Core Insights - The stock price of Lanjian Intelligent is reported at 35.44 yuan, down 1.56% from the previous trading day, with a market capitalization of 3.639 billion yuan and a price-to-earnings ratio of 43.99 times [1] Financial Performance - For the first half of 2025, the company achieved operating revenue of 623 million yuan, representing a year-on-year growth of 19.54% [1] - The net profit attributable to shareholders was 41.3626 million yuan, an increase of 11.89% year-on-year [1] - The overseas market showed significant performance, with overseas revenue reaching 56.2813 million yuan, a substantial year-on-year increase of 164.1% [1] Order and R&D Insights - The company secured new orders worth 1.5 billion yuan in the first half of the year, marking a year-on-year growth of 96%, with overseas projects accounting for 140 million yuan [1] - As of the end of June, the total orders on hand amounted to 2.06 billion yuan, reflecting a year-on-year increase of 56.89% [1] - R&D investment for the first half of the year was 64.3679 million yuan, up 18.21% year-on-year, constituting 10.33% of operating revenue [1]

Core Viewpoint - The company, Lanjian Intelligent Technology Co., Ltd., has received an inquiry letter regarding its 2024 annual report disclosure, prompting a detailed response about its revenue recognition and business performance. Group 1: Revenue and Business Performance - In 2024, the company's main business segments include intelligent warehousing logistics automation systems, operational services, and others, with total revenue reaching 1.206 billion yuan, a 23.75% increase from 2023 [2][3] - The revenue from the intelligent logistics system was 1.122 billion yuan, marking a 25.77% increase from 2023, driven by demand across various industries including tobacco, pharmaceuticals, and e-commerce [4][6] - The operational service revenue decreased slightly by 3.25% to 38.80 million yuan, while technical consulting services saw a significant increase of 2103.47% to 837,700 yuan [3][4] Group 2: Market Trends and Competitive Analysis - The growth in revenue is attributed to favorable government policies promoting smart manufacturing and rising demand for automation due to increasing land and labor costs [5][6] - Compared to industry peers, Lanjian's revenue growth rate of 23.80% stands out, while competitors like Jintian International and Yinfeng Storage experienced declines [6][7] - The company has established a competitive edge through innovation in logistics technology and a comprehensive service capability that meets diverse customer needs [5][6] Group 3: Revenue Recognition Policies - The company recognizes revenue based on initial acceptance reports, with 97.14% of the intelligent logistics system revenue confirmed this way, aligning with industry practices and accounting standards [9][12] - The revenue recognition policy has remained consistent since the IPO, with no adverse conditions affecting the transition from initial to final acceptance [12][15] - The operational service revenue is recognized upon confirmation of monthly service fees based on performance metrics, ensuring compliance with accounting standards [19][21] Group 4: Customer and Supplier Dynamics - The company has seen changes in its top five customers and suppliers, with new entrants like BYD and Hikvision, reflecting shifts in procurement needs and market dynamics [21][22] - The operational model involves significant investments in automation systems, which impacts cash flow and limits the ability to undertake multiple projects simultaneously [19][24] - The company maintains a cautious approach to revenue recognition from major clients, ensuring that all sales are terminal sales and that income is recognized accurately [22][23]

关于兰剑智能科技股份有限公司 致同会计师事务所（特殊普通合伙） 致同会计师事务所（特殊普通合伙） 中国北京朝阳区建国门外大街 22 号 赛特广场 5 层邮编 100004 电话 +86 10 8566 5588 传真 +86 10 8566 5120 www.grantthornton.cn 关于兰剑智能科技股份有限公司 致同专字（2025）第 371A013925 号 上海证券交易所： 致同会计师事务所（特殊普通合伙）（以下简称"我们"）接受委托对兰剑智 能科技股份有限公司（以下简称"公司"或"兰剑智能公司"）2024 年财务报表，包 括 2024 年 12 月 31 日的合并及公司资产负债表，2024 年度的合并及公司利润表、 合并及公司现金流量表、合并及公司股东权益变动表以及相关财务报表附注进行 审计，并于 2025 年 3 月 27 日出具了致同审字（2025）第 371A005425 号的无保留 意见审计报告。 我们于近日收到了兰剑智能公司转来的贵所出具的《关于兰剑智能科技股 份有限公司 2024 年年度报告的信息披露监管问询函》（上证科创公函【2025】 函相关问题的说明以及我们对兰剑智能公司 2 ...