关于上海物资贸易股份有限公司 2024 年 年度报告的信息披露监管问询函的回复 信会师函字2025第 ZA335 号 上海证券交易所上市公司管理一部： 上海物资贸易股份有限公司（以下简称"上海物贸"、"公司"） 收到贵所出具的《关于上海物资贸易股份有限公司 2024 年年度报告 的信息披露监管问询函》（上证公函【2025】0870 号）（以下简称 "问询函"）。立信会计师事务所（特殊普通合伙）（以下简称"立 信"、"会计师"或"我们"）作为上海物贸 2024 年年审会计师，就 其中需要年审会计师进行核查并发表意见的事项回复如下： 本回复中部分合计数与各明细数直接相加之和在尾数上存在差 异，均系计算中四舍五入造成。 问题 二、关于存货 报告期末，公司存货账面价值 2.35 亿元，同比下降 80.41%，本期新增计 提存货跌价准备 814.57 万元。近三年公司存货跌价准备计提比例分别为 1.15%， 请公司：（1）分业务板块列示期末存货的具体构成，包括名称、金额、库 龄分布、跌价准备，以及本期存货跌价准备的计提、转回、结转情况等，说明 存货账面值较上年发生较大变化的原因及合理性；（2）结合可变现净值测算中 关键 ...

Core Viewpoint - Recent regulatory actions have targeted the "high interest, high rebate" practices in the automotive finance sector, leading to a suspension of related business by multiple institutions [1][4]. Group 1: Regulatory Actions - Authorities in major cities such as Beijing, Shanghai, Guangdong, and Zhejiang have initiated a crackdown on "high interest, high rebate" automotive financing schemes, resulting in several institutions being ordered to halt these practices [1][4]. - Major banks, including Industrial and Commercial Bank of China, China Construction Bank, and others, have notified automotive dealers to cease cooperation on these financing models starting from July 1 [2][4]. Group 2: Market Dynamics - The "high interest, high rebate" model often combines with agreements allowing early loan repayment without penalties, making it attractive for consumers [2][3]. - A case study showed that a vehicle priced at 200,000 yuan could be purchased for as low as 70,000 yuan through financing, demonstrating that loan purchases can be cheaper than full payments due to dealer and bank subsidies [3]. Group 3: Industry Concerns - Experts warn that the competitive nature of the "high interest, high rebate" model could lead to market disorder and distort pricing, with loan costs potentially being lower than cash purchases [3][6]. - Regulatory bodies have begun to implement self-regulatory agreements to ensure fair practices among financial institutions and automotive dealers, aiming to eliminate improper competition and enhance service quality [4][6]. Group 4: Future Recommendations - Analysts suggest that banks and dealers should focus on rational competition and prioritize consumer needs by offering transparent and reasonable financial products, rather than relying on high rebate models [6].

Group 1 - The automotive finance market is expanding due to policy stimulation and consumption upgrades, with significant growth in auto loans and credit card installment businesses reported by some banks [1][2] - In 2024, major banks like Bank of Communications and Ping An Bank reported substantial increases in their automotive finance portfolios, with Ping An Bank's new energy vehicle loans growing by 73.3% year-on-year [2][3] - The People's Bank of China and the National Financial Regulatory Administration have introduced policies to support automotive consumption, including adjustments to loan issuance ratios for various vehicle types [3] Group 2 - Banks are exploring new development paths in automotive finance, focusing on enhancing their product offerings and customer service, particularly in new energy and used car loans [4] - The automotive finance sector includes various institutions such as commercial banks and automotive finance companies, with banks being the largest competitors due to their lower funding costs and extensive networks [4] Group 3 - Despite growth, risks are emerging in the automotive finance sector, particularly related to the collaboration with intermediaries, which can lead to issues such as information asymmetry and high channel costs [5][6] - Banks face challenges when partnering with intermediaries, including potential violations and the risk of transferring financial responsibilities to lower-tier agents [6][7] Group 4 - Regulatory bodies are encouraging banks to optimize their collaboration with automotive dealers and to focus on direct customer engagement to enhance the quality of automotive finance services [8] - Recommendations for banks include restructuring channel cooperation models and building a comprehensive ecosystem to directly reach end customers, integrating services across the automotive finance process [8]