【深圳商报讯】（记者 陈燕青）重庆啤酒（600132）近日公告称，公司与嘉威拟在二审阶段达成调 解，并签署《调解协议》，如顺利达成调解，诉讼程序将以调解结案。 拟签署的《调解协议》主要内容为：上市公司或其子公司向嘉威一次性支付截至2025年12月31日前的全 部量价差结算款1亿元（不含税）；就上市公司与嘉威2026年至2028年期间产品包销方面的合作方式进 行约定，以及约定嘉威分红等相关事宜。根据《调解协议》约定，并依据《企业会计准则》相关规定， 经与审计机构沟通，公司下属实施该包销业务的控股子公司嘉士伯重庆啤酒有限公司拟将以前年度基于 本案一审判决计提的预计负债约2.54亿元冲回，同时，基于谨慎性原则，拟计提一次性支付的量价差结 算款等负债约2.17亿元。上述会计处理预计增加公司2025年度利润总额3710.55万元、归属于上市公司股 东的净利润1907.96万元。 最近两年，重庆啤酒业绩持续下滑。财务数据显示，重庆啤酒去年营收和净利润双降。 ...

"大空头"和英伟达之间的回合战正在升级。《大空头》电影原型Michael Burry再度将矛头指向英伟达，称其为 回应自己批评而向华尔街分析师分发的一份内部备忘录"令人失望"，并充斥着"一个接一个的稻草人论证"。 11月26日周二，Burry在其新开设的Substack博客平台发文写道，自己"不敢相信"这些回应出自全球市值最高 的上市公司之手，并称该文件"读起来几乎像个骗局"。 | Y26Q3 Earnings Responses Nvidia ... ~ | Claim: NVIDIA is depreciating FPSE more slowly than peers, indicating that depreciation expense is understated; if properly reported, depreciation would be higher and net income would be lowia . | | --- | --- | | | Response: First, NVIDA discloses useful its estimates consistien ...

"大空头"和英伟达之间的回合战正在升级。《大空头》电影原型Michael Burry再度将矛头指向英伟达，称其为 回应自己批评而向华尔街分析师分发的一份内部备忘录"令人失望"，并充斥着"一个接一个的稻草人论证"。 11月26日周二，Burry在其新开设的Substack博客平台发文写道，自己"不敢相信"这些回应出自全球市值最高 的上市公司之手，并称该文件"读起来几乎像个骗局"。 | Claim: NVIDIA is depreciating PP&E more slowly than peers, indicating that depreciation | expense is understated: if properly reported, depreciation would be higher and net income would be lower. | Y26Q3 Earnings Responses Nvidia ... | | --- | --- | --- | | Response: First, NVIDA discloses useful life estimates consis ...

Concept - Operating lease refers to the business activity of transferring the use of tangible or intangible assets to others for a specified period without changing the ownership of the leased property. It can be categorized into tangible asset operating leases and real estate operating leases [2] - Financing lease is defined as a leasing activity that has financing characteristics and ownership transfer features, where the lessor purchases the asset based on the lessee's specifications and the ownership remains with the lessor during the lease term [5] - Financial sale-leaseback refers to a business activity where the lessee sells an asset to a financing leasing company for financing purposes and then leases it back from the same company [6] Tax Treatment - For operating leases, the tax category is sales service under modern services, and the tax obligation arises when the rental service is provided [8] - Financing leases also have tax obligations that arise when the taxable behavior occurs and payment is received [9] - For financial sale-leaseback, the tax category is sales service under financial services, and the tax obligation arises similarly to operating leases [10] Tax Rates - The general tax rate for tangible asset leasing is 13%, while for real estate leasing, it is 9% [11] - Small-scale taxpayers can choose a simplified tax rate of 3% for tangible asset leasing and 5% for real estate leasing [11][12] Tax Incentives - Approved financing leasing companies can benefit from a VAT refund policy if their actual tax burden exceeds 3% [15] - Small-scale taxpayers are not eligible for the immediate refund policy [16] Corporate Income Tax and Accounting Treatment - For operating leases, rental expenses can be deducted evenly over the lease term according to the Corporate Income Tax Law [24] - Under new accounting standards, lessees must recognize right-of-use assets and lease liabilities, leading to potential tax and accounting differences [30][32] - For financing leases, the lessee can deduct depreciation expenses based on the value of the leased asset, while the lessor cannot deduct depreciation for leased assets [39][40] Case Studies - A case study illustrates the accounting treatment for a company leasing an office building, highlighting the differences in tax treatment under old and new standards [28][29] - Another case study demonstrates the financial sale-leaseback process, showing how the lessee retains the asset on their balance sheet while recognizing a financial liability [48][50]

Core Viewpoint - Singapore's Government Investment Corporation (GIC) has accused NIO of inflating revenue and profits through its partnership with Wuhan Weinan Battery Asset Co., leading to investment losses for GIC, which has drawn market attention [1] Group 1: Stock Market Reaction - On October 16, NIO's Hong Kong stock price initially dropped nearly 13%, closing down 8.99%. The following day, NIO's stock opened over 5% higher and ultimately closed up 2.17% at HKD 50.35 per share, with a total market capitalization of HKD 122.9 billion [1] - NIO's U.S. stock opened down nearly 8% on the same day but quickly rebounded, closing up 0.15% [1] Group 2: Background of the Allegations - The lawsuit initiated by GIC is not related to NIO's recent operational performance but traces back to a short-selling report by Grizzly Research published in June 2022 [2] - The report accused NIO of exaggerating revenue and net profits through Wuhan Weinan, claiming that NIO misrepresented the number of battery asset management business (BaaS) orders [2] Group 3: NIO's Response and Support from Financial Institutions - NIO responded promptly to the allegations in the Grizzly report, stating that the claims lacked factual basis and contained misleading conclusions. An independent internal review was conducted, confirming that all allegations were unfounded [3] - Major financial institutions, including Deutsche Bank, Morgan Stanley, JP Morgan, and Daiwa Capital, released reports supporting NIO, stating that Grizzly's concerns were based on misunderstandings of the BaaS model [3] Group 4: GIC's Litigation History - GIC, managing over USD 100 billion, has a history of initiating lawsuits against publicly listed companies, claiming investment losses. Notable companies previously sued by GIC include Qualcomm, Merck, and BP [3]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) released a report indicating that while listed companies generally comply with accounting standards and financial disclosure rules, there are still issues related to accounting treatment and financial information disclosure in certain areas [1][2]. Group 1: Financial Reporting Issues - As of April 30, 2025, a total of 5,413 listed companies in the A-share market disclosed their 2024 annual financial reports, including 3,185 from the main board, 1,377 from the ChiNext, 586 from the Sci-Tech Innovation Board, and 265 from the Beijing Stock Exchange [1]. - Among the companies that disclosed their reports, 192 received non-standard audit opinions, including 56 with unqualified opinions containing emphasis of matter, 35 with unqualified opinions containing going concern issues, and 72 with qualified opinions [1]. Group 2: Revenue Recognition Issues - The report identified that some companies improperly recognized revenue and costs using the time period method, miscalculated sales revenue under point pricing models, and inadequately handled sales rebates and contract fulfillment costs [2]. Group 3: Long-term Investments and Mergers - Issues were noted in the areas of long-term equity investments and business combinations, including incorrect judgments on the scope of consolidated financial statements and improper recognition of goodwill from step acquisitions of businesses under common control [2]. Group 4: Financial Instruments and Asset Impairment - The report highlighted problems with the recognition and measurement of financial instruments, such as inappropriate provisions for expected credit losses and misclassification of equity investments [2]. - Additionally, some companies failed to appropriately recognize inventory impairment and did not accurately measure the recoverable amount of assets [2]. Group 5: Disclosure and Regulatory Actions - The CSRC plans to continue monitoring the accounting information disclosure issues identified in the report, enhance the regulatory framework for financial reporting, and provide practical guidance on accounting issues that are of market concern [3].

Core Viewpoint - King’s Ray Biotechnology achieved a significant turnaround in profitability for 2024, reporting a net profit of approximately $2.962 billion, compared to a loss of $95.477 million in 2023, primarily due to accounting changes and a one-time gain from the merger cancellation with Legend Biotech [1][3] Financial Performance - The company reported revenues of approximately $594.5 million for 2024, a 6.1% increase from $560.5 million in the previous year [1] - Adjusted net profit from ongoing operations was approximately $59.8 million, reflecting a modest growth of 2.9% compared to $58.1 million in the prior year [3] Business Segments - The life sciences segment, which constitutes about 75.8% of total revenue, saw a revenue increase of 10.2%, driven by enhanced brand presence in Europe and the U.S. and the introduction of new competitive services and products [4] - The biopharmaceutical development services segment underperformed, with external revenue accounting for 14.8% of total revenue, declining by 13.2% to approximately $95.0 million, and adjusted operating losses widening by 46.1% to about $43.4 million [5] Financial Structure - The company's debt-to-asset ratio improved significantly from 39.65% to 18.09%, indicating a stronger financial structure [7] - The current ratio decreased from 4.76 to 2.72, remaining at a relatively safe level [7] Cash Flow and Management - The company reported a negative cash flow per share of -$0.61, worsening from $0.20 in the previous year, while operating cash flow per share improved slightly from -$0.14 to $0.04 [7] - The accounts receivable conversion cycle improved from 69 days to 59 days, indicating better management of customer payments, although the accounts payable conversion cycle decreased significantly from 21 days to 12 days, potentially straining cash flow management [7]

Group 1 - The core viewpoint of the news is that the China Securities Regulatory Commission (CSRC) has issued the "Guidance on the Application of Regulatory Rules - Accounting Category No. 5" to clarify accounting issues related to income, financial instruments, and long-term equity investments, aiming to promote consistent and effective implementation of accounting standards in the capital market [1][4] Group 2 - Regarding the accounting treatment of government subsidies for the dismantling of waste electrical and electronic products, companies are required to estimate the potential subsidy amounts reasonably based on income standards and government subsidy policies, and recognize them as income when the conditions for income recognition are met [1] - The CSRC pointed out that if a company renegotiates the contract price with a customer after fulfilling the contract and recognizing receivables, the accounting treatment should consider the specific contractual agreements and whether the price reduction is related to the company's performance activities [2] - Companies must analyze whether subsequent changes in intellectual property licensing contracts form a new authorization contract and handle the accounting accordingly [3] - The CSRC emphasized the need for companies to improve the quality of accounting information disclosure in light of new industries and business models emerging in the capital market, and will monitor the implementation of Accounting Category No. 5 [4]