证券代码：300460 证券简称：ST惠伦 公告编号：2026-004 广东惠伦晶体科技股份有限公司 第五届董事会第九次会议决议公告 广东惠伦晶体科技股份有限公司（以下简称"公司"）第五届董事会第九次 会议于 2026 年 1 月 26 日在公司会议室以现场结合通讯方式召开。本次董事会会 议通知于 2026 年 1 月 23 日以微信等通讯方式送达全体董事。本次会议由董事长 赵剑华先生召集和主持，应到董事 7 人，实到 7 人。本次董事会的召集和召开符 合《公司法》等有关法律、行政法规、部门规章、规范性文件和《公司章程》的 规定，合法有效。 二、会议审议情况 经全体董事认真审议，以书面投票表决的方式通过以下决议： 1、审议通过《关于制定＜董事、高级管理人员薪酬管理制度＞的议案》 表决情况：同意 7 票，反对 0 票，弃权 0 票。 表决结果：通过。 本议案已经公司第五届董事会薪酬与考核委员会 2026 年第一次会议审议通 过，尚需提交公司股东会审议。 具 体 信 息 详 见 公 司 在 中 国 证 监 会 指 定 信 息 披 露 网 站 巨 潮 资 讯 网 （www.cninfo.com.cn）上披露的《董事 ...

Core Viewpoint - The quartz crystal component industry is experiencing rapid growth driven by the expansion of consumer electronics, communication devices, and automotive electronics, alongside emerging sectors like IoT and renewable energy. Domestic companies are making significant technological advancements, breaking international monopolies, and transitioning from low-end manufacturing to high-value segments. By 2025, the market size of China's quartz crystal component industry is projected to reach 1.102 billion yuan, with a year-on-year growth of 18.8% [1][7]. Industry Overview - Quartz crystals, primarily composed of silicon dioxide (SiO2), are essential electronic components that utilize piezoelectric effects for frequency control and signal filtering [2]. - Quartz crystal components can be categorized into quartz crystal resonators and oscillators, with various packaging methods and frequency classifications [3][4]. Market Policies - The Chinese government has implemented numerous policies to support the development of the quartz crystal component industry, including guidelines for energy electronics and innovation in the metaverse, which create a favorable environment for industry growth [5][6]. Industry Chain - The industry chain consists of upstream suppliers of raw materials and production equipment, midstream manufacturers of quartz crystal components, and downstream application markets including communication devices, IoT, automotive electronics, and medical equipment [6]. Current Development - The market is characterized by a three-tier competitive structure: international giants dominate high-end markets, domestic leaders accelerate replacement, and small enterprises focus on niche segments. Domestic companies are improving their capabilities in raw material development and production equipment, aiming to catch up with international competitors [9]. Key Players - Major domestic companies include: - **Tai Jing Technology**: Engaged in the design, manufacturing, and sales of quartz crystal frequency components, with a revenue of 718 million yuan and a gross profit margin of 18.5% in the first nine months of 2025 [10]. - **Anhui Jing Sai Technology**: Focuses on quartz crystal oscillators and packaging materials, holding 59 patents and achieving a revenue of 272 million yuan in the first half of 2025 [11]. Development Trends - **Technological Upgrades**: The industry is focusing on high-frequency, high-precision, and miniaturization to meet the demands of advanced applications [12]. - **Expansion into High-End Applications**: The demand for quartz crystal components is increasing in automotive electronics, IoT, industrial automation, and medical electronics, with specific requirements for reliability and performance [13]. - **Accelerated Domestic Replacement**: Supported by policies and technological advancements, domestic companies are moving from low-end to high-end markets, reducing reliance on imports and enhancing self-sufficiency [14].

Group 1 - Company X is a core supplier in Apple's supply chain, focusing on RF components and electromagnetic shielding products, deeply integrated with Apple's antenna and wireless charging module needs [1] - The company is actively expanding into automotive electronics, developing in-vehicle wireless charging and communication modules to smooth out fluctuations in the consumer electronics cycle [1] - As Apple increases its demand for intelligent and integrated terminal devices, the company's technological accumulation in the RF field is expected to translate into order advantages [1] Group 2 - Company Y indirectly enters Apple's supply chain through subsidiaries, primarily providing display modules and power management components for smart TVs [2] - The company is accelerating its "home appliance + IoT" strategy, creating multi-scenario smart terminal collaborative solutions around the Apple ecosystem [2] - The trend of integration between consumer electronics and home appliances provides new business extension opportunities for the company [2] Group 3 - Company Z focuses on the development and manufacturing of automated testing equipment, covering performance testing for core components like Apple chips and camera modules [3] - The company's equipment has achieved industry-leading precision and stability, enabling rapid response to Apple's new product testing needs [3] - The company is actively expanding into the semiconductor testing equipment field to break through the limitations of the single consumer electronics market [3] Group 4 - Company A specializes in precision screen printing equipment, providing production equipment for circuit board printing and component packaging for Apple [4] - The company's equipment meets Apple's stringent manufacturing requirements in terms of precision, efficiency, and stability [4] - As the Apple supply chain upgrades to high-end manufacturing, the company is expected to benefit from equipment renewal demands [4] Group 5 - Company B provides high-performance copper foil materials for Apple's circuit boards and battery current collectors, leveraging a complete copper processing industry chain [5] - The company is increasing R&D investment in ultra-thin copper foil to meet Apple's material upgrade needs amid the trend of lightweight consumer electronics [5] - The growing demand for copper foil in the electric vehicle sector also brings new revenue growth for the company [5] Group 6 - Company C is a long-standing supplier in Apple's supply chain, focusing on diodes and other semiconductor discrete devices widely used in Apple's power management and signal transmission modules [6] - The company is expanding its automotive-grade device business to enhance its risk resistance amid industry cycle fluctuations [6] - Investment in the R&D of third-generation semiconductor devices is expected to open up long-term growth opportunities for the company [6] Group 7 - Company D specializes in functional structural components for consumer electronics, providing battery protection boards and heat dissipation modules for Apple [7] - The company's products meet Apple's design requirements for lightweight and integrated solutions through precision stamping and injection molding technology [7] - The company is positioning itself in the wearable devices and smart home sectors to seize growth opportunities in niche markets [7] Group 8 - Company E provides high-performance aluminum alloy materials for Apple's terminal devices, achieving industry-leading strength and lightweight standards [9] - The company continuously optimizes product competitiveness through technological iterations to meet Apple's increasing material performance requirements [9] - The demand for aluminum alloy materials in the electric vehicle sector also presents new growth opportunities for the company [9] Group 9 - Company F focuses on magnesium alloy materials, providing lightweight structural solutions for Apple [10] - The company leverages its R&D and large-scale production capabilities in magnesium alloys to gain more market share in Apple's supply chain [10] - The company is also accelerating its layout in the electric vehicle sector for magnesium alloy applications, creating a second growth curve [10] Group 10 - Company G, as a core authorized distributor for Apple, utilizes a nationwide offline channel network for the distribution and retail of Apple products [11] - The company is promoting a new retail model that integrates online and offline channels to enhance user experience and operational efficiency [11] - Its deep cooperative relationship with Apple serves as a core barrier in the competitive landscape [11] Group 11 - Company H provides chip packaging and testing services for Apple, covering core components like RF chips and storage chips [12] - The company maintains a significant position in Apple's supply chain due to its advanced packaging technology and large-scale manufacturing capabilities [12] - The company is accelerating its layout in automotive-grade chip packaging to adapt to industry structural changes [12] Group 12 - Company I participates in Apple's supply chain through air logistics services, ensuring efficient and safe delivery of core components globally [13] - The company has a robust air freight network and customized logistics solutions to support Apple's supply chain resilience [13] - The company is also expanding its cross-border e-commerce logistics business to enhance business diversification [13] Group 13 - Company J provides brand marketing services for Apple, focusing on offline event planning and content dissemination [14] - The company leverages its marketing experience and creativity to effectively communicate Apple's brand value [14] - The trend of content and scenario-based marketing in consumer electronics allows the company to create immersive marketing experiences for Apple [14] Group 14 - Company K offers communication network optimization services for Apple, ensuring stable network operations for Apple stores and data centers [15] - The company can quickly respond to Apple's network needs, supporting user experience upgrades [15] - The company is enhancing its service capabilities through technological upgrades in the context of 5G and IoT technology proliferation [15] Group 15 - Company L provides acoustic components for Apple, primarily used in audio output modules for devices like iPhones and headphones [16] - The company continuously optimizes its acoustic solutions through R&D investments to enhance product value [16] - The company is expanding into smart speakers and automotive acoustic businesses to unlock new growth opportunities [16] Group 16 - Company M specializes in precision metal structural components for Apple, providing essential parts like frames and brackets [18] - The company achieves industry-leading precision and consistency through advanced processing technology and large-scale manufacturing capabilities [18] - The company is also expanding into the electric vehicle structural component business to mitigate fluctuations in the consumer electronics cycle [18] Group 17 - Company N provides market research and data analysis services to support Apple's decision-making, focusing on user behavior research and product experience optimization [19] - The company utilizes a professional research team and big data technology to provide precise market insights for Apple [19] - In the context of intensified competition in the consumer electronics market, the company helps Apple enhance user stickiness and market share through in-depth data analysis [19] Group 18 - Company O supplies acoustic terminal products like headphones to Apple, meeting the ecological standards for sound quality and wearing experience [20] - The company continuously optimizes product performance through technological upgrades to expand application scenarios within Apple's ecosystem [20] - The company is also developing acoustic solutions for smart wearable devices to create long-term growth momentum [20] Group 19 - Company P provides deep processing glass technology for Apple, supplying display and structural glass for terminal devices [21] - The company's products achieve industry-leading strength and optical performance, aligning with Apple's requirements for product appearance and durability [21] - The trend of upgrading consumer electronics glass to larger sizes and higher transparency drives the company to continuously enhance its competitiveness [21] Group 20 - Company Q offers vacuum coating equipment for Apple, primarily used for surface treatment of screens and structural components [22] - The company's equipment meets Apple's manufacturing needs in terms of coating precision and stability [22] - The company helps Apple achieve differentiated competition through equipment technology iterations amid trends of upgrading appearance and performance in consumer electronics [22] Group 21 - Company R provides communication chips and modules for Apple, mainly used in smart home devices for connectivity [23] - The company's products meet Apple's ecological standards in terms of stability and compatibility [23] - The company is also expanding into automotive-grade communication chip business to unlock new growth opportunities [23] Group 22 - Company S specializes in machine vision inspection equipment for Apple, providing solutions for appearance and performance testing of terminal devices [24] - The company's equipment achieves industry-leading precision and efficiency through advanced visual algorithms and optical technology [24] - The company continuously enhances its inspection capabilities through equipment iterations, deeply participating in Apple's quality control system [24] Group 23 - Company T supplies environmentally friendly synthetic leather materials for Apple, used in accessories and smart device exterior components [25] - The company's products meet Apple's design requirements in terms of environmental friendliness and texture [25] - The trend of green and low-carbon transformation in consumer electronics drives the company to continuously optimize product performance through material innovation [25] Group 24 - Company U provides offline home furnishing showrooms for Apple, showcasing and selling smart home products [26] - The company helps Apple reach a broader family user base through its nationwide channel network [26] - The acceleration of the smart home ecosystem's implementation allows the company to enhance market penetration for Apple's smart home products [26] Group 25 - Company V offers supply chain logistics services for Apple, primarily handling warehousing and distribution of components [27] - The company ensures efficient operation of Apple's supply chain through intelligent logistics systems and customized solutions [27] - The company enhances logistics resilience to help Apple cope with uncertainties amid global supply chain restructuring [27] Group 26 - Company W provides display testing equipment for Apple, focusing on performance and defect detection of terminal screens [28] - The company's equipment meets Apple's high standards in precision and stability through advanced testing technology and algorithm capabilities [28] - The company continuously enhances its testing capabilities through equipment iterations, deeply participating in Apple's product quality control [28] Group 27 - Company X provides semiconductor packaging and module manufacturing services for Apple, covering core components like RF chips and power management chips [29] - The company maintains a significant position in Apple's supply chain due to its advanced manufacturing technology and large-scale capacity [29] - The company is accelerating its layout in automotive-grade chip business to adapt to industry structural changes [29] Group 28 - Company Y provides automated assembly equipment for Apple, primarily used in the precision assembly of terminal devices [30] - The company's equipment meets Apple's manufacturing needs in terms of efficiency and stability through advanced automation technology [30] - The company continuously enhances its assembly capabilities through equipment iterations, deeply participating in Apple's production system [30] Group 29 - Company Z provides functional testing fixtures and automation equipment for Apple, focusing on performance testing and validation of terminal devices [31] - The company's products meet Apple's high standards in precision and reliability through a professional R&D team and manufacturing capabilities [31] - The company supports Apple's efficient product launches by quickly responding to customer needs amid the accelerated pace of consumer electronics iteration [31] Group 30 - Company A provides precision functional structural components for Apple, primarily used in internal components of devices like iPhones and iPads [32] - The company's products meet Apple's design requirements in terms of stability and integration through mature manufacturing processes and quality control [32] - The company is also expanding into the electric vehicle structural component business to unlock new growth opportunities [32] Group 31 - Company B supplies rare earth permanent magnet materials for Apple, used in components like vibration motors and sensors [33] - The company's materials meet Apple's technical requirements in terms of magnetic performance and stability through advanced rare earth processing technology [33] - The trend of intelligent upgrades in consumer electronics drives the company to continuously optimize product performance through material innovation [33] Group 32 - Company C provides quartz crystal components for Apple, primarily used in clock and frequency control modules of terminal devices [34] - The company's products meet Apple's high standards in precision and stability through mature crystal manufacturing technology [34] - The trend of high-frequency and high-speed upgrades in consumer electronics drives the company to continuously optimize product performance [34] Group 33 - Company D provides display touch modules for Apple, primarily used in screen components of iPhones and iPads [35] - The company's products meet Apple's ecological standards in terms of touch sensitivity and display quality through advanced display technology and manufacturing capabilities [35] - The trend of flexible and high-refresh-rate upgrades in display technology drives the company to continuously enhance module performance [35] Group 34 - Company E, as a core strategic supplier for Apple, specializes in precision connectors and modules widely used in devices like iPhones and headphones [37] - The company occupies a core position in Apple's supply chain due to its full industry chain layout and large-scale manufacturing capabilities [37] - The company is accelerating its layout in automotive electronics to create a long-term growth engine [37] Group 35 - Company F provides rare earth permanent magnet materials for Apple, used in components like motors and sensors [38] - The company's materials meet Apple's high standards in terms of performance and consistency through advanced rare earth permanent magnet technology [38] - The trend of intelligent upgrades in consumer electronics drives the company to continuously optimize product performance and deepen its integration into Apple's supply chain [38] Group 36 - Company G provides display solutions for Apple, primarily used in brand display and interactive experience scenarios in Apple stores [39] - The company leverages advanced display technology and creativity to create immersive brand communication scenarios for Apple [39] - The trend of scenario-based marketing in consumer electronics allows the company to continuously enhance its service capabilities and strengthen its partnership with Apple [39] Group 37 - Company H provides functional film materials and automation equipment for Apple, primarily used in screen protection and assembly processes [40] - The company's products meet Apple's design requirements in terms of protection performance and fitting precision through advanced film material R&D and manufacturing capabilities [40] - The trend of lightweight upgrades in consumer electronics drives the company to continuously optimize product performance and deepen its integration into Apple's supply chain [40]

Core Viewpoint - Guangdong Huilun Crystal Technology Co., Ltd. has been penalized by the China Securities Regulatory Commission (CSRC) for violations related to information disclosure, including significant omissions in financial reports and fraudulent financial practices [2][4][10]. Group 1: Information Disclosure Violations - Huilun Crystal failed to disclose related party fund occupation in its 2020 annual report, with a total of 28,330,000 yuan involved, which constituted 5.12% of the company's disclosed net assets [2][8]. - The company did not report the occupation of funds by related parties, which were ultimately transferred to the controlling shareholder and its actual controller, Zhao Jiqing, for personal loans [2][8]. Group 2: Financial Misrepresentation - Huilun Crystal inflated costs and revenues in its 2021 and 2022 annual reports, with inflated costs of 8,639,070.52 yuan in 2021 and 23,954,692.38 yuan in 2022, leading to a reduction in reported profits by the same amounts [3][9]. - The company engaged in fraudulent activities, including signing fake orders and recognizing revenue from unshipped products, resulting in inflated revenues of 25,489,938.60 yuan in 2021 and 62,333,644.39 yuan in 2022 [3][9]. Group 3: Regulatory Actions and Consequences - The CSRC has ordered Zhao Jiqing and other responsible personnel to correct the violations, issue warnings, and impose fines [4][10]. - Affected investors are encouraged to register for compensation claims, with specific conditions outlined for eligibility based on their trading activities between April 23, 2021, and April 24, 2025 [5][11].

Core Insights - The strategic position and application value of piezoelectric devices are increasingly prominent in the context of the booming development of strategic emerging industries such as 5G communication, new energy vehicles, smart grids, and artificial intelligence. The market size of China's piezoelectric device industry is expected to reach approximately 523.4 billion yuan in 2024, representing a year-on-year growth of 5.06% [1][8]. Industry Overview - Piezoelectric devices are electronic components that operate based on the piezoelectric effect, widely used in sensing, driving, energy conversion, and signal processing, making them critical components in electronic devices such as mobile phones, medical equipment, and aerospace [2][4]. Market Size - The piezoelectric device industry in China is projected to reach a market size of approximately 523.4 billion yuan in 2024, with a year-on-year growth rate of 5.06% [1][8]. Key Companies - The competitive landscape of the piezoelectric device industry in China features a "technology stratification and scenario differentiation" characteristic. Key players include: - **SanHuan Group**: Dominates in optical fiber ceramic inserts and ceramic packaging bases, achieving a revenue of 6.508 billion yuan in the first three quarters of 2025, a year-on-year increase of 20.96% [9][10]. - **Unisoc**: Focuses on piezoelectric quartz crystal frequency devices, with a revenue of 4.904 billion yuan in the first three quarters of 2025, a year-on-year increase of 15.05% [10]. - **Audiwei**: Leads in the domestic market share of automotive ultrasonic sensors [9]. - **Guangdong Huilun Crystal Technology**: Specializes in miniaturized resonators to meet high-frequency demands in IoT [9]. Industry Development Trends 1. **Accelerated Technological Innovation**: The industry is moving towards lead-free and high-performance developments, with breakthroughs in lead-free piezoelectric ceramics such as KNN, enhancing piezoelectric strain by 200% [11]. 2. **Surging Market Demand**: The demand for piezoelectric devices is driven by 5G, new energy vehicles, and medical ultrasound applications, with each new energy vehicle incorporating 15-20 piezoelectric sensors [12]. 3. **Industry Chain Integration**: The industry is enhancing competitiveness through vertical integration and cross-industry fusion, with companies optimizing processes to improve mechanical quality factors [13].

Core Viewpoint - ST Huilun has been heavily fined for concealing related party fund occupation and committing financial fraud for two consecutive years, reflecting a broader issue of compliance among companies in Dongguan [1][4][5]. Group 1: Regulatory Actions and Penalties - ST Huilun was fined a total of 11.4 million yuan for failing to disclose fund occupation issues and for inflating revenue by 25.49 million yuan in 2021 and 62.33 million yuan in 2022 [4]. - ST Quanwei received a regulatory letter for related party fund occupation amounting to 1.3 million yuan and significant internal control deficiencies [2][3]. - Tuo Si Da was issued a warning for inaccurate revenue recognition, leading to inflated profits in 2023 [3]. - Shang Ji Technology was penalized for multiple financial disclosure violations, including inaccurate revenue recognition and insufficient bad debt provisions [3]. Group 2: Broader Industry Implications - The regulatory actions against ST Huilun and other companies indicate a stringent stance on financial misconduct and the importance of compliance among listed companies [5][7]. - Companies like Guang Bo Laser and Dongguan Securities have also faced warnings for internal governance and compliance issues, highlighting systemic problems in the region [5][6]. - The penalties serve as a reminder for companies to enhance compliance awareness and ensure accurate and reliable information disclosure to protect investor interests [5][7].

Core Viewpoint - The article highlights the increasing regulatory scrutiny and penalties faced by companies in Dongguan, particularly ST Huilun, for financial misconduct and inadequate internal controls, indicating a broader trend of compliance issues among listed companies in the region [1][5]. Group 1: Regulatory Actions and Penalties - ST Huilun was fined 11.4 million due to concealing related party fund occupation and committing financial fraud for two consecutive years [1][4]. - ST Quanwei received a regulatory letter for related party fund occupation and internal control deficiencies, with a loan of 1.3 million from a related party identified as a significant issue [2][3]. - Guangdong TuoStar was issued a warning for inaccurate revenue recognition, including prematurely recognizing 7.9686 million in revenue, leading to inflated profits [3][5]. Group 2: Internal Control Issues - ST Huilun failed to disclose fund occupation matters, with a total fund occupation of 28.33 million, representing 5.12% of net assets, and inflated revenues by 25.49 million and 62.33 million in 2021 and 2022 respectively [4][5]. - Entropy Technology was warned for multiple financial disclosure violations, including inaccurate revenue recognition and insufficient bad debt provisions [3][5]. - Guangbo Laser faced regulatory measures for internal control deficiencies, including improper revenue recognition and failure to disclose related party transactions accurately [5][6]. Group 3: Broader Implications - The regulatory actions reflect a growing emphasis on compliance and the need for companies to enhance their governance and internal controls to protect investor interests [5][6]. - The penalties serve as a warning to other companies about the consequences of non-compliance, emphasizing the importance of accurate and reliable information disclosure [6].

Core Viewpoint - ST Huilun has been heavily fined 11.4 million due to concealing related party fund occupation and committing financial fraud for two consecutive years, reflecting a broader issue of compliance failures among companies in Dongguan [2][5][6]. Group 1: Regulatory Actions and Penalties - ST Huilun was penalized for failing to disclose fund occupation issues, with a total fund occupation amounting to 28.33 million, which constituted 5.12% of its net assets [5][6]. - ST Quanwei received a regulatory letter for related party fund occupation and internal control deficiencies, including a loan of 1.3 million from a related party that was not properly disclosed [3][4]. - Guangdong TuoStar was issued a warning for inaccurate revenue recognition, including prematurely recognizing 7.9686 million in revenue, leading to inflated profits [4][6]. Group 2: Internal Control Issues - ST Quanwei was found to have significant internal control deficiencies, including a lack of proper approval procedures for external guarantees and vulnerabilities in seal management [3][4]. - Huanji Technology faced multiple financial disclosure violations, including inaccurate revenue recognition and insufficient bad debt provisions, leading to a warning from the regulatory authority [4][6]. - Guangbo Laser was warned for financial internal control defects, including improper revenue recognition and failure to disclose related party transactions accurately [7]. Group 3: Broader Industry Implications - The regulatory actions against these companies signal a strict stance on information disclosure issues, emphasizing the need for companies to adhere to compliance and governance standards [8]. - The penalties highlight the importance of corporate governance and internal controls, urging companies to maintain accurate and reliable disclosures to protect investor trust [8].

Regulatory Actions - Multiple listed companies are facing regulatory scrutiny for information disclosure violations, with Tianpu Co. and Xiangrikui being investigated, while Jushi Chemical received a pre-penalty notice [1][2][3] - ST Huilun and Langjin Technology have received administrative penalty decisions for various violations, including failure to disclose fund occupation and false financial reporting [4] Risk Warning Adjustments - New Asia Process and Yishite successfully removed risk warnings and changed their stock names, indicating improved market recognition after rectification [5] - ST Ningke has also had its delisting risk warning lifted, reflecting the resolution of previous issues related to timely information disclosure [5] Investor Litigation - Investors represented by the Xie Liang lawyer team have won a first-instance judgment against ST Renzihang for securities fraud, allowing eligible investors to register for compensation [6] - The case revealed that ST Renzihang had inflated revenue and profits through fictitious transactions, leading to significant financial misstatements in their reports [6] Compensation Conditions - Preliminary conditions for investor compensation have been outlined, specifying the time frames and stock purchase conditions for various companies involved in the regulatory actions [7] - Investors who meet these conditions can register their losses through designated platforms for potential legal action [8]

Core Viewpoint - ST Huilun (300460) has been penalized by the China Securities Regulatory Commission (CSRC) for violations related to information disclosure and financial misreporting, including significant omissions in its 2020 annual report and false records in its 2021 and 2022 reports [1][3][5]. Group 1: Violations and Penalties - ST Huilun and its actual controller Zhao Jiqing received a notice of administrative penalty from the CSRC for failing to disclose related party fund occupation in its 2020 annual report, which constituted a significant omission [1][2]. - The company was found to have occupied funds amounting to 28,330,000 yuan in 2020, which represented 5.12% of its disclosed net assets for that year [1]. - The CSRC imposed a fine of 3 million yuan on ST Huilun and 4 million yuan on Zhao Jiqing, along with penalties for other executives involved in the violations [7]. Group 2: Financial Misreporting - ST Huilun inflated its cost and revenue figures in its 2021 and 2022 annual reports to cover up the fund occupation, resulting in a reported increase in costs of 8,639,070.52 yuan in 2021 and 23,954,692.38 yuan in 2022 [3][4]. - The company falsely recorded revenue of 25,489,938.60 yuan in 2021 and 62,333,644.39 yuan in 2022, which accounted for 3.89% and 15.79% of the reported revenue for those years, respectively [5]. - The inflated profits for 2021 and 2022 were reported as 8,445,707.65 yuan and 21,314,134.88 yuan, respectively, with significant discrepancies in the financial statements [5][6]. Group 3: Management Accountability - Zhao Jiqing, as the chairman, was directly responsible for the violations, including the failure to disclose fund occupation and the inflation of financial figures [6][7]. - Other executives, including Han Qiaoyun and Deng Youqiang, were also held accountable for their roles in the misreporting and were fined accordingly [6][7]. - The management's failure to ensure accurate reporting led to significant penalties and highlighted the need for improved governance and compliance within the company [6][7].