Core Viewpoint - Liyuan Technology has become the sixth listed company this year to face criminal charges due to financial fraud, highlighting the effectiveness of regulatory measures and the dual punishment system in place for financial misconduct [1][9]. Group 1: Company Overview - Liyuan Technology, established in 1999, specializes in aluminum alloy precision die-casting products and was listed on May 13, 2021 [5]. - The actual controller, Shen Wanzhong, was sentenced to one year in prison, with a probation period of one year and six months, and fined 3.3 million yuan (approximately 0.5 million USD) [2][3]. Group 2: Financial Fraud Details - The financial fraud occurred in 2021, where the company inflated its revenue by 104 million yuan (approximately 15.5 million USD) and profit by 27 million yuan (approximately 4.1 million USD), representing 24.71% and 68.23% of the reported figures, respectively [2][4]. - The fraud was identified within a year, with the Zhejiang Securities Regulatory Bureau issuing a warning letter just five months after the company disclosed its fraudulent 2021 annual report [5][6]. Group 3: Regulatory Response - The regulatory response included both administrative and criminal penalties, with the administrative punishment occurring first, followed by criminal charges against the actual controller [1][9]. - The efficiency of the investigation and the timely discovery of the fraud were key factors in the short duration of the fraudulent activities, which lasted only one year [5][6]. Group 4: Industry Implications - The case of Liyuan Technology serves as a warning to other companies attempting to engage in similar fraudulent activities, as the regulatory environment has become increasingly stringent with a focus on criminal accountability for major offenders [6][9]. - The trend of increasing criminal accountability for financial fraud among listed companies is evident, with several other companies facing similar consequences in July alone [7][8].

证券代码：688565 证券简称：力源科技 公告编号：2025-034 浙江海盐力源环保科技股份有限公司 关于公司诉讼进展的公告 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、准确性和完整性依法承担法律责任。 重要内容提示: 浙江海盐力源环保科技股份有限公司（以下简称"公司"）就公司与河北丰 越能源科技有限公司、河北纵横集团丰南钢铁有限公司、天津滨海奥源国际贸易 有限公司、天津安扬能源发展有限公司、徐州中安矿业服务有限公司的建设工程 合同纠纷向河北省唐山市丰南区人民法院（以下简称"法院"）提起诉讼，具体 内容详见公司于 2024 年 7 月 3 日在上海证券交易所网站（www.sse.com.cn）及 相关指定信息披露媒体上披露的《浙江海盐力源环保科技股份有限公司关于公司 提起诉讼的公告》（公告编号：2024-039）、2024 年 10 月 26 日在上海证券交 易所网站（www.sse.com.cn）及相关指定信息披露媒体上披露的《浙江海盐力源 环保科技股份有限公司关于公司诉讼进展的公告》（公告编号：2024-057）。 二、本次诉讼进展情况 公司近 ...

Core Viewpoint - The cost of violations in the A-share market has increased, highlighted by the sentencing of the actual controller of Liyuan Technology, Shen Wanzhong, for financial fraud [1][3][4]. Group 1: Legal and Financial Consequences - Shen Wanzhong was sentenced to one year in prison, with a one and a half year probation, and fined 3.3 million yuan for the crime of disclosing important information in violation of regulations [1][4]. - The company and several executives were previously penalized by the China Securities Regulatory Commission (CSRC), with Shen Wanzhong receiving a warning and a fine of 3 million yuan [1][7]. - Liyuan Technology faced administrative penalties for financial misconduct, including the premature recognition of revenue and misclassification of expenses [5][6]. Group 2: Company Performance and Recovery - Liyuan Technology reported consecutive losses in 2022 and 2023, but turned a profit in 2024 with a net profit of 2.54 million yuan [1][14]. - In the first quarter of 2025, the company continued to maintain profitability with a net profit of 288.73 thousand yuan, attributed to improved collection of accounts receivable and reversal of bad debt provisions [2][14]. - The company’s revenue in 2024 was 374 million yuan, showing signs of recovery after previous declines [14]. Group 3: Management Changes - Following Shen Wanzhong's sentencing, he resigned as chairman, and his daughter, Shen Jiawen, was nominated as a director, indicating a generational shift in management [1][14]. Group 4: Industry Position and Technology - Liyuan Technology specializes in water treatment systems and has achieved import substitution in key areas such as nuclear power and seawater desalination systems [12][13]. - The company has developed core technologies in hydrogen fuel cell engine systems, contributing to its competitive position in the market [12].

Group 1 - Company signed contracts with China Power Engineering Consulting Group Northwest Electric Power Design Institute for two projects, with contract amounts of RMB 31.49 million and RMB 15.37 million respectively [1][2] - The signing of these contracts is expected to strengthen the company's leading position in the thermal power market and enhance its sustainable profitability and core competitiveness [1] - Company has a long-standing focus on R&D, design, and integration services for water treatment systems in nuclear and thermal power sectors, having provided hundreds of systems for major energy groups [1] Group 2 - The successful signing of contracts is seen as a driver for future performance growth and highlights the company's core competitiveness in the clean transformation of traditional energy under the "dual carbon" goals [2] - With the approval of coal power installations remaining high and the advancement of low-carbon transformation plans, demand for thermal power water treatment is expected to continue to grow [2] - The company aims to leverage synergies between nuclear and thermal power technologies, along with its hydrogen energy strategy, to create a dual-driven business model of "traditional + emerging" and establish itself as a leading green technology enterprise [2]

Group 1 - The chairman of Liyuan Technology, Shen Wanzhong, resigned due to personal reasons, and Shen Jiawen has been nominated as a candidate for the non-independent director position [1] - The resignation will not affect the board's legal operation or the company's normal business development, and Shen Wanzhong remains the actual controller of the company [1] - The company will expedite the legal procedures for the election of a new chairman [1] Group 2 - Shen Wanzhong has been the chairman since June 2014 and holds various vice president positions in industry associations [2] - Shen Jiawen, the daughter of Shen Wanzhong, has a strong educational background and is expected to bring innovative perspectives and global resource integration capabilities to the board [2] - Liyuan Technology specializes in water treatment systems for various industries and reported a significant revenue increase of 46.58% in 2024, driven by growth in completed projects, particularly in the nuclear and thermal power sectors [2]

Group 1 - Company Liyuan Technology (SH 688565) announced the signing of two contracts with China Power Engineering Consulting Group Northwest Electric Power Design Institute, totaling RMB 31.494 million and RMB 15.37 million for chemical water treatment systems and boiler feed water treatment systems respectively [2] - The contracts are part of the EPC general contracting projects for a 2.64 million kilowatt new energy and coal power integrated carbon capture project and a 2×66 million kilowatt cogeneration project [2] - The contract guarantee period is two years from the completion acceptance date, which is expected to strengthen the company's leading position in the thermal power market and enhance its sustainable profitability and core competitiveness [2]

Core Insights - Zhejiang Liyuan Environmental Protection Technology Co., Ltd. (Liyuan Technology) signed contracts worth a total of 46.86 million yuan for water treatment systems in two major projects, enhancing its position in the thermal power market and boosting its profitability and core competitiveness [1] - The Xinjiang oilfield integrated project is a key demonstration project by the National Energy Administration, integrating renewable energy, coal power, and carbon capture technology [1] - Liyuan Technology has a strong focus on water treatment systems for nuclear and thermal power, with a significant increase in demand in the market due to ongoing construction in these sectors [2] Company Developments - The contracts include a 31.49 million yuan contract for the chemical water treatment system for the Xinjiang oilfield project and a 15.37 million yuan contract for the boiler makeup water treatment system for the coal-fired power project [1] - The company has provided hundreds of water treatment project systems to major energy groups, indicating a robust track record in the industry [2] - The successful signing of the Xinjiang oilfield coal power water treatment project is expected to drive future performance growth and highlights the company's core competitiveness in the clean transformation of traditional energy under the "dual carbon" goals [2] Industry Trends - The thermal and nuclear power markets in China are experiencing steady growth, with a 45% increase in newly installed thermal power capacity in the first five months of 2025 compared to the same period last year [2] - The approval of five nuclear power projects in April 2025, totaling an investment of over 200 billion yuan, further indicates a strong demand for water treatment solutions in these sectors [2] - The ongoing demand for water treatment in the thermal power market is expected to continue, supported by high levels of approved coal power installations and the implementation of low-carbon transformation plans [2]

Group 1 - The company, Liyuan Technology, announced the signing of two contracts with China Power Engineering Consulting Group Northwest Electric Power Design Institute for the procurement of chemical water treatment systems for a 2.64 million kilowatt renewable energy and coal power integrated project in Xinjiang, and for the boiler make-up water treatment system equipment for the 2×660,000 kilowatt cogeneration project in Yili, with contract amounts of RMB 31.494 million and RMB 15.370 million respectively, both including tax [1] - These contracts are classified as routine operational contracts for the company, and the internal approval procedures for signing these contracts have been completed [1] - The contracts do not require approval from the company's board of directors or shareholders' meeting [1]

Core Viewpoint - The company emphasizes the importance of market value management and aims to enhance operational performance and intrinsic value to create long-term returns for shareholders [1] Group 1: Business Strategy - The company will align with national policies on ecological environment protection and energy conservation, focusing on technological innovation and customer demand [1] - The company plans to strengthen its market presence in the environmental water treatment system business and accelerate the construction progress of current projects [1] - The company aims to expedite the industrial transformation of hydrogen fuel cell engine system research and development, promoting product diversification and improving profitability [1] Group 2: Investor Relations - The company adheres to an investor-oriented information disclosure philosophy to better communicate its investment value and enhance investor recognition [1]

证券日报网讯力源科技7月30日在互动平台回答投资者提问时表示，公司预计将于8月28日披露2025年半 年报，上半年经营情况届时请查阅相应的定期报告。 ...