登录新浪财经APP 搜索【信披】查看更多考评等级 紧急砍掉1.5亿元补流的新年科创板首家上会企业---联讯仪器：技术自主性、客户依赖性、收入真实性、财务健康和信息披露等5大 维度存疑 一份长达数160页的问询回复，试图描绘出一家技术领先、客户优质、增长迅猛的明星企业画像，然而字里行间却透露出令人不安的 信号。 苏州联讯仪器股份有限公司正冲刺科创板上市，保荐机构中信证券已提交第二轮审核问询函回复报告。这份厚达上百页的文件，看 似回应了监管的所有关切，却在技术自主性、客户依赖性、收入真实性、财务健康度和信息披露透明度五个关键维度上，暴露出令 人难以忽视的疑点。 一、 芯片设计和流片服务外购、技术自主性存疑， 翻开联讯仪器的问询回复，公司宣称掌握了自主知识产权的核心芯片及自研核心算法软件，是产品先进性的集中体现。然而，细看 其软硬件构成表，却发现了一个尴尬的事实。 根据文件第8-1-4至8-1-7页的详细列表，公司电子测量仪器和半导体测试设备的核心零部件大量依赖外采、外协。专用芯片如采样保 持放大器芯片、鉴相器芯片等，来源标注为定制类采购。这意味着公司并不直接生产这些芯片，而是向第三方公司思诺威、博芯电 子采购设计 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 自2020年以来，财政部、国务院国资委、金融监管总局（原银保监会）和证监会连续6年联合发布了"关于严格执行企业会计准则切实做好企业年报工作的 通知"。近三年年报通知中应予以关注的准则实施重点技术问题分布情况如下表所示： | 序号 | 相关问题 | 2025年间题 | 2024年间 | 2023年问 | | --- | --- | --- | --- | --- | | | | 数量 | 题数量 | 题数量 | | 1 | 关于长期股权 | 1 | 1 | 2 | | | 投资 | | | | | 2 | 关于固定资产 | 1 | | 1 | | 3 | 关于无形资产 | 1 | | 1 | | 4 | 关于数据资源 | 1 | 1 | | | 5 | 关于资产减值 | 1 | 2 | 2 | | б | 关于或有事项 | 1 | | | | 7 | 关于收入 | 6 | 3 | 2 | | 8 | 关于政府补助 | 1 | 1 | 3 | | 9 | 关于企业合并 | 2 | | 2 | | 1 0 | 关于租赁 | 1 | | 2 | | 11 | 关于金融 ...

Core Viewpoint - The IPO of Shenyang Guotai Vacuum Technology Co., Ltd. has been postponed due to doubts regarding the timing of revenue recognition and discrepancies in information disclosed with clients [3][10]. Group 1: Revenue Recognition Issues - The North Exchange's listing committee raised concerns about the accuracy and sufficiency of revenue recognition during the review meeting on December 29 [3][12]. - Guotai Vacuum has projects with acceptance times exceeding 15 months, prompting the committee to request further clarification on major contract terms and performance [3][12]. - The company reported significant contract liabilities, with amounts of 319.23 million yuan, 452.13 million yuan, 486.46 million yuan, and 446.50 million yuan at the end of each reporting period, representing high proportions of current liabilities [4][13]. Group 2: Project Acceptance Delays - There are 25 projects with acceptance times exceeding 15 months, totaling 137.15 million yuan, indicating a pattern of delayed acceptance [5][15]. - For instance, a contract signed in January 2022 with client D2 involved a total amount of 100.52 million yuan, with acceptance occurring over a year after shipment [4][14]. - Guotai Vacuum indicated that delays were due to objective factors such as client acceptance habits and quality disputes [6][15]. Group 3: Discrepancies with Client Information - There are contradictions between Guotai Vacuum's disclosures and those of its clients, particularly with Jiangsu Pacific Quartz Co., Ltd., regarding significant prepayments [7][17]. - The company reported prepayments of 13.13 million yuan from Jiangsu Pacific Quartz, while the latter's reports indicated lower amounts, raising questions about the accuracy of Guotai Vacuum's financial disclosures [7][17]. - The company has acknowledged quality disputes as a reason for delays in acceptance, which further complicates the revenue recognition process [8][18].

江苏原力数字科技股份有限公司(以下简称"原力数字"或"公司")携其3D数字内容制作服务业务，向北京 证券交易所发起上市冲刺。然而，仔细研读其招股说明书及问询函回复，诸多疑点浮出水面：核心的营 业收入数据在函证环节出现持续性、大额差异和函证程序的合规性质疑而蒙上阴影。公司通过邮件和即 时通讯工具等非传统方式验收确认收入的争议做法，以及监管机构在审核问询中表露出的对收入确认实 质的深刻疑虑，共同勾勒出一幅注册制下拟上市企业信息披露合规性的典型样本。 这些现象共同指向公司信息披露质量、财务数据真实性及持续经营能力可能存在的深层次问题，与注册 制对信息披露"真实、准确、完整"的核心要求形成鲜明对照，为其上市之路蒙上了浓重阴影。 01光鲜业绩下的暗流涌动 原力数字，自称是国内3D数字内容制作领域的"领先企业"，服务于T讯、网易、索尼、美国艺电等全球 知名客户。报告期(2022年至2024年及2025年1-6月)内，公司营业收入从50,285.46万元增长至54,488.49万 元，扣非归母净利润从6,799.81万元增长至8,202.70万元，看似呈现稳健增长态势。然而，在北交所两轮 严格的问询下，公司招股文件中所披露 ...

致同连续多年持续跟踪研究上市公司年报执行企业会计准则情况，正陆续发布"上市公司年报分析之准则应用披露示例"系列文章。主要研究内容是结合上 市公司年报披露示例，解析上市公司重点企业会计准则和监管要求的执行情况和可以借鉴的实务应用案例，包括执行准则和监管要求的重大会计政策的选 用、重要会计估计的判断、重点关注问题的实务应用示例、核心会计事项的披露示例等。 第三十四条 企业应当根据其在向客户转让商品前是否拥有对该商品的控制权，来判断其从事交易时的身份是主要责任人还是代理人。企业在向客户转让 商品前能够控制该商品的，该企业为主要责任人，应当按照已收或应收对价总额确认收入；否则，该企业为代理人，应当按照预期有权收取的佣金或手续 费的金额确认收入，该金额应当按照已收或应收对价总额扣除应支付给其他相关方的价款后的净额，或者按照既定的佣金金额或比例等确定。 系列文章研究涉及的准则和监管要求包括：长期股权投资准则（CAS2）、企业合并准则（CAS20）、合并报表准则（CAS33）、政府补助准则 （CAS16）、股份支付准则（CAS11）、资产减值准则（CAS8）、会计政策、会计估计变更和差错更正准则（CAS28）、或有事项准则 ...

Group 1: Revenue Confirmation - Approximately 200 million yuan of completed products have not been recognized as revenue in Q3 due to customer reasons [2] - The company adheres to accounting standards for revenue recognition and will provide updates in the regular report for Q4 2025 [2] Group 2: Production Capacity - The production capacity utilization rates for domestic and Vietnam factories are currently unspecified, with inquiries about whether they are at full capacity [3] - The progress of the new factory construction is on track, with expectations for increased production capacity upon completion [3] Group 3: Order Status - The current order amount matches the 1.031 billion yuan contract liabilities disclosed in the Q3 report [3] - The company reports a stable overall operation and good order situation, with ongoing expansion projects [3]

Core Viewpoint - The company is undergoing a restructuring process for its subsidiary, SAIC Hongyan, which is facing financial difficulties, with the aim of maximizing operational value and optimizing the company's debt structure [7][9]. Financial Data - For the first nine months of 2025, the company sold 128,377 engines, representing a year-on-year increase of 18.69%, while sales of heavy trucks from SAIC Hongyan decreased by 86.97% to 728 units [6]. - The company reported adjustments to historical revenue figures, with a reduction of 1,506,283.19 yuan in 2019 revenue and an increase of 769,911.50 yuan in 2020 revenue, among other adjustments [15]. Restructuring Details - On July 1, 2025, creditors applied for the bankruptcy restructuring of SAIC Hongyan, which was accepted by the Chongqing Fifth Intermediate People's Court [7]. - A consortium, including the company, has committed 666,363,636.36 yuan to participate in the restructuring, aiming to acquire 14.66% of SAIC Hongyan post-restructuring [8]. - The restructuring plan is expected to positively impact the company's financial indicators, with projected profits from the restructuring potentially exceeding 50% of the company's audited net profit for 2024 [9]. Compliance and Management - The company has implemented corrective measures to address past revenue recognition issues, including enhancing contract reviews and internal management processes [14][16]. - The restructuring process is being supervised by appointed managers to ensure compliance with legal and operational standards [16].

Core Viewpoint - PwC and two partners were fined a total of HKD 1.6 million due to multiple audit deficiencies related to revenue recognition for Dynasty Fine Wines Group's financial statements for the years ending December 31, 2010, and December 31, 2011 [2][8] Group 1: Audit Deficiencies - The Hong Kong Institute of Certified Public Accountants (HKICPA) found that PwC's audit of Dynasty Fine Wines Group had significant shortcomings in revenue recognition, failing to apply professional skepticism and obtain sufficient appropriate audit evidence [7][8] - Internal investigations by PwC revealed that a large volume of purportedly sold wine products had not been delivered and remained in third-party warehouses, leading to substantial adjustments in the financial statements [7][8] Group 2: Financial Impact - Adjustments made by PwC indicated that Dynasty Fine Wines Group should have reported a loss in 2011 instead of the previously disclosed profit, with retained earnings for 2010 and 2011 being reduced by approximately HKD 225 million and HKD 262 million, respectively [7][8] Group 3: Trust Crisis and Regulatory Environment - PwC has faced a trust crisis following the Evergrande audit scandal, resulting in a record fine of HKD 441 million and a six-month business suspension [10] - The firm has experienced a wave of contract terminations from various listed companies and financial institutions, with significant personnel losses reported in its mainland China operations [10][11]

Core Viewpoint - PwC and two partners were fined a total of HKD 1.6 million due to multiple audit deficiencies related to revenue recognition for Dynasty Fine Wines Group's financial statements for the years ending December 31, 2010, and December 31, 2011 [1][3]. Group 1: Audit Findings - The Hong Kong Institute of Certified Public Accountants (HKICPA) found that PwC's audit of Dynasty Fine Wines Group was deficient, particularly in revenue recognition, leading to significant misstatements in financial reports [3][5]. - Internal investigations revealed that a large volume of purportedly sold wine products had not been delivered and remained in third-party warehouses, resulting in substantial adjustments to previously reported earnings [3][5]. - The adjustments indicated that Dynasty Fine Wines Group should have reported losses in 2011 instead of profits, with retained earnings for 2010 and 2011 being reduced by approximately HKD 225 million and HKD 262 million, respectively [3][5]. Group 2: Regulatory Actions and Consequences - The HKICPA issued a decision notice to PwC and the two partners, which became effective after they withdrew their application for a review of the decision and agreed to pay legal costs [5]. - The case highlights the importance of maintaining professional skepticism in high-risk audit areas, especially concerning revenue recognition, which has been a focus of regulatory scrutiny [5][7]. Group 3: Trust Crisis and Market Impact - PwC has faced a trust crisis following the Evergrande audit scandal, resulting in a record fine of HKD 441 million and a six-month suspension from conducting business [6]. - Since 2024, several companies have terminated their contracts with PwC, opting for other major accounting firms, indicating a significant loss of business [6]. - As of October 17, 2025, the number of partners and registered accountants at PwC in mainland China has significantly decreased compared to the end of 2023, reflecting ongoing challenges in retaining talent and clients [6]. Group 4: Future Regulatory Environment - Industry experts anticipate that regulatory scrutiny on financial fraud and the diligence of audit firms will intensify, urging intermediaries to uphold professionalism and integrity in their practices [7].

Core Viewpoint - Jiangsu Shentong announced on September 19 that the company typically follows a structured production scheduling process after order effectiveness, with delivery occurring in batches over a period of 2-3 years for nuclear valve business revenue recognition [1] Group 1 - The company executes production instructions only after the production schedule is approved by the owner [1] - Revenue from nuclear valve business is recognized in batches according to actual delivery progress [1] - Each order's revenue recognition cycle generally spans 2-3 years [1]