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核心抵债资产价值缩水、子公司净利下滑,方正证券回复监管年报问询
Di Yi Cai Jing· 2025-06-16 14:57
Core Viewpoint - The Shanghai Stock Exchange has raised five key questions regarding the 2024 annual report of Founder Securities, focusing on financial asset investments, pledged stock business, and impairment losses, which have drawn significant market attention [1][2]. Financial Asset Investment Losses - Founder Securities reported a significant loss in financial asset investments, with a total revenue of 7.718 billion yuan, up 8.42% year-on-year, and a net profit of 2.207 billion yuan, up 2.55% year-on-year for 2024 [2]. - The company's total assets reached 255.628 billion yuan, and net assets were 48.978 billion yuan by the end of 2024 [2]. - The book value of various financial investments was 113.664 billion yuan, a 14.54% increase year-on-year, but net investment income and fair value changes totaled only 1.349 billion yuan, a 13.91% decrease [2]. - Losses included 649 million yuan from trading financial assets and 1.475 billion yuan from derivative financial instruments [2]. Impairment of Core Collateral Assets - The value of collateral assets has significantly decreased, with investment properties valued at 1.188 billion yuan at the end of 2024, down from 1.763 billion yuan at the end of 2023, resulting in a fair value change loss of 590 million yuan [4]. - Major losses were attributed to the Zhengzhou Yuda International Trade Building and Beijing Jinqianguang Cinema, with losses of 493 million yuan and 87 million yuan, respectively [4][5]. Stock Pledge Business and Impairment Provisions - All stock pledge businesses were overdue, with a total balance of 886 million yuan for buy-back financial assets, and impairment provisions increased to 659 million yuan in 2024 [6]. - The company has ceased new stock pledge repurchase business, with existing projects being managed for risk [6]. Fund Lending and Impairment Discrepancies - By the end of 2024, the balance of funds lent was 42.021 billion yuan, a 28.14% increase year-on-year, with impairment provisions rising by 43.52% to 451 million yuan [7]. - Domestic impairment provisions increased significantly due to market volatility, while overseas provisions were high due to a single counterparty default [7]. Goodwill Impairment Provisions - The company reported goodwill of 4.523 billion yuan with provisions of 183 million yuan, primarily related to the acquisition of subsidiaries [8]. - Despite poor performance from one subsidiary, the company did not recognize additional goodwill impairment, citing non-recurring losses and stable operations from another subsidiary [8].
*ST名家: 中天国富证券有限公司关于深圳证券交易所《关于对深圳市名家汇科技股份有限公司的年报问询函》相关事项的核查意见
Zheng Quan Zhi Xing· 2025-05-18 08:30
Core Viewpoint - The report addresses the slow progress of the LED landscape art lighting research and production base and experience center project by MingJiaHui Technology Co., Ltd, highlighting the reasons for delays and the feasibility of the project [1][2][5]. Group 1: Project Progress and Delays - The project, originally planned to be completed by June 30, 2020, has faced delays due to changes in the development plan of the construction site and public health safety events [2][3]. - The construction progress is currently at 59.6%, with a total investment of 143 million yuan (approximately 21 million USD) [1][2]. - The company has adjusted the project location and extended the expected completion date to September 30, 2021, due to the aforementioned delays [3][4]. Group 2: Project Feasibility and Impairment Testing - The feasibility of the project has not undergone significant adverse changes, and the company has engaged a qualified assessment agency to conduct impairment testing [5][9]. - The recoverable value of the project as of December 31, 2024, is estimated at 140.92 million yuan (approximately 21 million USD), with an impairment of 4.82 million yuan (approximately 0.73 million USD), resulting in an impairment rate of 3.31% [5][9]. Group 3: Supplier Relationships - The top five suppliers for the project include China New Era Construction Engineering Co., Ltd, which is a wholly-owned subsidiary of a major shareholder, while the other suppliers have no related party relationships with the company or its major shareholders [6][7][10]. - There are no indications of fund occupation or other financial transactions between the company and its major shareholders or executives, aside from normal operational transactions with the suppliers [7][10].