投资者关系活动记录表 编号：2025-004 投资者关系活动类别 □特定对象调研 □媒体采访 □新闻发布会 □现场参观 □分析师会议 业绩说明会 □路演活动 ☑ 其他：邮件 活动参与人员 1、自然人股东 2、上市公司接待人员： 副总经理、董事会秘书：王燕囡女士 时间 2025 年 11 月 18 日 地点 邮件回复 形式 网络互动 交流内容及具体问答 记录 1、关于 Q3 延迟确认的收入： 市场反馈公司约有2亿元已完工产品因客户原因未在 Q3确 认收入。想确认这一情况是否属实？若属实，该部分订单是 否计划在2025年 Q4完成确认？是否已满足收入确认条件？ 有无明确时间表？是否存在无法在年内确认的风险？ 答：尊敬的投资者，您好！《证券时报》和巨潮资讯网 （http://www.cninfo.com.cn）为公司指定的信息披露媒体， 公司应披露的信息均以在上述指定媒体刊登的内容为准。关 于收入确认，公司始终严格遵循企业会计准则及相关规定， 规范开展收入确认工作；关于2025年第四季度业绩情况，敬 请关注公司届时发布的定期报告。感谢您对公司的关注与支 持！ 2、关于公司基本面： | | （1）生产端：目前国内工厂 ...

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]

Group 1 - The IPO process of Jieka Robotics has been interrupted for over a month since the meeting scheduled for August 8 was suddenly canceled due to the need for further verification of relevant matters [2][9] - The cancellation of Jieka's IPO meeting highlights the challenges faced by companies in the IPO queue, as obtaining a meeting date does not guarantee approval [4][6] - Other companies, such as Hengkun New Materials and Taijin New Energy, have also faced delays in their IPO processes due to concerns over revenue recognition and financial stability [4][6] Group 2 - Jieka Robotics changed its revenue recognition policy from "acceptance" to "signing" in June 2021, resulting in an additional revenue recognition of approximately 20.68 million yuan in that year [9][10] - The company's overdue accounts receivable increased significantly, from 22.36 million yuan at the end of 2022 to 67.21 million yuan in 2024, indicating a high level of financial uncertainty [9][10] - The net profits for Jieka from 2022 to 2024 were 5.74 million yuan, -28.55 million yuan, and 6.23 million yuan, respectively, with a significant drop in net profit after deducting non-recurring gains and losses [10][11] Group 3 - Jieka's operating cash flow has been negative for three consecutive years, totaling -51.73 million yuan, and further deteriorating to -61.59 million yuan in the first half of 2025 [12][13] - The company faces challenges in converting reported profits into cash due to slow collection of accounts receivable and high sales expenses, which reached 24%-28% of revenue [15][16] - The company's aggressive expansion plan aims to increase production capacity from 8,000 units to 40,000 units, raising concerns about market demand and competition [17][18] Group 4 - Jieka's average product prices are declining, reflecting intensified competition in the industry, and there are discrepancies in market data cited by the company compared to competitors [18][20] - The company previously adjusted its production capacity from an initial 50,000 units to 40,000 units, indicating a cautious approach to market conditions [22]

Core Points - The financial management system of the company aims to standardize financial behaviors, enhance internal controls, clarify economic responsibilities, prevent operational risks, and protect the legal rights of shareholders and creditors [2][5][6] - The company establishes a clear division of financial management responsibilities and authorities under a centralized management system [5][8] - The financial management center is responsible for organizing, coordinating, controlling, and supervising the company's financial activities [4][8] Financial Management Framework - The board of directors is accountable to the shareholders' meeting and exercises financial management powers according to the company's articles of association [2][3] - Independent directors have special powers in financial management, including reviewing financial information and supervising internal controls [2][3] - The financial director is responsible for the company's financial activities and reports to the CEO [3][4] Budget Management - The company implements comprehensive budget management and strict budget control, with annual financial budgets prepared at the end of each year [8][9] - Financial budgets include business income, costs, expenses, investments, and cash flow forecasts [8][9] - Any financial expenditures exceeding budget limits require a formal adjustment application process [8][9] Fundraising and Borrowing - The company manages long-term and short-term borrowings, requiring approval from the board for amounts exceeding the chairman's authority [7][9] - Borrowing costs are capitalized if they relate to qualifying assets, while other borrowing costs are recognized as expenses [7][9] Cash Management - The company promotes electronic payments and bank transfers, minimizing cash transactions [9][10] - Cash receipts must be deposited promptly, and cash management must comply with national regulations [9][10] Accounts Receivable Management - The company categorizes accounts receivable based on credit risk and calculates expected credit losses [11][12] - Business departments are responsible for assessing customer creditworthiness and ensuring timely collection of receivables [11][12] Fixed Asset Management - Fixed assets are managed under a three-tier responsibility system, with specific departments responsible for direct management, accounting, and supervision [15][16] - The company conducts regular inventory checks and maintains detailed records of fixed assets [15][16] Intangible Assets and Long-term Expenses - The company manages intangible assets, including patents and trademarks, ensuring compliance with relevant regulations [24][25] - Long-term expenses are amortized over their useful lives, with specific guidelines for different types of expenses [27][28]

Core Viewpoint - The audit report for Sunrise Eastern Holdings Co., Ltd. indicates that the financial statements for the year ending December 31, 2024, fairly reflect the company's financial position and operating results in accordance with accounting standards [1][2]. Group 1: Audit Opinion - The audit firm believes that the financial statements present a true and fair view of the company's financial status and performance for the year [1]. - The audit was conducted in accordance with Chinese auditing standards, ensuring independence and adherence to ethical responsibilities [2]. Group 2: Key Audit Matters - Revenue recognition is identified as a key audit matter due to the inherent risk of management manipulating revenue recognition to meet specific targets [3]. - The company operates in various sectors including water heaters, kitchen appliances, clean energy heating, and water purification, with revenue recognition methods varying by business type [3][4]. Group 3: Revenue Recognition Procedures - The audit procedures for revenue recognition included evaluating internal controls, performing analytical procedures, and verifying sales records against supporting documents [4][5]. - Specific methods were employed to assess revenue from different sales models, including dealer, project, e-commerce, and export sales [4][5]. Group 4: Management Responsibilities - The management is responsible for preparing financial statements that fairly reflect the company's financial position and for maintaining effective internal controls [5]. - Management must assess the company's ability to continue as a going concern and disclose relevant matters [5]. Group 5: Financial Reporting and Accounting Policies - The company prepares its financial statements based on the going concern assumption and adheres to relevant accounting standards [12][13]. - Important accounting policies and estimates are established in accordance with accounting standards, ensuring the financial statements reflect the company's financial condition accurately [12][13]. Group 6: Company Overview - Sunrise Eastern Holdings Co., Ltd. was established in April 1997 and has undergone several capital increases, with the current registered capital being 813,278,001 RMB [11][12]. - The company primarily engages in the research, production, and sales of water heaters, kitchen appliances, clean energy heating, and water purification products under various brands [11][12].

Audit Report - The audit opinion states that the financial statements of Cayman Aluminum (Sanmenxia) Co., Ltd. fairly reflect the company's financial position and results of operations for the years ending December 31, 2022, 2023, 2024, and the period from January to April 2025 [1][2]. Financial Statements - The financial statements include consolidated and parent company balance sheets, income statements, cash flow statements, and changes in equity for the specified periods [1]. - The company reported revenues of RMB 23,744.36 million, RMB 25,162.85 million, and projected revenues for 2024 and 2025 [3][4]. Key Audit Matters - Revenue recognition is identified as a key audit matter due to the significant management judgment involved and the inherent risk of inappropriate revenue recognition to meet targets [4][5]. - Inventory net realizable value is also a key audit matter, with significant management estimates impacting the valuation of inventory [5][6]. Management Responsibilities - Management is responsible for preparing financial statements in accordance with accounting standards and ensuring the effectiveness of internal controls to prevent material misstatements due to fraud or error [7][8]. Company Overview - Cayman Aluminum (Sanmenxia) Co., Ltd. was established on June 9, 2003, with a registered capital of RMB 3,967.87 million, operating in the non-ferrous metal smelting and rolling processing industry [10]. - The company primarily engages in the production and sale of alumina, electrolytic aluminum, caustic soda, and gallium [10]. Accounting Policies - The financial statements are prepared based on the going concern assumption, with no significant doubts regarding the company's ability to continue operations in the next 12 months [10]. - The company follows specific accounting policies for financial instruments, inventory, fixed assets depreciation, and revenue recognition [10][11].

Audit Opinion - The audit report states that the financial statements of Shanghai Fuchi High-Tech Co., Ltd. fairly reflect its financial position and performance as of December 31, 2023, December 31, 2024, and June 30, 2025 [2]. Financial Performance - In 2023, Shanghai Fuchi's operating revenue was approximately RMB 1,035.73 million, with MIM, liquid metal, and plastic products contributing about RMB 959.32 million, accounting for 92.62% of total revenue [3]. - For 2024, the operating revenue increased to approximately RMB 1,977.44 million, with the same product categories contributing RMB 1,889.06 million, representing 95.53% of total revenue [3]. - In the first half of 2025, the company reported operating revenue of RMB 1,035.73 million [3]. Key Audit Matters - Revenue recognition is identified as a key audit matter due to the inherent risk of management potentially using inappropriate revenue recognition practices to meet specific targets [3][4]. - Accounts receivable impairment is also a key audit matter, with accounts receivable balances of RMB 672.13 million and RMB 666.34 million as of December 31, 2023, and June 30, 2025, respectively, and provisions for bad debts of RMB 33.73 million and RMB 33.47 million [5]. Management Responsibilities - Management is responsible for preparing financial statements in accordance with accounting standards and ensuring that internal controls are designed and maintained to prevent material misstatements due to fraud or error [6]. - The governance layer is tasked with overseeing the financial reporting process of Shanghai Fuchi [6]. Accounting Policies - The financial statements are prepared based on the going concern assumption, with no significant doubts regarding the company's ability to continue operations in the next 12 months [10]. - The company follows specific accounting policies for financial instruments, inventory, fixed assets depreciation, and revenue recognition, ensuring compliance with accounting standards [10][27].