Sunriver Culture Tourism(SH:600576) Zheng Quan Zhi Xing·2025-06-23 17:07Core Viewpoint - Zhejiang Xiangyuan Cultural Tourism Co., Ltd. (hereinafter referred to as "the Company") has responded to the Shanghai Stock Exchange's inquiry regarding its 2024 annual report, focusing on its business relationships with Shandong Meiheng and Shandong Rongrun, including sales figures and operational details [1][2]. Business Operations and Relationships - The Company has engaged in cloud communication business with Shandong Meiheng and Shandong Rongrun since 2019, with a gradual shift towards cultural tourism as its main business post-restructuring in 2022 [3][4]. - Sales figures for the cloud communication business from 2019 to 2024 show a decline in revenue contribution, with total revenue of 30.56 million yuan in 2024, accounting for 1.70% of the Company's total revenue [3][4]. - The Company’s main supplier, Shandong Rongrun, had a prepayment amount of 1.523 million yuan, while Shandong Meiheng was identified as a major customer with sales of 30.56 million yuan in 2024 [1][4]. Business Model and Processes - The cloud communication business model involves establishing a messaging platform that aggregates various SMS suppliers' capabilities, ensuring timely and efficient message delivery [5][6]. - The Company actively sought partnerships with major telecom operators and leveraged its existing resources to develop its cloud communication services, leading to a successful collaboration with Shandong Rongrun and Shandong Meiheng [5][6]. - The procurement process involves prepayment for SMS services, with a unit price of 0.02 yuan per SMS for a total of 100 million SMS purchased from Shandong Rongrun [10][11]. Financial Performance - The financial performance of the cloud communication business has shown fluctuations, with net profits ranging from -11.89 million yuan in 2020 to 33.53 million yuan in 2023, indicating a challenging yet evolving business landscape [3][4]. - The Company reported a total of 5.555 million yuan in revenue from its top five customers in the cloud communication sector for 2022, with Shandong Meiheng accounting for 50.25% of the total revenue [14][15]. Customer and Supplier Dynamics - The Company has established a clear distinction between its customers and suppliers, with Shandong Meiheng being a non-related party, ensuring transparency in its business dealings [14][15]. - The Company’s procurement strategy includes maintaining a stable SMS inventory through prepayments, which helps mitigate risks associated with supply chain disruptions [16][17].