Core Viewpoint - The company is undergoing a significant asset disposal and related transactions, with a focus on the evaluation methods and financial implications of these actions [1][2][3] Financial Statements and Audit - The company has engaged Ernst & Young Huaming to audit its financial statements for the years 2022, 2023, and 2024, ensuring compliance with accounting standards [1][2] - The audit aims to provide an opinion on whether the financial statements fairly reflect the company's financial position and results of operations [1][2] Asset Evaluation and Transaction Pricing - The asset evaluation for the disposal includes a negative valuation of -2.976 billion yuan, primarily due to the assets being insolvent, with a transaction price set at 1 yuan [3][4] - The projected simulated consolidated revenues for the years 2022 to 2024 are 38.40 billion yuan, 32.33 billion yuan, and 17.25 billion yuan, respectively [3][4] - The total assets for the same years are projected at 136.35 billion yuan, 121.63 billion yuan, and 105.79 billion yuan [3][4] Financial Health and Liquidity Risks - As of the end of 2024, the company has 7.551 billion yuan in unrestricted cash, with a total debt financing balance of 57.644 billion yuan, of which approximately 40% is due within one year [14][15] - The company has reported a significant increase in asset impairment provisions over the years, totaling 0.885 billion yuan, 1.634 billion yuan, and 4.182 billion yuan for 2022, 2023, and 2024, respectively [3][4] Evaluation Methodology - The company justifies the use of the asset-based approach for valuation, stating that the revenue-based approach is not applicable due to the nature of the assets being evaluated [13][14] - The evaluation report indicates that the company’s ongoing operations are based on the assumption of continued business viability, despite the asset disposal [14] Long-term Investments and Other Receivables - The book value of long-term equity investments is reported at 9.377 billion yuan, with an appreciation of 2.130 billion yuan, resulting in a growth rate of 22.72% [3][4] - Other receivables are valued at 23.851 billion yuan, with a depreciation rate of -2.14% [3][4]
*ST中地: 安永华明会计师事务所关于深圳证券交易所关于对中交地产股份有限公司重大资产出售暨关联交易草案的问询函回复之专项说明