Suspected Information Disclosure Violations, Xiangyu Technology Placed Under Investigation!

On the evening of March 16, Xiangyou Technology (600476) (SH600476, stock price 12.82 yuan, market value 2.1 billion yuan) announced that due to suspected information disclosure violations, the China Securities Regulatory Commission has decided to file a case against the company.

The “Daily Economic News” reporter found that at the end of January this year, Xiangyou Technology issued a shocking large loss forecast, estimating a net loss attributable to the parent company of 370 million to 550 million yuan for 2025, compared to a profit of 13.19 million yuan in the same period last year. The company attributed the loss to overdue payments from some customers, requiring significant impairment provisions.

Notably, the overdue payments that triggered Xiangyou Technology’s performance sudden change mainly come from the “other industries” business that the company has vigorously expanded in recent years. In mid-2025, the Shanghai Stock Exchange had inquired about the authenticity of this business, the qualifications of customers and suppliers, and related-party relationships.

Xiangyou Technology’s reply to the announcement showed that in its transactions with customers, the accounts receivable formed in the current year far exceeded the annual transaction amount, and several customers had only single-digit or zero insured personnel. However, at that time, Xiangyou Technology stated that it had communicated with customers and that payments would be made normally in the future.

Suspected illegal information disclosure case filed

A “Notice of Filing” has pushed Xiangyou Technology, whose performance was already precarious, into an even more dangerous situation.

According to Xiangyou Technology’s announcement on the evening of March 16, the company recently received a “Notice of Filing” issued by the China Securities Regulatory Commission, due to suspected illegal information disclosure. The CSRC decided to file a case against the company. The announcement states that currently, the company’s various operations and businesses are proceeding normally.

The “Daily Economic News” reporter noted that just over a month ago, Xiangyou Technology had issued a forecast of significant losses. At the end of January this year, it announced that it expected a net profit attributable to the parent company of -550 million to -370 million yuan for 2025, a stark contrast to the profit of 13.19 million yuan in the same period last year.

Research shows that in the first three quarters of 2025, Xiangyou Technology’s operating income was only 357 million yuan, highlighting the large expected losses.

The main reason for the forecasted losses, Xiangyou Technology explained, is that some of its customers’ payments are overdue, involving large transaction amounts and significant accounts receivable balances. Based on prudence, the company believes that the recoverability of related accounts receivable and long-term receivables is highly uncertain, and it expects to recognize impairment provisions of about 280 million to 460 million yuan.

Xiangyou Technology also forecasted that its net assets at the end of 2025 would be between -409 million and -229 million yuan. According to relevant regulations, if the company’s audited net assets at the end of 2025 are negative, its stock will be subject to delisting risk warning (with the stock abbreviation prefixed with “*ST”).

Stock exchange previously inquired about transaction authenticity

In fact, the issue of accounts receivable has long attracted regulatory attention. Previously, the Shanghai Stock Exchange issued an inquiry letter regarding Xiangyou Technology’s 2024 annual report, focusing on the abnormally high gross profit margin of its “other industries” business.

The “Daily Economic News” reporter found that from 2022 to 2024, Xiangyou Technology’s “other industries” revenue was 11 million, 166 million, and 155 million yuan respectively, with gross profit margins of 44.17%, 41.39%, and 32.64%, far exceeding the company’s traditional postal industry business (~11%).

Surprisingly, the customer and receivable situation under Xiangyou Technology’s “other industries” business is unusual. The reporter noted that during 2023 and 2024, the company had multiple cases where the annual transaction amount with certain customers was much less than the annual accounts receivable.

For example, Tianjin Memtech Environmental Technology Co., Ltd. (hereinafter “Memtech”) was the largest customer under Xiangyou Technology’s “other industries” in 2024. That year, Xiangyou Technology had transactions of 49.95 million yuan and 15.54 million yuan in two projects (“Shanghai Metro Line 8 hardware and software integration” and “Zhihui Kangxin multi-functional terminal equipment sales”), but the accounts receivable for these projects were 58.69 million (aged within 1 year) and 459 million yuan (aged within 1-2 years), respectively.

In 2023, the only transaction with Memtech was the “Zhihui Kangxin multi-functional terminal equipment sales” of 36.24 million yuan, with an accounts receivable of 340 million yuan at year-end, aged within 1 year.

Xiangyou Technology explained that the high balance of long-term receivables from Memtech mainly results from accounting for the “Zhihui Kangxin” project on a net basis, as per the substantive business arrangement. The delay in receiving payments is mainly due to the client’s tight funds; the company has communicated with the client and expects normal payments in the future. Regarding the Shanghai Metro Line 8 project, the contract stipulates installment payments, with some revenue recorded as financial expenses and amortized monthly.

As for Memtech’s receivables, the company stated that as of June 30, 2025, the total overdue long-term receivables amounted to 195 million yuan, with actual payments of 20.97 million yuan. The delay was mainly due to the client’s final payment approval process with the project owner. The company said, “We have communicated with the client, and payments will be made according to the contract schedule.”

Additionally, the reporter noted that among the clients in 2023 and 2024, many had significant transaction amounts, but the insured personnel were single digits or zero.

For example, Tianjin Lideer Ecological Environment Technology Co., Ltd. was the second-largest customer under Xiangyou Technology’s “other industries” in 2024, with a transaction amount of 14.28 million yuan and accounts receivable of 16.14 million yuan (aged within 1 year). The company’s 2023 annual report recorded zero insured personnel. Similarly, Tianjin Furong Borun Technology Development Co., Ltd. had a transaction amount of 41.89 million yuan in 2023, with one insured person recorded in its 2023 annual report. The Memtech mentioned earlier had only 14 insured personnel in 2024.

Cover image source: AIGC

(Edited by Zhao Yanping HF094)

【Disclaimer】This article reflects only the author’s personal views and has no relation to Hexun.com. Hexun.com maintains neutrality regarding the statements and opinions in this article and does not guarantee the accuracy, reliability, or completeness of the content. Readers should use it for reference only and bear all responsibilities themselves. Email: news_center@staff.hexun.com