SBT(SH:600608) Xin Lang Cai Jing·2025-12-19 16:07Core Viewpoint - Company ST HuKe (600608) disclosed its response to the Shanghai Stock Exchange's inquiry, highlighting ongoing investigations by the CSRC for information disclosure violations and potential delisting risks if net profits do not meet standards by 2025 [1] Trade Business - In the first three quarters, the company's trade business generated revenue primarily from agricultural products (388.83 thousand) and chemical products (104.50 thousand), with significant growth in chemical product revenue in Q3 due to demand recovery [2] - The company faced a return of 222 tons of titanium dioxide due to supplier issues, impacting revenue but maintaining market price for returns [2] - The top agricultural client accounted for 138.9% of agricultural revenue, while the main chemical client contributed 99.5% of chemical product sales [2] Hong Kong Petrochemical Prepayment - The company has recognized a provision for impairment of 2,726.97 thousand (89.9%) against a prepayment of 3,005.36 thousand to Hong Kong Petrochemical, with only 5.5% of the total debt recovered so far [3] - Recovery of remaining amounts is uncertain due to slow asset disposal processes, with potential for further impairment [3] Flower Brokerage Agency Business - The flower brokerage agency business generated 50.71 thousand in Q3, serving 742 upstream flower farmers and 239 downstream clients, with a commission rate of around 5% [4] - The top three clients were individuals, accounting for 29.2% of total transaction volume, indicating a high customer concentration risk [4] Audit Firm Change - The company plans to appoint Zhongshun Yatai as the new auditor for the 2025 fiscal year, following the completion of a 10-year term with the previous firm [5] - The change has been approved by the board and awaits shareholder approval, with no expected impact on the annual audit timeline [5]