神马股份回复问询 称大额关联交易价格基本公允

Core Viewpoint - Shennong Co., Ltd. reported a significant increase in related party transactions in its 2024 annual report, with a total of 120.28 billion yuan, primarily due to increased procurement from its controlling shareholder and related parties [1] Group 1: Related Party Transactions - The total amount of related party transactions reached 120.28 billion yuan, with related procurement accounting for 98.37 billion yuan, a year-on-year increase of 36.24%, and related sales amounting to 21.59 billion yuan, up 5.03% [1] - The company has receivables from its controlling shareholder and related parties totaling 3.91 billion yuan, with prepayments of 1.25 billion yuan and other receivables of 1.62 billion yuan [1] Group 2: Procurement Details - The company procured a total of 50.09 billion yuan from its controlling shareholder, China Pingmei Shenma Group, mainly for five products: benzene, caprolactam, raw coal, liquid ammonia, and cyclohexanone, which accounted for approximately 69.62% of total procurement [2] - The procurement prices from related parties were lower than market averages due to cost savings from pipeline transportation and the advantages of integrated supply chains [2] Group 3: Reasons for Increased Procurement - The significant increase in related party procurement was attributed to new equipment purchases for ongoing projects by subsidiaries, with procurement amounts for subsidiaries like Puli Materials, Long'an Chemical, and Aidi'an increasing by 87.65% compared to the previous year [3] - The procurement of raw coal also surged, with quantities increasing from 4.98 million tons in 2023 to 65.46 million tons in 2024, resulting in a procurement amount increase of 1074.22% [3] - The company emphasized the necessity of related party procurement to leverage the centralized purchasing advantages of its controlling shareholder, ensuring quality and reducing costs [3]