南京化纤重大资产重组问询回复：置出资产减值与置入资产经营情况披露

Core Viewpoint - Nanjing Chemical Fiber Co., Ltd. has responded to the Shanghai Stock Exchange's inquiry regarding its major asset swap, issuance of shares, cash payment for asset acquisition, and related party transactions, providing detailed explanations on various aspects including asset evaluation, income, customers, procurement, gross margin, and inventory [1] Group 1: Asset Disposal - The company has reported continuous negative net profits over the past three years, with impairment provisions of 32.60 million yuan, 77.30 million yuan, and 266.22 million yuan for 2022 to 2024 respectively [2] - The disposed assets were evaluated using the asset-based approach, with a book value of 557.38 million yuan and an assessed value of 729.27 million yuan, primarily due to the appreciation of land use rights in Nanjing [2] - The company disclosed specific projects and rationality behind the impairment provisions, indicating that inventory is measured at the lower of cost and net realizable value, and long-term assets are assessed for recoverable amounts when impairment indicators are present [2] Group 2: Asset Acquisition - Nanjing Gongyi, as the main entity of the acquired assets, reported stable main business revenues of 462.72 million yuan and 467.00 million yuan for 2023 and 2024 respectively [3] - Revenue growth was driven by increased sales volume from price reductions and a shift towards high value-added products, with trade customer revenue increasing by 29.11% due to strategic market adjustments [3] - The gross margin for the main business was 34.10% and 32.14% for the reporting periods, slightly declining due to market competition and a greater decrease in unit selling prices compared to unit cost reductions [3] Group 3: Inventory Management - The book value of inventory at the end of 2023 and 2024 was 141.05 million yuan and 170.96 million yuan respectively, with the increase attributed to product stocking strategies [3] - The inventory turnover rate and sales rate are generally good, with a high proportion of inventory aged under one year, and the company has made sufficient provisions for any long-aged inventory [3] - The internal controls for inventory management are robust, and the scale and composition of inventory align with order coverage, production cycles, and business characteristics [3]