Securities Code: 000833 Securities Abbreviation: Yuegui Co., Ltd.
Reply to the Inquiry Letter Regarding Guangxi Yuegui Guangye Holdings Co., Ltd.'s Application for Issuing Stocks to Specific Objects
To Shenzhen Stock Exchange:
In accordance with your inquiry letter dated January 27, 2026, regarding Guangxi Yuegui Guangye Holdings Co., Ltd.'s application for issuing stocks to specific objects (Inquiry Letter [2026] No. 120008), Guangxi Yuegui Guangye Holdings Co., Ltd. (hereinafter referred to as "the issuer," "the company," "the listed company," or "Yuegui Co., Ltd.") has collaborated with the sponsor (lead underwriter) China Merchants Securities Co., Ltd. (hereinafter referred to as "the sponsor" or "China Merchants Securities"), Guangdong Lianyue Law Firm (hereinafter referred to as "the issuer's lawyer"), and Zhongshen Zhonghuan Accounting Firm (Special General Partnership) (hereinafter referred to as "the issuer's accountant") and other intermediaries. Following the principles of diligence, responsibility, and integrity, we have carefully implemented and verified the issues raised in the inquiry letter and completed the "Reply to the Inquiry Letter Regarding Guangxi Yuegui Guangye Holdings Co., Ltd.'s Application for Issuing Stocks to Specific Objects" (hereinafter referred to as "this inquiry reply" or "this reply"). Additionally, we have supplemented and modified the "Prospectus for the Issuance of A-shares to Specific Objects by Guangxi Yuegui Guangye Holdings Co., Ltd. for the Year 2025" (hereinafter referred to as "the prospectus") as required by the inquiry letter. Unless otherwise specified, the abbreviations or definitions of terms in this inquiry reply have the same meanings as those in the prospectus. In this inquiry reply, if there are discrepancies between the total and the sum of individual items, they are due to rounding.
Table of Contents
- Question 1
- Question 2
- Other Questions
Question 1 During the reporting period, the issuer's operating revenues were 2,705.49 million yuan, 3,360.14 million yuan, 2,796.15 million yuan, and 2,143.55 million yuan, respectively. The revenue from the syrup paper segment showed an upward trend, while the revenue from the non-metallic minerals and chemical segments experienced fluctuations. The revenue from the new energy segment rapidly increased in the most recent period, while the revenue from processing trade continued to decline. The company's gross profit margins during the reporting periods were 31.58%, 21.41%, 31.61%, and 40.89%, showing significant volatility. The net profit attributable to the parent company, excluding non-recurring gains and losses, was 285.73 million yuan, 64.00 million yuan, 281.65 million yuan, and 438.73 million yuan, which did not align with the trend of operating revenue changes.
During the reporting periods, the company's revenue from mechanized sugar products was 431.20 million yuan, 418.33 million yuan, 541.51 million yuan, and 353.23 million yuan, with operating costs of 378.79 million yuan, 390.70 million yuan, 507.74 million yuan, and 313.75 million yuan, respectively. The company's routine procurement for sugar production mainly includes raw materials (sugarcane and eucalyptus) and labor (wages for production workers), with sugarcane sourced from local farmers.
During the reporting periods, the company's processing trade revenue was 636.83 million yuan, 1,314.96 million yuan, 299.13 million yuan, and 16.78 million yuan. Starting in 2024, the company reduced its trade sugar business, leading to a significant decrease in processing trade revenue. On December 30, 2024, the company received a decision from the Guangxi Securities Regulatory Bureau regarding corrective measures due to adjustments in revenue recognition methods from gross to net, which were not applied retroactively to similar business revenue recognition methods from 2020 to the first nine months of 2023. The company adjusted part of its trade sugar business to recognize revenue using the net method in accordance with new regulations in 2023 and retroactively applied this to previous years. In 2024, the company will recognize processing trade revenue using the gross method.