总额法改净额法立竿见影数十家上市公司营收“瘦身”

Core Viewpoint - Since 2025, A-shares have experienced a significant reshuffling in revenue recognition methods, with over 30 listed companies adjusting their accounting practices, leading to a total revenue reduction exceeding 10 billion yuan [1][2]. Group 1: Revenue Recognition Adjustments - More than 30 listed companies have announced corrections related to revenue recognition methods, switching from gross to net accounting, resulting in a total revenue adjustment of over 10 billion yuan [1]. - Companies like *ST Hu Ke and Te Rui De have made significant adjustments, with *ST Hu Ke's revenue dropping by over 90% for the first nine months of 2024 due to the change in accounting method [1]. - The adjustments are primarily concentrated in trade, especially in bulk commodities and supply chain trade, where misapplication of revenue recognition methods is common [2]. Group 2: Areas of Misapplication - The misapplication of revenue recognition methods is prevalent in several sectors, including trade, charging services, and technical services [2]. - For instance, companies like Aote Xun and Beiba Media have changed their revenue recognition from gross to net due to their role as service intermediaries in the new energy charging service business [2]. - Other sectors affected include e-commerce platform operations, advertising agency services, and entrusted processing, where the choice between gross and net accounting is frequently misused [2]. Group 3: Regulatory and Practical Challenges - The improper use of gross and net methods has been highlighted in multiple regulatory cases, with 63 companies penalized by the China Securities Regulatory Commission for such misapplications since 2020 [4]. - The complexity of determining control transfer and the distinction between principal and agent roles in transactions complicates the correct application of revenue recognition methods [5]. - Regulatory bodies have emphasized the need for clearer guidelines and training to help companies navigate the complexities of revenue recognition [7]. Group 4: Investor Considerations - Investors are advised to focus on cash flow rather than revenue, remain cautious of companies frequently changing their main business, and avoid complex related-party transactions that may indicate financial manipulation [8]. - The use of net accounting can reflect a company's true commercial role, and investors should analyze the underlying business logic and regulatory dynamics to assess revenue authenticity [7][8].