振江股份: 振江股份2024年审计报告

Audit Opinion - The audit report concludes that the financial statements of Jiangsu Zhenjiang New Energy Equipment Co., Ltd. fairly present the company's financial position as of December 31, 2024, in accordance with accounting standards [1][2]. Key Audit Matters - Revenue recognition is identified as a key audit matter, with total revenue for 2024 reported at RMB 3,945.84 million. The company recognizes revenue when control of the product transfers to the customer, which is critical due to the significant amount of sales [1][2]. - Inventory valuation at year-end is another key audit matter, with a reported inventory balance of RMB 1,161.81 million and a provision for inventory impairment at 16.12%. The valuation process is crucial due to the high percentage of impairment provision [2][3]. Company Overview - Jiangsu Zhenjiang New Energy Equipment Co., Ltd. was established through the restructuring of Jiangyin Zhenjiang Steel Structure Co., Ltd. with a registered capital of RMB 64.77 million. The company went public in November 2017, with a total share count of 125.63 million after the initial public offering [6][7]. - The company operates in the metal products industry, focusing on manufacturing, processing, and selling steel structure components and general equipment [10]. Financial Reporting - The financial statements are prepared based on actual transactions and in compliance with the accounting standards issued by the Ministry of Finance. The company has assessed its ability to continue as a going concern and found no significant doubts regarding its sustainability [10][11]. - The company has a consolidated financial statement scope that includes 38 subsidiaries, reflecting an increase of 9 and a decrease of 1 compared to the previous period [10]. Accounting Policies - The company follows the accrual basis of accounting and uses historical cost for measurement, with provisions for impairment where necessary. The financial statements are prepared in Renminbi [10][21]. - The company recognizes financial instruments upon becoming a party to the contract, measuring them at fair value initially, and categorizes them into three types based on their business model and cash flow characteristics [24].