Gansu Asia-Pacific Industrial Development Co., Ltd. (hereinafter referred to as "the Company") and all members of the Board of Directors guarantee that the content of the information disclosure is true, accurate, and complete, without any false records, misleading statements, or major omissions.
After disclosing the "2025 Annual Report" on March 31, 2026, the Company received the "Inquiry Letter Regarding the 2025 Annual Report of Gansu Asia-Pacific Industrial Development Co., Ltd." (Company Department Annual Report Inquiry Letter [2026] No. 10, hereinafter referred to as "Annual Report Inquiry Letter") issued by the Shenzhen Stock Exchange. The Board of Directors attaches great importance to this and actively organizes relevant personnel to verify and implement the issues involved in the Annual Report Inquiry Letter in conjunction with the Company's annual audit accountants. The response content is announced as follows:
Question 1
In 2025, your company's operating revenue was 520.99 million yuan, a year-on-year increase of 17.61%; operating costs were 454.33 million yuan, a year-on-year increase of 13.25%; the gross profit margin was 12.80%, an increase of 3.36 percentage points year-on-year. Among them, the gross profit margin of pyridine products, which accounted for about 90% of operating revenue, was 13.57%, a year-on-year increase of 5.71 percentage points. Quarterly financial data shows that your company's operating revenue for 2025 was 90.16 million yuan, 132.38 million yuan, 130.08 million yuan, and 168.38 million yuan, accounting for 17.30%, 25.41%, 24.97%, and 32.32%, respectively, with year-on-year changes of -13.64%, -5.33%, +24.81%, and +78.06%, respectively.
Please provide:
- The basic situation of the top ten customers for 2025, including names, establishment dates, paid-in capital, registered addresses, enterprise nature, number of insured persons, and explain the transaction content, transaction amount, and proportion with these customers, whether there is actual logistics flow, the payment situation of transactions, whether there is any overlap between customers and suppliers, and whether these customers have any relationship with your company, your company's controlling shareholders, actual controllers, directors, supervisors, senior management, and shareholders holding more than 5%.
- For the new customers among the above-mentioned customers and those with a significant increase in sales this year, explain the basic situation and rationality of the new transactions this year, including but not limited to customer acquisition methods, historical cooperation, background, content, quantity, amount, etc.
- In conjunction with market supply and demand relationships and price changes, your company's revenue composition, sales volume and prices of major products, new transactions with major customers, and quarterly business development, explain the reasons and rationality for the significant year-on-year growth in operating revenue in the third and fourth quarters of 2025, and whether the revenue recognition complies with the relevant provisions of the "Enterprise Accounting Standards."
- List the amounts, proportions, and year-on-year changes of raw materials, labor, manufacturing costs, and other operating cost items for 2024 and 2025 by product. Analyze and explain the rationality of the composition and year-on-year changes of operating costs in 2025 in conjunction with comparable companies in the same industry.
- In conjunction with downstream market demand, sales price changes, cost composition, etc., explain the reasons and rationality for the increase in the gross profit margin of pyridine products in 2025, and whether there are significant differences compared to comparable companies in the same industry. Please have the audit institution verify and express clear opinions.
Company Response
- The business registration information of the top ten customers for 2025 is as follows: