Group 1 - The core business of *ST Panda is heavily reliant on fireworks products, which account for 99.99% of its revenue, while the small loan segment contributes only 0.01% [1] - On July 30, 2025, the Shanghai Stock Exchange criticized *ST Panda and its responsible individuals for discrepancies between the company's performance forecasts and actual results, which could significantly impact stock prices and investor decisions [3] - The company failed to timely disclose corrections to its performance announcements, violating multiple provisions of the Shanghai Stock Exchange's listing rules [3] Group 2 - The disciplinary actions taken against *ST Panda include a public reprimand for the then Chairman and acting General Manager Xu Jinhwan, the then Chief Financial Officer Huang Yuhan, and the then Board Secretary Luo Chunyan [3]

Core Viewpoint - Panda Financial Holdings (*ST 熊猫) has faced significant regulatory scrutiny due to discrepancies between its earnings forecasts and actual financial performance, leading to administrative penalties from the China Securities Regulatory Commission (CSRC) and the Shanghai Stock Exchange (SSE) [1][2][3] Group 1: Regulatory Actions - The CSRC issued an administrative regulatory decision against Panda Financial Holdings, citing inaccurate disclosures in its earnings forecasts and reports for 2024 [1] - The SSE also criticized the company and its responsible individuals for the same violations, issuing a public reprimand and regulatory warning [1][3] - Five key individuals, including the former chairman and current executives, received warning letters for their roles in the inaccurate disclosures [1][3] Group 2: Financial Performance Discrepancies - Initially, Panda Financial Holdings projected a net profit of 30 million to 45 million yuan for 2024, indicating a turnaround from previous losses [1] - However, a subsequent correction revealed an expected net loss of 460 million to 480 million yuan, attributed to increased credit impairment losses on receivables [2] - The final 2024 annual report confirmed a net loss of 474 million yuan and a non-recurring net loss of 481 million yuan, highlighting a significant shift from the earlier profit forecast [3] Group 3: Audit and Compliance Issues - The 2024 annual report received an audit opinion that could not express a view due to multiple issues, leading to the company's stock being placed under delisting risk warning [3]

Core Points - The company *ST Panda received a warning letter from the Hunan Regulatory Bureau of the China Securities Regulatory Commission on July 29, 2025, due to significant discrepancies between its 2024 performance forecast and the actual annual report, indicating inaccurate information disclosure [2] - The regulatory measures taken against the company and responsible personnel include a warning letter and will be recorded in the securities and futures market integrity archive [2] - The company and related personnel will enhance their understanding of relevant securities laws and regulations, improve compliance awareness, and elevate the quality of information disclosure [2] - The regulatory measures will not affect the company's normal production and operational management activities [2]

Core Viewpoint - The company received a warning letter from the Hunan Securities Regulatory Bureau due to significant discrepancies between its 2024 performance forecast and the actual results disclosed in the annual report, indicating issues with accurate information disclosure [1] Summary by Relevant Sections Company Performance - The company's 2024 performance forecast and the annual report showed substantial differences, raising concerns about the accuracy and completeness of the disclosed information [1] Regulatory Actions - The Hunan Securities Regulatory Bureau decided to issue a warning letter as an administrative regulatory measure against the company and several key personnel, including the former chairman and current executives, for their roles in the inaccurate disclosures [1]

*ST熊猫(600599.SH)公告，公司于2025年7月29日收到中国证券监督管理委员会湖南监管局("湖南证监 局")出具的《关于对熊猫金控股份有限公司及相关责任人员采取出具警示函行政监管措施的决定》。 登录新浪财经APP 搜索【信披】查看更多考评等级 经查，公司2024年度业绩预告与2024年年度报告披露的业绩存在较大差异，业绩预告与业绩更正公告均 没有真实、完整、准确地披露相关事项，信息披露不准确;公司时任董事长、代总经理徐金焕、时任财 务总监黄玉岸、时任董事会秘书罗春艳、现任董事长兼董事会秘书刘玉铭、现任总经理王正对上述行为 负有主要责任。根据规定，湖南证监局决定对公司及上述人员采取出具警示函的行政监管措施。 ...

Core Viewpoint - The company, Panda Jin控股份有限公司, received a warning letter from the Hunan Securities Regulatory Bureau due to significant discrepancies between its 2024 performance forecast and annual report data, indicating inaccurate information disclosure [1] Group 1: Regulatory Actions - The company and relevant personnel were issued a warning letter on July 29 by the Hunan Securities Regulatory Bureau [1] - The regulatory body identified five responsible individuals, including the chairman and the financial director, as primarily accountable for the discrepancies [1] - The Hunan Securities Regulatory Bureau has mandated the company and responsible individuals to submit a rectification report within a specified timeframe [1] Group 2: Compliance Issues - The company violated the relevant provisions of the "Management Measures for Information Disclosure of Listed Companies" due to inaccurate information disclosure [1] - The discrepancies between the 2024 performance forecast and the annual report data were significant, raising concerns about the company's compliance with disclosure regulations [1] - The responsible individuals will have their actions recorded in the securities and futures market integrity archives [1]

*ST熊猫7月30日公告，公司于7月29日收到中国证券监督管理委员会湖南监管局下发的《关于对熊猫金 控股份有限公司及相关责任人员采取出具警示函行政监管措施的决定》，经查，公司2024年度业绩预告 与2024年年度报告披露的业绩存在较大差异，业绩预告与业绩更正公告均没有真实、完整、准确地披露 相关事项，信息披露不准确。公司时任董事长、代总经理徐金焕、时任财务总监黄玉岸、时任董事会秘 书罗春艳、现任董事长兼董事会秘书刘玉铭、现任总经理王正对上述行为负有主要责任。根据相关规 定，湖南证监局决定对公司及相关责任人采取出具警示函的行政监管措施，并记入证券期货市场诚信档 案。本次监管措施不会影响公司正常生产经营管理活动，公司将严格按照有关法律法规的规定和要求， 认真履行信息披露义务。 ...

证券简称：*ST 熊猫 证券代码：600599 公告编号：临 2025-044 熊猫金控股份有限公司 关于收到中国证券监督管理委员会湖南监管局 行政监管措施决定书的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 熊猫金控股份有限公司（以下简称"公司"）于 2025 年 7 月 29 日收到中国 证券监督管理委员会湖南监管局出具的《关于对熊猫金控股份有限公司及相关责 任人员采取出具警示函行政监管措施的决定》（〔2025〕22 号）（以下简称"决 定书"），现将决定书相关内容公告如下： "熊猫金控股份有限公司、徐金焕、黄玉岸、罗春艳、刘玉铭、王正： 经查，熊猫金控股份有限公司 2024 年度业绩预告与 2024 年年度报告披露的 业绩存在较大差异，业绩预告与业绩更正公告均没有真实、完整、准确地披露相 关事项，信息披露不准确，违反了《上市公司信息披露管理办法》（证监会令第 182 号）第三条第一款规定。公司时任董事长、代总经理徐金焕、时任财务总监 黄玉岸、时任董事会秘书罗春艳、现任董事长兼董事会秘书刘玉铭、现任总经理 王 ...

*ST熊猫（600599）公告，公司于2025年7月29日收到中国证券监督管理委员会湖南监管局出具的《关 于对熊猫金控股份有限公司及相关责任人员采取出具警示函行政监管措施的决定》。经查，公司2024年 度业绩预告与年度报告披露的业绩存在较大差异，信息披露不准确，违反了《上市公司信息披露管理办 法》相关规定。湖南监管局决定对相关责任人采取出具警示函的行政监管措施，并记入证券期货市场诚 信档案。公司及相关人员将严格按照要求，加强相关证券法律法规的学习，提高合规意识和风险意识， 提升信息披露质量。本次监管措施不会影响公司正常生产经营管理活动。 ...

[Current Period Performance Forecast](index=1&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A%E6%83%85%E5%86%B5) The company forecasts a significant year-over-year decline in 2025 first-half net profit attributable to shareholders (63.40%-75.60%) and non-recurring net profit (68.06%-80.84%) 2025 Semi-Annual Performance Forecast | Indicator | 2025 H1 Forecast | YoY Change | | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders** | 6 million - 9 million RMB | Decrease 63.40% - 75.60% | | **Net Profit Excluding Non-recurring Items** | 4.5 million - 7.5 million RMB | Decrease 68.06% - 80.84% | - This performance forecast is a preliminary estimate by the company's finance department based on operational conditions, and has not been audited by a certified public accountant[3](index=3&type=chunk) [Prior Period Operating Performance and Financial Status](index=1&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%8A%E5%B9%B4%E5%90%8C%E6%9C%9F%E7%BB%8F%E8%90%A5%E4%B8%9A%E7%BB%A9%E5%92%8C%E8%B4%A2%E5%8A%A1%E7%8A%B6%E5%86%B5) The company presents its 2024 first-half financial data for comparative analysis, including net profit attributable to shareholders, non-recurring net profit, and basic earnings per share 2024 Semi-Annual Operating Performance and Financial Status | Indicator (2024 H1) | Value | | :--- | :--- | | **Net Profit Attributable to Shareholders** | 24.5876 million RMB | | **Net Profit Excluding Non-recurring Items** | 23.4807 million RMB | | **Basic Earnings Per Share** | 0.148 RMB | [Main Reasons for Current Period Performance Decline](index=2&type=section&id=%E4%B8%89%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%87%8F%E7%9A%84%E4%B8%BB%E8%A6%81%E5%8E%9F%E5%9B%A0) The company attributes the performance decline primarily to reduced fireworks exports to the US due to tariffs and increased expenses from severance payments - The company's fireworks export volume to the United States significantly decreased due to additional tariffs imposed by the US[6](index=6&type=chunk) - Severance payments issued on January 27, 2025, led to an increase in the company's expenses[6](index=6&type=chunk) [Risk Warning](index=2&type=section&id=%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) The company highlights that this performance forecast is a preliminary, unaudited estimate by the finance department, with no significant uncertainties affecting its accuracy - This performance forecast is a preliminary calculation by the company's finance department and has not been audited by the annual audit accountant[7](index=7&type=chunk) - The company confirms there are no significant uncertainties affecting the accuracy of this performance forecast[7](index=7&type=chunk) [Other Explanatory Matters](index=2&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E8%AF%B4%E6%98%8E%E4%BA%8B%E9%A1%B9) The company advises investors that final financial data will be based on the officially disclosed 2025 semi-annual report, with Shanghai Securities News and the Shanghai Stock Exchange website designated as official disclosure channels - Final financial data will be subject to the company's officially disclosed 2025 semi-annual report[8](index=8&type=chunk) - The company designates Shanghai Securities News and the Shanghai Stock Exchange website as official information disclosure media, reminding investors to be aware of risks[8](index=8&type=chunk)