友阿股份收购尚阳通引关注：销售模式、业绩与采购等情况解析

Core Viewpoint - Lixin Accounting Firm provided a detailed response to the Shenzhen Stock Exchange regarding Hunan Friendship Apollo Commercial Co., Ltd.'s acquisition of Shenzhen Shangyang Technology Co., Ltd., revealing key operational information about Shangyang Technology, including its sales model, financial performance, and procurement practices [1]. Sales Model - Shangyang Technology primarily employs a combination of distribution and direct sales, with distribution revenue accounting for 73.84% and 75.59% in 2023 and 2024, respectively [1]. - The customer concentration is high, with the top five customers accounting for 72.89% and 65.23% of sales during the reporting period [1][2]. - The decline in sales revenue from the top five customers in 2024 is attributed to market expansion strategies, changes in downstream demand structure, pricing pressures, and fluctuations in customer orders [2]. Operational Performance - From 2020 to 2024, Shangyang Technology's main business revenue showed a trend of growth followed by a decline, with figures of 127 million, 391 million, 736 million, 673 million, and 605 million yuan, respectively [1][4]. - Net profits during the same period were -13 million, 49 million, 139 million, 83 million, and 46 million yuan, indicating significant performance volatility [1][4]. - The company's performance fluctuations align with industry trends, with recent improvements noted as the industry recovers [4]. Gross Margin - The decline in gross margin is primarily due to significant decreases in sales prices for high-voltage product lines, while some product lines experienced stable or increasing revenues due to policy adjustments and market trends [5][4]. Procurement Practices - Shangyang Technology operates under a Fabless model, outsourcing wafer manufacturing and packaging testing, with procurement practices aligned with industry standards [6][7]. - The company maintains a high supplier concentration but does not rely heavily on any single supplier, implementing measures to mitigate associated risks [7]. Financial Statements - Changes in accounts receivable and inventory management are noted, with an increase in accounts receivable in 2024 despite a decline in revenue, attributed to a rise in fourth-quarter sales [8]. - The aging of accounts receivable shows a lower provision for bad debts compared to industry peers, indicating a reasonable approach to credit risk management [8].