特别提示： 1、立方数科股份有限公司（以下简称"公司"或"立方数科"），因定期 报告涉嫌信息披露违法违规，被中国证券监督管理委员会（以下简称"中国证监 会"）立案调查。公司于 2025 年 11 月 28 日收到中国证券监督管理委员会安徽 监管局下发的《行政处罚及市场禁入事先告知书》（以下简称"《告知书》"）。 根据《告知书》认定的事实，公司 2021 年、2022 年、2023 年年度报告存在虚 假记载，同时，2021、2022 年虚假记载的营业收入金额合计达 591,582,002.31 元，且占该 2 年披露的年度营业收入合计金额的 50.91%；公司可能触及《深圳 证券交易所创业板股票上市规则》第 10.5.2 条第（六）项的"根据中国证监会 行政处罚决定载明的事实，公司披露的年度报告财务指标连续三年存在虚假记载， 前述财务指标包括营业收入、利润总额、净利润、资产负债表中的资产或者负债 科目"、《深圳证券交易所创业板股票上市规则》第 10.5.2 条第（七）项规定 "根据中国证监会行政处罚决定载明的事实，公司披露的营业收入连续两年均存 在虚假记载，虚假记载的营业收入金额合计达到 5 亿元以上，且超过该 ...

立方数科股份有限公司 公告 证券代码：300344 证券简称：*ST 立方 公告编号：2025-078 立方数科股份有限公司 股票交易异常波动的公告 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。 特别提示： 1、立方数科股份有限公司（以下简称"公司"、"立方数科"）股票于 2025 年 12 月 2 日、2025 年 12 月 3 日连续二个交易日收盘价格涨幅偏离值累计-33.88%， 根据《深圳证券交易所交易规则》的有关规定，属于股票交易异常波动情形。 2、公司于 2025 年 11 月 28 日收到中国证券监督管理委员会安徽监管局下 发的《行政处罚及市场禁入事先告知书》（以下简称"《告知书》"）。根据《告 知书》认定的事实，公司 2021 年、2022 年、2023 年年度报告存在虚假记载， 同时，2021、2022 年虚假记载的营业收入金额合计达 591,582,002.31 元，且占 该 2 年披露的年度营业收入合计金额的 50.91%；公司可能触及《深圳证券交易 所创业板股票上市规则》第 10.5.2 条第（六）项的"根据中国证监会行政处罚 决定载明 ...

Core Viewpoint - The company Lifan Shuke Co., Ltd. is facing administrative penalties and potential delisting due to financial fraud involving inflated revenue and costs totaling 638 million yuan from 2021 to 2023 [1][2][3]. Group 1: Financial Misconduct - Lifan Shuke inflated its revenue and costs through agency business, financing trade, and fictitious trade, resulting in a total inflated revenue of 638 million yuan and costs of 628 million yuan [1][4]. - The breakdown of inflated figures includes 280 million yuan in revenue and 277 million yuan in costs for 2021, 312 million yuan in revenue and 305 million yuan in costs for 2022, and 46 million yuan in revenue and 45 million yuan in costs for 2023 [1][4]. - The company engaged in financing trade that did not meet revenue recognition criteria, leading to further inflated financial statements [3][4]. Group 2: Regulatory Actions - The Anhui Securities Regulatory Bureau plans to impose a fine of 10 million yuan on Lifan Shuke and a total of 30 million yuan on 10 responsible individuals, including the chairman Wang Yi [1][4]. - The company is set to be delisted due to serious violations of securities laws, with trading of its stock suspended from December 1 and risk warnings implemented upon resumption [5][6]. - The case reflects a comprehensive regulatory approach that includes administrative penalties, market bans, criminal referrals, and accountability for intermediary institutions [2][7]. Group 3: Company Background and Performance - Lifan Shuke is a digital technology cloud service provider listed on the Shenzhen Stock Exchange since August 2012, focusing on new digital infrastructure [6]. - The company has reported continuous losses, with net losses of 623 million yuan in 2020, 9 million yuan in 2021, 155 million yuan in 2022, 124 million yuan in 2023, and 125 million yuan projected for 2024, totaling over 1 billion yuan in losses [6]. - Lifan Shuke is the 14th company this year facing potential delisting due to financial fraud, marking a record high for such cases [6].

Core Viewpoint - The company Lifan Shuke Co., Ltd. is facing administrative penalties and potential delisting due to financial fraud involving inflated revenue and costs totaling 638 million yuan from 2021 to 2023 [1][3][4]. Group 1: Financial Misconduct - Lifan Shuke inflated its revenue and costs through agency business, financing trade, and fictitious trade, resulting in a total inflated revenue of 638 million yuan and costs of 628 million yuan [1][4]. - The breakdown of inflated figures includes 280 million yuan in revenue and 277 million yuan in costs for 2021, 312 million yuan in revenue and 305 million yuan in costs for 2022, and 46 million yuan in revenue and 45 million yuan in costs for 2023 [1][3]. Group 2: Regulatory Actions - The Anhui Securities Regulatory Bureau plans to impose a fine of 10 million yuan on Lifan Shuke and a total of 30 million yuan on 10 responsible individuals, including the chairman Wang Yi [1][4]. - The company is subject to a forced delisting process due to serious violations of securities laws, with its stock set to be suspended from trading on December 1 and subject to risk warnings upon resumption [5][7]. Group 3: Broader Implications - This case exemplifies the regulatory approach of targeting both the primary offenders and their accomplices, indicating a comprehensive strategy against financial fraud in the capital market [2][9]. - The involvement of the accounting firm Zhongxing Caiguanghua in the investigation highlights the accountability of intermediary institutions in financial misconduct [8].

Core Viewpoint - Lifan Technology Co., Ltd. is facing administrative penalties from the Anhui Regulatory Bureau of the China Securities Regulatory Commission due to inflated revenue and profit figures in its financial reports from 2021 to 2023, potentially leading to significant legal and financial repercussions for the company and its executives [1][2]. Summary by Relevant Sections Administrative Penalties - On November 28, 2025, Lifan Technology received a notice of administrative penalties, proposing a fine of 10 million yuan for the company and fines ranging from 1 to 5 million yuan for 10 responsible individuals, with three individuals facing a 10-year market ban [1]. - The company may face forced delisting due to serious violations, with a warning for resumption of trading [1]. Investigation Background - The investigation began on April 28, 2025, when Lifan Technology was notified of a case regarding suspected violations of information disclosure laws related to its periodic reports [1]. - The investigation revealed that from 2021 to 2023, the company and its subsidiaries inflated revenue and profits through three methods: agency business, financing trade, and fictitious trade, leading to false records in annual reports [1]. Investor Compensation - A reminder was issued for affected investors who purchased shares between April 25, 2022, and January 22, 2025, to voluntarily register for compensation through the "Sina Investor Rights Protection Platform" [2][3]. - The conditions for investor claims include holding shares during the specified period, regardless of whether they sold after January 23, 2025 [3].

Core Viewpoint - The article discusses the increasing regulatory scrutiny and consequences faced by ST companies in the A-share market due to long-term financial fraud, leading to a shift in investor sentiment from speculative trading to risk aversion [2][11]. Group 1: Regulatory Actions and Consequences - On December 2, 2023, two companies, Yuan Da Intelligent (ST远智) and ST Cube (ST立方), received risk warnings and their stock names were changed to ST Yuan Zhi (002689.SZ) and *ST Cube (300344.SZ) respectively, both experiencing significant stock price declines [2]. - ST Cube was found to have inflated revenue by over 600 million yuan over three years, resulting in a total fine of 40 million yuan for the company and several responsible individuals [2][5]. - ST Yuan Zhi is set to be delisted on December 5, 2023, due to triggering mandatory delisting indicators, with a history of financial fraud and fraudulent issuance [2][10]. Group 2: Financial Fraud Details - ST Yuan Zhi was found to have inflated revenue by approximately 336 million yuan and profits by about 93.26 million yuan from 2019 to 2021, with significant discrepancies in revenue recognition practices [3][4]. - ST Cube inflated its revenue by 638 million yuan from 2021 to 2023, with over 50% of its total revenue in 2021 and 2022 being fictitious [5][9]. - Both companies had previously corrected accounting errors, with ST Yuan Zhi reporting losses in 2020 and 2021 after adjustments, while ST Cube faced regulatory scrutiny for its accounting practices [6][8]. Group 3: Market Sentiment Shift - The article notes a shift in market sentiment from speculative trading in underperforming stocks to a focus on selecting quality investments, as indicated by the increasing regulatory actions against ST companies [2][12]. - The regulatory environment is described as a "zero-tolerance" approach, aiming to cleanse the market of problematic companies and ensure a healthier capital market [11].

Core Viewpoint - The article discusses the increasing regulatory scrutiny and consequences faced by ST companies in the A-share market, highlighting a shift from speculative trading to risk-averse investment strategies as a result of ongoing reforms and a "zero tolerance" approach to financial misconduct [3][16]. Financial Misconduct and Penalties - ST Yuanzhi and *ST Lifang have been subjected to risk warnings and penalties due to long-term financial fraud, with *ST Lifang found to have inflated revenue by over 600 million yuan across three years [3][5][8]. - ST Yuanzhi was penalized for falsely reporting sales and rental income, leading to inflated revenues of approximately 336 million yuan and profits of about 93 million yuan from 2019 to 2021 [5][6]. - *ST Lifang's fraudulent activities included inflated revenues of 280 million yuan, 312 million yuan, and 46 million yuan for the years 2021 to 2023, with penalties totaling 40 million yuan imposed on the company and its executives [8][7]. Changes in Market Behavior - There is a notable shift in investor behavior from speculative trading in low-quality stocks to a more cautious approach focused on selecting high-quality investments, as indicated by the recent regulatory actions against ST companies [3][16]. - The article emphasizes that the market is moving away from the "炒差" (speculative trading) mentality towards a more mature investment philosophy that prioritizes risk management [18]. Financial Performance of Companies - Both ST Yuanzhi and *ST Lifang have reported significant financial losses in recent years, with ST Yuanzhi's net profit losses exceeding 400 million yuan from 2018 to 2022, and *ST Lifang's losses surpassing 1 billion yuan over five years [14][15]. - In 2023, *ST Lifang continued to report losses, with a net profit loss of approximately 62 million yuan in the first nine months [14]. Regulatory Environment - The article highlights the intensified regulatory environment for ST companies, with a focus on maintaining market integrity and eliminating fraudulent entities as part of the ongoing registration system reforms [16][17]. - The regulatory actions are seen as a necessary step to "clear the market" and ensure a healthier investment ecosystem [17].

Core Viewpoint - The trend of "speculating on small and poor-performing stocks" in the A-share market is shifting towards risk aversion, as evidenced by the recent penalties and delistings of several ST companies due to long-term financial fraud [1][12]. Group 1: Company Penalties and Financial Fraud - Both ST Yuan Zhi and *ST Li Fang have been subjected to risk warnings and penalties for long-term financial fraud, with *ST Li Fang being fined a total of 40 million yuan for inflating revenue by over 600 million yuan over three years [1][4]. - ST Yuan Zhi was found to have inflated revenue by approximately 336 million yuan and profit by about 93.26 million yuan from 2019 to 2021, while *ST Li Fang inflated revenue by 638 million yuan from 2021 to 2023 [2][5]. - The penalties for ST Yuan Zhi and its responsible individuals amounted to 21 million yuan, while *ST Li Fang faced a total penalty of 40 million yuan, including fines for its chairman and other executives [4][5]. Group 2: Financial Performance and Adjustments - Both companies have faced significant financial losses, with ST Yuan Zhi reporting a cumulative loss of over 400 million yuan from 2018 to 2022, and *ST Li Fang accumulating losses exceeding 1 billion yuan from 2020 to 2024 [9][12]. - ST Yuan Zhi had to correct its financial statements multiple times, resulting in a shift from profit to loss for the years 2020 and 2021, while *ST Li Fang also faced scrutiny for its accounting practices and had to adjust its revenue recognition methods [6][8]. - The financial adjustments led to significant reductions in reported revenues, with *ST Li Fang adjusting its revenue down by over 50 million yuan due to accounting errors [6][8]. Group 3: Market Trends and Regulatory Environment - The recent regulatory actions against ST companies are part of a broader trend towards a "zero tolerance" approach and the normalization of delisting mechanisms in the context of ongoing registration system reforms [1][12]. - The market sentiment is shifting from speculative trading to a focus on quality investments, as investors become more cautious and seek to avoid risks associated with problematic ST companies [1][12]. - The regulatory environment is tightening, with increased scrutiny on financial disclosures and corporate governance, aiming to cleanse the market of fraudulent entities and ensure a healthier capital market [12].

Core Viewpoint - *ST Lifan is facing severe financial fraud allegations, leading to a forced delisting due to significant discrepancies in reported revenues and costs, with a total inflated revenue of 638 million yuan and costs of 628 million yuan from 2021 to 2023 [1] Group 1: Financial Irregularities - The company has repeatedly adjusted its accounting errors, indicating potential underlying issues [1] - There is a mismatch between the company's soaring revenues and its expenses, raising red flags about its financial health [1] - Despite claiming increased revenues due to enhanced core competitiveness, the gross profit margin has dropped to levels typical of trading businesses [1][12] Group 2: Fraudulent Practices - The company employed three main fraudulent methods to inflate revenues and costs: 1. **Agency Business**: From 2021 to 2023, *ST Lifan inflated its revenue by 218 million yuan in 2021, 38.48 million yuan in 2022, and 19.57 million yuan in 2023 through agency business [3] 2. **Financing Trade**: The company inflated its revenue by 61.37 million yuan in 2021, 222 million yuan in 2022, and 26.30 million yuan in 2023 through financing trade [4] 3. **Fictitious Trade**: In 2022, *ST Lifan inflated its revenue by 51.04 million yuan through fictitious trade [5] Group 3: Company Background and Performance - *ST Lifan, originally established in 1999, underwent a significant transformation in 2020, shifting focus to digital technology services, which led to a dramatic increase in revenue from 198 million yuan in 2020 to 604 million yuan in 2022 [8] - Despite the revenue surge, the company reported a significant decrease in sales and management expenses, with sales expenses dropping by 56.10% and management expenses by 59.49% in 2021 [8] - The company's gross profit margin fell by 8.78% in 2022, reaching 2.65%, indicating a decline to trading business levels [12]

Market Overview - The software development sector experienced a decline of 1.7% on December 2, with *ST Lifan leading the drop [1] - The Shanghai Composite Index closed at 3897.71, down 0.42%, while the Shenzhen Component Index closed at 13056.7, down 0.68% [1] Stock Performance - Notable gainers in the software development sector included: - Hengfeng Information (300605) with a closing price of 19.61, up 12.12% and a trading volume of 457,300 shares, totaling 860 million yuan [1] - Duolun Technology (603528) closed at 9.56, up 3.02% with a trading volume of 330,400 shares, totaling 314 million yuan [1] - Jiuqi Software (002279) closed at 9.42, up 2.95% with a trading volume of 1,684,300 shares, totaling 1.572 billion yuan [1] - Conversely, significant decliners included: - *ST Lifan (300344) closed at 2.69, down 19.94% with a trading volume of 14,800 shares, totaling 3.9871 million yuan [2] - Guoneng Rixin (301162) closed at 50.75, down 5.93% with a trading volume of 27,200 shares, totaling 140 million yuan [2] - Weide Information (688171) closed at 48.33, down 4.49% with a trading volume of 14,400 shares, totaling 70.9436 million yuan [2] Capital Flow - The software development sector saw a net outflow of 2.322 billion yuan from institutional investors, while retail investors contributed a net inflow of 1.464 billion yuan [2][3] - Key stocks with significant capital flow included: - Information Development (300469) with a net inflow of 64.9221 million yuan from institutional investors [3] - Jiuqi Software (002279) with a net inflow of 48.9885 million yuan from institutional investors [3] - Hengfeng Information (300605) with a net inflow of 28.1272 million yuan from institutional investors [3]