Delinhai(SH:688069) 2 1 Shi Ji Jing Ji Bao Dao·2025-08-29 04:09Group 1 - The company's revenue significantly declined to 108 million yuan, a year-on-year decrease of 47.35%, and it reported a net loss of 3.09 million yuan, a year-on-year decline of 112.49% [1] - The decline in performance is primarily due to the delay in revenue recognition from large orders that have not yet been accepted, including projects with pending acceptance amounts of 70.8252 million yuan and 42.5003 million yuan [1] - Despite new orders totaling 402 million yuan and a cumulative backlog of approximately 527 million yuan, the low project conversion rate has negatively impacted short-term performance [1] Group 2 - The company's inventory surged to 77.19 million yuan, a year-on-year increase of 368.98%, with 97.6% of the cost related to contract performance, mainly due to increased upfront investments in ongoing projects [1] - High accounts receivable risk is evident, with 738 million yuan in accounts receivable, of which 46.1% are over three years old, including 199 million yuan aged four to five years, leading to increased collection pressure [1] - The company received a warning from the Jiangsu Securities Regulatory Bureau for failing to accurately assess bad debts for clients with significant credit risk changes in its 2023 annual report, resulting in accountability for the former financial officer [1] Group 3 - The company has changed its fundraising project from the original plans for "Lake Eutrophication Monitoring and Early Warning Construction" and "Blue Algae Disposal R&D Center" to the "Lake Ecological Hospital Project," involving 327 million yuan [2] - The reason for the change is attributed to market environment shifts and the company's strategic transition towards an overall lake governance model, focusing on digital twin technology and ecological restoration [2]