Foran Energy(SZ:002911) Zheng Quan Zhi Xing·2025-06-13 13:19Core Viewpoint - The financial statements of Inner Mongolia Yigao Coal Chemical Technology Co., Ltd. (referred to as "Yigao Coal Chemical") for the years ending December 31, 2023, and December 31, 2024, have been audited and are deemed to fairly reflect the company's financial position and operating results in accordance with accounting standards [2][3]. Financial Statements Overview - The audit covered the consolidated and parent company balance sheets, income statements, and cash flow statements for the years 2023 and 2024 [2]. - The company has a registered capital of RMB 4,073,397,010.83 as of November 2024 [11]. Company Background - Yigao Coal Chemical was established in June 2005 with a registered capital of RMB 100 million, later increased to RMB 400 million through a capital increase and share transfer [5]. - The company operates in the chemical raw materials and products manufacturing industry, primarily engaged in the production and sale of methanol and its derivatives [11]. Shareholding Changes - The company has undergone multiple shareholding changes since its establishment, with significant transfers occurring in 2005, 2009, 2010, 2015, 2016, 2017, 2020, 2022, and 2023, leading to changes in ownership percentages among major shareholders [6][7][8][9][10][11]. - As of the latest updates, Yigao Coal Chemical Technology holds a 74.104% stake, while other shareholders hold the remaining percentages [11]. Financial Performance - As of December 31, 2024, the company reported cumulative losses amounting to RMB 3,582,031,192.17 and net current liabilities of RMB 928,216,086.17 [12][13]. - The company's ongoing operations are significantly reliant on financial support from shareholders and related parties [13]. Accounting Policies - The company prepares its financial statements based on the going concern assumption, ensuring that they reflect the actual transactions and events in accordance with accounting standards [12]. - The company employs various accounting policies for revenue recognition, asset valuation, and financial instruments, ensuring compliance with relevant regulations [12][14][20]. Asset Management - Inventory is measured at the lower of cost and net realizable value, with costs calculated using the weighted average method [29]. - Fixed assets are depreciated using the straight-line method over their estimated useful lives, which vary by asset type [31].