KNT(SZ:300225) Zhong Guo Jing Ying Bao·2025-07-15 06:15Core Viewpoint - The regulatory inquiry by the Shanghai Securities Regulatory Bureau into Jinlitai's financial practices raises significant concerns regarding abnormal fund transactions with trade partners and potential non-operational fund occupation [1][2][3][4][5]. Group 1: Regulatory Inquiry - Jinlitai received an inquiry letter from the Shanghai Securities Regulatory Bureau regarding its 2024 annual report, which was delayed until July 2, 2025, despite a deadline of April 30, 2025 [1]. - The inquiry focuses on large fund transactions with trade partners, revealing abnormal patterns such as significant prepayments that do not align with actual procurement amounts [2][3]. - In 2024, Jinlitai's strategic reserve prepayments exceeded 900 million yuan, while actual procurement was only around 29 million yuan, indicating a major risk of fund occupation by related parties [2][3]. Group 2: Fund Transactions and Investments - The inquiry also questions the legitimacy of fund transfers related to equity investments, particularly concerning a 137.53 million yuan repayment from Shihezi Yike and subsequent fund transfers to trade partners [4][5]. - Jinlitai is required to clarify the nature of these transactions, including whether they involve non-operational fund occupation and the accuracy of financial reporting [5]. Group 3: Financial Performance - Jinlitai's financial performance has fluctuated significantly, with revenues declining from 858 million yuan in 2021 to 647 million yuan in 2022, resulting in net losses [6]. - In 2023, the company reported a revenue increase to approximately 735 million yuan, marking a 16.09% growth, and achieved a net profit of 14.33 million yuan, indicating a turnaround [6]. - For 2024, Jinlitai's revenue was 732 million yuan, a slight decrease of 0.44%, but net profit rose to 30.91 million yuan, a 115.66% increase, reflecting improved cash flow and cost management [6].