Chengdu Yunda Technology (300440.SZ): Sichuan Securities Regulatory Bureau takes enforcement actions against the company to make corrections.

Chengdu Yunda Technology (300440.SZ) announced that recently the company and related personnel received the "Decision on Ordering Chengdu Yunda Technology Co., Ltd. to Rectify and Issuing Warning Letters to Responsible Persons including He Hongyun by the Sichuan Regulatory Bureau of the China Securities Regulatory Commission". The decision pointed out the following issues: 1. Inadequate internal control implementation. During the period from 2019 to 2023, the company had problems such as inconsistent basis for acceptance of multiple contracts, discrepancies between actual shipping details, and lack of logistics documents for some projects. The finance department of the company only confirmed project acceptance and corresponding income based on signed receipts, which does not comply with the relevant provisions of Article 12, Paragraph 1 of "Application Guidelines for Enterprise Internal Control No. 9 - Sales Business". 2. Non-standard accounting. Firstly, in 2020, Chengdu Yunda Technology's subsidiary Sichuan Huiyou Electrical Co., Ltd. did not have control over the goods in trade transactions and recognized revenue based on the total amount method or recognized revenue in advance, which does not comply with the relevant provisions of Article 34 and Article 5 of "Enterprise Accounting Standards No. 14 - Revenue (Revised in 2017)" (Caihui [2017]22). Secondly, insufficient impairment of fixed assets. From 2021 to 2023, the company transferred part of the development expenses of Sichuan Huiyou to fixed assets, and although there were obvious signs of impairment in related assets, impairment was not recognized by the end of 2023, which does not comply with the relevant provisions of Article 5, Paragraph 5 of "Enterprise Accounting Standards No. 8 - Impairment of Assets". Thirdly, insufficient basis for impairment testing of goodwill. In 2022, Chengdu Yunda Technology's subsidiary Beijing Yunda Huakai Technology Co., Ltd. was close to the performance commitment, but there was a significant deviation in the actual signed contracts for the next year, indicating impairment of goodwill. However, the company did not timely engage a third party to conduct impairment testing. This does not comply with the relevant provisions of Article 11, Paragraph 1, Paragraph 2, and Article 23 of "Enterprise Accounting Standards No. 8 - Impairment of Assets". Fourthly, unreasonable allocation of labor costs and R&D expenses. The company has long used departmental labor expense accounting, directly including individual project labor costs in research and development, sales, or manufacturing costs, which does not comply with the provisions of Article 2-8 of "Guidelines for the Application of Regulatory Rules - Accounting No. 2". Fifthly, errors in accounting treatment of estimated liabilities offsetting. During the performance commitment period of Sichuan Huiyou from 2018 to 2020, the company did not follow the principle of accounting consistency in the previous years and offset the estimated liabilities of Sichuan Huiyou in 2020, which does not comply with the relevant provisions of Article 33 of "Enterprise Accounting Standards No. 14 - Revenue". The above situations resulted in inaccurate disclosure of relevant information by the company, violating the provisions of Article 3, Paragraph 1 of the "Revised Measures for the Administration of Information Disclosure by Listed Companies (2021)".