*ST椰岛（600238）关于2025年年度报告编制及最新审计进展情况详解

一、公告核心要点概述

• 公司2025年年度报告的审计工作正在进行中，尚未完成。
• 年审机构对主营产品鹿龟酒佳品系列销售进行了走访核查，但截至公告披露日，相关核查工作尚未结束。
• 年审机构目前尚不能确定2025年扣除与主营业务无关业务收入及不具商业实质收入后的营业收入是否超过3亿元，若低于3亿元，公司股票可能在年报披露后被终止上市。
• 2025年度如审计无法取得充分证据，财报可能获得“非无保留意见”，同样存在退市风险。
• 2020、2021年与部分客户销售收入因货权转移单据不完整、收入确认不充分，需追溯调整合计3,050.25万元。
• 2024年度内控审计报告为否定意见，若经销商管理缺陷未消除，2025年内控报告可能仍为“非无保留意见”，亦有退市风险。
• 公司已对相关内控缺陷与财务报表事项进行整改，部分已获年审机构认可。

二、详细内容解读

1. 年度报告审计进展及重大风险提示

截至2026年4月16日，海南椰岛（集团）股份有限公司2025年年度报告的编制及审计工作尚在持续。年审机构中审亚太会计师事务所已进场，项目组正有序推进审计程序，包括现场走访核查、获取审计证据及底稿编制复核等。
前期，年审机构已对鹿龟酒佳品系列终端销售开展核查，截至2026年1月30日，该产品终端销售占比约20%。2026年3月30日，审计师又对主要经销商进行走访，目前仍未核查完毕。最为关键的是，年审机构尚不能确定2025年扣非后主营业务收入是否超过3亿元，若低于该值，公司股票存在被终止上市的重大风险。
此外，如审计师无法获取充分适当的审计证据，亦有可能对公司2025年年度财务报表出具“非无保留意见”，同样触发退市风险。

2. 2020、2021年度销售收入追溯调整及相关影响

年审机构对2020、2021年度向海南杜丘实业有限公司、赣州市海翔酒业有限公司销售的白酒产品收入进行了专项核查，发现存在货权转移单据不完整、收入确认依据不足等问题，认定应作为会计差错追溯调整，涉及金额合计3,050.25万元。公司后续将依据相关规定及程序进行调整，这一事项对历史财务数据和未来年度利润表具有直接影响，投资者需高度关注。

3. 2024年度审计报告重大缺陷整改进展

2024年，年审机构对公司内部控制出具了“否定意见”，财务报告为“保留意见”。主要缺陷涉及：

• 重要新增经销商管理内控缺陷：公司已于2025年度对销售及经销商管理全流程进行了系统梳理、优化制度、规范流程，年审机构目前正在测试内控执行有效性。如后续仍存重大缺陷，2025年内控报告仍可能为“非无保留意见”，同样构成退市风险。
• 时任总经理兼任多项职务导致管理层职能缺位：公司于2025年已完成整改，内控缺陷已获年审机构确认消除。
• 与糊涂酒业集团合作分歧导致审计证据不足：目前公司已与糊涂酒业达成一致，相关存货已核查，保留意见缺陷已消除。

4. 年度报告披露时间与投资者提醒

公司2025年年度报告预约披露时间为2026年4月30日，最终财务数据及审计意见类型以正式公告为准。公司特别提醒投资者：如2025年度经审计扣非后主营业务收入未达3亿元、或审计报告/内控报告为“非无保留意见”，公司股票存在被终止上市的极大风险。请广大投资者高度关注公司官网及上交所公告，理性投资，注意投资风险。

三、可能影响股价的关键信息

• 公司是否能够消除财务类退市指标，将直接影响股票是否继续上市。
• 如出现“非无保留意见”审计报告，公司股票有极大概率退市。
• 会计差错追溯调整金额较大，或影响公司历史及未来业绩表现。
• 公司经销商管理整改进展及内控缺陷能否彻底消除，成为后续股价波动的重要变量。

免责声明： 本文基于公司公告内容整理，仅供投资者参考，不构成任何投资建议。投资有风险，决策需谨慎。

*ST Yedao (600238) Update on 2025 Annual Report Preparation and Latest Audit Progress

I. Key Points Summary

• The audit of the company’s 2025 annual report is still in progress and has not been completed.
• The audit firm has conducted on-site checks on the sales of the main product series (Deer Turtle Liquor), but as of the announcement date, the verification is incomplete.
• The auditors cannot yet confirm whether the 2025 revenue (excluding non-core and non-substantive business income) exceeds RMB 300 million. If it falls short, the company will face delisting risk after the annual report disclosure.
• If sufficient audit evidence is not obtained, the financial statements may receive a “non-unqualified opinion,” which also triggers delisting risk.
• Sales to some customers in 2020 and 2021 (totaling RMB 30.5 million) must be restated due to incomplete transfer documents and insufficient revenue recognition evidence.
• The company received a negative internal control audit opinion in 2024. If distributor management defects remain unresolved, a “non-unqualified” internal control opinion may again be issued for 2025, also leading to delisting risk.
• The company has rectified some key internal control and financial report issues, with certain corrections validated by the audit firm.

II. Detailed Interpretation

1. Audit Progress & Significant Risks

As of April 16, 2026, the audit work for Hainan Yedao (Group) Co., Ltd.’s 2025 annual report is ongoing. Zhongshen Yatai Certified Public Accountants has started the audit, including site checks, evidence gathering, and workpaper review.
The auditors have checked terminal sales of the Deer Turtle Liquor series (accounting for about 20% as of January 30, 2026), and began another distributor review on March 30, 2026, which is still underway.
Crucially, the auditors cannot yet determine if 2025 core business revenue exceeds RMB 300 million. If not, the company’s shares may be delisted after the annual report is published.
If adequate audit evidence cannot be obtained, there is a risk of a “non-unqualified opinion,” which would also trigger delisting.

2. Restatement of 2020-2021 Sales Revenue

The audit found that sales to Hainan Duqiu Industrial and Ganzhou Haixiang Liquor (totaling RMB 30.5 million) in 2020-2021 lacked complete transfer documents or sufficient evidence for revenue recognition. This will be restated as an accounting error, affecting historic and future income statements. Investors should closely monitor the impact.

3. 2024 Audit Report Defects & Rectification Progress

In 2024, the company received a negative opinion on internal controls and a qualified opinion on its financials, mainly due to:

• Major defects in new distributor management: The company has revised and optimized sales and distributor management procedures in 2025. The audit firm is currently testing the effectiveness. If major defects persist, a “non-unqualified” opinion may be issued again, risking delisting.
• Management overlap: The former GM held multiple positions, causing control defects; this was rectified in 2025 and validated by the auditor.
• Disagreements with Hutu Liquor Group led to insufficient evidence on prepayments/inventory; this has been resolved, and the relevant issue closed.

4. Annual Report Disclosure Timing & Investor Alert

The 2025 annual report is scheduled for disclosure on April 30, 2026. Final data and the audit opinion will be as per the official report. If the core business income is under RMB 300 million or the audit opinion is “non-unqualified,” the company’s shares face high delisting risk. Investors should pay close attention to official disclosures and exercise caution.

III. Key Price-Sensitive Information

• Whether the company can remove financial delisting risks will directly affect share listing status.
• A “non-unqualified” audit opinion almost certainly means delisting.
• Large accounting restatements could impact historical and future performance.
• Progress on distributor management and internal control defect rectification will be a key driver of future share price movements.

Disclaimer: This article is based on official company announcements and is for reference only. It does not constitute investment advice. Investing involves risks—please make decisions prudently.

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