Core Viewpoint - ST Jiaao Environmental Protection (603822) has experienced a dramatic rise in stock price while simultaneously facing severe financial difficulties and regulatory issues, raising questions about its future viability and the sustainability of its transformation story [1][14]. Historical Development - Founded in 2003 and listed on the Shanghai Stock Exchange in 2016, the company initially focused on environmentally friendly plasticizers and biodiesel, earning a reputation as an "environmental star" in the bioenergy sector. However, its trajectory has diverged from regulatory compliance, leading to its current status as a frequent "ST" (special treatment) company [1][15]. Main Business - The company's core business, which included environmentally friendly plasticizers and biodiesel, has suffered due to the EU's anti-dumping policies against Chinese biodiesel, resulting in significant revenue decline and consecutive years of losses. In response, the company has pivoted to producing Sustainable Aviation Fuel (SAF), claiming to have established the first large-scale SAF production line in China and aims to be the only company with SAF export quotas by 2025 [2][16]. Actual Controller Situation - The actual controller, Chairman Shen Jian, has attempted to rescue the company by planning a private placement to inject up to 367 million yuan. However, his efforts are constrained by ongoing regulatory penalties for disclosure violations and a high percentage of pledged shares, raising doubts about his ability to resolve the crisis [3][16]. Financial Data - Financial data reveals ongoing challenges: from 2022 to 2024, the company has seen continuous revenue decline and recorded net losses for three consecutive years, with the loss in 2024 expanding to 367 million yuan. As of the first quarter of 2025, the company's debt-to-asset ratio reached 80.45%, indicating severe financial strain and potential insolvency risks [4][17]. Reasons for ST Status - The direct cause of the company's ST status is linked to repeated disclosure violations, as indicated by a notice from the Zhejiang Securities Regulatory Bureau. This marks the second investigation into the company for such violations within five years, highlighting a persistent issue with corporate integrity [5][20]. Issues Related to ST Status - Although the company disclosed corrections for prior accounting errors, the underlying operational and financial crises, including substantial losses and high debt levels, remain unaddressed [6][22]. Speculative Themes - Despite the troubling fundamentals, market speculation continues to focus on the SAF transformation narrative, which is appealing due to its uniqueness as the only company with export quotas in this sector, strong policy support for carbon reduction in aviation, and the potential for a significant shift in valuation logic from traditional chemicals to green aviation energy [9][23].

Core Viewpoint - Jiaao Environmental Protection (嘉澳环保) has received a notice of administrative penalty from the Zhejiang Securities Regulatory Bureau due to false financial disclosures in its annual reports, leading to a change in its stock designation to "ST Jiaao" and a suspension of trading [2][5]. Group 1: Financial Misconduct - The company’s subsidiary, Jining Jiaao Dingxin Environmental New Materials Co., Ltd., failed to properly account for the completion of its 20,000-ton environmental plasticizer project, resulting in delayed asset capitalization and depreciation [3]. - In the 2022 annual report, the company understated operating costs by 13.44 million yuan, understated financial expenses by 5.77 million yuan, and overstated total profit by 19.21 million yuan, which constituted 28.91% of the reported profit [4]. - For the 2023 annual report, the company understated operating costs by 13.56 million yuan, overstated total profit by 13.56 million yuan (63.72% of reported profit), and reported a net profit that shifted from a loss to a profit, with an overstatement of 10.44 million yuan (200.38% of reported net profit) [4]. Group 2: Regulatory Actions - The Zhejiang Securities Regulatory Bureau has proposed a warning and a fine of 5.5 million yuan for Jiaao Environmental Protection, along with fines for the former chairman and general manager, Shen Jian (2.5 million yuan), and the former CFO and board secretary, Wu Yimin (2 million yuan) [6]. - The company has acknowledged the accounting errors and has made retrospective adjustments in its financial statements [5]. Group 3: Company Background - Jiaao Environmental Protection was established in January 2003 and went public in 2016, focusing on the research, production, and sales of bio-based plasticizers and biomass energy [7].

Core Viewpoint - Jiaao Environmental Protection (603822.SH) has received a notice of administrative penalty from the Zhejiang Regulatory Bureau of the China Securities Regulatory Commission, indicating that the company reported false financial data in its annual reports, leading to a change in its stock designation to "ST Jiaao" and a suspension of trading [1][2]. Group 1: Financial Misreporting - As of December 2021, Jiaao Environmental's subsidiary, Jining Jiaao Dingxin Environmental New Materials Co., Ltd., failed to properly account for the completion of its 20,000-ton environmental plasticizer project, resulting in misreported financial data for 2022 and 2023 [2][4]. - In 2022, the company understated operating costs by 13.44 million yuan, understated financial expenses by 5.77 million yuan, overstated total profit by 19.21 million yuan (28.91% of reported total profit), and overstated net profit by 15.26 million yuan (49.06% of reported net profit) [3]. - In 2023, the company understated operating costs by 13.56 million yuan, overstated total profit by 13.56 million yuan (63.72% of reported total profit), and overstated net profit by 10.44 million yuan (200.38% of reported net profit), with a turnaround from loss to profit [3]. Group 2: Regulatory Actions - The Zhejiang Regulatory Bureau has determined that Jiaao Environmental's actions constitute violations of the Securities Law, leading to proposed penalties including a warning and a fine of 5.5 million yuan for the company, 2.5 million yuan for the former chairman Shen Jian, and 2 million yuan for the former CFO Wu Yimin [5]. - The company has stated its intention to take measures to mitigate the negative impact and will apply for the removal of the risk warning once conditions are met [1]. Group 3: Company Background - Jiaao Environmental Protection was established in January 2003 and went public in 2016, focusing on the research, production, and sales of bio-based plasticizers and biomass energy [6]. - On December 9, the company's stock rose by 0.87%, closing at 84.73 yuan per share [7].

Core Viewpoint - Jiaao Environmental (603822.SH) is facing administrative penalties from the China Securities Regulatory Commission, leading to a risk warning for its stock [1] Group 1: Administrative Penalties - The company received an Administrative Penalty Notice from the Zhejiang Regulatory Bureau on December 9, 2025 [1] - The notice is numbered Zhe Penalty Word [2025] No. 24 and is based on relevant regulations [1] Group 2: Stock Trading Impact - Following the notice, the company's stock will be subject to a risk warning, changing its A-share abbreviation to ST Jiaao [1] - The stock will be suspended from trading for one day on December 10, 2025, and the risk warning will take effect on December 11, 2025 [1] - After the implementation of the risk warning, the stock will trade on the risk warning board with a daily price fluctuation limit of 5% [1]

智通财经APP讯，嘉澳环保(603822.SH)发布公告，因公司于2025年12月9日收到中国证券监督管理委员 会浙江监管局下发的《行政处罚事先告知书》(浙处罚字[2025]24号)，依据《行政处罚事先告知书》载 明的内容，根据《上海证券交易所股票上市规则(2025年4月修订)》相关规定，公司股票将被实施其他 风险警示。实施后A股简称为ST嘉澳。 根据《上海证券交易所股票上市规则(2025年4月修订)》第9.8.2条等相关规定，公司股票将于2025年12 月10日停牌1天，2025年12月11日起实施其他风险警示。实施其他风险警示后公司股票将在风险警示板 交易，股票价格的日涨跌幅限制为5%。 ...

公告显示，嘉澳环保于当日收到浙江证监局下发的《行政处罚事先告知书》。根据《上海证券交易所股 票上市规则（2025年4月修订）》第9.8.1条规定："上市公司出现以下情形之一的，本所对其股票实施其 他风险警示：（七）根据中国证监会行政处罚事先告知书载明的事实，公司披露的年度报告财务指标存 在虚假记载，但未触及本规则第9.5.2条第一款规定情形，前述财务指标包括营业收入、利润总额、净利 润、资产负债表中的资产或者负债科目"，公司股票将被实施其他风险警示。 北京商报讯（记者 马换换 王蔓蕾）12月9日晚间，嘉澳环保（603822）披露公告称，公司股票将被实施 其他风险警示。公司股票将于12月10日停牌1天，12月11日起实施其他风险警示。实施其他风险警示后 公司股票将在风险警示板交易，股票价格的日涨跌幅限制为5%。A股股票简称由"嘉澳环保"变更为"ST 嘉澳"。 ...

嘉澳环保(603822.SH)今日公告称，公司于2025年12月9日收到中国证券监督管理委员会浙江监管局下发的《行政处罚事先告知书》。公告指出，公 司披露的年度报告中，营业收入、利润总额、净利润及资产负债表中的资产等财务指标存在虚假记载，但该情形未触及《上海证券交易所股票上市 规则（2025年4月修订）》第9.5.2条第一款规定情形。 根据上述规则相关要求，公司股票将被实施其他风险警示，A股简称将变更为"ST嘉澳"。具体安排为： 公司股票将于2025年12月10日停牌，2025年 12月11日起正式实施其他风险警示。 公司表示，将积极采取措施消除相关不利影响，待满足撤销条件后，将尽快申请撤销其他风险警示。 下载财联社APP获取更多资讯 准确 快速 权威 专业 7x24h电报 头条新闻 VIP资讯 实时盯盘 ...

根据《上海证券交易所股票上市规则（2025年4月修订）》第9.8.2条等相关规定，公司股票将于2025年 12月10日停牌1天，2025年12月11日起实施其他风险警示。实施其他风险警示后公司股票将在风险警示 板交易，股票价格的日涨跌幅限制为5%。 格隆汇12月9日丨嘉澳环保（维权）(603822.SH)公布，因公司于2025年12月9日收到中国证券监督管理 委员会浙江监管局下发的《行政处罚事先告知书》（浙处罚字[2025]24号），依据《行政处罚事先告知 书》载明的内容，根据《上海证券交易所股票上市规则（2025年4月修订）》相关规定，公司股票将被 实施其他风险警示： ...

证券代码：603822 证券简称：嘉澳环保 公告编号：2025-069 因公司于 2025 年 12 月 9 日收到中国证券监督管理委员会浙江监管局下发的 《行政处罚事先告知书》（浙处罚字[2025]24 号），依据《行政处罚事先告知书》 载明的内容，根据《上海证券交易所股票上市规则（2025 年 4 月修订）》相关规定， 公司股票将被实施其他风险警示,本公司的相关证券停复牌情况如下： | 证券代码 | 证券简称 | 停复牌类型 | | 停牌起始日 | 停牌 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 期间 | | | | 603822 | 嘉澳环保 | A 股 | 停牌 | 2025/12/10 | 全天 | 2025/12/10 | 2025/12/11 | 浙江嘉澳环保科技股份有限公司 关于实施其他风险警示暨停牌的公告 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。 （一）A 股股票简称：由"嘉澳环保"变更为" ...

根据《上海证券交易所股票上市规则（2025年4月修订）》第9.8.2条等相关规定，公司股票将于2025年 12月10日停牌1天，2025年12月11日起实施其他风险警示。实施其他风险警示后公司股票将在风险警示 板交易，股票价格的日涨跌幅限制为5%。 格隆汇12月9日丨嘉澳环保(603822.SH)公布，因公司于2025年12月9日收到中国证券监督管理委员会浙 江监管局下发的《行政处罚事先告知书》（浙处罚字[2025]24号），依据《行政处罚事先告知书》载明 的内容，根据《上海证券交易所股票上市规则（2025年4月修订）》相关规定，公司股票将被实施其他 风险警示： ...