AAA PUBLIC(SH:600979) Zheng Quan Zhi Xing·2025-06-23 14:49Group 1 - The company received an inquiry letter from the Shanghai Stock Exchange regarding its annual report, specifically addressing revenue recognition and contract asset management [2][3] - In 2024, the company's engineering construction and other businesses achieved revenue of 803 million yuan, a slight increase of 0.94% year-on-year, with a gross profit margin of 34.52%, down by 4.85 percentage points [3][4] - The ending balance of contract assets was 222 million yuan, a year-on-year increase of 150.8%, primarily due to completed projects that had not yet reached the payment point [3][8] Group 2 - The company provided detailed disclosures on the revenue, cost, gross profit margin, and settlement cycles for its main construction business types, indicating no manipulation of revenue recognition or cost allocation to adjust gross profit margins [4][7] - The company confirmed that its revenue recognition policies comply with accounting standards, using either point-in-time or over-time methods based on project characteristics [7][15] - The company reported that the significant increase in contract assets was due to the timing of revenue recognition related to completed projects, which had not yet reached the collection point [14][15] Group 3 - The company’s other receivables at the end of the period amounted to 124 million yuan, with 100 million yuan being receivables from related parties, and a total impairment provision of 46.18 million yuan [16][18] - The company detailed the nature and aging of its receivables, confirming that they have commercial substance and do not involve related party fund occupation [18][20] - The company is actively managing its receivables and has implemented measures to strengthen collection efforts and conduct impairment testing as necessary [20][21] Group 4 - The company reported a long-term equity investment book value of 813 million yuan, with a significant portion in Chengdu Juneng Sunshine Energy Co., Ltd., which had a book value of 280 million yuan [21][22] - The company provided insights into its investment strategies, including the background, investment costs, and management of its equity investments [22][25] - The company has been involved in various investment projects, including renewable energy and urban gas sales, indicating a strategic focus on emerging industries [25][28]