Seeyon(SH:688369) Zheng Quan Zhi Xing·2025-06-19 11:05Core Viewpoint - Beijing Zhiyuan Huilian Software Co., Ltd. reported significant declines in revenue and net profit for the fiscal year 2024, with total revenue of 847 million yuan, a year-on-year decrease of 18.97%, and a net loss of 236 million yuan, a drastic decline of 371% compared to the previous year [2][18]. Financial Performance - The company adjusted its revenue figures, reporting a total operating income of 846.53 million yuan, which is 71.3 million yuan lower than previously disclosed [2][4]. - The revenue from distribution mode decreased by 41.64%, while the gross margin for this mode was 78.29%, higher than the direct sales margin of 61.93% [18][27]. - The total sales and management expenses amounted to 562 million yuan, accounting for 66.4% of total revenue, an increase of 14.73 percentage points year-on-year [18][19]. Revenue Adjustment Reasons - The revenue adjustment was primarily due to a cautious reduction in dealer income and an increase in contract liabilities, as well as impairment provisions for associated companies [2][10]. - The company identified discrepancies in the sales data due to inaccurate or incomplete information provided by dealers, leading to a reduction in recognized revenue [4][9]. Market and Industry Analysis - The company operates in a highly competitive environment, facing challenges from major internet companies in the small and medium enterprise market, while large enterprises are experiencing budget cuts affecting IT investments [19][25]. - The shift in market demand towards customized solutions and the acceleration of digital transformation has increased the complexity and cost of project delivery, impacting profit margins [20][21]. Internal Control and Governance - The company has acknowledged deficiencies in its financial management and internal control systems, leading to repeated corrections in performance forecasts and reports [10][11]. - A special rectification team has been established to enhance financial management, improve information disclosure quality, and strengthen internal controls [14][15]. Future Outlook - The company is focusing on upgrading its financial accounting and internal control systems to better adapt to market changes and improve operational efficiency [16][26]. - The ongoing transformation and upgrade of the business model are critical for the company to regain market confidence and ensure sustainable growth in the future [25][26].