Core Viewpoint - The audit report from Zhongxinghua CPA on Tianye Co., Ltd. for the 2024 financial statements issued a qualified opinion and a negative opinion on internal controls, indicating systemic deficiencies in financial management and internal controls, which may trigger delisting risk warnings [1] Financial Audit Qualified Opinion Key Issues - The authenticity of revenue and accounts receivable is questionable, with sales to certain trade customers amounting to approximately 16.02 million yuan and year-end accounts receivable balance of about 19.5 million yuan, raising suspicions of inflated revenue or related party transactions [2] - Procurement transactions are suspected of inflating costs by 8.55 million yuan through "contract markup" methods, with incomplete evidence provided, and some suppliers having short establishment times and abnormal transaction amounts [2] - Issues with construction in progress and asset measurement, including advance payments and questionable supplier qualifications, with fixed assets and biological assets of subsidiary Guangxi Tianye Agricultural Technology valued at approximately 56.6 million yuan, raising concerns about asset inflation [2] - The valuation of equity investments in Jiaxing Fangfu Hongxi at 25.82 million yuan is unverifiable due to the major shareholder's lack of actual capital contribution and incomplete business registration changes [3] - Uncorrected prior accounting errors indicate weak financial foundations and questionable reliability of historical data [4] Internal Control Negative Opinion Deep Risks - Systemic internal control deficiencies were noted, particularly in procurement, sales, and fund management, exposing significant vulnerabilities [5] - Ineffective management of related party transactions, with a notable increase in transactions with related party Nonggu Co., Ltd. in 2021, raising concerns about potential benefit transfers [6] - Governance structure flaws, as the claimed governance framework has not effectively checked management power, leading to hasty strategic decisions under pressure [7] Potential Financial Fraud Indicators - Multiple abnormal transactions suggest possible financial fraud [8] - Signs of inflated procurement, questionable revenue recognition, and abnormal related party transactions align with typical characteristics of financial fraud [9] - Lack of sufficient audit evidence raises suspicions of deliberate concealment or falsification of documents [10] - Historical issues and regulatory risks compound the situation, with Zhongxinghua facing penalties for audit failures in previous cases, raising doubts about audit quality [11]
审计非标意见暴露田野股份多重风险：收入虚增疑云与内控失效下的退市危机