大千生态环境集团股份有限公司关于上海证券交易所对公司业绩预告有关事项的问询函的回复公告

Core Viewpoint - The company received an inquiry letter from the Shanghai Stock Exchange regarding its performance forecast, indicating a significant increase in expected revenue for 2025, while also addressing concerns about revenue recognition and related party transactions [1][2]. Revenue Forecast and Business Operations - The company expects its 2025 revenue to be between 320 million and 360 million yuan, representing an increase of 205.32 million to 245.32 million yuan compared to the previous year [1]. - The company reported a total revenue of 153.19 million yuan for the first three quarters of 2025, indicating a need for detailed disclosures regarding revenue recognition and related transactions [1][2]. Revenue Recognition and Related Transactions - The company confirmed that its revenue recognition practices comply with the Shanghai Stock Exchange guidelines, with no undisclosed deductions from revenue [2][3]. - Specific related party transactions included contracts with Nanjing Bubugao Real Estate Co., Ltd., totaling 60.93 million yuan, with recognized revenue of 33.60 million yuan during the reporting period [3][4]. Business Segments and Growth Drivers - The company's main business segments include ecological construction, cultural tourism operations, and newly added pet services and sales, with the latter showing rapid growth due to significant investments in brand building and market promotion [8][9]. - The ecological construction segment saw a notable increase in revenue due to the completion of several projects in the fourth quarter, while the pet services segment benefited from the expansion of physical stores and online sales channels [10][11]. Financial Performance and Cost Structure - The company reported a significant increase in sales, management, and R&D expenses, primarily due to the expansion of the pet services business, with sales expenses rising by 280.5% year-on-year [22][23]. - The management expenses increased by 55.85%, reflecting the need for additional personnel and operational costs associated with new business ventures [24][25]. Accounts Receivable and Impairment Provisions - The company’s accounts receivable and contract assets totaled 570 million yuan, accounting for 49.31% of current assets, with a substantial increase in impairment provisions due to slower payment cycles from government projects [22][30]. - The company has implemented a rigorous approach to assessing credit risk and determining impairment provisions, ensuring compliance with accounting standards [31][32].