惊呆，原力数字：未弥补亏损7658万、高中学历小舅子任董秘

Core Viewpoint - The company, Yuanli Digital, is facing significant scrutiny as it prepares for its IPO, with unresolved issues from its previous attempt in 2021, including high employee turnover, low profit margins in transactions with major shareholder Tencent, and increasing reliance on Tencent for revenue [2][29]. Governance Structure Issues - The company’s Secretary, Zhou Jie, is related to the actual controller Zhao Rui, raising concerns about governance and compliance [3][30]. - The company has been questioned regarding the fairness of stock incentive pricing and the qualifications of its Secretary [3][30]. Performance Analysis - Yuanli Digital's revenue grew from 412 million yuan in 2021 to 527 million yuan in 2023, with net profit increasing from 68.27 million yuan to 83.88 million yuan [6][33]. - Despite this growth, the overall gaming market declined, with a 5.09% drop globally and a 10.33% drop in China in 2022, raising questions about the sustainability of Yuanli's growth [6][34]. Related Party Transactions - Revenue from Tencent accounted for 23.37% of total income, with concerns about low profit margins on these transactions [9][36]. - The company has been asked to explain the low sales margin to Tencent and whether these transactions are fair [9][36]. Employee Turnover and Supplier Relationships - The employee turnover rate has consistently exceeded 20%, with former employees becoming suppliers, raising concerns about potential hidden related party transactions [12][39]. - Several suppliers have questionable legitimacy, with some having no registered capital or employees, suggesting possible profit transfer through these entities [14][41]. Actual Controller's Shareholding Concerns - Zhao Rui, the actual controller, holds only 30.26% of the company, which may dilute control post-IPO [16][43]. - There are concerns regarding Zhao's past practices of holding shares on behalf of employees and the implications for compliance and potential disputes [17][45]. Profitability and Financial Health - The company's gross margin has fluctuated significantly, indicating challenges in cost control and pricing power [20][46]. - The company has a negative retained earnings balance of 76.58 million yuan, primarily due to past losses from a failed project [24][51]. Cash Flow and Receivables - The accounts receivable have increased significantly, representing 32.80% of revenue, which may strain cash flow [23][50]. - High accounts receivable levels could lead to increased risks of bad debts if not managed effectively [23][50]. Investment Project Concerns - The planned investment for the "Yuanli Digital Technology Innovation Industrial Base" has unexpectedly increased from 150 million yuan to 450 million yuan, raising questions about the project's financial management [26][53].