瑞茂通2025年年报监管问询函回复深度解读：持续经营能力存重大不确定性，资产质量及内控暴露多重风险
一、财务报告被出具无法表示意见，核心资产质量风险暴露
- 应收账款风险激增：2025年末应收账款余额为80.78亿元，同比下降32.17%。但账龄超过6个月的占比从1.78%激增至20.26%，坏账损失大幅增加至15.30亿元（去年仅282.96万元），主要因债务逾期导致客户资信恶化、回款能力下降，部分客户涉诉、账户冻结。
- 前十大应收账款客户中多家公司出现回款逾期、诉讼、账户冻结等问题，如江苏诚晟能源有限公司、南通汇峰能源、南通昊锐能源等，坏账计提比例最高达40%，部分客户5年以上未回款，回收风险极高。
- 坏账计提大幅提升，计提依据为公司客户类型、涉诉情况、回款能力等，但会计师表示无法获得充分证据、无法判断合理性。
- 部分债权于资产负债表日后通过债务转让协议得以化解，但公司为此调整坏账计提比例，存在会计估计变更。
- 会计师对坏账计提充分性和会计估计变更无法发表意见，强调前期计提方法合规，但今年风险激增。
二、长期股权投资与联营企业风险高度暴露，投资损益巨亏
- 长期股权投资期末余额104.31亿元，同比下降13.17%，当年确认投资损失13.74亿元，未计提减值准备。
- 主要联营企业如河南物产集团、山东丰瑞实业等出现净利润巨亏，部分应收股利逾2亿元未收回，且部分联营企业自身也发生债务逾期。
- 会计师指出，部分联营企业配合度不足，未能获取充分财务资料，无法实施有效审计，不能确认长期股权投资及投资收益的准确性。
- 公司未对长期股权投资和应收股利进行减值测试，理由为暂未发现重大减值迹象，但会计师对此未予认可。
三、持续经营能力遭遇严峻挑战，流动性风险极大
- 公司期末流动负债超流动资产53.69亿元，货币资金仅剩4.33亿元，受限资金高达2.49亿元，资金链高度紧张。
- 2025年公司债务大面积违约，涉诉金额近60亿元，银行账户多次被冻结，但实际可冻结资金有限，主要因银行已提前扣划保证金，境内可用现金极低。
- 公司与各金融机构协商展期，但尚无实质性进展，罚息及违约金计提逐步增加。
- 公司已启动庭外重组和债权人协商，控股股东牵头推动债务化解，并招募重整投资人，但进展存在重大不确定性。
- 经营性现金流连续为负，公司依赖资产变现能力有限，尤其长期股权投资变现难度大，大豆加工厂设备等已抵押无法变现。
- 会计师强调公司持续经营能力存重大不确定性，后续能否化解债务、恢复经营、获得融资均不明朗。
四、内控审计被出具否定意见，资金管理及财务核算存在重大缺陷
- 公司存在银行账户及资金未纳入财务核算的情况，主要为新加坡分行保证金账户操作失误，账户长期未入账，暴露内控漏洞。
- 公司在应收账款回款及催收环节，仅采取常规邮件等方式，未积极采取司法催收等有效措施，回收效率低，风险极高。
- 会计师认为公司内部控制未能有效防范重大风险，发表否定意见。
- 公司自查认为为个别偶发瑕疵，已修订内控制度并强化排查，目前未发现其他类似问题，但会计师对此未完全认可。
五、主营业务板块收入与毛利大幅下滑，经营模式调整明显
- 2025年度公司营业收入215.41亿元，同比下降35.70%，归母净利润亏损31.30亿元，2026年一季度收入同比下降90.69%，亏损继续扩大。
- 煤炭供应链管理业务发运量和收入大幅下滑，毛利率从4.90%下降至2.56%，主要因行业周期下行、债务危机导致业务量萎缩和盈利能力恶化。
- 非煤大宗业务、平台服务均出现大幅收缩，农产品加工板块虽毛利修复，但2026年一季度已基本停滞。
- 公司2025年底后主要聚焦境外转口煤炭和可再生油品业务，国内业务受限。
六、境外资产大幅收缩，业务风险转移与资产流动性受限
- 境外资产从81.04亿元骤降至45.62亿元，同比下降43.71%，主要因业务收缩和资产处置（如船舶资产转让）。
- 境外子公司依然是主要业务平台，但受公司债务危机影响，业务规模和资产同步下降。
- 公司强调未发现境外资金流向关联方的情形。
- 部分客户和供应商存在重叠或关联关系，系行业惯例和业务模式所致，部分交易为信用证额度支持或渠道优化。
七、投资者需重点关注的风险与潜在股价影响因素
- 公司大面积债务违约、诉讼缠身，资金链极度紧张、持续经营能力存重大疑虑，均为极强的利空信号，可能引发股价剧烈波动。
- 财务报告被会计师出具无法表示意见，内部控制被否定，长期股权投资和坏账计提不被认可，反映公司财务真实性和透明度受严重质疑，存在被ST、退市等极端风险。
- 公司已启动庭外重组、债务和解及重整投资人招募，但进展及成效高度不确定，若重组不成功将进一步加剧风险。
- 主营业务收缩和盈利能力下滑，短期内恢复难度大，投资者应高度警惕可能的进一步业绩恶化和资产减值。
结论
瑞茂通2025年度年报监管问询函回复揭示公司正处于极为危急的财务和经营困境，债务违约、资产质量恶化、内控失效以及持续经营能力存重大不确定性，均为可能导致公司股价剧烈波动乃至暂停上市风险的重大利空因素。投资者务必高度关注相关风险，密切跟进公司后续重组及经营恢复进展。
免责声明：本文仅为财经新闻解读，所涉内容不构成任何投资建议。投资者据此操作，风险自负。
English Translation
Deep Analysis of Ruimaotong 2025 Annual Report Inquiry Response: Major Uncertainties in Going Concern, Multiple Risks Exposed in Asset Quality and Internal Control
1. Audit Report Issued “Disclaimer of Opinion”, Core Asset Quality Risks Exposed
- Accounts Receivable Risk Soared: As of 2025-end, accounts receivable balance was RMB 8.078 billion, down 32.17% YoY, but the proportion overdue more than 6 months surged from 1.78% to 20.26%. Bad debt losses soared to RMB 1.53 billion (last year only RMB 2.83 million), mainly due to debt defaults affecting client solvency and causing lawsuits and account freezes.
- Among top 10 receivable clients, many had overdue payment, lawsuits, or account freezes (e.g. Jiangsu Chengsheng Energy, Nantong Huifeng Energy, etc). Some had up to 40% provision ratio, and some have not paid for over 5 years, making recovery highly risky.
- Provisioning policy was significantly raised, based on client type, litigation status, payment capacity. However, auditors could not obtain sufficient evidence to assess its reasonability.
- Some debts were resolved after balance sheet date through debt transfer agreements, and the company adjusted provision ratios accordingly, which involved accounting estimate changes.
- Auditors could not opine on adequacy of provisioning and estimate changes, though prior years’ provisioning was considered compliant.
2. Long-term Equity Investments and Associates Under High Risk, Investment Losses Huge
- Long-term equity investments ended at RMB 10.431 billion, down 13.17% YoY, with investment loss of RMB 1.374 billion in the year, but no impairment provided.
- Major associates such as Henan Material Group, Shandong Fengrui Industrial posted huge losses. Some dividends receivable (over RMB 200 million) were not recovered, and some associates also defaulted on debts.
- Auditors indicated associates were uncooperative, did not provide full financials for audit, so investment value and returns could not be confirmed.
- The company did not test for impairment for equity investments and dividends, arguing no significant impairment indicators, but auditors did not endorse this.
3. Severe Going Concern Doubts, Extreme Liquidity Risk
- Current liabilities exceeded current assets by RMB 5.369 billion; cash only RMB 433 million, with restricted cash RMB 249 million, signaling acute liquidity stress.
- In 2025, massive debt defaults and lawsuits occurred (nearly RMB 6 billion involved), with many bank accounts frozen. Actual cash frozen is low as banks already offset guarantees; domestic available cash is extremely limited.
- Company is negotiating with banks for extensions, but no substantive progress yet; penalty interest and damages are accruing.
- Company launched out-of-court restructuring and creditor negotiations, with controlling shareholder leading and seeking restructuring investors, but progress highly uncertain.
- Operating cash flow was negative for consecutive periods; asset monetization is limited, especially for equity investments and pledged plant equipment.
- Auditors emphasize going concern is in serious doubt, with no clear path to resolve debts, restart business, or secure financing.
4. Internal Control Audit Issued “Adverse Opinion”, Major Deficiencies in Fund Management and Accounting
- Bank account and funds not included in accounts due to operational errors in Singapore branch guarantee account, exposing internal control loopholes.
- In collecting overdue receivables, the company only used routine emails, lacking judicial or more effective collection, heightening the risk of uncollectible sales proceeds.
- Auditors believe internal controls failed to prevent major risks and issued an adverse opinion.
- The company claims issues were isolated and have since improved internal controls, but auditors are not fully satisfied.
5. Major Drop in Revenue and Gross Margin Across Core Businesses, Business Model Shifts
- 2025 revenue was RMB 21.541 billion (down 35.70% YoY), net loss to shareholders RMB 3.13 billion; Q1 2026 revenue down 90.69%, losses continued to widen.
- Coal supply chain business volume and revenue fell sharply, gross margin from 4.90% to 2.56%, mainly due to industry downturn and business freeze amid debt crisis.
- Other businesses shrank; agri-processing improved margins in 2025, but Q1 2026 nearly halted.
- Since end-2025, the company mainly focuses on overseas coal re-export and renewable oil, with domestic business largely suspended.
6. Overseas Assets Shrink Sharply, Business Risk Transfer and Asset Liquidity Constraints
- Overseas assets dropped from RMB 8.104 billion to RMB 4.562 billion (down 43.71%), mainly due to business contraction and asset disposals (e.g., vessel asset transfer).
- Overseas subsidiaries remain main business platforms, but face major operational impacts from the debt crisis.
- Company claims no overseas asset flows to related parties.
- Some clients and suppliers overlap or are related, due to industry practice and business model.
7. Key Investor Risks & Potential Share Price Impact
- Large-scale debt default, lawsuits, extreme cash crunch, and major going concern doubts are highly negative and could trigger major share price volatility.
- Disclaimer and adverse audit opinions, doubts on financial statement reliability, and internal control failures reflect serious information risks, with possible ST or delisting risk.
- Restructuring and investor recruitment is underway, but prospects are highly uncertain; failure will further exacerbate risks.
- Business shrinkage and profit deterioration likely to continue; investors should be alert to further losses and asset impairments.
Conclusion
Ruimaotong’s 2025 annual report inquiry response shows the company is in a grave financial and operational crisis—debt defaults, asset quality deterioration, internal control failures, and major going concern uncertainties all point to potential sharp share price declines and even risk of delisting. Investors should pay close attention to these risks and the company’s restructuring progress.
Disclaimer: This article is for financial news analysis only and does not constitute investment advice. Investors act at their own risk.
