Core Viewpoint - Kirin Xin'an, known as the "first domestic operating system stock," has adjusted its bad debt provision method for accounts receivable from its largest client, A1 unit, which has raised concerns from the stock exchange [1][2]. Financial Performance - As of the end of 2024, Kirin Xin'an reported accounts receivable of 4.06 billion yuan, with 2.23 billion yuan owed by A1 unit, accounting for 55% of total receivables [2][3]. - The company achieved operating revenue of 286 million yuan and a net profit of 7.94 million yuan in the previous year, indicating significant growth [1]. Accounts Receivable Details - The accounts receivable from A1 unit originated from sales made in 2021 and 2022, and as of now, these amounts have not been collected [1]. - The bad debt provision for A1 unit was changed from a combined provision method to an individual provision method, with a bad debt loss amounting to 60.78 million yuan, representing a provision rate of 27% [2][4]. Client Relationship and Sales History - A1 unit was the largest client from 2019 to 2022, with sales figures of 625.02 million yuan, 1.03 billion yuan, 1.44 billion yuan, and 1.65 billion yuan, each accounting for over 40% of Kirin Xin'an's revenue during those years [3]. - In 2023, revenue from A1 unit dropped to zero, but the company continues to provide technical support and maintenance services [3][5]. Change in Provision Methodology - The change in bad debt provision methodology was influenced by the aging of accounts receivable, with 1.81 billion yuan being 2 to 3 years old and 417.98 million yuan being 3 to 4 years old [4]. - The company opted for individual provision to reflect the credit risk more cautiously, as the aging structure of A1 unit's receivables significantly differs from other clients [5].

8月4日晚间，"国产操作系统第一股"麒麟信安（SH688152）回复了上交所此前下发的问询函。记者注 意到，2024年以前，针对A1单位应收账款的坏账计提，麒麟信安采取组合计提的方式；而在2024年年 报中，麒麟信安变更为单项计提的方式，由此引起交易所关注并发函问询。问询函中，麒麟信安回复 称，截至2024年末，公司对A1单位的应收账款账面余额为2.23亿元，该部分应收账款源于2021年及2022 年公司向A1单位销售商品，在商品发货并经A1单位验收确认后形成应收账款。截至目前，上述应收账 款暂未回款。（每经） ...

证券代码：688152 证券简称：麒麟信安 公告编号：2025-059 湖南麒麟信安科技股份有限公司 关于 2024 年年度报告信息披露监管问询函的 回复公告 （一）对 A1 单位的应收账款形成时间、账龄分布、期后回款情况 截至 2024 年末，公司对 A1 单位的应收账款账面余额为 22,321.34 万元，该 部分应收账款源于 2021 年及 2022 年公司向 A1 单位销售商品，在商品发货并经 A1 单位验收确认后形成应收账款。 从账龄分布情况来看，截至 2024 年末，公司对 A1 单位的应收账款中，账 龄为 2-3 年的应收账款账面余额为 18,141.58 万元，账龄为 3-4 年的应收账款账 面余额为 4,179.76 万元。截至本公告披露日，公司上述针对 A1 单位的应收账款 暂未回款。 （二）报告期内单项大额计提坏账损失的原因和依据、前期及本期坏账计提 金额的充分性 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 湖南麒麟信安科技股份有限公司（以下简称"公司"或"麒麟信安"）近期收到 上海证券交易所科创 ...

中泰证券股份有限公司 从账龄分布情况来看，截至 2024 年末，公司对 A1 单位的应收账款中，账 龄为 2-3 年的应收账款账面余额为 18,141.58 万元，账龄为 3-4 年的应收账款账 面余额为 4,179.76 万元。截至本核查意见出具日，公司上述针对 A1 单位的应收 账款暂未回款。 关于湖南麒麟信安科技股份有限公司 上海证券交易所: 根据贵所《关于湖南麒麟信安科技股份有限公司 2024 年年度报告的信息披 露监管问询函》（上证科创公函[2025]0330 号，以下简称"问询函"）的要求， 中泰证券股份有限公司（以下简称"中泰证券"或"保荐机构"）作为湖南麒麟 信安科技股份有限公司（以下简称"麒麟信安"或"公司"）的持续督导机构， 会同公司及天职国际会计师事务所（特殊普通合伙），对问询函所提及的事项进 行了逐项落实，现将问询函所涉及问题回复如下： 问题：年报及前期公告显示，2024 年末公司应收账款余额为 4.06 亿元，其 中对 A1 单位应收账款余额为 2.24 亿元，占比 55.17%。2024 年开始，公司对 A1 单位应收账款的坏账计提从组合计提变更为单项计提坏账准备，坏账损失金额 为 ...

Core Viewpoint - Shanghai Chuangxing Resource Development Co., Ltd. has faced significant challenges in its construction decoration business, with a reported revenue decline of 46.97% in 2024, primarily due to reliance on related party transactions and issues with accounts receivable from these clients [1][3][10]. Group 1: Construction Decoration Business - The company's construction decoration business generated revenue of 64.59 million yuan in 2024, accounting for 77% of total revenue, with a notable year-on-year decline [1][3]. - Accounts receivable from related parties, including Yunnan Longjie Tourism Development Co., Ltd. and Shanghai Zhenlong Real Estate Development Co., Ltd., amounted to 164 million yuan and 137 million yuan respectively, with significant provisions for bad debts [1][3][6]. - The company has reported ongoing litigation involving some related party clients, raising concerns about their creditworthiness and the recoverability of receivables [1][3][5]. Group 2: Accounts Receivable and Bad Debt Provisions - The company has made provisions for bad debts totaling 70 million yuan and 61 million yuan for the respective related parties, indicating a cautious approach to credit risk management [1][3][6]. - Cash flow issues have been reported for major clients, with Shanghai Zhenlong's revenue at 26.5 million yuan for 2024 and Yunnan Longjie facing tight cash flow due to long-term project investments [4][5][9]. - The company has actively communicated with clients regarding payment schedules, recovering approximately 22 million yuan in the first quarter of 2025 and 11 million yuan in the second quarter [6][9]. Group 3: Mobile Information Services Business - The mobile information services business achieved revenue of 19.42 million yuan in 2024, a significant increase from 8.52 million yuan in 2023, indicating growth in this segment [13][19]. - The company utilizes a net revenue recognition method for this business, with a focus on providing various SMS application services [13][14]. - There are concerns regarding overdue receivables from clients, particularly Guangzhou Green Collar Cultural Communication Co., Ltd., which has delayed payments due to cash flow issues [14][15]. Group 4: Other Equity Investments - The company holds a 20% stake in Shanghai Zhenlong Real Estate Development Co., Ltd., with an investment value of 173 million yuan, but has not recognized any dividend income due to the company's negative retained earnings [19][21]. - The lack of dividend distribution is attributed to Shanghai Zhenlong's negative retained earnings of 494 million yuan, which does not meet the conditions for profit distribution [21][22]. - The company employs valuation techniques to assess the fair value of its equity investments, using the asset-based approach due to the absence of an active market for these investments [22][29]. Group 5: Performance Compensation - The company has not met performance commitments related to its construction decoration business, with a revenue target of 100 million yuan and a net profit target of zero for the years 2022 to 2024 [33][34]. - The third phase of the equity transfer payment from the buyer remains unpaid, raising concerns about the buyer's financial stability and ability to fulfill payment obligations [34][35]. - Ongoing discussions are in place to address the performance compensation and ensure the protection of the company's and minority shareholders' interests [35].

Core Viewpoint - Guangdong Boliv Technology Co., Ltd. has reported a significant decline in revenue and an increase in losses for the year 2024, primarily due to factors such as inventory destocking by downstream enterprises, falling raw material prices, and provisions for bad debts [1][19]. Group 1: Financial Performance - The company achieved a revenue of 184,399.25 million yuan in 2024, a decrease of 17.48% compared to the previous year [19]. - The net profit for the company was -9,661.33 million yuan, representing a 186.01% increase in losses year-on-year [19]. - The main reasons for the losses include decreased market demand due to inflation and competition, as well as increased provisions for bad debts [19][20]. Group 2: Product Performance - The company primarily engages in the research, manufacturing, and sales of lithium-ion batteries, with a reported revenue decline of 21.95% in 2024 [1]. - The revenue from light vehicle lithium-ion batteries decreased by 7.15%, while sales volume increased, indicating that price reductions were not offset by volume increases [8]. - The sales revenue for consumer electronic batteries dropped significantly, with a unit price decrease of 30.59% leading to a revenue decline [9][10]. Group 3: Market Trends - The lithium battery industry has seen rapid growth, with production expected to reach 1,170 GWh in 2024, although the growth rate is slowing [3]. - The export volume of lithium batteries is projected to increase in 2024 after a slight decline in 2023, indicating a recovery in demand [3]. - The competitive landscape in the lithium battery market is intensifying, with increased production capacity and price pressures affecting profitability [20][21]. Group 4: Industry Comparisons - Compared to peers, the company's revenue and gross margin changes reflect differences in product structure and market focus [14][15]. - For instance, while the company experienced a revenue decline, competitors like Xinwanda reported a 17.05% increase in revenue, highlighting the impact of product diversification [14][16]. - The company’s gross margin was lower than the industry average, indicating challenges in maintaining profitability amidst competitive pressures [14][18]. Group 5: Future Outlook - The company anticipates a recovery in the lithium battery market, driven by new policies and increasing demand for electric vehicles and consumer electronics [20][21]. - The first quarter of 2025 showed signs of improvement, with a significant increase in revenue from storage batteries, indicating potential for recovery [22][23]. - The company is focusing on optimizing production capacity and expanding into new markets to enhance profitability [22][23].

Core Viewpoint - The company received a shareholder inquiry letter from the China Securities Investor Service Center regarding the formation of bad debts and the measures taken to recover them, particularly focusing on three major clients: Shanxi Lubao Xinghai New Materials Co., Ltd., Shandong Tengzhou Ruida Chemical Co., Ltd., and Liaoning Yuantai Petrochemical Co., Ltd. [1][2][3] Group 1: Bad Debt Formation and Recovery Measures - The company has recognized significant bad debts totaling approximately 537 million yuan from three clients, with specific provisions made for each client: Shanxi Lubao (166 million yuan), Shandong Tengzhou Ruida (173.59 million yuan), and Liaoning Yuantai (197.62 million yuan) [2][3][4] - The company has taken various measures to recover these debts, including legal actions and negotiations with the debtors, but has faced challenges due to the financial instability of these clients [20][21][22] - The company has reported that as of the end of 2023, it is still pursuing recovery of outstanding amounts, including 99.03 million yuan in performance compensation from Chongqing Xinghai, which has not been paid as per the agreement [19][20] Group 2: Client-Specific Issues - Shanxi Lubao's financial difficulties began in 2019, leading to a 90% provision for bad debts due to its inability to repay commercial acceptance bills [6][7][8] - Shandong Tengzhou Ruida has shown no repayment capability, with the company initiating legal proceedings to recover the owed amount, which has been complicated by ongoing disputes over the settlement amount [20][21] - Liaoning Yuantai has declared bankruptcy and is undergoing restructuring, complicating the recovery of the 197.62 million yuan owed to the company [14][22]

Core Viewpoint - Shenzhen Mingjiahui Technology Co., Ltd. reported a revenue of 117 million yuan in 2024, representing a year-on-year growth of 44.09%, while the net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of 153 million yuan, a reduction in loss of 24.7 million yuan compared to the previous year [1] Revenue and Profit Analysis - The company's main business is landscape lighting engineering, which includes design, construction, and related product sales. The revenue from engineering construction accounted for 81.10% of total revenue in 2024, with a gross margin of 24.31%, an increase of 18.8 percentage points year-on-year [1] - The revenue from product sales accounted for 16.86% of total revenue in 2024, with a gross margin of 16.67% [1] - The overall gross margin trend aligns with market demand changes, with the comprehensive gross margin for engineering construction and product sales being 23.06% in 2024 [1][4] Market Growth and Industry Comparison - The landscape lighting industry in China has seen significant growth, with the market size increasing from 442.6 billion yuan in 2016 to 651.5 billion yuan in 2023 [1] - The company's gross margin and revenue are lower than industry peers, but the trend of changes is consistent with the industry [4][3] Major Clients and Revenue Sources - The top five clients contributed significantly to the company's revenue, with the largest client being the government of Guangxin District, accounting for 98.53% of total revenue [1] - The company primarily undertakes projects led by government agencies, which tend to have larger scales and shorter implementation cycles compared to commercial real estate projects [4] Accounts Receivable and Bad Debt Provisions - The company reported accounts receivable of 906 million yuan, with a bad debt provision of 599 million yuan, representing a provision rate of 66.14% [12] - Specific details on accounts receivable and the basis for bad debt provisions were provided, indicating a focus on timely and accurate recognition of potential losses [12][13] Tax Compliance and Revenue Recognition - The company follows tax regulations for VAT and corporate income tax, ensuring compliance and avoiding tax-related risks [10] - Revenue recognition is based on project progress, with no instances of cross-period revenue recognition reported [9][10] Project Details and Execution - The company confirmed significant project revenues for 2024, with major projects including urban lighting enhancements and cultural tourism infrastructure [7][9] - The project acquisition process is conducted through public bidding or competitive negotiation, adhering to legal and industry standards [11][9]