SMIC(SH:600810) Xin Lang Zheng Quan·2025-06-20 08:47Group 1 - The core point of the article highlights the significant increase in related party transactions for Shennong Co., which raised regulatory inquiries due to a 36% year-on-year surge in related procurement for 2024, amounting to 12.028 billion yuan [1] - The company reported that over 80% of its transactions with its controlling shareholder, Pingmei Shennong Group, involved core production materials such as benzene and raw coal, with a staggering 1074% increase in raw coal procurement to 568 million yuan due to heightened demand from its subsidiary's hydrogen chemical project [1] - The audit firm pointed out that the company did not procure key raw materials like benzene from non-related parties in 2024, leading to concerns about the fairness of pricing and the absence of comparable price data [1] Group 2 - The pricing mechanism and market doubts surrounding the related party transactions are under scrutiny, as the applicability of the comparable uncontrolled price method is challenged due to unique conditions in the transactions, such as exclusive supply and pipeline transportation [2] - The company’s governance transparency is questioned, particularly regarding its capitalized R&D expenditures and the lack of disclosure on amortization methods for intangible assets, raising compliance concerns [2] - The current situation reflects a typical contradiction in state-owned enterprises' supply chain integration, where reliance on the controlling shareholder's resources enables rapid capacity expansion, but excessive dependence may lead to a loss of independence and potential risks if the group's supply chain fluctuates [3]