Core Viewpoint - The company, Hainan Yedao (Group) Co., Ltd., has a high concentration of major customers and suppliers, which poses potential risks to its business stability and revenue generation [1][9][10]. Customer and Supplier Analysis - The company reported a total revenue of 175 million yuan, with the top five customers contributing 139 million yuan, accounting for 79.17% of total sales [1][9]. - The top five suppliers accounted for 84 million yuan in purchases, representing 83.47% of total procurement [1][9]. - The company has a stable relationship with its major customers, including long-term partnerships with distributors in various regions [10][11]. Business Segment Performance - In the liquor segment, the company has shifted its strategy to focus on direct sales through established distributors, which has resulted in a decrease in the proportion of revenue from white liquor from 56% in 2022 to 20% in 2024 [4][5]. - The beverage segment has transitioned to a sole distributor model, which has helped maintain stable revenue from coconut juice products [8][10]. Recent Developments - The company has been actively expanding its white liquor business, collaborating with new partners to enhance product offerings and market reach [4][6]. - Changes in management and strategic partnerships have influenced the company's sales dynamics, particularly in the white liquor segment [4][5][6]. Supplier Relationships - The company maintains a diverse supplier base for its liquor production, ensuring that it is not overly reliant on any single supplier [11][12]. - Long-term relationships with suppliers have been established to ensure consistent quality and supply of raw materials [11][12]. Internal Control and Governance - The company has identified weaknesses in its internal controls, particularly in distributor management, which could impact financial reporting accuracy [13][14]. - The management structure has raised concerns regarding independence and governance, necessitating improvements to ensure compliance and operational integrity [13][14].