Xinyuren replied to the Shanghai Stock Exchange's annual report supervision inquiry letter, disclosing that the actual controller non-operationally misappropriated 37.107 million yuan of raised funds and assisted five customers in falsifying 76.1 million yuan of repayments. The actual controller transferred funds into accounts under their control through a supplier of the raised funds investment project, and as of the end of 2025, had repaid a total of 39.4868 million yuan in principal and interest. Regarding the assistance in falsifying customer repayments, the actual controller paid for goods on behalf of customers through methods such as guaranteed loans, involving a loan principal of 96.1 million yuan, of which 76.1 million yuan had not yet been repaid. The company has reversed the corresponding accounts receivable, and the actual controller treated this amount as a donation to the listed company. In 2025, the company's operating revenue was 261 million yuan, a year-on-year decrease of 57.99%, and the net loss attributable to the parent company was 471 million yuan, with the loss widening by 644.08% year-on-year, marking two consecutive years of substantial losses. The book balance of accounts receivable was 516 million yuan, of which those aged over two years accounted for 78.16%. A full bad debt provision of 109 million yuan was made for accounts receivable from Shandong Judian New Energy Co., Ltd. Shanghai Certified Public Accountants issued a qualified opinion audit report on the company's 2025 financial statements, as it was unable to obtain sufficient evidence to prove whether the correction of prior accounting errors was accurate.
XINYUREN ORD A (SHH) EQSW Exp:Disclosed misappropriation of raised funds and falsified repayments, leading to qualified audit opinion and regulatory scrutiny.
Company made full bad debt provision for receivables from Shandong Judian, indicating credit risk.
