山有信/文 据统计，2025年以来，A股市场已有超过10家上市公司因财务造假被罚并触及重大违法强制退市，有5家公司收到上亿元罚单。 财务造假是严重破坏市场"三公"原则,侵害投资者合法权益的毒瘤。 图源：AI 反做空一线梳理了近三到五年间上市公司财务造假的典型案例，如紫晶存储、康得新、贵州百灵、亿利洁能股份有限公司等，发现财务造假的行为背后，不 仅折射出实控人与财务总监的复杂关系，更暴露出个别上市公司治理混乱、相关审计机构可能存在严重失职、第三方配合甚至串通舞弊等问题。 实控人与财务总监"联手"舞弊 实际控制人作为公司的"掌舵者"，掌控着企业的核心决策方向。财务总监作为上市公司财务体系的"守门人"，其命运往往与公司的财务合规性深度绑定。 据分析，在大量财务造假案例中，公司实际控制人与财务总监等人共谋，安排公司相关人员一起财务造假是十分常见的现象。 此外，因融资需要，2013年至2017年，在胜通集团时任董事长、法定代表人及实际控制人王秀生决策并组织下，胜通集团以胜通钢帘线、山东胜通化工有限 公司（该公司于2013年停产）和山东胜通光学材料科技有限公司等三家子公司为造假实体，通过复制真实账套后增加虚假记账凭证生成 ...

据内蒙古监管机构调查，亿利洁能在2016年至2023年期间涉嫌存在财务造假、关联担保、资金占用 等信息披露违法和欺诈发行公司债券违法行为。其中，通过虚增利润、资产、收入等进行财务造假，为 控股股东及其关联方提供担保且未履行信息披露义务，控股股东亿利资源集团有限公司及其关联方非经 营性占用亿利洁能资金且未履行信息披露义务；2020年亿利洁能在发行公司债券等文件中引用了相关年 度存在虚假记载和重大遗漏的信息，构成欺诈发行公司债券。 相关数字显示，亿利洁能虚增利润总额合计超1.25亿元，虚增资产合计超110亿元，虚增营收合计 超130亿元；亿利洁能在亿利集团财务公司的39.06亿元存款资金被亿利集团违规占用；两次发行公司债 券总规模10亿元。 按照《中华人民共和国证券法》《中华人民共和国行政处罚法》等规定，综合考虑违法金额、主观 恶性、对投资者和市场的影响、危害后果等因素，内蒙古证监局拟对亿利洁能、控股股东亿利资源集团 有限公司及29名责任人处以3.75亿元罚款，其中对亿利洁能处以2.1亿元罚款，对控股股东、"首恶"进行 顶格处罚，对7名主要责任人进行从重处罚，并采取5年以上直至终身的证券市场禁入措施。不过记者了 ...

受损股民可至新浪股民维权平台登记该公司维权：http://wq.finance.sina.com.cn/ 关注@新浪证券、微信关注新浪券商基金、百度搜索新浪股民维权、访问新浪财经客户端、 新浪财经首页都能找到我们！ 一、部分案件已递交立案 上海沪紫律师事务所刘鹏律师团队代理的投资者诉亿利洁能证券虚假陈述案，已陆续递交法院立案审 理。值得注意的是该公司已于2024年7月18日终止上市。（刘鹏律师专栏） 受损股民可至新浪股民维权平台登记该公司维权：http://wq.finance.sina.com.cn/ 关注@新浪证券、微信关注新浪券商基金、百度搜索新浪股民维权、访问新浪财经客户端、 新浪财经首页都能找到我们！ 一、部分案件已递交立案 在退市一年后，2025年9月，内蒙古证监局公布了对亿利洁能的行政处罚决定，因长达8年的财务造假行 为被处以巨额罚款。 依据相关法律法规，符合于2017年4月18日-2024年4月23日期间买入，并在2024年4月24日之后卖出或仍 持有而亏损的即可参与维权。对于权益受损的投资者而言，唯有通过法律途径主动维权，才能弥补部分 损失，维护自身合法权益。（ST亿利维权入口） 二、连续八 ...

Group 1 - The core issue involves investor claims against Yili Clean Energy (亿利洁能) due to false statements leading to financial losses [1] - Yili Clean Energy has been accused of financial fraud, including inflating profits, assets, and revenues from 2016 to 2022 [1] - The company allegedly provided guarantees to its controlling shareholders and related parties from 2017 to 2022 [1] Group 2 - Investors who purchased Yili Clean Energy stock between April 18, 2017, and April 24, 2024, may initiate claims if they sold or held the stock after April 24, 2024 [2] - There is a precedent for successful claims against Simai Media (思美传媒) for false statements, indicating a potential for similar outcomes in Yili Clean Energy's case [2] - Simai Media was found to have misrepresented its relationship with Douyin, leading to stock price manipulation [3]

Core Points - The lawsuit for investor compensation against Yili Clean Energy (600277) due to false statements has been resubmitted to the court, with ongoing efforts to accept more claims from investors [1][2] - The company has been found to have committed financial fraud from 2016 to 2022, including inflating profits, assets, and revenues through various deceptive practices [1][2] - The company provided guarantees to its controlling shareholder and related parties, and facilitated fund transfers through various financial agreements [2] Financial Misconduct - From 2016 to 2022, Yili Clean Energy inflated profits by amounts ranging from 1,928.89 thousand to 8,268.53 thousand, which represented 3.76% to 9.37% of the reported profit totals for those years [1] - The company also inflated assets by amounts ranging from 70,010.00 thousand to 311,519.33 thousand, accounting for 2.06% to 8.49% of the reported total assets [1] - Revenue was inflated by amounts ranging from 70,879.63 thousand to 354,577.68 thousand, representing 5.70% to 22.62% of the reported revenue [1] Legal Context - Investors who purchased Yili Clean Energy stock between April 18, 2017, and April 24, 2024, may still initiate claims based on the identified violations [2] - The statute of limitations for claims against Poly Union (002037) is running out, with some cases already reaching settlement agreements [2][3] - Poly Union was found to have understated bad debt provisions, leading to inflated net profits in 2019, 2020, and 2021, with the latter year showing a 124.47% overstatement of net profit [2]

Core Viewpoint - Ordos, known as "China's coal capital," has been a leader in photovoltaic (PV) desertification control, benefiting from reduced sandstorms and increased agricultural productivity through innovative PV projects [1][3][6] Group 1: Photovoltaic Projects and Economic Impact - The 2 million kW PV desertification project in the Kubuqi Desert began construction in June 2022 and is expected to generate 4.1 billion kWh annually, saving 1.23 million tons of standard coal and reducing CO2 emissions by 3.198 million tons [3][4] - Local farmers have reported significant income from crops grown under PV panels, with one farmer earning 50,000 yuan from 12 acres of tomatoes sold to major cities [3][4] Group 2: Environmental Benefits and Sustainability - The dual function of PV panels in desert areas helps stabilize sand, conserve water, and create microclimates for plant growth, contributing to sustainable desert management [4][5] - The integration of PV and desertification control is seen as a way to enhance ecological restoration and carbon sequestration, with the potential for improved vegetation and soil quality [7][9] Group 3: Future Development and Challenges - Ordos has approved a total of 39.79 million kW of PV capacity, with plans to achieve over 30 million acres of PV desertification control, creating a "PV Great Wall" to protect the Yellow River [6][7] - Experts highlight the need for standardized construction and recognition criteria for PV desertification projects to facilitate broader implementation and success [8][9]

Core Viewpoint - The article discusses ongoing legal actions against Yili Clean Energy (亿利洁能) and Guangyuyuan (广誉远) for alleged financial misconduct and false statements, with investors seeking compensation for losses incurred due to these actions [1][2][3]. Group 1: Yili Clean Energy (亿利洁能) - Yili Clean Energy is facing multiple investor compensation claims due to false statements and financial misconduct, with cases submitted to the Hohhot Intermediate People's Court [1]. - The company has been accused of financial fraud from 2016 to 2022, including inflating profits, assets, and revenues, as well as providing guarantees to controlling shareholders and related parties [1]. - The company allegedly engaged in fraudulent bond issuance and misled investors regarding its financial health [1]. Group 2: Guangyuyuan (广誉远) - Guangyuyuan is also under scrutiny for false disclosures related to its sales practices from 2016 to 2021, including improper revenue recognition and mismanagement of sales expenses [2]. - Investors who purchased Guangyuyuan stock between March 21, 2017, and December 29, 2023, may still initiate compensation claims [3]. - The company has been found to have misrepresented its "buyout sales" model, leading to significant inaccuracies in its annual reports [2].

Group 1 - Regulatory bodies have intensified scrutiny on financial fraud, fund misappropriation, and information disclosure violations, with 20 companies receiving penalties since September, including one under investigation and five receiving advance notice of administrative penalties [1][2] - Over half of the penalties issued in September are related to financial fraud, with two penalties exceeding 100 million yuan, highlighting a zero-tolerance approach from regulators [2] - The principle of "delisting does not exempt from liability" is being enforced, with three delisted companies receiving penalties for financial fraud and failure to disclose reports on time, emphasizing that all market participants must adhere to compliance [3] Group 2 - Regulatory efforts aim to create a "survival of the fittest" market ecosystem, protecting investors' rights by punishing fraudulent companies and reallocating resources to well-governed firms [4] - The current administrative penalties serve as a basis for civil and criminal accountability, with a comprehensive accountability system expected to increase the cost of violations and uphold fairness in the capital market [4] - There is a need for improved preemptive regulation to prevent issues before they arise, with calls for better institutional design and enhanced responsibilities for intermediary organizations [4] Group 3 - The recent surge in penalties sends a clear message that regulatory bodies are committed to creating a more standardized, transparent, and vibrant capital market, thereby boosting investor confidence and enhancing the market's role in supporting the real economy [5]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has intensified enforcement actions against fraudulent activities in the securities market, leading to a significant increase in penalties for listed companies involved in financial misconduct [1][4][6]. Group 1: Regulatory Actions - Since September, multiple A-share listed companies have received administrative penalties from the CSRC, including Hengbang Shares, ST Huayang, and ST Lingda, among others [1][4]. - The CSRC has issued a total of 739 enforcement cases and 592 penalty decisions in 2024, marking a 10% year-on-year increase [4]. Group 2: Specific Cases - ST Emergency was fined 5.9 million yuan due to accounting errors in its 2022 annual report, which overstated revenue by 31.37 million yuan, representing 1.86% of total revenue [2]. - ST Guandao was penalized 10 million yuan for fabricating sales and procurement transactions, leading to inflated financial statements from 2018 to 2023 [3]. - Yili Clean Energy, which is set to delist in July 2024, received a notice of administrative penalty for false disclosures and fraudulent bond issuance, with a proposed fine of 210 million yuan [6]. Group 3: Implications of Penalties - Companies facing severe penalties may trigger mandatory delisting procedures due to significant violations, as seen with ST Guandao and ST Dongtong [3][5]. - The CSRC emphasizes a "zero tolerance" policy towards financial fraud and is committed to transferring criminal cases to law enforcement when necessary [5][6]. Group 4: Market Impact - The ongoing regulatory crackdown is expected to enhance the overall quality and confidence in the A-share market, promoting a healthier market environment [7]. - Legal avenues are available for affected investors to seek compensation, although proving the connection between losses and fraudulent activities is essential [7].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has intensified enforcement actions against fraudulent activities in the securities market, leading to a significant increase in penalties for listed companies involved in financial misconduct [1][5][11]. Group 1: Regulatory Actions - Since September, multiple A-share listed companies have received administrative penalties from the CSRC, including Hengbang Co., ST Huayang, and ST Lingda, among others [1]. - ST Emergency was fined 5.9 million yuan due to accounting errors in its 2022 annual report, which overstated revenue by 31.37 million yuan, accounting for 1.86% of total revenue [2][3]. - ST Guangdao was penalized 10 million yuan for fabricating sales and procurement transactions, resulting in false financial reporting from 2018 to 2024 [3][4]. Group 2: Major Penalties - Yili Clean Energy received a penalty of 210 million yuan for false disclosures and fraudulent bond issuance from 2016 to 2023, despite its upcoming delisting [8][10]. - ST Dongtong is facing a proposed fine of 229 million yuan for inflating revenue and profits over four consecutive years, with potential delisting procedures initiated [6]. Group 3: Market Impact and Future Outlook - The recent regulatory crackdown is expected to enhance the overall quality and confidence in the A-share market, promoting a healthier market ecosystem [11]. - Legal actions may follow for companies facing penalties, with affected investors having the right to seek compensation through litigation [12].