During the reporting period, the sales revenue of single customer of Jieya Stock was more than the total sales of the product for many times, and the authenticity of the company’s sales revenue was questionable.On the other hand, after the Shenzhen Stock Exchange questioned the fairness of the transaction price and the revenue accounting method for three consecutive rounds, Jieya Finally corrected the accounting errors in the early stage, which shows its attitude towards information disclosure.On June 29, 2021, Tongling Jieya Biotechnology Co., LTD. (hereinafter referred to as “Jieya Shares”) IPO application was approved by the GEM Listing Committee, and subsequently approved by the CSRC on October 26, and officially landed on the GEM on December 3.According to the prospectus, Jieya is a professional manufacturer focusing on the research and development, production and sales of wipes. Its wipes cover more than 60 varieties in six series, including baby series, adult functional series, antibacterial disinfection series, household cleaning series, medical care series and pet cleaning series.The company adopts ODM/OEM mode to produce wipes for Woolworths, Kimberly-Clark, Johnson & Johnson, L ‘Oreal, Reckitt Benckiser group, 3M, Bekin and other world famous companies.Previously, the public, “the world” and the company has published an article “jie ya shares: the customer sales income disclosure of contradictions Equity price JiDi fair sex question “, this paper points out that clean and shares for sale in domestic market sales income disclosure appear antinomy, hengan disappear in the domestic top five customer list, there may be error information disclosure.On the other hand, within about half a year, the amount of jieya’s three equity transfers fluctuated violently, and the price was extremely low, so its price fairness was questionable.In addition to the above problems, the sales revenue of single customer of the product is greater than the total sales in the letter letter document of Jieya Shares, which needs to be paid attention to.According to the letter document of product sales disclosure, the composition and gross profit rate of facial mask and hand and foot film products of Jiya Stock during the reporting period are shown in the following table: In 2018-2020, the income of hand and foot film products of the company is 10.0901 million yuan, 14.7882 million yuan and 33.7908 million yuan respectively.In the same letter letter document, Jieya Shares disclosed the sales of the company’s top five export customers in 2018, as shown in the table below: It can be seen that in 2018, jieya shares’ sales amount of exported hand-foot-film products to Johnson & Johnson was 11.1605 million yuan;However, as shown above, the revenue of the company’s hand-foot-film products in 2018 was 10.1001 million yuan. The sales of hand-foot-film of a single customer exceeded the overall sales revenue of hand-foot-film, and there were contradictions in shinpi data.In addition, Jieya Also disclosed the gross profit margin of the domestic sales of facial mask and hand and foot film, as shown in the following table: From 2018 to 2020, the domestic sales revenue of facial mask and hand and foot film of the company was 188,300 yuan, 469,200 yuan and 145,700 yuan respectively.The sales of hand-foot-film by Jieya Shares to Johnson & Johnson belong to the export revenue. If the domestic sales revenue of hand-foot-film is excluded from the overall revenue, the sales volume of hand-foot-film of a single customer will exceed the total export sales volume of hand-foot-film.In addition to the disclosure of the sales of hand and foot film products, Jieya shares also have problems in the disclosure of the income amount of wet towel processing business.According to the prospectus, the main business income of the company during the reporting period is as follows: From 2018 to 2020, the income of the company’s wet towel processing business is 40,652,700 yuan, 41.135,400 yuan and 83,103,800 yuan, respectively.In the reply of the first round of inquiry, Jiya Disclosed the sales of the top five domestic customers in 2018, as shown in the table below: In 2018, the sales amount of processing business of The company to Kimberly-Clark (China) Co., LTD. (hereinafter referred to as “Kimberly-Clark Group”) was 40.6549 million yuan.In the letter letter, Jiaya Shares said that during the reporting period, all the business of Kimberly-Clark Group was domestic sales. Before the correction of the net method, the business category was sales of baby wipes and adult functional wipes, and after the correction, it was divided into wet wipes processing business.In other words, Jiya shares are all wet towel processing business to Kimberly-Clark Group, so in 2018, the company’s sales amount of wet towel processing business to Kimberly-Clark Group is 40.6549 million yuan;However, as shown above, in 2018, the income from the wipes processing business of Jiya Stock was 40.6527 million yuan, and the sales amount from the wipes processing business of Kimberly-Clark Group alone exceeded the overall income from the wipes processing business.The same problem has arisen again, which has to raise doubts about the authenticity of jieya’s share sales.The letter documents show that during the reporting period, Kimberly-Clark Group is both a customer and supplier of Jiaya Shares. The main contents, quantity, amount, unit price of goods purchased and sold by the company from Kimberly-Clark Group and the average transaction price of third parties other than Kimberly-Clark Group are listed in the following table:Taking 2019 as an example, the unit prices of baby wipes and adult functional wipes sold by Jiya To Kimberly-Clark Group were 4.36 yuan and 6.46 yuan per 100 tablets respectively, and the average prices of third parties were 5.30 yuan and 7.72 yuan per 100 tablets respectively.The unit prices of dispersible spunk-type non-woven fabrics and straight-spread spunk-type non-woven fabrics purchased by Jiya From Kimberly-Clark Group were 17.98 yuan/kg and 12.32 yuan/kg respectively, and the average prices of third-party spunk-type non-woven fabrics were 19.05 yuan/kg and 13.26 yuan/kg respectively.It can be seen that in 2019, the sales price and purchase price between Jieya Stock and Kimberly-Clark Group were generally lower than the market price, and the same was true in other years.The Shenzhen Stock Exchange attached great importance to this issue and questioned the transaction in both the first and second rounds of inquiries, requiring Jieya to make supplementary disclosure of the specific situation and business essence of the transaction with Kimberly-Clark Group, and compare the transaction pricing situation with that of an independent third party to explain the fairness of the transaction price.Revenue recognition is to use the total or net method of accounting, whether to comply with the “Accounting standards for Business Enterprises” relevant provisions.In the two rounds of inquiry and reply, Jieya shares said that the products sold to Kimberly-Clark Group were priced independently according to market price, the sales price between the company and Kimberly-Clark Group was fair, and the price of the products purchased from Kimberly-Clark Group was fair.Before transferring goods to customers, the company can control the purchase of raw materials, non-woven fabrics. The business essence of the company and Kimberly-Clark Group is independent purchase and sale business, not commissioned processing business. The company uses the total amount method to recognize revenue in accordance with the relevant provisions of accounting Standards for Business Enterprises.However, these answers did not satisfy the Shenzhen Stock Exchange.In the third round of inquiry, the Shenzhen Stock Exchange raised questions again, asking whether the disclosure of Jiaya shares and the sales price and purchase price of Kimberly-Clark Group are fair and sufficient, and further explaining the business essence of the issuer and Kimberly-Clark Group.Explain whether it conforms to the situation that “the purchase price of raw materials provided by customers or designated suppliers is determined by both parties through negotiation and basically consistent with the market price”;If not, the issuer uses the total method to confirm whether the relevant income complies with the provisions of the accounting Standards for Business Enterprises.This time, Jieya finally changed its words and admitted in the reply that the sales price and purchase price between The company and Kimberly-Clark Group were generally lower than the market price and the price was not completely fair.The company undertakes the risk of storage and loss in the production and processing of raw materials, but does not fully undertake the risk of price fluctuations;The company’s sales pricing power for final products is incomplete;Kimberly-clark group participates in the continued management of its product-related inventory.The overall business between the company and Kimberly-Clark Group is essentially processing business.Finally, in accordance with the relevant provisions of the Accounting Standards for Business Enterprises, in order to more appropriately reflect the actual business of the company, the company will correct the overall business between The company and Kimberly-Clark Group from the gross method to the net method of accounting.After three rounds of persistent questioning by the Shenzhen Stock Exchange, Jieya Shares finally revealed the truth and corrected the accounting errors in the early stage, which shows its attitude towards information disclosure.