YT: Received corrective measures from the Shanghai Securities Regulatory Bureau due to accounting standards issues

YT announced that the company confirmed inaccurate revenue in its 2023 annual report, violating the "Administrative Measures for Information Disclosure of Listed Companies." The company did not transfer the control of the pipe piles during the reporting period, resulting in revenue recognition that does not comply with accounting standards, making the revenue disclosed in the annual report inaccurate. In addition, the company inaccurately aggregated labor costs related to additional services for pipe pile sales, leading to inaccurate total profits. The company also failed to consolidate customers under the same controlling party as the same customer for reporting purposes, which does not comply with information disclosure standards. The Shanghai Securities Regulatory Bureau has ordered the company to rectify the situation and issued a warning letter to relevant personnel. The company will actively rectify the issues and submit a written rectification report