清越科技因多项财务违规收警示函

Core Viewpoint - Qingyue Technology has received a warning letter from the Jiangsu Securities Regulatory Bureau due to multiple financial violations, raising concerns about its financial practices and performance since its IPO [1][2]. Financial Violations - The company misused raised funds by transferring them to a general settlement account for purchasing bank wealth management products in 2023 [1]. - Financial accounting for the CTP+OLED product trade business was not compliant, as the company incorrectly used the gross method instead of the net method, leading to a revenue and cost adjustment of 13.67 million yuan for Q3 2023 [1]. - An undisclosed related party transaction occurred with Zaozhuang Hongyuan Construction Engineering Company, controlled by the actual controller's relative, involving a payment of 3.63 million yuan, which was not reported in the 2023 semi-annual report [1]. Financial Performance - Qingyue Technology's revenue decreased significantly post-IPO, with reported revenues of 1.044 billion yuan in 2022, 661 million yuan in 2023, and an estimated 753 million yuan in 2024 [2]. - The company experienced a net profit decline, with net profits of 30 million yuan in 2022, a loss of 133 million yuan in 2023, and a projected loss of 78 million yuan in 2024 [2]. - The gross margin plummeted to 3% in 2023, improved to 8.7% in 2024, but remained below 2022's 18.35% and significantly lower than previous years [2]. Strategic Measures - The company is attempting to improve performance through market expansion and new customer development, alongside enhancing collection efforts and optimizing internal management to reduce expenses [3]. - Accounts receivable days have shown some improvement, with 61.53 days in 2022, 102 days in 2023, and 80.55 days in 2024, although still not back to 2022 levels [3]. - The first quarter of 2025 saw a revenue increase of 4.83% year-on-year to 171 million yuan, but the net loss expanded by 70% to 17 million yuan [3].