前五大客户贡献超七成营收引质疑，“太湖蓝藻治理商”德林海回复监管问询函

Core Viewpoint - The company, Delin Hai, has responded to regulatory inquiries regarding its concentrated customer base and financial performance, highlighting the nature of its specialized business in eutrophication lake management and the impact of increased costs and credit losses on its profitability [1][2][3]. Financial Performance - In 2024, Delin Hai reported a revenue of 447 million yuan, a year-on-year increase of 44.71%, while the net profit attributable to shareholders was a loss of 86.15 million yuan, which is a larger loss compared to the previous year [2]. - The revenue from the top five customers amounted to 319 million yuan, accounting for 71.17% of total revenue, with the largest customer contributing 185 million yuan, representing 41.18% of total revenue [2][3]. Customer Concentration - The company explained that its customer concentration is a reflection of the stage-specific nature of its projects in eutrophication lake management, rather than a dependency on specific clients [1]. - The top three customers have significant accounts receivable balances, with high bad debt provisions due to aging receivables [4]. Bad Debt and Financial Liabilities - As of the end of 2024, the company had accounts receivable of 690 million yuan and a bad debt provision of 260 million yuan, with a bad debt loss of 119 million yuan during the period [3][4]. - The company faced a legal dispute with a subsidiary regarding a fund return of approximately 103 million yuan, but a recent court ruling favored Delin Hai, which will positively impact its financial situation [5].