Core Viewpoint - The recent acquisition of copyright service provider Banxintong by Chuangye Heima has raised market concerns due to the high proportion of third-party payments in the company's revenue, which were 36.67% and 43.10% over the past two years, leading to regulatory scrutiny [1] Group 1: Company Overview - Banxintong's main business is electronic copyright certification services for software copyrights, characterized by "low unit price, high order volume, and highly dispersed end customers" [1] - The company has integrated third-party payment platforms like WeChat and Alipay to enhance payment convenience, allowing customers to pay via QR codes [1] Group 2: Financial Metrics - The actual proportion of third-party payments, excluding WeChat and Alipay channels, is only 11.25% and 8.21%, with most payments made by agents or end customer representatives [1] - The average transaction amount for non-bank payment institutions in 2023 is 276 yuan, while Banxintong's average order price is approximately 400 yuan, indicating a small payment characteristic [1] Group 3: Regulatory Compliance - To standardize the payment process, the company has closed the WeChat payment channel and opened an Alipay whitelist function in the agent system, requiring agents to pre-declare payment-related accounts for review and authorization [1] Group 4: Transaction Details - The transaction price for the acquisition is 280 million yuan, with Banxintong committing to a cumulative net profit of no less than 90 million yuan from 2025 to 2027 [1]

Core Viewpoint - Jiang Song Technology's IPO process has been marred by repeated occurrences of third-party payments, raising significant concerns about the authenticity of its reported profits and financial practices [1][8]. Financial Analysis - Jiang Song Technology's sales expense ratios for the reporting period (2022-2024) were notably low, with figures of 0.95%, 1.25%, and 0.52%, significantly below industry averages, particularly in 2024 where it was 4.62 times lower than peers [4][5]. - Management expense ratios also showed a decline, with 4.59%, 4.82%, and 2.66% reported, indicating a 44.81% drop in 2024, which is inconsistent with the expected trend of increasing expenses alongside revenue growth [5][6]. - Research and development expense ratios decreased from 5.83% to 2.86% over the same period, with absolute R&D spending dropping by 11.35% in 2024 despite a 63.2% increase in revenue, raising questions about the company's commitment to innovation [6][7]. Third-Party Payments - The amounts received from third-party payments were substantial, totaling 65.69 million, 212.59 million, and 115.56 million for the respective years, constituting 8.14%, 17.19%, and 5.73% of total revenue, with 2023 seeing a particularly high percentage [7][8]. - These third-party payments were primarily made through client-commissioned payments, financing lease companies, and designated financing parties, which is unusual for a company preparing for an IPO and raises concerns about potential financial misreporting [8][9].

Core Viewpoint - The company, Chengdu Yunyin World Co., Ltd., has received an inquiry letter from the Beijing Stock Exchange regarding its application for public stock issuance and listing, raising concerns about its business model, revenue authenticity, and compliance with regulations [1] Group 1: Business Model and Revenue - Yunyin World operates as a digital innovation-driven mother and baby chain enterprise, focusing on the sale of mother and baby products and providing services to upstream brand suppliers and downstream franchisees [2] - The company has achieved a significant scale in its franchise model, with over 80% of its total revenue coming from franchise sales and services [2] - The number of franchise stores has increased from over 1,300 in early 2022 to over 2,200 by the end of 2024, with terminal sales expected to exceed 3 billion yuan in 2024 [2][3] Group 2: Revenue Growth Amid Declining Birth Rates - Despite a declining birth rate in China, Yunyin World has reported substantial revenue growth, with main business revenues of 600 million yuan, 693 million yuan, and 999 million yuan in the reporting periods, reflecting year-on-year growth of 15.51% and 44.16% [4] - The company’s revenue growth contrasts with industry trends, as exemplified by competitor Kid King, which experienced fluctuating revenues and declining net profits over the same period [3][4] Group 3: Third-Party Payment Concerns - The Beijing Stock Exchange has raised concerns about the high proportion of third-party payments, which accounted for 41.37%, 33.44%, and 28.21% of total revenue in the reporting periods [6] - Yunyin World attributes the high third-party payment figures to the operational habits of its franchisees, who often use family members or associates for payment transactions [6][7] - The exchange has requested clarification on the relationships between payment parties and contract signers, as well as the necessity and reasonableness of these third-party payments [7] Group 4: Inventory and Compliance Issues - The company has been asked to explain its inventory valuation and the adequacy of its inventory impairment provisions, which are reportedly lower than industry averages [8] - Concerns have been raised regarding the company's accounting practices, including non-compliance with inventory management and documentation standards [8]