Core Points - The company Sierte (002538.SZ) has been investigated for information disclosure violations, leading to a significant drop in its stock price by 7.71% to 5.03 CNY per share, with a total market value of 4.293 billion CNY [1] - The investigation is linked to allegations of financial misconduct by former management, specifically Huang Xili, who is suspected of embezzling company funds through fictitious transactions [2][3] - The company's financial performance has been volatile, with a 43.60% year-on-year decline in net profit for the first half of 2025, despite a 7.15% increase in total revenue [5] Financial Performance - In the first half of 2025, Sierte reported total revenue of 2.183 billion CNY, with operating profit down by 40.92% to 126 million CNY and total profit down by 40.81% to 124 million CNY [5] - The net profit for the first half of 2025 was 95 million CNY, reflecting a 43.60% decrease compared to the previous year [5] - The company's total assets as of June 30, 2025, were 6.326 billion CNY, a decrease of 0.92% from the beginning of the year, while net assets were 5.306 billion CNY, down 0.11% [5] Audit and Compliance Issues - The company has faced continuous audit challenges, with its annual reports for 2023 and 2024 receiving non-standard opinions due to unresolved investigations into the alleged misconduct [4] - Two independent directors abstained from voting on the 2025 semi-annual report, citing concerns over the accuracy and completeness of the financial statements due to ongoing investigations [4] - The company has indicated that the financial impact of the alleged misconduct may expand as investigations continue, necessitating potential adjustments to past financial statements [2][3]

Company Investigation - Anhui Sierte Fertilizer Co., Ltd. received a notice of investigation from the China Securities Regulatory Commission (CSRC) on September 1, 2025, due to suspected violations of information disclosure laws [3][4] - The CSRC decided to initiate an investigation based on the Securities Law and the Administrative Penalty Law of the People's Republic of China [3] Financial Reporting Issues - The company has previously disclosed significant issues in its financial reporting, particularly related to its wholly-owned subsidiary, Guizhou Lufa Industrial Co., Ltd., which was found to have engaged in false labor engineering business and improper cost accounting from 2021 to 2023 [4][8] - The company has been ordered to correct these issues and improve internal controls to prevent future occurrences [8] Recent Financial Performance - For the first half of 2025, the company reported a revenue of 2.186 billion yuan, a year-on-year increase of 7.15%, but the net profit attributable to shareholders decreased by 41.96% to approximately 95.18 million yuan [15][16] - The net profit after deducting non-recurring gains and losses also saw a decline of 42.47% [15][16] Audit and Compliance - The company has been actively cooperating with the CSRC during the investigation and has committed to timely information disclosure as per legal and regulatory requirements [4] - The board of directors expressed concerns regarding the accuracy of the 2025 semi-annual report due to ongoing investigations related to potential financial misconduct [13] Historical Financial Adjustments - The company has made retrospective adjustments to its financial statements for the years 2021 to 2023, correcting various accounting errors that affected its reported financial position [15][17][18] - Specific adjustments included changes to long-term deferred expenses and total assets, reflecting a more accurate financial picture [17][18]

Core Viewpoint - The company Si Er Te (司尔特) is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, which may impact its financial statements and operations [2][3]. Company Summary - Si Er Te has received a notice of investigation from the CSRC due to alleged information disclosure violations, and the company claims that its production and operations remain normal [2]. - The company has indicated that the investigation could lead to adjustments in its financial data for previous years, depending on the outcomes of the regulatory review [2]. - In April 2023, the Anhui Securities Regulatory Bureau had already issued a corrective order to Si Er Te for inaccuracies in its financial reporting related to its subsidiary's operations [2]. Financial Performance - In the first half of 2025, Si Er Te reported a revenue of 2.183 billion yuan, representing a year-on-year increase of 7.15%, while its net profit attributable to shareholders decreased by 43.6% to 95.18 million yuan, indicating a "revenue growth without profit increase" situation [3][4]. - The company faced rising costs due to increased prices of raw materials such as sulfur and potassium, which negatively impacted its profit margins [4]. Industry Context - The increase in international sulfur prices and domestic procurement costs for sulfur and sulfuric acid has significantly raised the production costs for phosphate fertilizers, leading to a decline in gross margins for companies in the sector [4]. - Analysts have noted that fluctuations in raw material prices directly affect the production costs of phosphate fertilizers, contributing to a challenging profit environment for the industry [4].

Market Overview - The agricultural chemical sector experienced a decline of 2.2% on September 2, with Sierte leading the drop [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Stock Performance - Notable gainers in the agricultural chemical sector included: - Yingtai Biological: Closed at 4.62, up 3.59% with a trading volume of 411,100 shares and a turnover of 188 million [1] - New Agricultural Shares: Closed at 19.88, up 3.11% with a trading volume of 111,800 shares and a turnover of 225 million [1] - Taihe Shares: Closed at 32.07, up 2.66% with a trading volume of 98,100 shares and a turnover of 313 million [1] - Major decliners included: - Sierte: Closed at 5.03, down 7.71% with a trading volume of 714,700 shares and a turnover of 361 million [2] - Xin'an Shares: Closed at 10.71, down 5.56% with a trading volume of 636,200 shares and a turnover of 689 million [2] - Lianhua Technology: Closed at 11.33, down 5.19% with a trading volume of 858,800 shares and a turnover of 989 million [2] Capital Flow - The agricultural chemical sector saw a net outflow of 973 million from institutional investors, while retail investors contributed a net inflow of 728 million [2][3] - Key stocks with significant capital flow included: - Xin'an Shares: Institutional net inflow of 31.48 million, retail net outflow of 37.07 million [3] - New Agricultural Shares: Institutional net inflow of 29.05 million, retail net outflow of 19.80 million [3] - Hong Sifang: Institutional net inflow of 24.48 million, retail net outflow of 29.65 million [3]

Core Viewpoint - The company Si Er Te (002538.SZ) is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, which may lead to adjustments in its financial statements [1] Financial Performance Summary - In the first half of 2025, the company achieved operating revenue of 2.183 billion yuan, representing a year-on-year increase of 7.15% [2][3] - The net profit attributable to shareholders decreased by 43.60% to 95.18 million yuan compared to the same period last year [2][3] - The net profit after deducting non-recurring gains and losses also fell by 42.47% to 90.11 million yuan [2][3] - The net cash flow from operating activities was 94.35 million yuan, down 62.04% year-on-year [2][3] - Basic and diluted earnings per share both dropped by 45.00% to 0.11 yuan [3] - The weighted average return on net assets decreased to 1.81% from 3.20% in the previous year [3] Asset Summary - As of the end of the reporting period, total assets amounted to 6.326 billion yuan, a decrease of 0.92% from the previous year [3] - The net assets attributable to shareholders were 5.306 billion yuan, down 0.11% from the previous year [3]

Group 1 - On September 1, 2025, the company received a notice from the China Securities Regulatory Commission (CSRC) regarding an investigation into alleged violations of information disclosure laws [2] - The company reported a net financing purchase of 7.11 million yuan on September 1, 2025, with total financing buy-in of 12.09 million yuan and financing repayment of 4.98 million yuan [2] - Affected investors who purchased shares between April 20, 2022, and April 25, 2025, can participate in a compensation claim process [2] Group 2 - The company announced the resignation of its Vice President, Liu Yong, on July 16, 2025, due to personal and family reasons [3] - Liu Yong's resignation will not affect the normal operation of the company, and he held no shares in the company at the time of his resignation [3] - The company's registered capital is 853.56 million yuan, which exceeds 99% of its peers in Anhui Province [3]

截至公告披露日，公司不存在其他应披露未披露的重大事项，生产经营活动正常，该事项不会对公司生 产经营产生重大影响。公司尚未收到中国证监会的最终调查结论，最终调查结果以中国证监会出具的结 论为准。立案调查期间，公司将配合调查并履行信息披露义务。(格隆汇) 格隆汇9月2日｜司尔特(002538.SZ)跌7.34%，报5.05元，总市值43.1亿元。司尔特公告称，公司于2025 年9月1日收到中国证券监督管理委员会送达的《立案告知书》，因涉嫌信息披露违法违规，中国证监会 决定对公司进行立案。公司已在《2024年年度报告》《2025年半年度报告》的第一节重要提示、目录和 释义中进行特别提示，提示随着有权机关对所涉事项检查、调查或侦查的进一步深入，涉案数额可能进 一步扩大，所涉事项对公司以前年度审前财务报表的影响也将进一步扩大，届时公司将根据有权机关的 最终检查、调查或侦查结论，再次依法依规调整、更正相关财务数据。 ...

Core Viewpoint - The company Sierte (002538.SZ) is facing regulatory scrutiny from the China Securities Regulatory Commission (CSRC) due to suspected violations of information disclosure laws, leading to a significant drop in its stock price and market capitalization [1][2]. Group 1: Regulatory Issues - On September 1, Sierte received a notice from the CSRC regarding an investigation into potential information disclosure violations, resulting in a 7.71% drop in stock price to 5.03 CNY per share, with a total market value of 4.293 billion CNY [1]. - The company has previously been subject to administrative regulatory measures from the Anhui Securities Regulatory Bureau, which identified issues related to the authenticity of labor engineering business and cost accounting from 2021 to 2023 [2]. Group 2: Financial Performance - In the first half of 2025, Sierte reported revenue of 2.183 billion CNY, a year-on-year increase of 7.15%, while net profit attributable to shareholders decreased by 43.60% to 95 million CNY [4]. - The company cited rising international sulfur prices and increased procurement costs for sulfur, sulfuric acid, and potassium fertilizers as factors contributing to higher product costs and declining gross margins [4]. Group 3: Management and Governance - Two board members, Wu Yuguang and Zhu Keliang, expressed concerns about the accuracy and completeness of the half-year report due to ongoing investigations related to a case of suspected embezzlement involving a former audit department deputy [3]. - The company is involved in the research, production, and sales of various fertilizers, including compound fertilizers and new types of fertilizers [3].

Group 1 - Zhonglun New Materials plans to reduce its shareholding by up to 4 million shares, accounting for 1% of the total share capital [1] - Haojiang Intelligent plans to reduce its shareholding by up to 1.5 million shares, accounting for 0.8364% of the total share capital [1] - Dekeli plans to reduce its shareholding by up to 474,180 shares, accounting for 3% of the total share capital [1][2] Group 2 - Fosun Pharma's subsidiary has received FDA approval for its HLX14 injection, intended for treating osteoporosis in postmenopausal women [3][4] - Shengtai Group plans to reduce its shareholding by up to 16.67 million shares, accounting for 3% of the total share capital [5] - Fangyuan Co. plans to reduce its shareholding by up to 15.3 million shares, accounting for 3% of the total share capital [6] Group 3 - Shenkai Co. completed a tender offer, resulting in 14.5655 million shares being accepted, giving the acquirer a 9.71% stake [8] - Guangdong Construction's 90MW solar-storage project in Tibet has achieved full capacity grid connection [9] - Kesi Technology plans to reduce its shareholding by up to 471,220 shares, accounting for 3% of the total share capital [9] Group 4 - Zhongtai Automobile's subsidiary faces forced execution, impacting its operational capacity [10] - Weima Agricultural Machinery plans to reduce its shareholding by up to 960,000 shares, accounting for 0.98% of the total share capital [10] - Tianqi Co. signed a strategic cooperation agreement with EVE Energy to enhance the lithium battery supply chain [11] Group 5 - Sudavige plans to acquire up to 51% of Changzhou Weipu Semiconductor Equipment Co. for a total valuation of up to 1 billion yuan [12] - Dengyun Co. plans to transfer 75% of its subsidiary's equity for 137 million yuan [13] - Sierte has received a notice of investigation from the China Securities Regulatory Commission for suspected information disclosure violations [14] Group 6 - Enjie Co. received a VAT refund of 188 million yuan for its subsidiary [15] - Jiama Clothing plans to reduce its shareholding by up to 366,000 shares, accounting for 0.28238% of the total share capital [16] - Xinong Co. plans to reduce its shareholding by up to 1.05 million shares, accounting for 0.6737% of the total share capital [17] Group 7 - Jiewate plans to jointly acquire 66.25% of Xinguang Haian for a total price of 418 million yuan [18] - Hubei Energy reported an increase in power generation by 22.05% year-on-year in August, with a total of 5.020 billion kWh generated [19][20] - Nasda signed a strategic cooperation agreement with Teld for collaboration in market and product innovation [21] Group 8 - Jinli Technology plans to reduce its shareholding by up to 978,200 shares, accounting for 0.56% of the total share capital [22][23]

Group 1 - In the first half of the year, A-share listed companies reported a total net profit attributable to shareholders of 2.99 trillion yuan, a year-on-year increase of 2.45%, with nearly 77% of stocks achieving profitability and about 46% showing positive net profit growth [2] - The agricultural, forestry, animal husbandry, fishery, steel, building materials, computer, and non-ferrous metals sectors experienced rapid performance growth, while the real estate sector showed significant losses [2] - BYD's new energy vehicle sales in August reached 373,600 units, slightly up from 373,100 units in the same month last year, with cumulative sales from January to August totaling 2.864 million units, representing a year-on-year growth of 23% [10] Group 2 - New energy vehicle manufacturers such as Leap Motor, Xpeng Motors, and NIO reported record monthly delivery numbers, while Li Auto experienced a decline in monthly deliveries for three consecutive months due to product transitions and adjustments in its sales and service system [5] - Longi Green Energy has invested in a storage company, Suzhou Jingkong Energy Technology Co., Ltd., and is in discussions to acquire another storage company [7] - Chengdu Huamei announced the release of a 4-channel 12-bit 40G high-precision RF direct sampling ADC chip and has received intention orders [9] Group 3 - Heng Rui Pharmaceutical announced that its innovative drug, Zemeituosita Tablets, has received conditional approval for market launch [8] - Yuan Dong Bio announced that its sodium nafamostat oral disintegrating tablets have obtained a drug registration certificate, making it the first domestic generic drug approved for market [11] - Guizhou Moutai announced that its controlling shareholder, Moutai Group, increased its stake by purchasing 67,821 shares, accounting for 0.0054% of the company's total share capital [12] Group 4 - Yonghui Supermarket announced an adjustment to its plan for issuing A-shares to specific targets, with the total fundraising amount adjusted to no more than 3.114 billion yuan [13] - Su Da Weige announced plans to acquire up to 51% of Changzhou Weipu's equity for no more than 510 million yuan [16] - The company Zongtai Auto announced that its subsidiary's assets are under compulsory execution, and it will not be able to resume production this year [15]