收入真实性、第三方回款存疑？孕婴世界遭北交所问询

Core Viewpoint - The company, Chengdu Yunyin World Co., Ltd., has received an inquiry letter from the Beijing Stock Exchange regarding its application for public stock issuance and listing, raising concerns about its business model, revenue authenticity, and compliance with regulations [1] Group 1: Business Model and Revenue - Yunyin World operates as a digital innovation-driven mother and baby chain enterprise, focusing on the sale of mother and baby products and providing services to upstream brand suppliers and downstream franchisees [2] - The company has achieved a significant scale in its franchise model, with over 80% of its total revenue coming from franchise sales and services [2] - The number of franchise stores has increased from over 1,300 in early 2022 to over 2,200 by the end of 2024, with terminal sales expected to exceed 3 billion yuan in 2024 [2][3] Group 2: Revenue Growth Amid Declining Birth Rates - Despite a declining birth rate in China, Yunyin World has reported substantial revenue growth, with main business revenues of 600 million yuan, 693 million yuan, and 999 million yuan in the reporting periods, reflecting year-on-year growth of 15.51% and 44.16% [4] - The company’s revenue growth contrasts with industry trends, as exemplified by competitor Kid King, which experienced fluctuating revenues and declining net profits over the same period [3][4] Group 3: Third-Party Payment Concerns - The Beijing Stock Exchange has raised concerns about the high proportion of third-party payments, which accounted for 41.37%, 33.44%, and 28.21% of total revenue in the reporting periods [6] - Yunyin World attributes the high third-party payment figures to the operational habits of its franchisees, who often use family members or associates for payment transactions [6][7] - The exchange has requested clarification on the relationships between payment parties and contract signers, as well as the necessity and reasonableness of these third-party payments [7] Group 4: Inventory and Compliance Issues - The company has been asked to explain its inventory valuation and the adequacy of its inventory impairment provisions, which are reportedly lower than industry averages [8] - Concerns have been raised regarding the company's accounting practices, including non-compliance with inventory management and documentation standards [8]