2025.11.30 本文字数：2666，阅读时长大约4分钟 作者 |第一财经 周楠 连续三年虚增营收，其中两年的虚增金额占到当期总营收五成以上，控股股东正在推进破产重整的ST 立方（300344.SZ），因上述财务造假问题吃下大额罚单，并由此拉响退市"警钟"。 ST立方最新披露，公司被查明存在年报虚假记载，2021年至2023年累计虚增营收超6亿元，安徽证监局 对公司及10名相关责任人合计罚款4000万元，多人被采取10年市场禁入措施。 记者关注到，在此番被查明财务造假之前，ST立方去年至今两度更正会计差错，2024年年报被出具"非 标"意见，今年4月底被实施ST。 如今，ST立方在"戴帽"半年之后还将"披星"。根据安排，该股将于12月1日开市起停牌，次日复牌后股 票简称变更为*ST立方。公司同时提到，若后续正式处罚出炉，公司被认定触及重大违法强制退市情 形，将被终止上市。 基本面上，ST立方已亏损累累，近五年扣非净利润累计亏损超10亿元。公司控股股东正在推进破产重 整，持股5%以上股东的部分持股近期则遭遇流拍。 连续三年财务造假 今年年报季里，ST立方遭遇年报"非标"，并因此被实施其他风险警示。4月30日 ...

Core Viewpoint - ST Lifan has been found guilty of financial fraud over three consecutive years, leading to significant penalties and potential delisting from the stock market [1][2][5]. Group 1: Financial Fraud Details - From 2021 to 2023, ST Lifan inflated its revenue by a total of 638 million yuan and costs by 628 million yuan through various fraudulent activities [1]. - The specific annual breakdown shows that in 2021, revenue was inflated by 280 million yuan and costs by 277 million yuan; in 2022, revenue was inflated by 312 million yuan and costs by 305 million yuan; and in 2023, revenue was inflated by 46 million yuan and costs by 45 million yuan [2][4]. - The inflated revenue for 2021 and 2022 combined reached 592 million yuan, accounting for 50.91% of the total reported revenue for those years, triggering mandatory delisting regulations [2]. Group 2: Penalties and Consequences - The China Securities Regulatory Commission (CSRC) plans to impose a fine of 10 million yuan on ST Lifan and a total of 30 million yuan on ten responsible individuals, including a 10-year market ban for three key individuals [1][6]. - The Shenzhen Stock Exchange will initiate delisting procedures, with ST Lifan's stock being suspended for one day starting December 1 and then resuming trading under a risk warning as "*ST Lifan" on December 2 [1][6]. - The accounting firm Zhongxing Caiguanghua has faced scrutiny for issuing unqualified audit reports for ST Lifan from 2021 to 2023, and the CSRC has opened an investigation into the firm's conduct [6][7].

Core Viewpoint - Cube Science and Technology Co., Ltd. (ST Cube) is facing administrative penalties and potential delisting risks due to violations related to false financial reporting and inflated revenue figures from 2021 to 2023 [1][2]. Group 1: Administrative Penalties - The China Securities Regulatory Commission (CSRC) has identified that ST Cube inflated its operating income and costs through various fraudulent activities, leading to false disclosures in its annual reports for 2021 to 2023 [2]. - In 2021, ST Cube inflated its operating income by approximately 279.73 million yuan, accounting for 50.09% of that year's revenue, and inflated operating costs by about 277.11 million yuan, which was 60.61% of the total costs [2]. - For 2022, the inflated operating income was around 311.86 million yuan (51.67% of revenue) and inflated costs were about 305.46 million yuan (53.54% of costs) [2]. - In 2023, the company inflated its operating income by approximately 45.87 million yuan (24.00% of revenue) and operating costs by about 45.23 million yuan (27.55% of costs) [2]. - The CSRC plans to impose corrective measures, warnings, and fines on ST Cube and responsible personnel [2]. Group 2: Legal Implications for Investors - Investors who suffered losses due to ST Cube's fraudulent activities may seek civil compensation, which includes investment differences, commissions, stamp duties, and interest losses [3]. - A lawyer from Shanghai Hanlian Law Firm is collecting claims from investors who purchased ST Cube's securities between April 25, 2022, and April 28, 2025, and either sold or held them after April 29, 2025 [3]. - The conditions for claims may be adjusted based on the final conclusions of the CSRC's administrative penalties and court rulings [3][4]. Group 3: Litigation Process - While investors can file lawsuits without an administrative penalty decision, the lack of a formal ruling may increase the risk of losing the case [4]. - The outcome of ST Cube's potential delisting may not affect the progress of civil claims, but entering bankruptcy proceedings could significantly impact litigation timelines [4]. - Investors must provide specific documentation, including identification, securities account information, and transaction records, to register for claims [4].

Group 1 - The core viewpoint of the articles highlights a significant shift in regulatory enforcement in the capital market, emphasizing accountability for both the primary offenders and the intermediary institutions involved in financial fraud [1][2] - The case of Lifan Shuke marks the first instance where both a listed company and its accounting firm are subjected to administrative penalties and investigations simultaneously, indicating a comprehensive approach to tackling financial misconduct [1][2] - Regulatory bodies, including the CSRC, are intensifying their efforts to combat financial fraud, establishing a multi-layered and integrated prevention and punishment system that holds all parties in the fraud chain accountable [2][3] Group 2 - The regulatory framework has been strengthened with the issuance of guidelines that clarify the responsibilities of intermediary institutions, reinforcing their role as gatekeepers in the capital market [2] - The enforcement measures have become more diverse, incorporating property penalties, qualification penalties, behavioral penalties, and reputational penalties, creating a comprehensive punitive structure [2] - A multi-faceted compensation and relief system for investors is being developed, which includes collective lawsuits and diversified dispute resolution mechanisms, aimed at reducing the cost of investor rights protection and improving compensation efficiency [3]

ST立方最新披露，公司被查明存在年报虚假记载，2021年至2023年累计虚增营收超6亿元，安徽证 监局对公司及10名相关责任人合计罚款4000万元，多人被采取10年市场禁入措施。 记者关注到，在此番被查明财务造假之前，ST立方去年至今两度更正会计差错，2024年年报被出 具"非标"意见，今年4月底被实施ST。 2025.11. 30 本文字数：2666，阅读时长大约4分钟 作者 | 第一财经 周楠 连续三年虚增营收，其中两年的虚增金额占到当期总营收五成以上，控股股东正在推进破产重整的 ST立方（300344.SZ），因上述财务造假问题吃下大额罚单，并由此拉响退市"警钟"。 如今，ST立方在"戴帽"半年之后还将"披星"。根据安排，该股将于12月1日开市起停牌，次日复牌后 股票简称变更为*ST立方。公司同时提到， 若后续正式处罚出炉，公司被认定触及重大违法强制退 市情形，将被终止上市。 基本面上，ST立方已亏损累累，近五年扣非净利润累计亏损超10亿元。公司控股股东正在推进破产 重整，持股5%以上股东的部分持股近期则遭遇流拍。 连续三年财务造假 早前，ST立方4月底披露，公司因定期报告涉嫌信披违法违规被证监会立案。 ...

Core Viewpoint - The investigation into ST Lifan's financial fraud case has led to the formal investigation of the accounting firm Zhongxing Caiguanghua by the China Securities Regulatory Commission (CSRC), marking a significant case in the A-share market where both the listed company and its intermediary are being penalized simultaneously [1][2]. Group 1: Financial Fraud Details - From 2021 to 2023, Lifan Shuke inflated its revenue by 638 million yuan and costs by 628 million yuan through various fraudulent activities [2]. - In 2021, the inflated revenue and costs were 280 million yuan and 277 million yuan, respectively; in 2022, they were 312 million yuan and 305 million yuan; and in 2023, they were 46 million yuan and 45 million yuan [2]. - 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 [2]. Group 2: Impact on Accounting Firm - Zhongxing Caiguanghua, established in 1983, ranks 29th among 105 accounting firms in the latest evaluation, with a revenue of 131.37 million yuan and 805 registered accountants [3]. - The firm has faced multiple regulatory penalties in the past for failing to exercise due diligence in audits, including a fine of 9.25 million yuan related to a previous case [3]. Group 3: Regulatory Environment and Industry Response - The case highlights systemic risks in the auditing industry due to conflicts of interest and regulatory lag, prompting calls for a shift from individual case penalties to institutional prevention measures [4]. - Experts suggest enhancing regulatory and punitive measures, improving audit independence, and promoting information sharing and public oversight to strengthen accountability in the auditing sector [4][5]. - In 2024, the CSRC plans to hold various intermediary institutions accountable for negligence, with a total of 673 million yuan in fines imposed on multiple firms [5].

【#ST立方（维权）3年虚增营收超6亿#，#ST立方下周披星#】连续三年虚增营收，其中两年的虚增金 额占到当期总营收五成以上，控股股东正在推进破产重整的ST立方（300344.SZ），因上述财务造假问 题吃下大额罚单，并由此拉响退市"警钟"。 ST立方最新披露，公司被查明存在年报虚假记载，2021年至2023年累计虚增营收超6亿元，安徽证监局 对公司及10名相关责任人合计罚款4000万元，多人被采取10年市场禁入措施。 记者关注到，在此番被查明财务造假之前，ST立方去年至今两度更正会计差错，2024年年报被出具"非 标"意见，今年4月底被实施ST。 如今，ST立方在"戴帽"半年之后还将"披星"。根据安排，该股将于12月1日开市起停牌，次日复牌后股 票简称变更为*ST立方。公司同时提到，若后续正式处罚出炉，公司被认定触及重大违法强制退市情 形，将被终止上市。 基本面上，ST立方已亏损累累，近五年扣非净利润累计亏损超10亿元。公司控股股东正在推进破产重 整，持股5%以上股东的部分持股近期则遭遇流拍。 ...

Market Performance - The A-share market indices collectively rose during the week of November 24-28, with the Shanghai Composite Index closing at 3888.60 points, up 1.40% for the week; the Shenzhen Component Index at 12984.08 points, up 3.56%; and the ChiNext Index at 3052.59 points, up 4.54% [2] - Over 83% of individual stocks experienced gains during the week, with 192 stocks rising over 15%, while 12 stocks fell over 15% [2] Leading Stocks - Pingao Co., Ltd. (688227.SH) topped the weekly gainers with a 66.93% increase, followed by Jinfutong Technology (003018.SZ) with a 61.07% rise; several other stocks also saw gains exceeding 53% [4] - The top ten stocks in the bull market all recorded cumulative gains of over 44% during the week [4] Investment Activities - Pingao Co., Ltd. announced a plan to invest 400 million yuan in Jiangyuan Technology, acquiring a 14.2151% stake, which will increase to 15.4182% post-investment [5] - The investment will be primarily funded through a loan from the controlling shareholder, with only 40 million yuan coming from Pingao's own funds [5] Underperforming Stocks - ST Lifang (300344.SZ) was the worst performer, with a 30.00% decline, facing investigation by the China Securities Regulatory Commission for alleged information disclosure violations [8] - Other stocks, including Huaci Co., Ltd. (001216.SZ) and *ST Dongyi (002713.SZ), also experienced declines exceeding 15% [8] Company Performance - ST Lifang reported a total revenue of 203 million yuan for the third quarter of 2025, a slight decrease of 0.44% year-on-year, with a net loss of 62.21 million yuan, down 20.59% year-on-year [9] - The company is currently under investigation, which could lead to significant consequences, including potential delisting if found guilty of major violations [9][10]

Core Viewpoint - ST Lifan has been found to have inflated revenue for three consecutive years, with the inflated amounts exceeding 50% of total revenue in two of those years, leading to significant penalties and the risk of delisting [1][2]. Financial Misconduct - The company was discovered to have engaged in financial fraud, inflating revenue by a total of 638 million yuan from 2021 to 2023, with specific years showing inflated revenues of 280 million yuan, 312 million yuan, and 46 million yuan respectively [2][4]. - The inflated revenues accounted for 50.09% and 51.67% of total revenues in 2021 and 2022 respectively [2]. - The Anhui Securities Regulatory Bureau imposed a total fine of 40 million yuan on the company and ten responsible individuals, with penalties ranging from 1 million to 5 million yuan for individuals [2][4]. Administrative Proceedings - The case has entered the administrative penalty phase, allowing responsible parties to present their statements and request hearings, with the regulatory body set to review the findings [3]. Stock Status and Risks - Following the financial misconduct, ST Lifan's stock will be suspended from trading on December 1, with a name change to *ST Lifan, indicating a higher risk of delisting due to major violations [1][4]. - The company has received a "non-standard" opinion on its annual report, indicating issues with internal controls and accounting practices [4]. Financial Performance - ST Lifan has reported cumulative losses exceeding 1 billion yuan over the past five years, with net profits declining consistently [6]. - The company has been focusing on transforming its business model but continues to face challenges, including liquidity issues and asset impairments [6][7]. Bankruptcy Proceedings - The controlling shareholder is currently undergoing bankruptcy restructuring, with the application accepted by the court, indicating potential challenges in the company's financial stability [7]. - A significant portion of shares held by major shareholders is under judicial auction due to debt disputes, further complicating the company's financial situation [7].

Group 1: Index Adjustments - The announcement from the China Securities Index indicates that significant adjustments to A-share indices will take effect after market close on December 12, with the CSI 300 index replacing 11 stocks, including Huadian New Energy and Dongshan Precision [2] - The CSI 500 index will replace 50 stocks, including Heertai and Huahong Semiconductor, while the CSI 1000 index will replace 100 stocks, including Shijia Photon and Wangfujing [2] - The SSE 50 index will replace 4 stocks, including SAIC Motor and Northern Rare Earth, and the SSE 180 index will replace 7 stocks, including Guotou Capital and Zhongtian Technology [3] Group 2: Technology Finance Meeting - A joint meeting was held by the People's Bank of China and the Ministry of Science and Technology to discuss the integration of technology and finance, emphasizing the importance of technological innovation in national development [4] - The meeting highlighted the need for a financial system that supports technological innovation and called for the implementation of policies to enhance the synergy between technology and finance [4] Group 3: Regulatory Actions Against Financial Fraud - The China Securities Regulatory Commission (CSRC) has taken action against Lifan Shuke Co., which is accused of falsifying financial data, proposing a fine of 10 million yuan and initiating delisting procedures [5] - The CSRC's approach combines administrative penalties, market bans, and criminal referrals to strengthen the legal framework against financial fraud [5] Group 4: Virtual Currency Regulation - The People's Bank of China convened a meeting to address the rise in virtual currency speculation, reaffirming that virtual currencies do not hold legal status equivalent to fiat currencies and are considered illegal financial activities [6] - The meeting emphasized the need for ongoing efforts to combat illegal financial activities related to virtual currencies and improve regulatory policies [6] Group 5: Commercial Space Industry Development - The establishment of a dedicated Commercial Space Administration marks a significant step in regulating China's commercial space industry, which is expected to enhance collaboration across the industry [8] - The new agency aims to facilitate communication among various stakeholders in the commercial space sector, potentially improving overall competitiveness [8] Group 6: Securities Investigation - Tianfeng Securities has been placed under investigation by the CSRC for alleged violations related to information disclosure and financing practices [9] - This investigation may be linked to past issues regarding the company's financial practices, indicating a move towards addressing historical challenges [9] Group 7: Market Performance - On November 28, major U.S. stock indices experienced gains, with Intel shares rising by 10%, marking the largest single-day increase since September 18 [10] - Commodity markets saw significant increases, with silver prices reaching historical highs and copper prices also hitting record levels [10] Group 8: IPO and New Stock Offerings - The CSRC has approved IPO registrations for two companies, with new stock offerings scheduled for December 1-5, including Muxi Co. and Angrui Microelectronics [11][12] - This week, a total of 45 companies will have their restricted shares released, amounting to approximately 36.97 billion shares and a total market value of 665.82 billion yuan [13][16]