May 24, 2024polkercrypto, the GEM Company Management Department of Shenzhen Stock Exchange (Shenzhen Stock Exchange) issued an annual report inquiry letter to Dongguan Golden Sun Grinding Co., Ltd.(hereinafter referred to as "Golden Sun Grinding"). The inquiry letter involved the growth of operating income, negative net profit deducted from non-profit for four consecutive years, changes in sales revenue and gross profit margin, accounts receivable, fixed asset growth, inventory, construction in progress, sales and multiple financial and operating issues such as growth in management expenses, other receivables, and external guarantees in Golden Sun Grinding's 2023 annual report.
The Shenzhen Stock Exchange required Golden Sun Grinding to provide detailed explanations on the reasons for the growth of operating income, the rationality of changes in gross profit margin, the growth of accounts receivable and provision for bad debts, provision for the purchase and impairment of fixed assets, provision for inventory price decline, progress of construction in progress and transfer to fixed assets, reasons for the increase in sales and management expenses, other receivables and prepayments, external guarantees, etc.
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