CYG(SH:600525) Mei Ri Jing Ji Xin Wen·2025-06-13 02:40Core Viewpoint - ST Changyuan has disclosed its response to the Shanghai Stock Exchange's inquiry letter, addressing only two out of five major issues, while deferring responses on significant matters such as non-operating fund occupation by related parties, operating performance, and audit opinions due to the complexity of the issues involved [1][2][3]. Group 1: Financial Performance - In 2024, ST Changyuan reported a revenue of 7.874 billion yuan, a year-on-year decrease of 7.22%, and a net loss attributable to shareholders of 978 million yuan, marking a shift from profit to loss primarily due to a significant decline in the profitability of its main business and large goodwill impairment [2][3]. - The company’s accounts receivable at the end of the reporting period amounted to 3.515 billion yuan, with a provision for bad debts of 570 million yuan, including 233 million yuan for specific accounts [4]. Group 2: Related Party Transactions - The chairman of ST Changyuan, Wu Qiquan, controls Zhuhai Yuntaili Holdings Development Co., Ltd., which has occupied company funds through third parties, with balances of 294 million yuan and 264 million yuan at the end of 2023 and 2024, respectively [2][3]. Group 3: Audit Opinions - Due to the non-operating fund occupation by related parties, the financial report for 2024 received a qualified audit opinion, and the internal control report received a negative opinion [3]. Group 4: Accounts Receivable Financing - The accounts receivable financing balance at the end of 2024 was 492 million yuan, a year-on-year increase of 117.51%, primarily due to accounts receivable notes [4]. - The company reported a prepayment balance of 307 million yuan at the end of 2024, a year-on-year increase of 141.16%, mainly due to new prepayments for materials related to renewable energy projects [4][5].