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Shenzhen Feima International Supply Chain Co., Ltd. (Stock Code: 002210), hereinafter referred to as "Feima International," released its 2018 annual performance report on February 25. According to the report, the company achieved total revenue of 42,302,699,500 RMB, operating profit of 1,946,146,200 RMB, total profit of -1,946,377,900 RMB, and net profit of -1,940,609,300 RMB, marking year-on-year decreases of 31.09%, 629.04%, 593.27%, and 734.23%, respectively. Feima International attributed these sharp declines to liquidity pressure resulting from financial difficulties faced by the company's controlling shareholder, as well as the overall deterioration in economic and market conditions. The company experienced significant limitations in expanding its business in 2018, leading to a substantial drop in business scale and revenue. Additionally, in the fourth quarter of 2018, certain credit lines originally issued as bills were converted to direct loans, and the interest rates were increased. This caused a significant rise in financial expenses, which further adversely affected the company’s annual operating performance. The company's overseas subsidiary, Keen Resources Ltd. (hereinafter referred to as "Keen Resources"), was involved in several business and financial disputes with clients and financial institutions, which led to lawsuits and bankruptcy proceedings. These issues severely impacted Keen Resources' business operations, resulting in significant losses. The company also lost effective control over Keen Resources, meaning that it no longer met the criteria for inclusion in Feima International's consolidated financial statements. As a result, the company fully impaired its long-term equity investment in Keen Resources and treated the internal receivables between the parent company and other subsidiaries and Keen Resources as external receivables. Based on its accounting policies, the company made provisions for bad debts on these receivables, which had a further negative impact on Feima International's 2018 financial results. Due to liquidity pressures, Feima International also experienced delays in business operations and settlement cycles. Moreover, changes in the macroeconomic environment led to a deterioration in the financial health of some downstream clients, causing impairments in receivables. Following a prudent approach, the company switched from its original aging-based method for provisioning bad debts to individual impairment assessments for long-term outstanding receivables. In addition, given the unique characteristics of the supply chain service industry, Feima International is required to prepay the full cost of goods to upstream suppliers after receiving a certain percentage of deposits from downstream clients. Considering the overall economic conditions and industry factors, the company made provisions for prepayments older than one year. These factors all contributed to the company's disappointing financial performance in 2018. In terms of financial figures, as of the end of 2018, Feima International's total assets amounted to 16,929,273,700 RMB, and its net assets stood at 2,256,910,900 RMB, representing declines of 21.22% and 45.44%, respectively, compared to the beginning of the year. These declines were primarily due to the company's poor operating performance and asset impairments during the period.