受损股民可至新浪股民维权平台登记该公司维权：http://wq.finance.sina.com.cn/ 关注@新浪证券、微信关注新浪券商基金、百度搜索新浪股民维权、访问新浪财经客户端、 新浪财经首页都能找到我们！ 2025年12月20日，贵州百灵（维权）（002424）公告收到证监会下发的《行政处罚事先告知书》，上海 久诚律师事务所股票索赔律师许峰提示，贵州百灵涉嫌的虚假陈述违法事实已基本清楚，如果投资者因 此受损，目前还可发起索赔，部分时段投资者已有胜诉先例。（许峰律师专栏） 许峰律师代理的贵州百灵投资者索赔案已向法院提交立案，目前正在等待法院的下一步安排，律师团队 还在继续推进后续案件的立案工作，还在继续接受后续投资者的索赔委托。 上述《行政处罚事先告知书》公告信息显示，经查，贵州百灵涉嫌违法的事实如下： 贵州百灵在财务核算时未执行《企业会计准则—基本准则》第九 条的规定，未以权责发生制为核算基 础，按收入成本费用配比原则计 提销售费用。贵州百灵 2019 年少计销售费用 35，012.49 万元，多计 利润 35，012.49 万元，占当期报告记载利润总额（绝对值）的 95.73%；2020 年少计销 ...

受损股民可至新浪股民维权平台登记该公司维权：http://wq.finance.sina.com.cn/ 关注@新浪证券、微信关注新浪券商基金、百度搜索新浪股民维权、访问新浪财经客户端、 新浪财经首页都能找到我们！ 一、两类投资者可索赔 贵州证监局在12月19日发布了对贵州百灵（维权）的行政处罚事先告知书，公司多年财务造假行为被曝 光。公司在2019年至2021年期间累计虚增利润达6.55亿元，2023年又虚减利润4.59亿元。 根据《深圳证券交易所股票上市规则》，上市公司因财务指标虚假记载将被实施其他风险警示。贵州百 灵集团总部的企业标识旁，再次贴上了"ST"的警示标签，距离它上次摘掉这个标签仅过去不到半年。 上海沪紫律师事务所刘鹏律师团队已收到数百位投资者的索赔报名，此次预处罚的送达也为后续诉讼提 供了有力的征集支持。（刘鹏律师专栏） 现针对其索赔条件进行了改动，目前符合以下任意区间的即可登记索赔：（ST百灵维权入口） （本文由上海沪紫律师事务所刘鹏律师供稿，不代表新浪财经的观点。刘鹏律师，专注证券维权19年， 自2006年执业以来，成功为中青宝、国华网安、劲嘉股份（维权）等 300 余家上市公司的中小投 ...

Core Viewpoint - Guizhou Bailing Pharmaceutical Group Co., Ltd. is facing administrative penalties from the China Securities Regulatory Commission (CSRC) for financial misconduct, including underreporting sales expenses and overstating profits in multiple fiscal years [2][3]. Financial Misconduct Summary - Guizhou Bailing failed to adhere to the accounting standards, resulting in the following discrepancies: - In 2019, sales expenses were understated by 350.12 million yuan, leading to an overstatement of profits by the same amount, which constituted 95.73% of the reported profit for that year [2]. - In 2020, the company understated sales expenses by 240.81 million yuan, resulting in a profit overstatement of 240.81 million yuan, which was 115.35% of the reported profit [2]. - In 2021, sales expenses were understated by 63.79 million yuan, leading to a profit overstatement of 63.79 million yuan, accounting for 45.04% of the reported profit [2]. - In 2023, sales expenses were overstated by 459.41 million yuan, resulting in an understatement of profits by the same amount, which was 93.17% of the reported profit [2]. Legal and Regulatory Actions - The CSRC plans to impose penalties on Guizhou Bailing, its actual controller Jiang Wei, and other responsible personnel, including warnings and fines [2]. - Investors affected by the company's financial misstatements may seek civil compensation for losses incurred due to the misleading information [3]. - A lawyer from Shanghai Hanlian Law Firm is actively recruiting investors who purchased Guizhou Bailing's securities before April 30, 2024, to assist in filing compensation claims [3][4]. Investor Compensation Process - Investors can register for compensation if they bought Guizhou Bailing's stocks or bonds before April 30, 2024, and sold or held them afterward [3]. - Required materials for compensation registration include a copy of the ID, original securities account confirmation, and original transaction records [4].

贵州百灵财务造假案处罚方案出炉 公司领千万罚单、董事长被禁十年、股票将"ST" 作者 胡群 贵州百灵(002424.SZ)12月19日晚间连续发布两则公告，公布了这家上市药企长达数年的财务造假案调 查结果及处理方案。一则为贵州百灵企业集团制药股份有限公司关于公司及相关当事人收到《行政处罚 事先告知书》的公告。经查，贵州百灵在2019年至2021年及2023年，通过不当核算销售费用，在2019— 2021年虚增利润，在2023年虚减利润，导致四年年报存在虚假记载。监管拟对公司处以1000万元罚款； 对时任董事长姜伟处以500万元罚款，并采取10年证券市场禁入措施；另有多名高管及独立董事被处以 50万至350万元不等的罚款。 另一则公告显示，因触及财务报告虚假记载的相关规定，贵州百灵股票自2025年12月23日起被实施其他 风险警示，股票简称将由"贵州百灵"变更为"ST百灵"。这意味着公司即将面临行政处罚、人员追责与资 本市场警示的三重后果。 根据贵州证监局下发的《行政处罚事先告知书》，贵州百灵涉嫌违法的核心事实在于财务核算未执行企 业会计准则，未以权责发生制为基础计提销售费用，导致利润数据严重失真。 2019年 ...

Group 1 - The company Guizhou Bailing (002424.SZ) and 10 related individuals received an administrative penalty notice from the Guizhou Securities Regulatory Bureau for financial misconduct, including failing to adhere to the accrual basis of accounting [1][3] - From 2019 to 2021, the company understated sales expenses by 350 million, 241 million, and 64 million yuan respectively, leading to an overstatement of profits by up to 115.35% of the total reported profit for those periods; in 2023, sales expenses were overstated by 459 million yuan, with a profit understatement of 93.17% [1][3] - The company will be fined 10 million yuan and ordered to correct its financial statements; the former chairman Jiang Wei will face a 5 million yuan fine and a 10-year ban from the securities market [1][3] Group 2 - The company's stock will be suspended for one day on December 22, 2025, and will resume trading on December 23, 2025, with additional risk warnings; the stock name will change from "Guizhou Bailing" to "ST Bailing," while the stock code remains 002424, and the daily price fluctuation limit will be adjusted to 5% [2][3]

Core Viewpoint - Three companies, Guizhou Bailing, Funu Dongfang, and Bayi Steel, have received administrative penalty notices from the China Securities Regulatory Commission (CSRC) for various financial misconducts, leading to potential claims from affected investors [1][6]. Summary by Company Guizhou Bailing - Guizhou Bailing failed to comply with the accounting standards, resulting in significant misstatements in financial reports. The company underreported sales expenses and overstated profits for the years 2019, 2020, 2021, and 2023, with the following discrepancies: - 2019: Underreported sales expenses by 350.12 million, overstated profits by 350.12 million, representing 95.73% of reported profit [2][7] - 2020: Underreported sales expenses by 240.81 million, overstated profits by 240.81 million, representing 115.35% of reported profit [2][7] - 2021: Underreported sales expenses by 63.79 million, overstated profits by 63.79 million, representing 45.04% of reported profit [2][7] - 2023: Overreported sales expenses by 459.41 million, understated profits by 459.41 million, representing 93.17% of reported profit [2][7] Funu Dongfang - Funu Dongfang's subsidiary engaged in fraudulent transactions that inflated profits. The company reported: - 2020: Inflated profits by 35.80 million, which was 120.18% of the reported profit due to fictitious receivables [3][8] - 2021: Recognized a loss on inflated prepayments, reducing profits by 22.65 million, which was 6.64% of the reported profit [3][8] Bayi Steel - Bayi Steel was involved in non-operational fund transactions with its controlling shareholder, leading to undisclosed financial activities: - 2022: Received 3.68 billion and transferred 3.64 billion to the controlling shareholder [4][9] - 2023: Received 2.81 billion and transferred 2.77 billion [4][9] - 2024: Received 2.51 billion and transferred 2.53 billion [4][9] - The company failed to disclose these transactions in its annual reports for 2022, 2023, and 2024, resulting in significant omissions [4][9]. Investor Claims - Investors who suffered losses due to the misconduct of these companies may be eligible for compensation based on specific purchase and sale dates of their shares: - Guizhou Bailing: Purchases between April 30, 2020, and November 8, 2024 [5][10] - Funu Dongfang: Purchases between April 14, 2021, and December 6, 2024 [5][10] - Bayi Steel: Purchases between April 18, 2023, and November 7, 2025 [5][10]

Group 1 - ByteDance announced the release of the Doubao large model 1.8 and the Seedance 1.5 Pro video generation model, entering the "multimodal agent" field, with enterprise users able to access it via Volcano Engine API starting December 23 [2] - Changan Automobile received the first L3-level autonomous driving license in China, marking the country's advancement in commercializing autonomous driving [2] - Moore Threads unveiled its new GPU architecture "Huagang" at the MUSA Developer Conference, boasting a 50% increase in computing power density and a 10-fold efficiency improvement [3] Group 2 - SoftBank Group is working to finalize a $22.5 billion investment in OpenAI by year-end, potentially using its stake in Arm as collateral [3] - Guizhou Bailing faced penalties totaling 25.6 million yuan due to false records in multiple annual reports, with its stock being suspended and then marked as ST [5] - Alibaba's DingTalk initiated a secret project "D Plan" to enter the AI hardware market, speculated to launch smart hardware products [5] Group 3 - OpenAI improved its "compute margin" to 70% as of October, significantly up from 52% at the end of 2024 [8] - Nike projected a low single-digit revenue decline for Q3, reflecting weak consumer demand and increased market competition [8] - Tesla's CEO Elon Musk had a legal victory restoring his $55-56 billion compensation plan, which may impact the company's governance structure [8] Group 4 - Samsung Electronics launched the world's first 2nm mobile application processor Exynos 2600, with AI computing power increased by 113% compared to the previous generation [10] - Toyota launched the new Levin L and Corolla models, with prices starting at 129,800 yuan and 99,000 yuan respectively, while also expanding its hydrogen network in California [10] - Mitsubishi UFJ Financial Group acquired a 20% stake in Shriram Finance, part of a broader trend of mergers and acquisitions in Japan [10] Group 5 - BMW Group opened a battery recycling center in Bavaria, capable of processing several tons annually, utilizing innovative direct recycling technology [14] - LVMH continued to invest in high-end beauty brands to strengthen its competitive position in the beauty market [14] - Swedish Stegra's green steel plant project has surpassed 50% installation progress of its electrolyzers, aiming for production in 2026 [14]

一、《行政处罚事先告知书》主要内容 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002424 证券简称：贵州百灵 公告编号：2025-053 贵州百灵企业集团制药股份有限公司 关于公司及相关当事人 收到《行政处罚事先告知书》的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 贵州百灵企业集团制药股份有限公司（以下简称"公司"）于 2024 年11月8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0312024002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。具体内容详见公司于2024年11月9日在指定信息披露媒体《证券时报》《证券 日报》《中国证券报》《上海证券报》和巨潮资讯网（www.cninfo.com.cn）披露的《关于收到中国证 券监督管理委员会〈立案告知书〉的公告》（公告编号：2024-067）。 2025 年 12月19日，公司及相关当事人分别收到中国证券监督管理委员会贵州监管局（以下简称"贵州 ...

Group 1 - *ST Dongyi's restructuring plan has been approved by the court, marking the end of its restructuring process and entering the execution phase, which is expected to improve the company's financial structure and promote sustainable development [1] - Guankang Technology is planning to acquire at least 60% of Liaojing Electronics' shares, leading to a suspension of trading starting December 22, 2025, due to uncertainties surrounding the transaction [2] - Zhuoran Co. and its actual controller are under investigation for suspected violations of information disclosure laws, but the company's operations remain normal during this period [3] Group 2 - China Shenhua plans to issue A-shares and pay cash to acquire assets from its controlling shareholder, with a total transaction value of 133.598 billion yuan, which will significantly enhance its coal resource reserves and production capacity [5] - Bohai Chemical has decided to terminate its major asset restructuring plan due to a lack of agreement on key terms, with trading resuming on December 22, 2025 [6] - Jinshi Resources intends to acquire a 15.7147% stake in Noah Fluorine Chemical for approximately 256.94 million yuan, which will strengthen its position in the fluorine chemical sector [8] Group 3 - Qingdao Port plans to invest 9.097 billion yuan in the construction of a container terminal, with an expected internal rate of return of 8.15% [13] - Tianchuang Fashion is undergoing a potential change in control, leading to a suspension of its stock starting December 22, 2025, for a maximum of two trading days [12] - Deyu Water Conservancy has won a bid for a significant irrigation project in Guangxi, with a contract value of 1 billion yuan, which is expected to positively impact future earnings [15] Group 4 - The stock of Guizhou Bailin will be suspended for one day starting December 22, 2025, due to an administrative penalty notice, and will resume trading under the name "ST Bailin" [20] - *ST Weihai's stock will also be suspended for one day and will resume trading on December 23, 2025, with the removal of certain risk warnings [23] - Tianpu Co. has completed a public offering of shares, with a total of 33.52 million shares being offered at a price of 23.98 yuan per share [21]

Core Viewpoint - The recent announcements from Fuhua Dongfang and Guizhou Bailing regarding false financial reporting have triggered significant market reactions, leading to their stocks being marked as ST (Special Treatment) due to serious violations of disclosure regulations [1][2][35]. Group 1: Case Analysis - Fuhua Dongfang's financial misconduct involved false records in its annual reports, affecting key financial metrics such as revenue and net profit, but did not meet the criteria for mandatory delisting [3][4]. - Guizhou Bailing's case is characterized by a systematic manipulation of financial statements, with a total of 655 million yuan (approximately 6.55 billion) in inflated profits over four years, followed by a profit reduction of 459 million yuan (approximately 4.59 billion) in 2023 [5][7][8]. - The fraudulent activities of Guizhou Bailing reflect a clear violation of the accrual basis of accounting, distorting the true financial performance and constituting fundamental fraud against investors [12][40]. Group 2: Regulatory Response - Regulatory authorities have imposed significant penalties, including a maximum fine of 10 million yuan for both companies under the new Securities Law, which aims to increase the cost of violations [14][48]. - The actual controllers of Guizhou Bailing face severe personal penalties, including a proposed 10-year market ban, highlighting the stringent enforcement of accountability for corporate misconduct [16][49]. - The issuance of administrative penalty notices indicates that investigations are nearing completion, with substantial evidence gathered against the companies involved [17][50]. Group 3: Investor Impact - The total market capitalization of Fuhua Dongfang and Guizhou Bailing stands at approximately 3.975 billion yuan and 7.868 billion yuan, respectively, reflecting the financial stakes of numerous investors [18][51]. - Being marked as ST typically leads to a "Davis Double Kill," where stock prices plummet due to negative market sentiment and the revelation of lower-than-expected actual profitability [19][54]. - Investors have avenues for recourse, including collective lawsuits for false statements, which can significantly lower the barriers for legal action against the companies and their executives [21][55]. Group 4: Market Governance Evolution - The cases of Fuhua Dongfang and Guizhou Bailing illustrate a broader trend in the evolution of China's capital market governance, moving towards a zero-tolerance approach for financial misconduct [22][58]. - The new Securities Law has significantly raised the penalties for violations and established a collective litigation system to enhance investor protection [23][59]. - Future scrutiny of intermediary institutions, such as auditing firms and brokers, is expected to increase, ensuring they fulfill their responsibilities in maintaining market integrity [24][60].