FRMS CO., LTD(SZ:300049) 智通财经网·2025-12-10 11:52Core Viewpoint - The company, Furu Pharmaceutical (300049.SZ), has received a decision from the Inner Mongolia Regulatory Bureau of the China Securities Regulatory Commission, indicating several compliance issues related to internal controls and revenue recognition practices [1][2]. Group 1: Internal Control Issues - The company lacks a comprehensive internal control and risk management system for its important overseas subsidiaries, failing to meet the requirements set forth in the Corporate Governance Guidelines [1]. - Internal departments have not conducted inspections and supervision of overseas subsidiaries, which is also a violation of regulatory standards [1]. Group 2: Revenue Recognition Issues - The company has prematurely recognized revenue from drug sales, resulting in the following overstatements: CNY 2.4089 million for the 2023 semi-annual report, CNY 2.8810 million for the 2023 annual report, CNY 5.6703 million for the 2024 semi-annual report, and CNY 1.3417 million for the 2024 annual report, affecting the accuracy of financial disclosures [2]. - In June 2023, the company fully recognized revenue from a drug sale that included a return clause, but failed to account for the return when it occurred in August, leading to inaccuracies in the 2023 semi-annual report [2]. - The company did not reasonably estimate variable consideration such as sales discounts and rebates in its accounting for 2023 and 2024, resulting in full revenue recognition without appropriate adjustments when discounts were paid [2].