Keeson(SH:603610) Xin Lang Cai Jing·2026-01-15 14:14Core Viewpoint - Qisheng Technology (603610.SH) received a warning letter from the Zhejiang Securities Regulatory Bureau due to failure to disclose related party transactions in a timely manner, which violates regulations [1][7][10] Group 1: Related Party Transactions - Qisheng Technology recognized Shanghai Shufude Digital Technology Co., Ltd. as a related party since its establishment in 2023, with transaction amounts of 35.31 million yuan and 80.81 million yuan for 2023 and 2024 respectively, accounting for 1.08% and 2.63% of the audited net assets for those years [1][7] - The related party transactions for 2024 were only reviewed by the board on April 17, 2025, and disclosed on April 19, 2025, while the 2023 transactions have not been reviewed or disclosed to date [4][10] Group 2: Management Changes - Qisheng Technology underwent a board reshuffle in December 2023, with Tang Guohai stepping down as chairman and Huang Xiaowei being elected as the new chairman while continuing as the general manager [4][10] - Huang Xiaowei has been with Qisheng Technology since December 2016 and has been involved in many significant decisions since the company's listing [4][10] Group 3: Financial Performance - In the first half of 2025, Qisheng Technology's revenue was 1.459 billion yuan, a slight increase of 0.07% year-on-year, while the net profit attributable to shareholders was 106 million yuan, representing a year-on-year growth of 24.18% [4][10] Group 4: Market Exposure - Qisheng Technology has been actively expanding its domestic market, but its revenue contribution remains low, with overseas revenue accounting for 93.58% of its main business income in 2024, and exports to the U.S. making up 79.38% of that [5][11] - The company faces risks from high customer concentration, with the top five customers accounting for 67.60% of main business revenue in 2024, increasing to 68.26% in the first half of 2025 [6][12]