ST先锋回复年报问询：实控人长期境外履职不影响内控

Core Viewpoint - ST Pioneer has reported a negative net profit for the fourth consecutive year, with a non-recurring net profit of -16.73 million yuan for 2024, raising concerns about its ongoing viability and financial stability [1] Financial Performance - The company achieved a revenue growth of 2.64% year-on-year for 2024, while the non-recurring net profit loss narrowed by 66.45% compared to the previous year [3] - The company maintained a low debt level with no interest-bearing debts over the past three years, and its asset-liability ratio has remained low [4] Audit and Compliance - The audit report for 2024 included a qualified opinion due to guarantees provided to related parties and accounts receivable issues with KRS companies, which were consistent with the previous year's concerns [1][4] - The company has received an inquiry letter from the exchange regarding its ability to continue as a going concern and the specifics of related guarantees [1] Management and Operations - The actual controller and general manager, Lu Xianfeng, has been working abroad for personal reasons, while the financial director, Ye Linling, has also spent significant time overseas due to the establishment of subsidiaries in Singapore and Malaysia [2] - Despite the management being abroad, the company claims to maintain effective internal controls through online processes and institutional oversight [2] Debt and Liquidity - The company has reduced the balance of related guarantee loans from 193 million yuan at the end of 2023 to 51 million yuan currently, alleviating some associated risks [4] - The actual controller's short-term debt repayment ability is poor, with all shares in the listed company being restricted, and liquidity issues are present in related parties [5][6] Accounts Receivable - KRS company, a downstream partner, has been facing financial difficulties, with ST Pioneer reporting a sales amount of 47.57 million yuan in 2024, of which 1 million yuan has been recovered [6][7] - KRS company has committed to a repayment plan, with a promise to pay 15 million yuan by specific deadlines, backed by personal guarantees from Lu Xianfeng [7]