麒麟信安: 麒麟信安：关于2024年年度报告信息披露监管问询函的回复公告

Core Viewpoint - The company has received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, specifically focusing on accounts receivable from a major client, A1 unit, and the adequacy of bad debt provisions [1][2]. Group 1: Accounts Receivable and Bad Debt Provisions - As of the end of 2024, the company's accounts receivable balance from A1 unit is 422.31 million yuan, with 55.17% of this amount (224.00 million yuan) being overdue [1][2]. - The company has changed its bad debt provision method for A1 unit from a collective approach to an individual assessment, resulting in a bad debt loss of 60.78 million yuan, which corresponds to a provision rate of 27% [1][3]. - The accounts receivable from A1 unit primarily originated from sales made in 2021 and 2022, with a significant portion (181.42 million yuan) being aged 2-3 years and 41.80 million yuan aged 3-4 years [2][3]. Group 2: Reasons for Bad Debt Provision Changes - The long overdue accounts from A1 unit are attributed to internal management issues within A1, but the company has not observed any signs of A1 refusing or being unable to pay [3][7]. - The company has conducted a thorough analysis of the credit risk associated with A1 unit, leading to the decision to individually assess bad debt provisions, which is deemed more accurate under current accounting standards [5][7]. - The bad debt provision for A1 unit is higher than what would have been calculated under the collective assessment method, reflecting a more cautious approach to credit risk [6][7]. Group 3: Revenue Recognition and Business Continuity - Revenue from A1 unit is recognized upon delivery and acceptance of products, with total recognized revenue amounting to 255.45 million yuan against a contract amount of 288.66 million yuan [11][12]. - The company continues to engage with A1 unit for after-sales maintenance and product development, indicating ongoing business relations despite the lack of new contracts or payments [17][19]. - The company has issued products to A1 unit valued at 24.82 million yuan, which are currently under price review, and no new sales contracts have been signed as of the latest update [17][19].