Xiangyu Technology Investigation | Tens of Millions in Revenue Yet Forms Over 500 Million Yuan in Accounts Receivable: Three Major Questions Remain Unanswered

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By Daily Economic News Reporter | Wu Zepeng, Ke Yang | Edited by Xu Shaohang

At the end of January this year, Xiangyou Technology (SH600476, stock price 10.87 yuan, market value 1.75 billion yuan) released a performance forecast for 2025, estimating a net loss of 370 million to 550 million yuan, with negative net assets at the end of the period, and the stock facing delisting risk warning. The core reason for the huge loss is that the company expects to recognize impairment provisions of up to 280 million to 460 million yuan for accounts receivable and long-term receivables.

On the evening of March 16, Xiangyou Technology announced that it was under investigation by the China Securities Regulatory Commission for suspected illegal information disclosure.

An in-depth investigation by Daily Economic News found that the projects Xiangyou Technology has focused on expanding in recent years, such as the “Zhihui Kangxin multifunctional terminal,” raise questions about their business logic, and important clients and suppliers related to these projects also show many anomalies.

Xiangyou Technology’s main business was originally centered on the postal industry. Over ten years ago, Xiangyou Technology advocated “concentrating resources to deepen and strengthen the postal industry, cautiously and steadily expanding into other industries.” However, in recent years, the company has made strategic adjustments, implementing a “technology + market” expansion strategy in 2022 to accelerate market development outside the postal sector.

Starting in 2023, the company began collaborating with Tianjin Memtech Environmental Technology Co., Ltd. (hereinafter referred to as Memtech) on business outside the postal industry. According to the announcement, from 2022 to 2024, Xiangyou Technology’s revenue from “other industries” was 0.11 billion, 1.66 billion, and 1.55 billion yuan respectively. Among this revenue, Memtech was the second-largest customer in 2023 and the largest in 2024, with transaction amounts of 36.24 million and 65.31 million yuan respectively.

Figure: Tianjin Memtech Environmental Technology Co., Ltd. | Photo by Wu Zepeng, Daily Economic News

However, the reporter found an abnormal phenomenon in the transactions between Xiangyou Technology and Memtech: although the transaction amount is only in the tens of millions of yuan, the long-term accounts receivable have reached billions.

As of December 31, 2023, Memtech’s long-term receivables totaled 344 million yuan, with all aged within one year. By December 31, 2024, this figure surged to 517 million yuan, with 189 million yuan aged within one year and 328 million yuan over one year.

Why is there such a huge gap between the transaction amount and the receivables? When responding to the stock exchange’s inquiries, Xiangyou Technology explained that during the execution of the “Zhihui Kangxin multifunctional terminal” sales project with Memtech, the company acted as an intermediary service provider, mainly responsible for supervising the production process during device procurement, pre-shipment device testing, hardware and software integration testing during installation, and technical support during acceptance. “The sales of this terminal adopt installment payments, and in substance, revenue is recognized on a net basis.” In simple terms, Xiangyou Technology only recognized a small service fee income, while the entire contract amount was recorded as long-term receivables.

By the end of 2024, the contract amount for this project was about 474 million yuan, but Xiangyou Technology recognized revenue of only 51.59 million yuan on a net basis. This means that with a revenue scale of several tens of millions, Xiangyou Technology bears the risk of billions in receivables.

On the other hand, in July 2025, Xiangyou Technology disclosed that as of June 30, 2025, the project had reached 195 million yuan in collection conditions, but only 20.97 million yuan had been collected. The company explained that the delay was mainly due to client funding issues, with payments being slow, and stated that “we have communicated with the client, and subsequent payments will be normal.”

However, in the 2025 performance forecast, the company announced that “some clients’ payments are overdue, involving significant transaction amounts and large receivables. The company has communicated multiple times with these clients but has not received payments or obtained written payment commitments.”

Xiangyou Technology has not disclosed the names of these overdue clients. When the reporter inquired about this, a staff member replied, “Based on our cooperation with regulatory authorities and our own review, this is the basis,” but also mentioned, “Payment collection and communication with the clients are not very smooth.”

The reporter found in Xiangyou Technology’s 2025 semi-annual report that the receivables at the end of the period mainly came from clients within the postal system, with no individual receivables exceeding one billion yuan. The total long-term receivables at the end of the period were 514 million yuan, all from Memtech. This indicates that the impairment of receivables, which caused a significant decline in performance, is highly likely related to the long-term receivables from Memtech.

Why does Xiangyou Technology take on such huge receivables risk for relatively modest transfer income?

Even more puzzling is the design of this transaction chain.

According to Xiangyou Technology’s reply to the stock exchange inquiry, in the “Zhihui Kangxin multifunctional terminal” project, Xiangyou Technology’s role is intriguing. The reply disclosed that before Xiangyou Technology participated, Memtech had already established a long-term business relationship and business model with the final owner, Shanghai Shentong Metro, forming a closed-loop: Tianjin Chuangjie Dian New Material Co., Ltd. (hereinafter referred to as Chuangjie Dian) was responsible for terminal integration and manufacturing, Jiangsu Shenyuan Electric Engineering Co., Ltd. was responsible for installation and construction, and Memtech, as the general contractor, coordinated the entire process from design to delivery.

However, after Xiangyou Technology joined, the originally straightforward direct supply model was disrupted—Chuangjie Dian, the original supplier, had to sell products to Xiangyou Technology first, which then resold to Memtech.

This creates a confusing business scenario: a previously established “manufacturer—general contractor—owner” chain has an intermediate Xiangyou Technology inserted, which does not undertake core device manufacturing or key material supply, but only performs supervisory and testing functions.

Xiangyou Technology provided limited explanation for this change, merely stating it was “recommended by the final owner after completing relevant procurement procedures.” Regarding business rationality, the reply stated: “All parties in the project chain can form a complementary business loop, ensuring efficient project progress, fully reflecting the match and reasonableness of the business.”

But from a business common sense perspective, why would a mature supply chain that could operate directly introduce an intermediate link that only performs auxiliary functions, artificially increasing transaction costs?

With these questions in mind, the Daily Economic News reporter conducted on-site visits to related companies.

At 11A Jimei Industrial Park, Xiqing Economic and Technological Development Zone, Tianjin, the reporter found Memtech. Company staff told the reporter that the company currently has about 20 employees. This matches the publicly available information indicating 14 insured employees in 2024. In a display area on the first floor, staff introduced products related to the Shanghai Metro project.

At the same address, the reporter also found another key company—Chuangjie Dian. A staff member at Memtech said that Chuangjie Dian also operates at this location. Another staff member further explained that Chuangjie Dian is “a company owned by a friend of the boss.”

Figure: Memtech and Chuangjie Dian signs at the same address | Photo by Wu Zepeng, Daily Economic News

It is worth noting that in previous regulatory inquiries, Xiangyou Technology stated that Tianjin Memtech and Tianjin Chuangjie Dian are not related, only that their business registration phone and email had appeared to be the same, which was handled by an intermediary agency.

As for shared office space, this was not disclosed in Xiangyou Technology’s reply. The reporter found through business registration data that Memtech’s registered and office address is 11A Jimei Industrial Park, Xiqing Economic and Technological Development Zone, Tianjin, which is also the address Chuangjie Dian disclosed in 2021.

However, after 2021, Chuangjie Dian changed its address to “No. 21 Factory, No. 27 Minhe Road, Xiqing Economic and Technological Development Zone, Tianjin.” The reporter verified this location and found a two-story building. Inside the office, no signs or signs related to Chuangjie Dian were found. An employee inside said they had no impression of Chuangjie Dian, and a courier serving the area also said they had “never heard of this company.”

In fact, the same situation occurred with another major client of Xiangyou Technology. Tianjin Lidel Environmental Technology Co., Ltd. (hereinafter referred to as Lidel) was Xiangyou Technology’s second-largest client in 2024 for “other industries,” with a transaction amount of 14.28 million yuan and receivables of 16.14 million yuan. The materials Xiangyou Technology cited show that the company’s 2023 annual report had zero insured employees.

How can a company with no insured employees have transactions exceeding ten million yuan with a listed company? The reporter visited Lidel’s registered location at 309-38 Hong Kong Street, Jinnan District, Tianjin. On-site investigation found that the 309-room does not exist in Building 2. An office staff member there said, “Never heard of this company.”

According to Xiangyou Technology’s disclosures, Lidel is a controlling shareholder of Chuangjie Dian, and both are under the same control. Xiangyou Technology stated that after collaborating with Memtech on the Zhihui Kangxin multifunctional terminal project, it was recommended by Memtech to cooperate with Lidel on digital infrastructure products for rail transit.

On the evening of March 16, Xiangyou Technology announced that due to suspected illegal information disclosure, the China Securities Regulatory Commission decided to file a case. The reporter contacted Xiangyou Technology to inquire about the investigation, Memtech’s payment issues, and other questions. In response, Xiangyou Technology said that the specific situation is awaiting the results of the CSRC investigation. Many questions remain to be answered by the company and regulators. Daily Economic News will continue to follow up.