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收购标的业绩承诺“踩线”完成 武汉控股回复监管函:不存在提前确认收入情形

Core Viewpoint - Wuhan Holdings has responded to regulatory inquiries regarding its acquisition performance and high accounts receivable, asserting that the significant increase in net profit for 2024 is due to market expansion, cost control, and tax benefits, with no premature revenue recognition [1][2][3] Group 1: Acquisition Performance - The acquired company, Wuhan Water Construction Engineering Co., Ltd., achieved a total net profit of 166.56 million RMB from 2022 to 2024, surpassing the performance commitment of 163.35 million RMB, with a completion rate of 101.97% [2] - The substantial growth in net profit for 2024 is attributed to market expansion, stable business volume, increased contract amounts, and the application of new technologies, which have improved efficiency and reduced costs [2] Group 2: Accounts Receivable - Wuhan Holdings reported accounts receivable of 4.798 billion RMB, 5.002 billion RMB, and 5.847 billion RMB for the years 2022 to 2024, with 2024 accounts receivable representing 154.89% of annual revenue, an increase of 16.89% from the beginning of the year [3] - The company claims that its accounts receivable are primarily from government and large state-owned enterprises, which have strong creditworthiness, and that there is no risk of significant uncollectible accounts [3] Group 3: Financial Performance and Projections - For 2024, Wuhan Holdings expects to achieve revenue of 3.775 billion RMB, a year-on-year increase of 21.62%, but a net profit attributable to shareholders of 88.22 million RMB, reflecting a 39.03% decrease [4] - The decline in net profit is mainly due to the absence of non-recurring gains from land disposal that occurred in the previous year [4] - The company has set a revenue target of 4.072 billion RMB for 2025, representing a modest growth of approximately 7.87%, while projecting a slight decrease in net profit [4][5]