Zhejiang Furun(600070) 每日经济新闻·2025-03-19 02:21Core Viewpoint - *ST Furuin (SH600070) is facing potential financial delisting risks as it anticipates a significant revenue decline in 2024, with projected revenue dropping to approximately 287 million yuan, below the critical threshold of 300 million yuan [1][2][3] Financial Performance - The company expects to achieve total revenue of 306 million yuan in 2024, with the revenue adjusted for non-core business activities estimated at about 287 million yuan [1][2] - A previous announcement indicated an expected revenue of around 316 million yuan, highlighting a downward revision in financial forecasts [2] - The anticipated net loss for the company in 2024 is projected to be between 315 million yuan and 385 million yuan [2] Audit and Compliance - The auditing firm has stated that it cannot confirm whether the revised financial data complies with accounting standards due to incomplete audit procedures [3][5] - There are concerns regarding the revenue recognition methods used by the company, which may not align with regulatory requirements [3][5] Business Segments - The company’s primary revenue streams include operator number card and inventory package business (1.08 billion yuan), data products and system integration (6717.75 million yuan), digital rights business (6870.68 million yuan), and SMS channel business (3935.35 million yuan), collectively accounting for 90.57% of total revenue [4] - New business initiatives in 2024 include digital rights and SMS channel services, with significant investments in professional talent to enhance service value [4] Profitability Metrics - The gross margin for the SMS channel business is reported at 3.12%, which is lower than the industry average of 4.70%, attributed to the company's early-stage operations [5] - The company faces inventory and financial risks due to its responsibility for customer satisfaction and the potential for non-payment if service outcomes do not meet client expectations [5]