Core Points - *ST Xingnong (sh603789) hit the daily limit down on September 30, 2025, with a closing price of 5.71 yuan, reflecting a decline of 4.99% and a total market capitalization of 1.544 billion yuan [1] Summary by Categories Company Performance - The company reported a significant decline in its operating performance, with a net profit attributable to shareholders of -175 million yuan for the year 2024, representing a year-on-year decrease of 185.91% [1] - The basic earnings per share were -0.64 yuan, indicating poor financial health and contributing to negative market sentiment [1] Market Reactions - Concerns over a potential lock-up release are influencing investor behavior, with 5.1357 million shares (1.9% of total shares) set to be released on April 28, 2026, leading to fears of increased selling pressure [1] - The recent poor performance has resulted in a lack of investor confidence, with increased capital outflow and a potential bearish technical outlook, such as a MACD death cross, prompting further selling [1]

Core Viewpoint - *ST Xingnong is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, following the announcement of accounting errors that led to revenue misstatements [1][2]. Financial Adjustments - The company announced corrections to prior accounting errors, adjusting 2023 revenue down by 60.73 million yuan and net profit down by 5.29 million yuan, while increasing 2024 net profit by 420,500 yuan [4]. - The adjustments affect the consolidated balance sheets, income statements, and cash flow statements for the years 2023, 2024, and the first half of 2025 [4]. Business Operations - Despite the investigation, the company states that all business activities are operating normally and it will cooperate with the CSRC during the investigation [2]. - *ST Xingnong primarily engages in the research, manufacturing, sales, and service of agricultural machinery, including tractors and various farming equipment [4]. Recent Acquisitions - In August, *ST Xingnong completed a cross-industry acquisition of 100% of Zhongcheng Automobile (Shandong) Co., Ltd. for 29.41 million yuan, which operates in the specialized vehicle sector [5]. - The acquired company reported a 2024 audited revenue of 5.24 million yuan but incurred a net loss of 3.86 million yuan [5]. - The chairman of *ST Xingnong also holds positions in the acquired company, raising concerns about the integration of differing business operations [5]. Performance Overview - The company has reported losses for five consecutive years from 2020 to 2024, with net profits of -159 million yuan, -55.79 million yuan, and -175 million yuan in the last three years [7]. - In the first half of 2025, *ST Xingnong reported a revenue of 155 million yuan, a year-on-year increase of 59.8%, but still posted a net loss of 40.93 million yuan [7]. - As of September 29, the stock price increased by 0.84% to 6.01 yuan per share, with a total market capitalization of 1.625 billion yuan [7].

Core Viewpoint - *ST Xingnong is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, following the announcement of accounting errors that led to restatements of financial results [2][4][6]. Group 1: Investigation and Compliance - On September 29, *ST Xingnong announced it received a notice from the CSRC regarding the initiation of an investigation due to suspected information disclosure violations [2]. - The company stated that all business activities are operating normally and it will cooperate with the CSRC during the investigation while adhering to disclosure obligations [4]. Group 2: Accounting Errors - On September 26, *ST Xingnong disclosed corrections to prior accounting errors related to its agricultural service business, which involved improper revenue recognition due to customer fund returns lacking commercial substance [6]. - The corrections affected the consolidated balance sheets, income statements, and cash flow statements for the years 2023, 2024, and the first half of 2025, resulting in a reduction of 60.73 million yuan in 2023 revenue and a decrease of 5.29 million yuan in net profit for the same year, while increasing 2024 net profit by 420,500 yuan [9]. Group 3: Business Operations and Acquisitions - *ST Xingnong primarily engages in the research, manufacturing, sales, and service of agricultural machinery, including tractors and various types of farming equipment [11]. - In August, the company completed a cross-industry acquisition of 100% of Zhongcheng Automobile (Shandong) Co., Ltd. for 29.41 million yuan, which operates in the specialized vehicle sector, despite the acquired company reporting a net loss of 3.86 million yuan in 2024 [12]. - The chairman of *ST Xingnong, He Dejun, also serves as the director and legal representative of the acquired company, indicating potential conflicts of interest and uncertainties in resource integration [12]. Group 4: Financial Performance - *ST Xingnong has reported losses for five consecutive years from 2020 to 2024, with net profits of -159 million yuan, -55.79 million yuan, and -175 million yuan in the last three years [13]. - In the first half of 2025, the company achieved a revenue of 155 million yuan, a year-on-year increase of 59.8%, but still reported a net loss of 40.93 million yuan [13]. - As of September 29, *ST Xingnong's stock closed at 6.01 yuan per share, with a total market capitalization of 1.625 billion yuan [13].

Group 1 - *ST Xingnong has been investigated by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws [2] - The company announced a correction of accounting errors related to its agricultural service business, which affected revenue recognition [3] - The correction involved a reduction of 60.73 million yuan in 2023 revenue and a decrease of 5.29 million yuan in net profit, with a subsequent increase of 420,500 yuan in 2024 net profit [5] Group 2 - *ST Xingnong primarily engages in the research, manufacturing, sales, and service of agricultural machinery, including tractors and harvesting machines [6] - In August, the company completed a cross-industry acquisition of Zhongcheng Automobile (Shandong) Co., Ltd. for 29.41 million yuan, which reported a revenue of 5.24 million yuan and a net loss of 3.86 million yuan in 2024 [7] - The company has reported losses for five consecutive years, with net profits of -159 million yuan, -55.79 million yuan, and -175 million yuan over the last three years [9]

早在*ST星农此次被立案调查和主动进行会计差错更正之前，其年审会计师已对相关业务的真实性与合 规性亮起了"警示灯"。 每经记者｜赵李南 每经编辑｜陈俊杰 9月29日，*ST星农（SH603789，股价6.01元，市值16.25亿元）公告称，其近日收到证监会下发的《立 案告知书》，因公司涉嫌信息披露违法违规，证监会决定对公司立案。 《每日经济新闻》记者注意到，就在不久前，*ST星农由于"农事服务业务不具备商业实质"进行了前期 会计差错更正及追溯调整，将2023年的营业收入调减6000余万元。 需要强调的是，暂时不能确认证监会的调查与*ST星农的会计差错有关。 2024年年报被出具保留意见 在年报被出具保留意见并收到监管问询函后，*ST星农最终选择对这笔疑点重重的业务进行了追溯调 整。 今年9月26日，*ST星农发布《关于公司前期会计差错更正及追溯调整的公告》。公告称，公司在2023 年度创新开拓农事服务作为第二主营业务，但因业务运营经验及过程管控机制存在不足，导致在实际运 营过程中出现了一定偏差。经公司自查，2023年度农事服务业务所涉及的公司客户存在资金回流的情 形，未实际进行采收业务，不具备商业实质，不满足 ...

*ST星农（603789）(603789.SH)发布公告，公司近日收到中国证券监督管理委员会(简称"中国证监会") 下发的《立案告知书》(编号：证监立案字01120250032号)，因公司涉嫌信息披露违法违规，根据《中 华人民共和国证券法》《中华人民共和国行政处罚法》等法律法规，中国证监会决定对公司立案。 ...

Core Points - *ST Xingnong (603789.SH) has received a notice from the China Securities Regulatory Commission (CSRC) regarding an investigation for suspected violations of information disclosure laws [1] - The CSRC has decided to initiate a case against the company based on the Securities Law of the People's Republic of China and the Administrative Penalty Law [1] Summary by Category - **Company Announcement** - The company announced that it has received a formal notice from the CSRC, indicating that it is under investigation for potential legal violations related to information disclosure [1] - **Regulatory Action** - The CSRC's decision to initiate a case is based on the company's alleged non-compliance with relevant securities laws and regulations [1]

特此公告。 星光农机股份有限公司 关于收到中国证券监督管理委员会立案告知书的公告 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法律责任。 星光农机股份有限公司（以下简称"公司"）近日收到中国证券监督管理委员 会（以下简称"中国证监会"）下发的《立案告知书》（编号：证监立案字01120250032 号），因公司涉嫌信息披露违法违规，根据《中华人民共和国证券法》《中华人民共 和国行政处罚法》等法律法规，中国证监会决定对公司立案。 目前公司各项经营活动和业务均正常开展，在立案调查期间，公司将积极配合 中国证监会的相关调查工作，并严格按照监管要求履行信息披露义务。公司指定信 息披露媒体为《上海证券报》《证券时报》及上海证券交易所网站（www.sse.com.cn）， 有关信息均以上述指定媒体刊登披露的公告为准。敬请广大投资者理性投资，注意 投资风险。 证券代码：603789 证券简称：*ST 星农 公告编号：2025-063 星光农机股份有限公司董事会 2025 年 9 月 30 日 ...

*ST星农表示，目前公司各项经营活动和业务均正常开展，在立案调查期间，公司将配合证监会的相关 调查工作，并按照监管要求履行信息披露义务。 交易行情显示，9月29日，*ST星农收涨0.84%，收于6.01元/股，总市值16.25亿元。 北京商报讯（记者 董亮 实习记者 李佳雪）9月29日晚间，*ST星农（603789）披露公告称，公司近日收 到证监会下发的《立案告知书》，因公司涉嫌信息披露违法违规，根据法律法规，证监会决定对公司立 案。 ...

人民财讯9月29日电，*ST星农（603789）9月29日公告，公司近日收到中国证监会下发的《立案告知 书》，因公司涉嫌信息披露违法违规，根据《中华人民共和国证券法》《中华人民共和国行政处罚法》 等法律法规，中国证监会决定对公司立案。 ...