Core Viewpoint - Xiangyuan Cultural Tourism's response to the stock exchange's annual report inquiry has raised concerns about potential concealment of actual control relationships among its suppliers and customers, particularly regarding Jining Yibo and Shandong Rongrun [1][4][10]. Group 1: Company Relationships and Control - Xiangyuan Cultural Tourism claims that Jining Yibo is controlled by "Zhang," while investigations reveal that it is actually controlled by Liu Ming, who also controls Shandong Rongrun [1][8]. - The same contact information is used by multiple companies, including Shandong Rongrun and Shandong Meiheng, which has led to questions about their relationship and the legitimacy of their business transactions [3][6]. - Liu Ming plays a central role in the operations of these companies and has connections to Xiangyuan's subsidiary, Xiangrun Cloud, raising suspicions about potential conflicts of interest [12][19]. Group 2: Financial Transactions and Business Practices - Xiangrun Cloud has been purchasing SMS services from Shandong Rongrun, amounting to millions of yuan over the past three years, while simultaneously, Jining Yibo has been a customer of Xiangrun Cloud [10][11]. - The reported sales figures indicate that Shandong Meiheng was the largest customer with sales of 30.56 million yuan, while Shandong Rongrun was the main supplier with a prepayment of 1.523 million yuan [2][3]. - The unusual business practices, such as purchasing from a subsidiary rather than directly from a related company, raise questions about the underlying commercial rationale [11][19].