金融界8月20日消息，有投资者在互动平台向瑞茂通提问："公司2025年的利润增长点是哪个板块？" 来源：金融界 针对上述提问，瑞茂通回应称："尊敬的投资者，您好！公司坚定推进国际化、多品类战略，围绕'能源 安全'和'粮食安全'两大领域扩宽经营品类，重点打造煤炭、石油化工品、农产品等主要经营品类的核心 竞争力。一方面，深入开展全球化经营，持续开拓'一带一路'沿线国家市场，不断提升核心竞争能力； 另一方面，农产品加工项目持续稳定运营，同时不断拓展多元化采购渠道并持续加强下游市场开拓力度 与品牌培育工作。公司会全力以赴，持续推动公司高质量发展，积极回报长期支持公司的广大投资者。 感谢您的关注！" ...

Core Viewpoint - The audit report for the financial statements of Rui Maotong Supply Chain Management Co., Ltd. for the year 2024 indicates a significant increase in accounts receivable, raising concerns about the company's credit risk management and the relationship between major clients and debtors [1][2]. Accounts Receivable and Major Clients - The year-end net accounts receivable amounted to 11.909 billion yuan, a year-on-year increase of 12.96%, accounting for 38.14% of total assets, with a provision for impairment losses of 2.8 million yuan [1]. - The top ten debtors are all private trading companies with registered capital below 30 million yuan, while the company's major clients are primarily state-owned and foreign enterprises, indicating a significant discrepancy [1][2]. - The company is required to disclose detailed information about the top ten debtors, including their names, registered capital, establishment time, sales volume, year-end balance, aging, and bad debt provision status [2]. Increase in Accounts Receivable - The company reported a substantial increase in accounts receivable, with a year-end balance of 12.027 billion yuan, an increase of 1.369 billion yuan from the previous year, with all new accounts receivable aged within six months [8][9]. - The company maintains that the increase in accounts receivable is manageable, as 98.22% of the accounts receivable are within six months, and a high recovery rate of 98.20% has been achieved [9]. - The low provision for bad debts is justified by the company's credit risk assessment process, which includes evaluating individual receivables and grouping them based on common risk characteristics [9]. Joint Ventures and Equity Investments - The company holds long-term equity investments valued at 12.013 billion yuan, accounting for 38.47% of total assets, with several joint ventures being partnerships with local state-owned enterprises [12]. - Some equity investments have been frozen, with amounts of 90 million yuan and 180 million yuan for specific joint ventures, but these issues have been resolved [20]. - The company has provided guarantees totaling 2.156 billion yuan to joint ventures, primarily to support their financing needs, with an assessment indicating that the risk associated with these guarantees is controllable [22].