采购仅4000万竟预付10多亿！*ST金泰16亿资金被疑占用

Core Viewpoint - *ST Jintai is facing scrutiny over nearly 1.5 billion yuan in abnormal fund flows, with significant discrepancies between procurement needs and actual expenditures, raising concerns about potential non-operational fund occupation and mismanagement [3][7][11]. Group 1: Abnormal Fund Flows - In 2024, *ST Jintai reported nearly 1.5 billion yuan in abnormal fund flows, including over 900 million yuan for "strategic inventory" and 460 million yuan in equity investments [7][8]. - The company engaged in a "seasonal transfer" of funds, with 9.31 billion yuan transferred out and the same amount returned, while actual procurement amounted to only about 29 million yuan, indicating a severe mismatch [7][10]. - The strategic inventory funds were primarily funneled through suppliers like Ruinai and Yue Rui, which received over 85% of the total payments in 2024 [10][11]. Group 2: Strategic Inventory Practices - The strategic inventory initiative, started in 2022, aimed to secure raw material supply and lock in prices, but the actual procurement ratio has drastically declined from 78.12% in 2022 to just 3.18% in 2024 [10][11]. - The cost of capital for these strategic inventory practices has increased significantly, with costs rising from 136.26 thousand yuan in 2022 to 756.05 thousand yuan in 2024 [10][11]. - The audit committee expressed concerns that the strategic inventory behavior in 2024 did not align with normal procurement practices and was likely aimed at manipulating financial reports [4][5][11]. Group 3: Equity Investment Anomalies - The company made two significant equity investments in Shenzhen Yitai Technology Co., totaling 460 million yuan, with unclear final destinations for these funds [3][8][16]. - The audit committee noted that the funds from these equity transactions appeared to be funneled back into the strategic inventory, suggesting a potential cycle of non-operational fund occupation [16][17]. - There are allegations that the funds from these transactions were used to mask the true financial state of the company, with claims of collusion among various parties involved [17][18].