Core Viewpoint - The company, Hunan Xiangyou Technology Co., Ltd., has responded to the Shanghai Stock Exchange's inquiry regarding its 2024 annual report, detailing its revenue and gross margin trends across various business segments, particularly in the postal industry and other sectors. Revenue and Gross Margin Analysis - From 2022 to 2024, the company's revenue from the postal industry was 572 million, 417 million, and 481 million CNY, with corresponding gross margins of 10.72%, 44.17%, and 41.39% respectively, indicating a significant revenue increase but a decline in gross margin [1][2]. - The gross margins for system integration, software development, and operation maintenance in 2024 were 16.78%, 40.19%, and 11.51%, with year-on-year changes of -12.92, +17.64, and -6.14 percentage points respectively [1][3]. Client and Supplier Information - The company is required to disclose detailed information about its top ten clients and suppliers for 2023 to 2024, including their names, relationships, establishment dates, registered capital, personnel scale, transaction types, amounts, and payment statuses [2][3]. - The company has been actively exploring and expanding its business in sectors such as smart logistics, research institutions, rail transit, and finance, focusing on software development, product sales, system integration, data center construction, and data analysis services [3]. Industry Trends and Comparisons - The postal industry has seen an increase in equipment procurement by approximately 22.37 million CNY, a growth of 17.97%, while the platform operation services, particularly in aggregated payment, have risen by about 33.15 million CNY, reflecting an 11.86% increase [2][25]. - The company has achieved breakthroughs in expanding its business into external industries, particularly in software development and system integration, leading to higher gross margins in these sectors compared to the postal industry [25]. Accounting Practices - The company employs different accounting methods for revenue recognition, using the net method for external industry revenues, which significantly impacts the gross margin levels compared to the postal sector [25]. - The gross margin for the postal industry was 11.04% and 10.60% in the last two years, while for non-postal industries, it was 41.39% and 12.27%, indicating a substantial difference in profitability [25].

Core Viewpoint - The company, Hunan Xiangyou Technology Co., Ltd., is under scrutiny from the Shanghai Stock Exchange regarding its 2024 annual report, particularly focusing on its revenue and profit margins across different business segments, including postal and other industries [1]. Financial Performance - From 2022 to 2024, the company's revenue from the postal industry was 572 million, 417 million, and 481 million yuan, with corresponding gross margins of 10.72%, 11.04%, and 11.11% [1]. - Revenue from other industries was 11 million, 166 million, and 48 million yuan, with a significant decline in gross margin but still remaining high [1]. Customer and Supplier Relationships - The company is required to disclose detailed information about its top ten customers and suppliers in the other industries for 2023 to 2024, including names, relationships, establishment dates, registered capital, personnel scale, transaction types, amounts, and balances [1]. - The company has established partnerships in various sectors such as smart logistics, research institutions, rail transit, and finance, focusing on software development, product sales, system integration, data center construction, and data analysis services [2]. Revenue Changes and Analysis - The company must explain the reasons for changes in postal industry revenue, considering cost structures, order changes, and customer dynamics, as well as the reasons for the decline in gross margin in other industries despite being higher than that of the postal industry [1][21]. - The increase in postal group equipment procurement volume rose by approximately 22.37 million yuan, a growth of 17.97%, and the volume of aggregated payment services in platform operations increased by about 33.15 million yuan [21]. Project Collaborations - The company is involved in the "Zhihui Kangkang Multi-Functional Terminal" project in collaboration with Tianjin Membrane Technology Co., Ltd., which serves as the general contractor, while the company acts as an intermediary service provider [8][9]. - The project includes various functionalities such as operational information release, advertising, air quality management, public health, and edge computing [8]. Accounting Practices - The company adopts the net method for revenue recognition in the Zhihui Kangkang Multi-Functional Terminal project, which aligns with the commercial substance and accounting standards [9][20]. - The revenue from the project is recognized based on the completion of installation and acceptance, with a total confirmed revenue of 51.60 million yuan as of December 2024 [9]. Future Outlook - The company is actively planning to implement the Shanghai Metro Line 8 People's Square Station environmental control system project, which involves software and hardware integration [14][16]. - The project is expected to follow a phased payment structure, with a total project cycle of 10 months [14].

关于对《深圳市宇顺电子股份有限公司问询函》 的回复意见 深圳正一会计师事务所（特殊普通合伙） 关于对《深圳市宇顺电子股份有限公司问询函》 的回复意见 深圳证券交易所： 由深圳市宇顺电子股份有限公司（以下简称"宇顺电子""公司"）转来的深圳 证券交易所上市公司管理二部《关于对深圳市宇顺电子股份有限公司 2024 年年度报 告的问询函》（公司部年报问询函〔2025〕131 号）已收悉。现对问询函中需要我所 说明的事项答复如下： 宇顺电子 2024 年审项目由本所承做并于 4 月 28 日出具审计报告，现就该项目承 接、过程和事务所质量控制和业务管理等详细说明如下： 为其 2024 年报审计机构；同时我们在获悉宇顺电子有意更换年审机构时，即与被审 计单位接触、洽谈，根据本所业务管理及质量控制等制度和工作安排，成立了宇顺电 子年审项目组，并安排人员就承接该项目进行前期立项调查、风险评估、尽调等工作。 略和审计计划，并将其中关于时间范围和时间节点等与宇顺公司董事会进行沟通达到 一致、并提请其提供必要的配合： 所公告前安排成员进场执行风险评估、进一步了解被审计单位财务、内部控制状况等 尽调工作，公告后第一时间进行前后任沟 ...

Core Viewpoint - Zhejiang Xiangyuan Cultural Tourism Co., Ltd. (hereinafter referred to as "the Company") has responded to the Shanghai Stock Exchange's inquiry regarding its 2024 annual report, focusing on its business relationships with Shandong Meiheng and Shandong Rongrun, including sales figures and operational details [1][2]. Business Operations and Relationships - The Company has engaged in cloud communication business with Shandong Meiheng and Shandong Rongrun since 2019, with a gradual shift towards cultural tourism as its main business post-restructuring in 2022 [3][4]. - Sales figures for the cloud communication business from 2019 to 2024 show a decline in revenue contribution, with total revenue of 30.56 million yuan in 2024, accounting for 1.70% of the Company's total revenue [3][4]. - The Company’s main supplier, Shandong Rongrun, had a prepayment amount of 1.523 million yuan, while Shandong Meiheng was identified as a major customer with sales of 30.56 million yuan in 2024 [1][4]. Business Model and Processes - The cloud communication business model involves establishing a messaging platform that aggregates various SMS suppliers' capabilities, ensuring timely and efficient message delivery [5][6]. - The Company actively sought partnerships with major telecom operators and leveraged its existing resources to develop its cloud communication services, leading to a successful collaboration with Shandong Rongrun and Shandong Meiheng [5][6]. - The procurement process involves prepayment for SMS services, with a unit price of 0.02 yuan per SMS for a total of 100 million SMS purchased from Shandong Rongrun [10][11]. Financial Performance - The financial performance of the cloud communication business has shown fluctuations, with net profits ranging from -11.89 million yuan in 2020 to 33.53 million yuan in 2023, indicating a challenging yet evolving business landscape [3][4]. - The Company reported a total of 5.555 million yuan in revenue from its top five customers in the cloud communication sector for 2022, with Shandong Meiheng accounting for 50.25% of the total revenue [14][15]. Customer and Supplier Dynamics - The Company has established a clear distinction between its customers and suppliers, with Shandong Meiheng being a non-related party, ensuring transparency in its business dealings [14][15]. - The Company’s procurement strategy includes maintaining a stable SMS inventory through prepayments, which helps mitigate risks associated with supply chain disruptions [16][17].

2025年一季度，瑞达期货（002961）股份有限公司(002961)以营收、净利双增的亮眼业绩领跑上市类期 货公司。然而，光鲜财报难掩其内控隐忧——4月30日，厦门证监局向瑞达期货发出一纸罚单，直指其 子公司瑞达新控资本管理有限公司存在会计核算不规范问题。该子公司以前年度部分贸易类业务收入确 认不符合《企业会计准则》，导致公司有关年度定期报告披露的财务数据不准确。 与此同时，瑞达期货董事长林志斌、总经理葛昶、财务总监曾永红和首席风险官杨明东一并被采取出具 警示函的行政监管措施。当日，深交所也向该公司及相关责任人下发监管函，指出高管未能恪尽职守、 履行忠实勤勉义务。据不完全统计，这已是该公司2024年以来第四次公开"领罚"。行业人士认为，少数 期货公司屡屡受罚往往是由于其重业务、轻合规的短视思维，未建立与行业高质量发展、严监严管相适 应的合规文化。 在2022年的合并利润表中，瑞达期货原本采用总额法确认收入，将整笔交易总金额计入营业收入；调整 后采用净额法，仅将赚取的差价部分确认为营业收入。这一调整导致公司2022年相关定期报告合并利润 表中的营业总收入、总支出分别减少7721.19万元。 具体来看，第一季度 ...

Core Viewpoint - Guangxi Wuzhou Transportation Co., Ltd. received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, prompting the company to clarify its business operations and financial performance, particularly in its trade logistics segment [1][2]. Group 1: Trade Logistics Business - The company reported a revenue of 1.823 billion yuan for the reporting period, an increase of 11.61% year-on-year, primarily due to a significant rise in trade logistics revenue [1][2]. - Trade logistics revenue reached 569 million yuan, a substantial increase of 95.21% year-on-year, although the gross profit margin decreased by 8.12 percentage points to 10.64% [1][5]. - The quarterly financial data showed that the company’s revenue for the four quarters was 405 million yuan, 385 million yuan, 426 million yuan, and 607 million yuan, with net profits attributable to shareholders of 213 million yuan, 140 million yuan, 213 million yuan, and 132 million yuan respectively [1][2]. Group 2: Business Model and Revenue Breakdown - The trade logistics business is managed by several subsidiaries, focusing on providing logistics services such as facility leasing, cold chain storage, vehicle management, and customs clearance, alongside trading agricultural products [4][6]. - The revenue breakdown indicates that logistics services have a lower revenue share but stable gross margins, while the higher revenue share from trade activities has led to a decline in overall gross margin due to lower margins in the traded goods [6][10]. Group 3: Customer and Supplier Analysis - The company provided details on its top ten customers and suppliers, noting stability in core relationships while changes occurred due to the expansion into new product categories like sugar and dairy [7][8]. - The company confirmed that there are no overlapping relationships between its suppliers and customers, ensuring independence in its trade operations [8][10]. Group 4: Financial Performance and Profitability - The significant revenue growth in the fourth quarter was attributed to seasonal demand and the introduction of new product categories, although net profit declined due to increased financial costs and provisions for asset impairment [14][15]. - The company’s financial expenses rose by 169.29% in the fourth quarter, primarily due to foreign exchange losses from loans taken by its subsidiary [14][15]. Group 5: Accounts Receivable and Bad Debt Provisions - The company reported an accounts receivable balance of 145 million yuan at the end of the period, with a provision for bad debts of 71 million yuan, indicating a high proportion of long-aged receivables [17][18]. - The company has implemented strict internal controls and due diligence processes for assessing the creditworthiness of its customers, ensuring compliance with accounting standards in its bad debt provisions [27][33]. Group 6: Loan Issuance and Risk Management - The company has engaged in loan issuance through its subsidiary, with a total loan balance of 40.83 million yuan, of which 33.63 million yuan is overdue, prompting a high provision for impairment [34][35]. - The company established comprehensive internal procedures for loan management, including risk assessment and monitoring, to mitigate potential defaults [35][36].

以下文章来源于e公司 ，作者证券时报 胡敏文 e公司 . e公司，证券时报旗下专注上市公司新媒体产品，立志打造A股上市公司资讯第一平台。提供7x24小时上市公司标准化快讯，针对可能 影响上市公司股价的主题概念、行业事件及时采访二次解读，从投资者需求出发，直播上市公司有价值的活动、会议。 那么，为何近期上市公司频繁出现总额法与净额法的使用纠偏？当上市公司因改用净额法致使营收规模大幅"缩水"时，投资者该如何校准自己 的估值判断呢？ 2025年以来，A股上演收入确认"大洗牌"。 *ST沪科对农产品贸易业务"动刀"，将收入核算方式从总额法改为净额法，直接导致2024年1—9月营收锐减九成以上；特锐德对充电运营业务中 的电费收入确认规则进行重新认定，调减2023年度营业收入19亿元。 据证券时报记者不完全统计，今年以来，已有超过30家上市公司在会计差错更正相关公告中，宣布收入确认方法由总额法改为净额法，更正后 收入合计调减过百亿元。 这也是近年监管重点核查领域。ST舜天、ST华闻、中泰化学等多家上市公司，就曾因错误适用总额法导致收入核算不准确，而受到监管部门的 处罚。 年内超30家差错更正 梳理多家上市公司会计差错更正 ...

*ST沪科对农产品贸易业务"动刀"，将收入核算方式从总额法改为净额法，直接导致2024年1—9月营收 锐减九成以上；特锐德对充电运营业务中的电费收入确认规则进行重新认定，调减2023年度营业收入19 亿元。 据证券时报记者不完全统计，今年以来，已有超过30家上市公司在会计差错更正相关公告中，宣布收入 确认方法由总额法改为净额法，更正后收入合计调减过百亿元。 这也是近年监管重点核查领域。ST舜天、ST华闻、中泰化学等多家上市公司，就曾因错误适用总额法 导致收入核算不准确，而受到监管部门的处罚。 那么，为何近期上市公司频繁出现总额法与净额法的使用纠偏？当上市公司因改用净额法致使营收规模 大幅"缩水"时，投资者该如何校准自己的估值判断呢？ 年内超30家差错更正 2025年以来，A股上演收入确认"大洗牌"。 梳理多家上市公司会计差错更正公告发现，与总额法/净额法相关的差错主要集中在以下业务领域： 一是贸易，尤其是大宗商品与供应链贸易。贸易业务是收入确认方法误用的高发区。以万向钱潮为例， 其对部分贸易业务收入确认从"总额法"改为"净额法"后，直接导致2024年1—9月营业收入、营业成本同 步调减14.62亿元。 这类调 ...

文/梧桐小新 近期，烟台园城黄金股份有限公司收到山东证监局的行政处罚决定书及上交所的纪律处分决定书。山东证监局对公司处以300万元罚款，对4名相关责任人处以50 万元-200万元不等合计550万元的罚款；上交所对公司及4名相关责任人予以公开谴责。 上交所纪律处分委员会审核后认为： 公司未拥有对钢材的控制权，应当以净额法确认收入，且 控股股东安排发放员工薪酬是基于公司员工为公司经营及业绩提供 的服务而发放，应由公司进行账务处理，违规事实清楚，相关责任人所称符合准则、得到审计机构认可、已披露问询函回复、款项已予返还等异议理由不能成 立。 经查，2021年，园城黄金子公司烟台罗润商贸有限公司、烟台昌赛商贸有限公司在钢材贸易业务中， 对供应商承运、客户自提两种交付方式的部分采购、销售交 易按照总额法进行核算，但并未实质上取得货物的控制权，其身份是代理人。 根据《企业会计准则第14号一收入》（财会[2017]22号）第三十四条的规定， 公司 应当按照净额法确认收入。但公司对前述业务采用总额法确认收入 ，导致2021年半年度报告、2021年年度报告存在虚假记载。其中2021年半年度报告虚增营业收 入3,668.90万元、 ...

文/梧桐兄弟 武汉宏海科技股份有限公司（831075）申报北交所IPO于2023年12月29日获得受理，现已完成三轮问询，即将上会。公司本次IPO拟募资1.34亿余元。 公司注册地湖北省武汉市，成立于2005年2月22日，于2014年8月15日在全国股份转让系统挂牌，于2020年期间调至创新层。公司证券简称为"宏海科技"，证券代 码为"831075"，公司目前注册资本10,000万元。 本次发行前，周宏持股51.85%，为公司的控股股东，第二大股东为周子依，系周宏的女儿。公司实际控制人周宏、周子依父女合计持有公司股份比例为70.12%， 一致行动人王蔚持有公司股份比例为 0.76%，实际控制人可以支配的公司股权比例较高。 值得注意的是，报告期内，公司及相关主体受到全国股转公司自律监管措施的情况如下： 2023年8月1日，全国股转公司下达《关于对武汉宏海科技股份有限公司及相关责任主体的监管工作提示》（公司一部提示[2023]588 号）， 因实际控制人周宏的配 偶王蔚于2017年2 月23日通过做市交易持有公司股份，成为公司实际控制人的一致行动人，公司未及时披露一致行动人变更公告， 而对公司及董事长周宏、时任 ...