证券代码：300081 证券简称：恒信东方 公告编号：2025-042 恒信东方文化股份有限公司 关于控股股东部分股份被司法再冻结的公告 孟宪民先生保证向本公司提供的信息内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一 致。 恒信东方文化股份有限公司（以下简称"公司"或"恒信东方"）于近日接 到公司控股股东孟宪民先生持有的部分已质押股份被司法再冻结的通知，现将具 体内容公告如下： 注：上述被司法再冻结的股份 42,980,000 股，为控股股东已质押的股份。 二、股东股份累计被冻结的情况 截至本公告披露日，孟宪民先生累计被冻结的股份情况如下： | 股东 | 持股数量 | 持股 | 累计被冻结 | 累计被标记 | 合计占其 | 合计占公 | | --- | --- | --- | --- | --- | --- | --- | | 名称 | （股） | 比例 | 股份数量 | 股份数量 | 所持股份 | 司总股本 | | | | | （股） | （股） | 比例 | 比例 | | 孟宪民 | 63,544,821 | 10.51% | ...

Group 1 - Company received a financing buy-in of 60.9355 million yuan on August 13, accounting for 15.34% of the total buy-in amount for that day, with a current financing balance of 212 million yuan, representing 6.02% of the market capitalization, which is below the historical 40th percentile level [2] - On August 12, the company announced that it received a notice of investigation from the China Securities Regulatory Commission (CSRC) due to suspected violations of information disclosure laws [2] - The CSRC decided to initiate an investigation against the company based on the Securities Law and the Administrative Penalty Law of the People's Republic of China [2] Group 2 - Investors who suffered losses due to the company's delayed or inaccurate information disclosure can seek compensation if they purchased shares between April 28, 2023, and October 24, 2024, or between the company's listing and August 13, 2025 [3] - The company held an online performance briefing on May 13, 2025, where key executives, including the chairman and general manager, answered investor questions [3][4] - The company indicated that the overall performance of the industry shows significant differentiation, with varying impacts based on market conditions, operational strategies, and competitive strengths [4] Group 3 - The company stated that independent directors play a crucial role in corporate governance, contributing to strategic decisions, implementation of board resolutions, and internal control guidance [5] - Independent directors will further enhance their supervisory functions by rigorously reviewing major decisions, executive appointments, related transactions, and external guarantees [5] - The company is primarily engaged in the cultural and artistic industry and is located in Beijing [5]

朋友们，我是帮主郑重。二十年财经江湖，见过太多刀口舔血的教训——最近恒信东方、际华集团接连被立案调查，股价断崖式暴跌（恒信东方单日重挫 18%，际华集团三日跌超20%），持有这两只股的散户，怕是彻夜难眠。今天咱不说虚的，就唠一句硬道理：立案调查股，碰都别碰！ 一、暴跌只是开始，三重绞索在后头 1. 退市利剑高悬 - 强监管时代不留死角：注册制改革后，证监会稽查效率飙升。从立案到退市，最快不过数月（参考科创板欺诈发行第一案）。 - "回本幻想"害死人：际华集团立案前曾因脑机接口传闻暴涨60%，结果公告澄清"不涉主营业务"，打板资金全套牢——题材炒作在监管重拳前，全是泡 沫。 三、君子不立危墙，守住中长线命门 投资不是赌场，稳字当头才是生存铁律。两类股宁可错过： 立案调查不是"走过场"，而是退市倒计时的发令枪。一旦坐实财务造假、信披违法（如恒信东方自曝年报会计差错），直接触发强制退市——看看*ST高鸿 的缩量跌停，就知道什么叫"纸上富贵变废纸"。 2. 信任崩盘连锁反应 银行收紧信贷、大客户终止合作、机构集体撤离——立案后企业信用彻底瓦解。恒信东方五年亏超20亿，际华集团去年巨亏42亿，本就摇摇欲坠的基本面， 经 ...

Core Viewpoint - The company Hengxin Dongfang has been investigated by the China Securities Regulatory Commission for suspected violations of information disclosure, following the discovery of accounting errors in its 2022 annual report [2][3]. Financial Data Summary - In the 2022 annual report, Hengxin Dongfang adjusted its revenue from 489 million yuan to 308 million yuan, a decrease of 182 million yuan. Similarly, the operating cost was adjusted from 402 million yuan to 221 million yuan, also a decrease of 182 million yuan [2][3]. - Since 2020, the company has not achieved profitability, with cumulative net losses reaching 2.074 billion yuan from 2020 to 2024 [2][10]. - The company's total assets decreased from 3.154 billion yuan at the end of 2019 to 1.834 billion yuan by the end of 2024, representing a decline of approximately 42% [12]. - The company's debt ratio increased from 17.15% at the end of 2019 to 49.79% by the first quarter of 2025 [12]. Operational Issues - The company has a history of data corrections, including adjustments to accounts receivable and share changes in its 2021 and 2022 annual reports, as well as the third-quarter report of 2023 [6]. - In July 2023, the company disclosed issues related to insufficient basis for intangible asset impairment and errors in goodwill impairment parameters, leading to significant discrepancies in reported data [6]. - The company has faced challenges in its internet video application products and services, with revenue growth slowing and increased costs leading to substantial profit declines [10]. Legal and Compliance Matters - The company, along with its chairman and CFO, received warning letters due to the ongoing issues with financial reporting and compliance [7]. - In May 2025, the company was ordered to pay 26.5 million yuan in a contract dispute, which is expected to further impact its financial performance [11].

Core Viewpoint - Hengxin Dongfang has been investigated by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure, following the company's self-examination revealing accounting errors in its 2022 annual report, which led to a revenue reduction of over 180 million yuan [2][3]. Financial Performance - The company reported a cumulative net loss of over 2 billion yuan over the past five years, with a loss of more than 34 million yuan in the first quarter of this year [2][7]. - In 2022, the company initially reported a revenue of 489 million yuan, which was later adjusted down to 308 million yuan, a decrease of 36.8% [3][5]. - The net loss for 2022 was reported at 421 million yuan, an increase of 18.06% year-on-year [3][7]. Accounting Adjustments - The accounting error was attributed to a change in revenue recognition method for the company's computing power system integration and technical services business, shifting from gross to net accounting [4][5]. - The revenue from this business was adjusted from 217 million yuan to 35.65 million yuan, representing a decline of over 80% [5]. Business Operations - Despite the investigation, the company stated that its business operations are continuing normally and that the investigation will not have a significant impact on its operations [3]. - The computing power system integration business, which was expected to be a major revenue source, has seen its market share squeezed due to increased competition and declining business volume [6]. Fundraising and Investment Projects - The company has faced challenges with its fundraising projects, frequently postponing or terminating them. For instance, a fundraising project initiated in November 2021 saw half of its funds redirected and reduced significantly [7][8]. - As of the end of last year, the company had utilized 6.52 billion yuan of its raised funds, accounting for 95% of the total [8]. - The company has also been using idle raised funds for cash management, with plans to use up to 130 million yuan for this purpose [10].

Core Viewpoint - Hengxin Oriental Culture Co., Ltd. is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, following the discovery of accounting errors in its 2022 annual report, which have been adjusted using a retrospective restatement method [2][4]. Financial Adjustments - The company adjusted its revenue recognition method for its newly added computing power system integration and technical services business from gross method to net method, resulting in a revenue reduction of approximately 181.61 million yuan [5][6]. - The adjustments led to a revised operating revenue of 307.67 million yuan and an operating cost of 220.81 million yuan for the affected period [6]. Recent Financial Performance - In Q1 2025, the company reported revenue of 74.93 million yuan, a year-on-year decrease of 15.12%, and a net loss attributable to shareholders of 34.23 million yuan, down 11.32% from the previous year [9][10]. - The company has experienced continuous net losses since 2020, accumulating over 2 billion yuan in losses over the past five years [7]. Operational Status - Despite the ongoing investigation, the company stated that its business operations are normal and that the investigation will not have a significant impact on its operations [4].

Core Viewpoint - Hengxin Dongfang has been investigated by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure, following the company's self-examination revealing accounting errors in its 2022 annual report, which led to a revenue reduction of over 180 million yuan [3][5]. Financial Performance - The company has reported cumulative net losses exceeding 2 billion yuan over the past five years, with a net loss of over 340 million yuan in the first quarter of this year [3][9]. - In the 2022 annual report, the company initially reported a revenue of 489 million yuan, which was later adjusted down to 308 million yuan, a decrease of 36.8% [5][6]. - The net losses for the years 2021 to 2024 were 513 million yuan, 513 million yuan, 421 million yuan, 281 million yuan, and 346 million yuan, respectively, totaling approximately 2.075 billion yuan [9]. Accounting Adjustments - The accounting error correction was due to a change in the revenue recognition method for the newly added business of computing power system integration and technical services, shifting from gross to net accounting [6]. - The revenue from this business was adjusted from 217 million yuan to 35.65 million yuan, a decline of over 80%, significantly impacting the overall revenue [6][7]. Business Operations - Despite the investigation, the company claims that its business operations are continuing normally and that the investigation will not have a significant impact on its operations [5]. - The computing power system integration and technical services business, which was expected to be a major revenue source, has seen its revenue contribution drop to less than 5% of total revenue in recent years [7]. Fundraising and Investment Projects - Hengxin Dongfang has frequently delayed or terminated its fundraising projects, with significant changes in the allocation of raised funds [10][11]. - The company raised 683 million yuan in a private placement in November 2021, but later reduced the investment in the VR venue operation center to 19.85 million yuan and redirected funds to other projects [10]. - The company has also been using idle raised funds for cash management, with plans to use up to 130 million yuan for this purpose in 2023 [12].

Core Viewpoint - Hengxin Dongfang is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure, following the discovery of accounting errors in its 2022 annual report, which resulted in a revenue reduction of over 180 million yuan [1][2]. Financial Performance - The company has reported cumulative net losses exceeding 2 billion yuan over the past five years, with a loss of over 34 million yuan in the first quarter of this year [1][5]. - In 2022, the company initially reported a revenue of 489 million yuan, which was later adjusted down to 308 million yuan, reflecting a year-on-year decrease of 36.8% [2][5]. - The net profit and net profit excluding non-recurring items for 2022 were losses of 421 million yuan and 397 million yuan, respectively, marking increases of 18.06% and 26.82% year-on-year [2]. Business Operations - The company’s new business, computing power system integration, was initially expected to be a significant revenue source but has since seen its revenue contribution drop to less than 5% of total revenue in recent years [3][4]. - The revenue from computing power system integration was adjusted from 217 million yuan to 35.65 million yuan, a decline of over 80%, and its share of total revenue fell from 44.41% to 11.59% [2][3]. Investment Projects - Hengxin Dongfang has faced challenges with its fundraising projects, frequently postponing or terminating them, leading to a cumulative loss of approximately 2.075 billion yuan from 2021 to 2024 [5][6]. - The company has altered the allocation of raised funds multiple times, including a significant reduction in investment for the VR venue operation center from 350 million yuan to 19.85 million yuan [6][7]. - The company has also been using idle raised funds for cash management, with plans to use up to 130 million yuan for this purpose in 2023 [7].

Core Viewpoint - The company Hengxin Dongfang is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, which has led to a retrospective adjustment of its 2022 annual report, resulting in a revenue reduction of approximately 180 million yuan [1][2]. Financial Performance - In the original 2022 report, the company reported revenue of 489 million yuan, a slight increase of 0.51% year-on-year, with net losses of 421 million yuan and 397 million yuan for net profit and net profit excluding non-recurring items, respectively, marking increases of 18.06% and 26.82% year-on-year [2]. - After adjustments, the company's revenue was revised down to 308 million yuan, reflecting a year-on-year decrease of 36.8% [2]. Accounting Adjustments - The accounting error correction was due to a change in the revenue recognition method for the company's computing power system integration and technical services business, shifting from gross to net accounting [3]. - The revenue from this business was adjusted from 217 million yuan to 35.65 million yuan, a decline of over 80%, reducing its contribution to total revenue from 44.41% to 11.59% [3]. Business Operations - The computing power system integration business was initially expected to be a significant revenue source but has since seen its revenue contribution drop to less than 5% in recent years, with projected revenues of 13.25 million yuan and 16.05 million yuan for 2023 and 2024, respectively [4]. - The company faces increased competition in the computing power system integration market, which has led to a decrease in business volume and potential operational risks [4]. Investment Projects - Hengxin Dongfang has been experiencing continuous losses, with cumulative net losses exceeding 2 billion yuan over five years [5]. - The company has frequently altered or terminated its fundraising projects, including significant reductions in funding allocations and delays in project timelines due to various factors [6][7]. - As of the end of last year, the company had utilized 6.52 billion yuan of its raised funds, accounting for 95% of the total amount raised [6].

在上市公司被立案调查之后，部分投资者会寻求避险操作，选择及时止损，集中抛售也会对上市公司股 价造成较大冲击。而如果有中长期机构投资者离场，上市公司的估值基础会发生动摇，通常会表现为向 下的价值重估。 在被立案调查之后，上市公司会遭遇严重的信任危机。从被立案调查的类型来看，涉嫌信息披露违法违 规的情形占据绝大多数。在遭立案调查后，投资者会对上市公司曾经披露过的重要公告产生真实性质 疑，上市公司在资本市场的公信力大打折扣，进而成为其估值的减分项。 上市公司经营情况快速恶化也是潜在的风险之一。立案调查可能一定程度上降低上市公司在行业内的品 牌影响力，对供应商、大客户的稳定性也可能产生负面预期，从而影响上市公司主营业务的盈利能力。 此外，银行等金融机构可能收紧授信额度，上市公司的融资活动可能因此受到负面影响。 【#立案调查股应避而远之#】近日，恒信东方、际华集团接连遭立案调查。强监管时代下，上市公司违 法违规行为无处遁形。一旦被立案调查，上市公司将面临巨大的投资风险，在罚单未落地之前，退市风 险时刻存在，投资者的最佳选择是避而远之。 在行政处罚落地之后，上市公司还将面临众多符合索赔条件投资者的索赔，索赔金额对于上市公 ...