] - The top gainers in the cloud office sector included Tianyuan Dike, Fengzhushou, and Erlingsan, with increases of 1.49%, 0.67%, and 0.66% respectively [1] - The cloud office sector experienced a net outflow of 1.878 billion yuan, with 43 stocks seeing net outflows, and 9 stocks with outflows exceeding 50 million yuan [1] Group 2 - The stock with the highest net outflow was Sanliu Ling, with a net outflow of 406 million yuan, followed by Wanxing Technology and Kingsoft Office with net outflows of 370 million yuan and 133 million yuan respectively [1] - The stocks with the highest net inflows included Tianyuan Dike, Erlingsan, and Qilin Xinan, with net inflows of 52.89 million yuan, 24.13 million yuan, and 7.38 million yuan respectively [1][2] - The overall performance of the cloud office sector reflects a challenging market environment, with significant capital outflows impacting major players [1][2]

Core Viewpoint - Kirin Xin'an, known as the "first domestic operating system stock," has adjusted its bad debt provision method for accounts receivable from its largest client, A1 unit, which has raised concerns from the stock exchange [1][2]. Financial Performance - As of the end of 2024, Kirin Xin'an reported accounts receivable of 4.06 billion yuan, with 2.23 billion yuan owed by A1 unit, accounting for 55% of total receivables [2][3]. - The company achieved operating revenue of 286 million yuan and a net profit of 7.94 million yuan in the previous year, indicating significant growth [1]. Accounts Receivable Details - The accounts receivable from A1 unit originated from sales made in 2021 and 2022, and as of now, these amounts have not been collected [1]. - The bad debt provision for A1 unit was changed from a combined provision method to an individual provision method, with a bad debt loss amounting to 60.78 million yuan, representing a provision rate of 27% [2][4]. Client Relationship and Sales History - A1 unit was the largest client from 2019 to 2022, with sales figures of 625.02 million yuan, 1.03 billion yuan, 1.44 billion yuan, and 1.65 billion yuan, each accounting for over 40% of Kirin Xin'an's revenue during those years [3]. - In 2023, revenue from A1 unit dropped to zero, but the company continues to provide technical support and maintenance services [3][5]. Change in Provision Methodology - The change in bad debt provision methodology was influenced by the aging of accounts receivable, with 1.81 billion yuan being 2 to 3 years old and 417.98 million yuan being 3 to 4 years old [4]. - The company opted for individual provision to reflect the credit risk more cautiously, as the aging structure of A1 unit's receivables significantly differs from other clients [5].

Core Viewpoint - The company Kirin Xin'an is collaborating on the development and adaptation of its embedded operating system for the "Xiangjiang No. 1" health companion humanoid robot, although it has not yet secured any orders in the humanoid robot sector [1] Group 1 - The embedded operating system has been integrated with super-powered robot products [1] - The collaboration focuses on the "Xiangjiang No. 1" health companion humanoid robot [1] - The development is ongoing with continuous iterations [1]

Core Viewpoint - Kirin Xin'an, known as the "first domestic operating system stock," has responded to the Shanghai Stock Exchange's inquiry regarding its change in bad debt provision method for accounts receivable from unit A1, raising concerns about its financial practices [1] Group 1 - As of the end of 2024, the company's accounts receivable balance from unit A1 stands at 223 million yuan, originating from product sales made in 2021 and 2022 [1] - The company previously used a combined provision method for bad debts but plans to switch to an individual provision method in its 2024 annual report [1] - The accounts receivable from unit A1 has not yet been collected, prompting the exchange's inquiry [1]

Core Viewpoint - The company has received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, specifically focusing on accounts receivable from a major client, A1 unit, and the adequacy of bad debt provisions [1][2]. Group 1: Accounts Receivable and Bad Debt Provisions - As of the end of 2024, the company's accounts receivable balance from A1 unit is 422.31 million yuan, with 55.17% of this amount (224.00 million yuan) being overdue [1][2]. - The company has changed its bad debt provision method for A1 unit from a collective approach to an individual assessment, resulting in a bad debt loss of 60.78 million yuan, which corresponds to a provision rate of 27% [1][3]. - The accounts receivable from A1 unit primarily originated from sales made in 2021 and 2022, with a significant portion (181.42 million yuan) being aged 2-3 years and 41.80 million yuan aged 3-4 years [2][3]. Group 2: Reasons for Bad Debt Provision Changes - The long overdue accounts from A1 unit are attributed to internal management issues within A1, but the company has not observed any signs of A1 refusing or being unable to pay [3][7]. - The company has conducted a thorough analysis of the credit risk associated with A1 unit, leading to the decision to individually assess bad debt provisions, which is deemed more accurate under current accounting standards [5][7]. - The bad debt provision for A1 unit is higher than what would have been calculated under the collective assessment method, reflecting a more cautious approach to credit risk [6][7]. Group 3: Revenue Recognition and Business Continuity - Revenue from A1 unit is recognized upon delivery and acceptance of products, with total recognized revenue amounting to 255.45 million yuan against a contract amount of 288.66 million yuan [11][12]. - The company continues to engage with A1 unit for after-sales maintenance and product development, indicating ongoing business relations despite the lack of new contracts or payments [17][19]. - The company has issued products to A1 unit valued at 24.82 million yuan, which are currently under price review, and no new sales contracts have been signed as of the latest update [17][19].

Core Viewpoint - The company has faced significant challenges with its major client, A1 unit, leading to a substantial increase in bad debt provisions due to the inability to collect receivables, which has prompted a shift from collective to individual bad debt provisioning [1][2][10]. Group 1: Accounts Receivable and Bad Debt Provisions - As of the end of 2024, the company's accounts receivable from A1 unit amounted to 406 million yuan, with 224 million yuan (55.17%) attributed to A1 unit [1]. - The bad debt provision for A1 unit was adjusted from a collective basis to an individual basis, with a bad debt loss of 60.78 million yuan, representing a provision rate of 27% [1][10]. - The aging analysis shows that as of the end of 2024, 181.42 million yuan of accounts receivable from A1 unit were aged 2-3 years, and 41.80 million yuan were aged 3-4 years, with no repayments received to date [3][10]. Group 2: Revenue Recognition and Client Relationship - Revenue from A1 unit was recognized upon delivery and acceptance of products, with total recognized revenue of 285.66 million yuan against a contract amount of 288.66 million yuan [12][14]. - The company has maintained ongoing communication with A1 unit to facilitate the collection of receivables and has continued to provide after-sales support and product development [15][16]. - Despite the lack of new contracts or payments from A1 unit in 2024, the business relationship remains active, with ongoing product deliveries and technical support [16][18]. Group 3: Audit and Verification - The sponsor institution conducted thorough verification procedures, including interviews with management and reviews of accounts receivable details, confirming the accuracy of revenue recognition and the sufficiency of bad debt provisions [16][17]. - The audit confirmed that the company’s bad debt provisioning practices align with industry standards and that the provisions made for A1 unit were adequate given the circumstances [10][19].

天职业字[2025] 36120 号 2024 年年度报告信息披露监管问询函的回复 湖南麒麟信安科技股份有限公司 目 录 关于湖南麒麟信安科技股份有限公司 2024 年年度报告信息披露监管问询函的 回复- 1 关于湖南麒麟信安科技股份有限公司 2024 年年度报告信息披露监管问询函的回复 天职业字[2025]36120 号 上海证券交易所: 贵所出具的《关于湖南麒麟信安科技股份有限公司 2024 年年度报告的信息披露监管问 询函》(上证科创公函【2025】0330 号 )（以下简称"问询函"）已收悉。天职国际会计师事务 所〈特殊普通合伙〉(以下简称"我们"或"年审会计师")作为湖南麒麟信安科技股份有限 公司(以下简称"公司"或"麒麟信安")的年审会计师,对问询函中涉及年审会计师的相 关问题,逐条回复如下: 如无特别说明,本问询函回复中使用的简称与公司《2024年年度报告》中的释义一致。 本回复所引用的财务数据和财务指标,如无特殊说明,均为合并报表口径的财务数据和 根据该类财务数据计算的财务指标。 在本间询函回复中,若合计数与各分项数值相加之和在尾数上存在差异,均为四舍五入 原因所致。 在本问询函回复中,期初指 ...

中泰证券股份有限公司 关于湖南麒麟信安科技股份有限公司 （一）对 A1 单位的应收账款形成时间、账龄分布、期后回款情况，报告期 内单项大额计提坏账损失的原因和依据、前期及本期坏账计提金额是否充分 1 1、对 A1 单位的应收账款形成时间、账龄分布、期后回款情况 2024 年年度报告信息披露监管问询函回复的核查意见 上海证券交易所: 根据贵所《关于湖南麒麟信安科技股份有限公司 2024 年年度报告的信息披 露监管问询函》（上证科创公函[2025]0330 号，以下简称"问询函"）的要求， 中泰证券股份有限公司（以下简称"中泰证券"或"保荐机构"）作为湖南麒麟 信安科技股份有限公司（以下简称"麒麟信安"或"公司"）的持续督导机构， 会同公司及天职国际会计师事务所（特殊普通合伙），对问询函所提及的事项进 行了逐项落实，现将问询函所涉及问题回复如下： 问题：年报及前期公告显示，2024 年末公司应收账款余额为 4.06 亿元，其 中对 A1 单位应收账款余额为 2.24 亿元，占比 55.17%。2024 年开始，公司对 A1 单位应收账款的坏账计提从组合计提变更为单项计提坏账准备，坏账损失金额 为 6,078 万元 ...

证券代码：688152 证券简称：麒麟信安 公告编号：2025-059 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、准确性和完整性依法承担法律责任。 湖南麒麟信安科技股份有限公司（以下简称"公司"或"麒麟信安"）近期收到 上海证券交易所科创板公司管理部下发的《关于湖南麒麟信安科技股份有限公司 2024 年年度报告的信息披露监管问询函》（上证科创公函[2025]0330 号）（以 下简称"问询函"）。公司及相关中介机构就问询函关注的问题逐项进行了认真核 查落实，现就有关问题具体回复如下： 问题：年报及前期公告显示，2024 年末公司应收账款余额为 4.06 亿元，其 中对 A1 单位应收账款余额为 2.24 亿元，占比 55.17%。2024 年开始，公司对 A1 单位应收账款的坏账计提从组合计提变更为单项计提坏账准备，坏账损失金 额为 6,078 万元，计提比例为 27%。2019 年至 2022 年，A1 单位是公司的第一 大客户，2023 年来源于 A1 单位相关收入下降为零。 请公司补充说明：（1）对 A1 单位的应收账款形成时间、账龄分布、期后 ...

Group 1: Industry Overview - The artificial intelligence industry in China is projected to grow from 18 billion yuan in 2017 to 600 billion yuan by 2024, and is expected to exceed 1 trillion yuan by 2030 [1] - 40 self-controlled concept stocks have seen an average increase of over 8% this year, with notable performances from companies like 瑞芯微 (190% profit growth) and 云从科技 (34% stock price increase) [1][3] Group 2: Market Dynamics - The perception of market news can vary significantly based on the perspective of different stakeholders, often leading to misleading interpretations for retail investors [5] - Historical patterns indicate that institutional investors often act before major news is released, suggesting a strategic approach to stock trading [8][15] Group 3: Institutional Behavior - The analysis of "institutional inventory" data is crucial, as it reflects the level of institutional participation in stock trading, indicating potential bullish sentiment [7][16] - Active institutional inventory can signal that large funds are positioning themselves for future gains, even if stock prices do not immediately reflect this [15] Group 4: Investment Strategy - Investors are encouraged to look beyond surface-level data and consider which companies possess core technologies versus those merely riding trends [16] - Establishing a quantitative analysis framework and focusing on key indicators like "institutional inventory" can provide deeper insights into market movements [19]