收购标的版信通第三方回款占比超三成引交易所问询，创业黑马回复

Core Viewpoint - The recent acquisition of copyright service provider Banxintong by Chuangye Heima has raised market concerns due to the high proportion of third-party payments in the company's revenue, which were 36.67% and 43.10% over the past two years, leading to regulatory scrutiny [1] Group 1: Company Overview - Banxintong's main business is electronic copyright certification services for software copyrights, characterized by "low unit price, high order volume, and highly dispersed end customers" [1] - The company has integrated third-party payment platforms like WeChat and Alipay to enhance payment convenience, allowing customers to pay via QR codes [1] Group 2: Financial Metrics - The actual proportion of third-party payments, excluding WeChat and Alipay channels, is only 11.25% and 8.21%, with most payments made by agents or end customer representatives [1] - The average transaction amount for non-bank payment institutions in 2023 is 276 yuan, while Banxintong's average order price is approximately 400 yuan, indicating a small payment characteristic [1] Group 3: Regulatory Compliance - To standardize the payment process, the company has closed the WeChat payment channel and opened an Alipay whitelist function in the agent system, requiring agents to pre-declare payment-related accounts for review and authorization [1] Group 4: Transaction Details - The transaction price for the acquisition is 280 million yuan, with Banxintong committing to a cumulative net profit of no less than 90 million yuan from 2025 to 2027 [1]