Core Viewpoint - The company, Jushi Chemical, has been found guilty of financial fraud, inflating its revenue and costs in its 2023 semi-annual report, leading to significant penalties and potential investor claims [1][3]. Group 1: Financial Fraud Details - Jushi Chemical inflated its revenue by 157 million yuan and its operating costs by 158 million yuan in the first half of 2023 [1][3]. - The company utilized three main methods for inflating its financial figures, including engaging in fictitious trades with controlled companies, manipulating trade chains, and reporting sales of goods that were never actually shipped [5]. - The inflated figures represented 8.32% of total revenue, 8.51% of total costs, and resulted in a profit reduction of 166.29 million yuan, accounting for 6.81% of total profit [5]. Group 2: Investor Claims - Investors who purchased Jushi Chemical shares between August 29, 2023, and November 21, 2025, and suffered losses are eligible to file claims [3]. - The formal penalties serve as strong evidence for investors seeking compensation for their losses due to the company's fraudulent activities [3]. Group 3: Company Performance Outlook - Jushi Chemical has been experiencing deteriorating business conditions, with projections indicating a significant decline in performance for 2024 and 2025 [7]. - The company is expected to report a net loss of between 90 million and 120 million yuan for the year 2025, marking its second consecutive year of losses [7]. - The decline in revenue is attributed to a significant drop in the liquefied petroleum gas business, heavily influenced by fluctuations in international crude oil prices [7].

记者丨李山 编辑丨黄敏 虚增收入1.57亿元、虚增营业成本1.58亿元——聚石化学（688669）2023年半年度财务造假细 节随着监管罚单正式曝光。伴随调查定性落地，相关投资者索赔窗口也已明确：在2023年8月 29日至2025年11月21日期间买入该股票并遭受损失的投资者，可 关注"投资快报"公众号，通 过右侧"股民索赔"菜单栏参与索赔。 投资者索赔条件明确 聚石化学于2026年2月3日发布公告称，收到中国证监会广东监管局的《行政处罚决定书》。 经查明，该公司及其子公司通过开展虚假贸易业务虚增收入、成本和利润，2023年半年度虚增 营业收入合计1.57亿元、虚增营业成本合计1.58亿元。 同时，上海证券交易所也对聚石化学及有关责任人予以公开谴责，并对该公司及时任董事长陈 钢、时任总经理周侃、时任财务总监伍洋、时任董事会秘书包伟予以监管警示。 根据相关法律规定，投资者需要同时满足以下条件才享有索赔资格：在上市公司实施了虚假陈 述行为后购买股票，并且一直持有股票到上市公司虚假陈述行为被公开揭露或者自行更正后。 而此次正式处罚的送达也为投资者索赔提供了有力证据。 上海沪紫律师事务所刘鹏律师表示，在2023年8月 ...

Core Viewpoint - JuShi Chemical (688669.SH) has been penalized by the China Securities Regulatory Commission (CSRC) for inflating its 2023 semi-annual revenue through false trading practices, resulting in a total fine of 6.7 million yuan [1][2]. Regulatory Penalties - The penalties stem from an investigation initiated in November 2025, with a prior notice of administrative punishment issued in January 2026 [2]. - JuShi Chemical and its subsidiaries engaged in three types of fictitious trading operations, inflating revenue by a total of 157 million yuan, which accounted for 8.32% of total revenue, 8.51% of total costs, and reduced profit by 166,290 yuan [2][3]. Management Accountability - The former chairman and general manager, Chen Gang, was fined 1.8 million yuan for failing to control the fraudulent activities, while other executives received fines totaling 2.5 million yuan for their roles in the misconduct [3]. - The company has also received a regulatory notice for issues related to inaccurate revenue accounting, undisclosed related-party transactions, and inadequate internal controls [3]. Financial Performance - JuShi Chemical has faced declining financial performance, with a projected net loss of 90 million to 120 million yuan for 2025, despite a reduction in losses compared to 2024 [4]. - The company's net profit has decreased significantly over the past three years, with a loss of 236 million yuan in 2024, despite a revenue increase of 10.72% to 4.08 billion yuan [5].

Core Viewpoint - Guangdong Jushi Chemical Co., Ltd. has been penalized for inflating revenue through non-substantive transactions, highlighting regulatory scrutiny on financial reporting in the Sci-Tech Innovation Board [1] Group 1: Regulatory Actions - The company received an administrative penalty decision from the China Securities Regulatory Commission (CSRC) for inflating revenue by 156.8 million yuan, accounting for 8.32% of total revenue in the first half of 2023 [1] - A total fine of 2.4 million yuan was imposed on Jushi Chemical, with additional fines and warnings issued to key executives including the chairman and general manager [1] Group 2: Revenue Inflation Details - The inflated revenue included 86.55 million yuan from fictitious transactions involving four shell companies controlled by a former subsidiary [1] - An additional 52.24 million yuan was inflated through third-party polypropylene trade based solely on transfer documents [1] - The company also reported 18.02 million yuan from false sales of isooctane to two petrochemical companies, with no actual goods shipped [1] Group 3: Regulatory Environment - The investigation and penalty process took only 74 days, indicating a stringent regulatory approach towards financial integrity among companies listed on the Sci-Tech Innovation Board [1]

Core Viewpoint - The performance difficulties faced by JuShi Chemical are significantly attributed to losses in its liquefied petroleum gas (LPG) business, which have been exacerbated by volatile international energy market prices and a lack of effective hedging mechanisms [1] Group 1: Business Performance - The LPG segment has experienced substantial losses, which the company acknowledges are not coincidental and are linked to its exposure to price risks [1] - Despite improvements in the modified plastics segment due to lower optical material costs, market expansion in Nigeria, and capacity release from the Hubei EPP project, the LPG losses continue to hinder overall performance [1] - The fine chemicals business has seen revenue growth driven by increased demand for polyphosphate [1] Group 2: Risk Management - JuShi Chemical needs to urgently enhance its risk response mechanisms to mitigate the impact of business volatility on its overall performance [1]

2月4日，广东聚石化学股份有限公司（下称：聚石化学）发布公告称，正式收到中国证监会广东监管局 下发的《行政处罚决定书》。因涉及信息披露违法违规，公司及4名时任相关责任人合计被罚670万元。 公告显示，此次事件始于2025年11月21日，公司因涉嫌信息披露违法违规收到中国证监会下发的《立案 告知书》；2026年1月9日，公司收到广东监管局下发的《行政处罚事先告知书》，违法事实与处罚方向 初步明确。如今调查正式公布，处罚决定落地。 对陈钢给予警告，并处180万元罚款； 对刘鹏辉给予警告，并处90万元罚款； 对伍洋给予警告、处以80万元罚款； 徐建军给予警告，各处以80万元罚款。 上述4名责任人合计被罚430万元。 根据《行政处罚决定书》，聚石化学及其子公司通过三类无商业实质的虚假贸易业务，导致2023年半年 度财务报告存在虚假记载，具体包括： 其一，通过其当时实际控制的4家贸易公司进行虚假交易，虚增收入超过8655万元，虚增成本8823.81万 元，虚减利润168.72万元； 其二，介入第三方贸易链条，利用自制的货权转让单循环交易，虚增收入和成本各约5223.6万元，未对 利润产生影响； 其三，子公司销售货物但未 ...

Core Viewpoint - Guangdong Jushi Chemical Co., Ltd. is facing significant regulatory scrutiny and operational challenges following the revelation of inflated revenues through false trading practices, leading to substantial financial losses and a need for compliance restructuring [1][2][3]. Regulatory Actions - The China Securities Regulatory Commission (CSRC) imposed a fine of 2.4 million yuan on Jushi Chemical for inflating revenue by 156.8 million yuan in the first half of 2023 through three types of transactions lacking commercial substance [2][3]. - Four senior executives were held accountable, with fines ranging from 80,000 to 180,000 yuan for their roles in the violations [2]. Financial Performance - Jushi Chemical anticipates a net loss of 900 million to 1.2 billion yuan for 2025, marking the second consecutive year of significant losses, following a net loss of approximately 236 million yuan in 2024 [1][3]. - The company’s revenue from liquefied petroleum gas (LPG) is expected to decline sharply due to volatile international oil prices, exacerbating operational losses [3][4]. Operational Challenges - Despite divesting from problematic subsidiaries and experiencing some improvements in other segments, the overall financial outlook remains bleak, with non-recurring net losses projected to reach 1.25 billion to 1.55 billion yuan [3][4]. - The company has acknowledged issues with revenue recognition and related party transaction disclosures, indicating a need for comprehensive internal control reforms [4][5]. Market Reaction - Following the announcements, Jushi Chemical's stock price saw a slight increase, closing at 26.50 yuan, but concerns about the company's governance and profitability persist among investors [4][5]. - The market remains cautious, with ongoing doubts about the sustainability of the company's business model and its ability to generate stable cash flows [5][6].

Core Viewpoint - The administrative penalty decision reveals that Jushi Chemical and its subsidiaries inflated revenue by 157 million yuan through false trading practices, highlighting investor protection issues [1][2]. Group 1: Investor Compensation Conditions - Jushi Chemical announced on February 3, 2026, that it received an administrative penalty from the Guangdong Regulatory Bureau of the China Securities Regulatory Commission, confirming the inflation of revenue, costs, and profits through false trading [2][9]. - Investors must meet specific conditions to qualify for compensation: they must have purchased shares after the company engaged in false statements and held them until the misconduct was publicly revealed or corrected [3][10]. - The period for eligible investors to claim compensation is from August 29, 2023, to November 21, 2025, with losses incurred after November 22, 2025, also qualifying [4][11]. Group 2: Revenue Inflation Details - The administrative penalty detailed three methods used by Jushi Chemical to inflate revenue: 1. Engaging in false trades with four trading companies controlled by its subsidiary, resulting in an inflated revenue of 86.55 million yuan and a profit reduction of 1.687 million yuan [4][11]. 2. Involvement in third-party trade chains, inflating both revenue and costs by 52.23 million yuan [4][11]. 3. Sales of isooctane without actual shipment, inflating revenue by 18.02 million yuan [4][11]. - Overall, the company inflated its revenue by 157 million yuan, costs by 158 million yuan, and reduced profits by 1.6629 million yuan, representing 8.32%, 8.51%, and 6.81% of total revenue, costs, and profit respectively for the first half of 2023 [4][11]. Group 3: Company Performance - Jushi Chemical, primarily engaged in the research, production, and sales of new chemical materials, has faced deteriorating operational conditions, with significant performance declines expected in 2024 [5][13]. - For 2025, the company anticipates a net loss attributable to shareholders ranging from 90 million to 120 million yuan, marking its second consecutive year of losses [6][13]. - The decline in revenue and increased losses in the liquefied petroleum gas business are attributed to fluctuations in international crude oil prices [7][13].

Group 1 - The modified plastics industry in China has shown a growing trend in investment and financing activities from 2017 to 2025, with a total of 18 financing events recorded [1][5] - The average single financing amount in the modified plastics industry peaked at approximately 450 million RMB in 2022, but is expected to decline to 30 million RMB by 2024-2025 [2][5] - Investment rounds are primarily concentrated in A and B+ rounds, indicating a focus on pre-IPO financing [5][12] Group 2 - The majority of financing events in the modified plastics industry occurred in Beijing, with a total of 7 events from 2017 to 2025, while Jiangsu and Zhejiang also showed high activity [6][8] - The investment focus within the modified plastics sector is heavily directed towards biodegradable plastics, with several significant financing events reported [9][12] - The main investors in the modified plastics industry are primarily investment firms, with notable representatives including Taihe Capital and Sany Innovation [12][14] Group 3 - The modified plastics industry has seen limited mergers and acquisitions, primarily involving horizontal integration among midstream companies [14][15] - A summary of mergers and acquisitions indicates that companies like Daon Technology and Huitong Technology have completed several horizontal integrations, enhancing their market positions [15][18] - Overall, while investment activities in the modified plastics market are on the rise, the number of mergers and acquisitions remains relatively low [18]

Group 1 - The capital market has been signaling a "strict regulation and zero tolerance" approach since the beginning of the year [1] - Guo Shi Chemical received an administrative penalty from the Guangdong Securities Regulatory Commission for information disclosure violations [2] - Guo Shi Chemical and its subsidiaries inflated revenue, costs, and profits through false trade activities, resulting in a total inflated revenue of 157 million yuan and inflated costs of 158 million yuan for the first half of 2023 [3][4] Group 2 - The penalties imposed on Guo Shi Chemical include a warning and a fine of 2.4 million yuan, with additional fines for key executives totaling 670,000 yuan [6] - The company is primarily engaged in the research, production, and sales of new chemical materials, and it is projected to incur a net loss of 90 million to 120 million yuan in 2025 [6] - As of February 3, Guo Shi Chemical's stock price was 26.1 yuan, with a total market capitalization of 3.167 billion yuan [6] Group 3 - Dingxin Communications' Vice President Yuan Zhishuang is facing a proposed fine of 120,000 yuan for suspected short-term trading of company stock [9] - Yuan sold a total of 610,000 shares of Dingxin Communications for 4.8537 million yuan and later bought back 200,000 shares for 1.6120 million yuan within six months [12] - Dingxin Communications focuses on the research, production, and sales of power line carrier communication chips and modules, with an expected net loss of 540 million to 640 million yuan in 2025 [12]