海南椰岛关于2025年年度报告编制及审计进展、退市风险、内控整改的最新公告

海南椰岛（集团）股份有限公司关于2025年年度报告编制及最新审计进展的详细公告

要点摘要

2025年年度报告审计进展：公司2025年年度报告的审计工作正在进行中，审计机构对关键产品和销售环节展开重点核查，结果尚未最终确定。
营业收入关键门槛：扣除与主营业务无关及不具商业实质的收入后，2025年营业收入是否超过3亿元尚未确定，若低于此标准，公司股票可能在年度报告披露后被终止上市。
审计证据不足风险：年审机构如无法获取充分、适当的审计证据，可能出具非无保留意见，亦将导致退市风险。
会计差错追溯调整：2020及2021年度部分销售收入因货权转移单据不全，将追溯调整收入合计3050.25万元。
内控缺陷整改进展：针对2024年度内控否定意见，管理层已完成关键人事整改，并对经销商管理等环节持续优化，如整改未达标，仍存被出具非无保留意见的风险。
重要合作分歧解决：与糊涂酒业分歧已解决，相关存货监盘和协议核查已完成，保留意见事项整改完毕。

详细解读

海南椰岛（集团）股份有限公司（股票代码：600238）于2026年4月16日发布了关于2025年度报告编制及最新审计进展的公告，内容显示公司当前正处于极为关键的财务审查阶段，相关结果对公司是否能维持上市地位具有决定性影响。

1. 2025年年度报告编制与审计进展

2025年12月22日，年审机构项目组进场开展审计工作，目前正在针对公司销售、收入确认、经销商管理等核心环节进行审计核查。特别是鹿龟酒佳品系列销售的真实性成为审计重点。审计人员已于2026年1月30日前对该系列产品终端销售开展现场走访，终端销售占比约20%。自3月30日起，又对主要经销商进行走访，但截至公告日尚未结束。最重要的是，审计机构尚无法确认2025年扣除与主营业务无关及不具商业实质收入后的营业收入能否超过3亿元，若未达标，公司股票可能因触及退市财务指标而被终止上市。

年审机构还特别指出，若无法获取充分适当的销售核查证据，或对财务报表和内部控制出具非无保留意见，也将导致公司退市。

2. 会计差错追溯调整

年审机构核查发现，2020年和2021年公司向海南杜丘实业、赣州市海翔酒业的部分白酒销售因货权转移单据不完整，相关收入确认依据不充分，需作为会计差错进行追溯调整，涉及金额3050.25万元。公司将按规定进行调整，影响前期财务数据。

3. 2024年度内控及财务报告非标意见整改

经销商管理缺陷：2024年度内控审计报告提出，公司新增经销商的选择、管理等存重大缺陷。为此，2025年公司已对销售及经销商管理流程进行系统性梳理和优化，目前审计机构正测试整改效果，若未通过测试，仍有被出具非无保留意见的风险，进而影响上市地位。
管理层职能调整：针对总经理兼任多职导致管理层职能缺位问题，2025年已完成整改，审计机构确认关键岗位安排已到位。
与糊涂酒业合作分歧：因合作分歧导致2024年部分审计程序无法执行，年审机构曾对财务报表出具保留意见。现双方已达成一致，相关存货监盘和协议复核已完成，此问题已解决。

4. 投资者须知及重大风险提示

公司2025年度报告预约披露日为2026年4月30日。最终审计意见和财务数据以正式公告为准。
公司营业收入能否达标、内控整改是否到位、审计意见类型等均将直接决定公司能否维持上市资格，属高度敏感事项，极具价格影响力。
投资者需关注公司于上海证券交易所官网及指定媒体发布的后续公告，理性投资并注意相关风险。

结论

海南椰岛当前正处于能否维持上市资格的关键节点，营业收入核查、销售真实性、会计差错追溯及内控缺陷整改成败都将直接决定公司命运。任何一项不达标，公司股票都将面临退市。投资者需高度关注相关进展，密切跟踪公司公告，做好风险防控。

免责声明：本文内容基于公司公告公开信息整理，不构成投资建议。请投资者结合自身风险承受能力，理性决策，注意市场风险。

Hainan Yedao (Group) Co., Ltd.: Detailed Progress on 2025 Annual Report Preparation and Audit

Key Highlights

2025 Annual Report Audit Progress: Audit is ongoing with a focus on core product sales and revenue recognition, final results yet to be determined.
Critical Revenue Threshold: It remains uncertain if the company’s 2025 operating revenue (excluding non-core and non-substantive business) will exceed RMB 300 million. If it fails, the company may be delisted after the report is published.
Risk of Insufficient Audit Evidence: If auditors cannot obtain sufficient and appropriate evidence, a non-unqualified opinion may be issued, also leading to delisting risk.
Restatement for Accounting Errors: RMB 30.50 million of sales revenue from 2020 and 2021 will be retrospectively adjusted due to incomplete ownership transfer documents.
Internal Control Deficiencies Rectified: Key management roles have been fixed, and distributor management processes optimized. If reforms are insufficient, there remains risk of a non-unqualified audit opinion and thus delisting.
Major Cooperation Dispute Resolved: The previous issue with Hutuo Liquor Group is resolved, inventory checks and agreement reviews are completed, and audit reservations have been addressed.

In-Depth Analysis

Hainan Yedao (Group) Co., Ltd. (SSE: 600238) issued a critical update on April 16, 2026, regarding the preparation and audit progress of its 2025 annual report. The results will be decisive for the company’s continued listing.

1. 2025 Annual Report Preparation & Audit Progress

Auditors entered the company on December 22, 2025, and are scrutinizing sales, revenue recognition, and distributor management. Special focus is on the authenticity of “Lu Gui Jiu” series sales. As of January 30, 2026, about 20% of terminal sales were verified. Since March 30, the main distributors are being revisited, but the audit is not complete. Critically, auditors cannot yet confirm if 2025 revenue (after exclusions) exceeds RMB 300 million. Failure to meet this threshold means the shares will be delisted due to financial risk indicators.

Should auditors fail to obtain sufficient evidence, or if a non-unqualified opinion is issued on the financial statements or internal controls, delisting will also occur.

2. Restatement for Accounting Errors

Auditors found that RMB 30.50 million in revenue from 2020 and 2021 will be adjusted retrospectively due to incomplete documentation for some sales, impacting prior financials.

3. 2024 Internal Control & Financial Report Non-Standard Opinion Rectification

Distributor Management Defects: The 2024 internal control audit found major flaws in distributor selection and management. The company has since overhauled procedures and is under ongoing audit testing. If not up to standard, a non-unqualified opinion may still result, threatening listing status.
Management Structure Adjustments: The issue of the general manager holding multiple posts has been rectified and confirmed by the auditors.
Hutuo Liquor Group Dispute: The previous audit reservation due to a cooperation dispute has been resolved, with inventory and agreements now verified.

4. Investor Note & Major Risks

The 2025 annual report is scheduled for April 30, 2026. Final numbers and opinions will be in the official release.
Whether revenue meets the threshold, internal controls pass, and the audit opinion type will directly affect the company’s listing status—highly price-sensitive matters.
Investors should monitor official disclosures and manage risk prudently.

Conclusion

Hainan Yedao is at a critical juncture: passing the audit on sales revenue, authenticity, accounting restatement, and internal control reforms will determine if it can remain listed. Investors should watch developments closely and manage risks accordingly.

Disclaimer: This article is based on publicly disclosed company information and does not constitute investment advice. Investors should make prudent decisions based on their risk tolerance and market conditions.