SBT(600608) 证券时报网·2024-12-10 17:52Core Viewpoint - ST HuKe's main trading business is under scrutiny due to questions about its commercial substance and the relationships between suppliers and customers [1][10]. Supplier and Customer Relationships - The relationships between ST HuKe's suppliers and customers are complex, with significant overlaps in control and ownership [2][3]. - Key suppliers and customers, such as Kunming Donghao Titanium Industry Co., Ltd. and Jiangsu Fanhua Chemical Technology Co., Ltd., have interlinked business dealings [2][3]. Business Operations and Financial Impact - ST HuKe's revenue heavily relies on its trading operations, with chemical product trading accounting for 85.40% of total revenue and agricultural product trading contributing 14.56% [8][9]. - The company reported a total revenue of 1.895 billion and a net profit of 19.35 million for the first three quarters of the year [9]. Concerns Over Business Authenticity - There are serious doubts regarding the authenticity of ST HuKe's trading activities, as many suppliers and customers appear to be linked to questionable entities, including alleged fake state-owned enterprises [11][12]. - The company has acknowledged the need for further verification of the relationships and the commercial substance of its transactions [10]. Investigative Findings - Investigations revealed that some registered addresses of involved companies were unoccupied or did not correspond to the listed businesses, raising further concerns about their legitimacy [8]. - The connections between various entities involved in ST HuKe's supply chain suggest that they may not require ST HuKe as an intermediary for their transactions [6].