01 问询 根据申请文件：（1）报告期内，发行人对比亚迪等部分客户的销售采用寄售模式，以公司取得客户确认的实际领用的结算依据时确认收入。 （2）报告 期内，发行人销售模式包括直接订单销售和寄售模式销售，其中直接订单销售占比分别为 91.07%、81.13%和70.21%，寄售模式销售占比分别为8.93%、 18.87%和29.79%。 请发行人：说明报告期各期采取寄售的客户数量、收入金额及占比、发行人与寄售模式客户的对账方式、对账周期、收入确认的具体依据、相关内控措施 及执行情况，说明是否存在与客户采用非自然月份对账导致收入跨期的情形。 | 项目 | 内容 | | --- | --- | | 对账方式 | 客户供应商管理系统对账、邮件对账等 | | 对账周期 | 按月对账 | | 收入确认的具体依据 | 公司根据预计需求、剩余库存情况将一定数量的产品运送至客 户指定地点,客户根据生产经营需要进行领用,公司定期根据 | | | 客户的供应商管理系统或领用结算通知集暑示的领导期探-卓 | | | 客户对账结算并确认收入。 | 公司与寄售销售相关的内控制度健全，并得到有效执行，具体如下： 1、说明报告期各期采取寄售 ...

Core Viewpoint - The financial performance of Advanced Assembly Materials International Limited (AAMI) shows a significant recovery in 2024, with both revenue and net profit increasing compared to previous periods, indicating a positive trend in the semiconductor packaging materials industry [3][6][12]. Financial Performance - AAMI's revenue for 2024 is projected at 248,621.11 million yuan, reflecting a year-on-year increase of 12.74%, while the net profit is expected to reach 5,518.84 million yuan, a substantial increase of 173.51% compared to the previous year [6][12]. - The company reported a high post-receivable collection rate of 92.78% for accounts receivable as of December 31, 2024, indicating strong cash flow management [6]. Revenue Trends - AAMI's revenue for 2023 was 313,022.72 million yuan, which represented a 30.79% decline year-on-year, primarily due to macroeconomic factors and cyclical fluctuations in the semiconductor industry [3][6]. - The average price of AAMI's lead frames showed a slight decline in 2024, but there are signs of stabilization and recovery in the fourth quarter of 2024 and the first quarter of 2025 [9][10]. Customer Concentration - AAMI's top 20 customers accounted for 84.77% of its revenue in 2024, maintaining a stable customer concentration level over the years [12][13]. - The company has established long-term relationships with major IDM and OSAT manufacturers, which contributes to its revenue stability [12][13]. Sales Models - AAMI employs both consignment and non-consignment sales models, with consignment sales accounting for 17.58%, 20.49%, and 18.83% of total sales during the reporting periods [3][5]. - The choice of sales model is influenced by customer inventory management needs and operational efficiency, with specific criteria established for selecting customers for consignment sales [17][18]. Price Trends - The price of AAMI's stamping and etching lead frames increased in 2023 but saw a decline in 2024, reflecting market demand fluctuations and industry cycles [9][10]. - The overall unit price of lead frames in 2024 was 9.11 yuan, with a slight decrease from previous years, but a recovery trend is anticipated as inventory pressures ease [9][10]. Revenue Recognition - AAMI's revenue recognition policies align with industry standards, confirming revenue upon the transfer of control as per contractual agreements [20][21]. - The company has a clear process for recognizing revenue from consignment sales, which occurs when customers utilize the products and provide usage reports [20][22].