并购标的利珀科技净利润依赖税收优惠与政府补助遭上交所问询 狮头股份回复

Core Viewpoint - Lionhead Co., Ltd. (600539.SH) is facing regulatory scrutiny regarding its acquisition target, Lipu Technology, due to the high proportion of other income in its financials, particularly from tax refunds and government subsidies [1][2] Group 1: Financial Impact of Other Income - In 2023 and 2024, Lipu Technology's other income is primarily derived from VAT refunds on software products and government subsidies related to revenue [1] - The VAT refund amounts for 2023 and 2024 are 14.52 million and 11.70 million respectively, accounting for 59.24% and 33.40% of net profit during those periods [1] - Government subsidies for the same years are 9.45 million and 10.91 million, representing 38.57% and 31.16% of net profit [1] - Combined, these two income sources contributed 97.81% to net profit in 2023, but this is expected to decrease to 64.56% in 2024 [1] Group 2: Future Projections and Sustainability - Lionhead Co., Ltd. asserts that the VAT refund policy is sustainable and represents recurring income, with tax incentives expected to remain stable [2] - Over 80% of government subsidies are for technological innovation, which, while sporadic, is expected to decrease in proportion to net profit as Lipu Technology's operational performance improves [2] - By the first nine months of 2025, the proportion of VAT refunds to net profit is projected to drop to 26.27%, while government subsidies are expected to fall to 19.02% [2] - The government subsidies are closely linked to core technology research and development, as well as industry chain upgrades, aligning with the main business development of the target company [2]