大客户销售数据“打架”，青海春天去年到底卖了多少酒

Core Viewpoint - Qinghai Spring (600381.SH) is facing a delisting risk due to financial indicators triggering delisting clauses, with a warning of "ST" (Special Treatment) to be implemented after the 2024 annual report disclosure [1][2]. Financial Performance - The company expects a net profit loss attributable to shareholders of between 187 million to 225 million yuan for 2024, with a revenue forecast of approximately 256 million to 285 million yuan [2]. - The revenue has been revised down from an initial forecast of 310 million to 339 million yuan to below 300 million yuan, which is critical as it is below the 300 million yuan threshold that could trigger delisting [3][4]. Audit and Regulatory Concerns - The initial financial forecast was questioned by the Shanghai Stock Exchange, leading to an inquiry regarding the authenticity of revenue and the nature of business income [4]. - The auditing firm has raised doubts about the credibility of Qinghai Spring's financial statements, indicating potential for a disclaimer or adverse opinion on the 2024 financial report if sufficient audit evidence cannot be obtained [4][5]. Sales and Revenue Issues - Concerns have been raised regarding the sales of Cordyceps, with reported sales of approximately 152 million yuan, but significant accounts receivable of 56.87 million yuan, suggesting issues with the sales model [5]. - The white liquor segment showed abnormal revenue growth in December, accounting for about 50% of annual sales, which is deemed lacking commercial rationale given the overall market conditions [6][7]. Customer Transactions and Revenue Recognition - The company has been scrutinized for recognizing sales revenue from customers who have not yet sold the products, raising questions about the legitimacy of reported sales figures [7][8]. - Specific customers, such as Chengdu Tinghua Ling, reported significant sales but had not achieved corresponding sales post-delivery, indicating potential revenue recognition issues [9][10]. Conclusion - The discrepancies in reported sales figures and the ongoing audit concerns suggest that the financial health of Qinghai Spring is under significant scrutiny, with the upcoming annual report expected to provide further clarity on these issues [12].