对此，某保险公司财务负责人对记者分析称，在新会计准则下，要用当前利率对保险合同负债进行折 现，会导致净资产波动加大。以10年期国债为例，2024年收益率下行88个基点至2024年末的1.7%，使 得保险公司保险负债计量大幅增加。与此同时，若保险公司负债端的规模和久期均大于资产端债券，那 么利率波动对负债端负向影响将远大于资产端的正向影响，致使保险公司净资产相应下降。 值得关注的是，"报行合一"对于银行系险企的影响也仍在持续。记者关注到，光大永明保险2024年业绩 出现亏损，原因之一就是保费收入的下降。从数据上来看，2024年，是银保渠道落地"报行合一"后的首 个完整经营年度，人身险银保渠道新单保费整体收入同比下降22%。 整体来看，2024年，10家银行系险企中有8家盈利，两家亏损，亏损额达33.69亿元。记者统计发现，有 5家险企在2024年完成了新旧会计准则切换工作，分别是中邮保险、工银安盛、建信人寿、农银人寿、 交银人寿。在此背景下，有两家公司实现了经营业绩的反转。具体来看，中邮人寿和建信人寿在2023年 分别亏损114.68亿元和42.99亿元，但在2024年二者均成功扭亏为盈，实现了业绩的大幅反转。 ...

一、审计报告 二、审计报告附送 三、审计报告附件 国网信通亿力科技有限责任公司 财务报表审计报告书 中兴华会计师事务所(特殊普通合伙) ZHONGXINGHUA CERTIFIED PUBLIC ACCOUNTANTS LLP 地址：北京市丰台区丽泽路 20 号丽泽 SOHO Ｂ座 20 层 邮编：100073 电话：(010) 51423818 传真：(010) 51423816 目 录 国网信通亿力科技有限责任公司 2024 年度-2025 年 1-3 月财务报表附注 国网信通亿力科技有限责任公司 （除特别注明外，本附注金额单位均为人民币元） 一、企业的基本情况 （一）企业历史沿革、注册地、组织形式和总部地址 国网信通亿力科技有限责任公司（以下简称"本公司"，在包含子公司时统称"本集团"） （原名国网信通亿力科技股份有限公司、福建亿力电力科技股份有限公司、厦门亿力电力技 术股份有限公司），系由福州开发区闽光电力燃料供应站(已更名为福建亿力信息科技有限 责任公司)与自然人股东共同出资组建，于2000年12月27日在厦门市工商行政管理局登记注 册并取得注册证号为350200100003216的企业法人营业执照 ...

Core Viewpoint - Wuhan Nongshang Environment Co., Ltd. reported significant revenue growth in 2024, but faced a substantial decline in net profit and cash flow, raising concerns about the authenticity and accuracy of revenue recognition practices [2][5][12]. Financial Performance - The company achieved operating revenue of 232 million yuan in 2024, a year-on-year increase of 224.30%, with Q4 revenue of 125 million yuan accounting for 54.17% of total revenue [2][5]. - The net profit attributable to shareholders was -77.08 million yuan, a decline of 158.96% year-on-year, and the net cash flow from operating activities was -43.12 million yuan, down 291.85% [2][5]. Revenue Recognition and Audit Procedures - The audit procedures included verifying sales contracts, assessing internal controls, and confirming customer operations through site visits to ensure revenue recognition complied with accounting standards [2][3][4]. - The audit firm confirmed that the revenue changes during the reporting period did not show significant anomalies and that sufficient audit evidence was obtained to support the authenticity and accuracy of the reported revenue [2][5]. Business Segments - The landscape construction business generated 110 million yuan in revenue, accounting for 47.68% of total revenue, with a year-on-year growth of 69.29% [5][9]. - The cost of landscape construction projects was 101 million yuan, reflecting a year-on-year increase of 75.66% [5][9]. Market Conditions and Challenges - The real estate sector's downturn has intensified competition in the landscape construction market, leading to pressure on project costs and profit margins [9][12]. - The company has been actively reducing the scale of its landscape construction business and focusing on cost reduction and efficiency improvement strategies [12][24]. New Business Development - In 2023, the company began its foray into the computing power service sector, with this segment contributing 46.66% to total revenue in 2024, indicating a strategic shift towards new business models [12][24]. - The computing power service business includes various segments such as customized equipment sales, leasing, and data center construction, which are expected to enhance customer acquisition capabilities [12][24]. Customer Base and Revenue Sustainability - The company has established a diverse customer base in the computing power service sector, which is crucial for sustainable revenue growth [22][24]. - The main cost components for the computing power service business include fixed asset depreciation, raw material inputs, and labor costs, with a stable procurement channel established to ensure material supply [22][23].

| | 深圳市易天半导体设备有限公司 | | --- | --- | | | 审计报告 | | 索引 | 页码 | | 审计报告 | 1-2 | | 公司财务报表 | | | — 资产负债表 | 1-2 | | — 利润表 | 3 | | — 现金流量表 | 4 | | — | 所有者权益变动表 5-6 | | — 财务报表附注 | 7-55 | | | 审计报告 | XYZH/2025SZAA3B0078 深圳市易天半导体设备有限公司 深圳市易天半导体设备有限公司全体股东： 一、 审计意见 我们审计了深圳市易天半导体设备有限公司（以下简称易天半导体）财务报表，包 括 2024 年 12 月 31 日的资产负债表，2024 年度的利润表、现金流量表、所有者权益变 动表以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编制，公允反 映了易天半导体 2024 年 12 月 31 日的财务状况以及 2024 年度的经营成果和现金流量。 二、 形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的"注册会计 师对财务报表审计的责任"部分进一步阐述了我们在这 ...

上海新昇晶投半导体科技有限公司 审计报告及财务报表 上海新昇晶投半导体科技有限公司 审计报告及财务报表 （2023 年 1 月 1 日 至 2024 年 12 月 31 日止） 一、 审计报告 1-4 二、 财务报表 合并资产负债表和母公司资产负债表 1-4 合并利润表和母公司利润表 5-6 合并现金流量表和母公司现金流量表 7-8 合并所有者权益变动表和母公司所有者权益变动表 9-12 财务报表附注 1-53 上海新昇晶投半导体科技有限公司 财务报表附注 上海新昇晶投半导体科技有限公司 财务报表附注 （除特殊注明外，金额单位均为人民币元） 一、 公司基本情况 上海新昇晶投半导体科技有限公司（以下简称"本公司" ）是由上海新昇半导体科技 有限公司、海富半导体创业投资（嘉兴）合伙企业（有限合伙）、上海励硅半导体科 技合伙企业（有限合伙）与共青城晶融投资合伙企业（有限合伙）于 2022 年 4 月 投资方 认缴注册资本 认缴比例(%) 上海新昇半导体科技有限公司 1,550,000,000.00 51.8394 海富半导体创业投资（嘉兴）合伙企业（有限合伙） 1,280,000,000.00 42.8094 共青 ...

Core Viewpoint - The company, Fanwei Network Technology Co., Ltd., reported a significant reliance on its localized authorized operation centers for revenue generation, with over 95% of its operating income derived from this model in 2024, amounting to 2.362 billion yuan [1][2]. Group 1: Revenue Structure - In 2024, the company achieved total operating income of 2.362 billion yuan, with technical service income contributing 1.438 billion yuan, accounting for 60.91% of total revenue [1]. - The revenue from software products and technical services is categorized into three main types: self-developed software sales, technical service income, and third-party product sales [1][2]. - The revenue generated from the authorized operation model accounted for 94.48% of total income in 2022-2024, indicating a strong trend towards this operational strategy [1]. Group 2: Business Models - The company operates under two main business models: the authorized operation model and the direct sales model. The authorized operation model allows for rapid replication and promotion of business activities [1][2]. - The authorized operation centers are responsible for customer needs assessment, communication, implementation planning, training, and support, while the company's technical team provides product revisions and upgrades [1][2]. Group 3: Financial Performance - The company's gross profit margin for 2024 was reported at 93.25%, with a sales expense ratio of 68.31% and a net profit margin of 8.59% [1][15]. - The sales expenses for 2024 totaled 1.613 billion yuan, with 1.347 billion yuan paid to authorized operation centers, reflecting a decrease of 2.85% from 2023 [1][8]. Group 4: Cost Structure - The operating costs for 2024 were reported at 160 million yuan, with technical service costs increasing by 24.54% to 81.7844 million yuan compared to 2023 [1][8]. - The company has reduced its workforce by 13.40% in 2024, leading to a decrease in total employee compensation by 8.29% [1][8]. Group 5: Revenue Recognition - The company follows specific revenue recognition methods in compliance with the Accounting Standards for Enterprises, confirming income based on control over the goods before transfer to customers [2][3][4]. - The revenue from self-developed software products is recognized upon customer acceptance, while income from third-party products is recognized similarly to self-developed products [6][7].

Core Viewpoint - The financial performance of Beijing Jinyu Group Co., Ltd. for the year 2024 shows significant losses, with a reported revenue of 110.71 billion yuan and a net profit attributable to shareholders of -0.555 billion yuan, indicating a deterioration compared to the previous year [2][4]. Financial Performance Summary - The company achieved an operating income of 110.71 billion yuan in 2024, with a net profit attributable to shareholders of -0.555 billion yuan and a net cash flow from operating activities of -5.316 billion yuan [2][4]. - In comparison, the previous year's net profit was 0.025 billion yuan, with a net cash flow from operating activities of 7.141 billion yuan [2][4]. - The new green building materials segment generated a revenue of 78.265 billion yuan, while the real estate development and operation segment contributed 32.737 billion yuan [2][4]. Non-Recurring Gains and Losses - The net amount of non-recurring gains and losses attributable to shareholders was 2.304 billion yuan, significantly impacting performance, primarily due to non-current asset disposal gains of 1.169 billion yuan and fair value changes of financial assets and liabilities of 0.633 billion yuan [2][4]. Audit Findings - The audit firm, Ernst & Young Huaming, issued an unqualified audit opinion on the financial statements, confirming compliance with accounting standards [1][5]. - The audit procedures included verifying cash flow from operating activities, investment activities, and financing activities to ensure accurate representation in the financial statements [4][5]. Accounting Estimates and Changes - The company plans to change the depreciation period for machinery and equipment from 15 years to a range of 5-20 years, which is expected to increase profits by 0.36 billion yuan, 0.41 billion yuan, and 0.49 billion yuan for the years 2022, 2023, and 2024 respectively [10][11]. - The total book value of machinery and equipment as of the end of 2024 was 36.379 billion yuan, with a book value of 16.709 billion yuan [10][11]. Commodity Trading Business - The company reported revenue of 41.124 billion yuan from its commodity trading business, reflecting a year-on-year increase of 4.84%, although the gross margin was only 0.31%, down by 2.57 percentage points from the previous year [13][14]. - The audit confirmed that the revenue recognition for the commodity trading business was in accordance with accounting standards [16][21]. Real Estate Projects - The company reported a gain of 0.676 billion yuan from fair value changes in investment properties, with a book value of 45.050 billion yuan at the end of the reporting period [21][22]. - The company also reported a significant increase in inventory impairment provisions, totaling 0.753 billion yuan for the period [21][24].

Revenue Overview - The company achieved a revenue of 303 million yuan in 2024, representing a year-on-year growth of 8.04% [2] - The revenue exhibits seasonal characteristics, with the fourth quarter accounting for 39.93% of total revenue [2] - The primary sales model is direct sales, contributing 294 million yuan, while distribution sales amounted to 9.66 million yuan [2] Customer and Sales Analysis - The top five direct sales customers accounted for 68.78% of direct sales revenue, with all being long-term partners [5] - The top five distribution customers generated a total sales revenue of 8.91 million yuan, with one being a new customer [8] - The pricing strategy is determined through negotiation, with clear return and exchange policies established in sales contracts [9] Accounts Receivable and Bad Debt - As of the end of 2024, accounts receivable stood at 411.89 million yuan, with a bad debt provision of 47.57 million yuan, resulting in a bad debt ratio of 11.55% [21] - The growth rate of accounts receivable and notes receivable (21%) exceeded that of revenue, attributed to the nature of military contracts and payment schedules [21][22] - The company has a low overall return and exchange rate, with most contracts including warranty terms ranging from 1 to 5 years [11][12] Cash Flow Analysis - The company's operating cash flow showed significant fluctuations, with a net cash flow of -43.81 million yuan in Q1 and 39.50 million yuan in Q2 [17] - The cash flow variations are primarily influenced by accounts receivable changes, with military clients' payment schedules contributing to seasonal cash flow patterns [17][18] - The company’s cash flow trends align with industry peers, showing weaker cash flow in Q1 and Q3, and stronger cash flow in Q2 and Q4 [19] Technical Services and Revenue Recognition - The company provides technical services related to RF front-end chips and high-precision ADC/DAC chips, with total revenue from technical services amounting to 33.56 million yuan [16] - Revenue recognition for both product sales and technical services is based on customer acceptance, aligning with accounting standards [14][17] - The top five technical service clients include government agencies and state-owned enterprises, with revenue confirmation based on project acceptance documentation [16]

Core Viewpoint - Ping An Life has significantly increased its holdings in two banks, Agricultural Bank of China and Postal Savings Bank of China, triggering mandatory disclosures due to reaching 10% ownership in both banks [1][3][4]. Group 1: Investment Activities - On May 12, Ping An Life increased its holdings in Agricultural Bank of China H-shares by 147 million shares, raising its total to 3.191 billion shares, which is 10.38% of the bank's H-share capital [3]. - On May 9, Ping An Life acquired an additional 23.29 million shares of Postal Savings Bank, increasing its total holdings to 1.997 billion shares, representing 10.05% of the bank's H-share capital [3]. - This marks the second time in 2023 that Ping An Life has triggered mandatory disclosures for both Agricultural Bank and Postal Savings Bank [4]. Group 2: Market Context - The trend of insurance capital increasing investments in bank stocks is notable, with insurance companies having made 15 mandatory disclosures this year, 8 of which were related to bank stocks [7]. - The total number of bank shares held by insurance capital reached 27.821 billion shares, with a combined market value of 265.78 billion yuan, making it the largest sector for insurance holdings [7]. - Analysts suggest that the frequent purchases of state-owned banks by insurance companies are driven by factors such as dividend yield, tax advantages, and regulatory requirements [7]. Group 3: Financial Position - As of September 30, 2024, Ping An Life's equity assets amounted to 961.1 billion yuan, accounting for 20.96% of its total assets of 48,258.96 billion yuan [5]. - The net assets of Ping An Life were reported at 317.613 billion yuan, with a comprehensive solvency adequacy ratio of 200.45% [5]. Group 4: Strategic Implications - The stability and high dividend yield of bank stocks are seen as beneficial for insurance companies to match their asset-liability profiles and mitigate profit volatility under new accounting standards [8]. - Future collaborations between insurance companies and banks are expected to strengthen as several banks modify their governance structures, potentially altering board compositions [7].

Nasdaq: PAVM LISHAN AKLOG, MD Chairman & CEO DENNIS MCGRATH President & CFO Disclaimer 2 ▪ This presentation may contain certain forward-looking statements related to PAVmed Inc. or Lucid Diagnostics Inc. (the "Companies") that involve risks and uncertainties. ▪ Actual results and events may differ significantly from results and events discussed in forward- looking statements. ▪ Factors that might cause or contribute to such differences include, but are not limited to, those discussed in "Risk Factors" in t ...