Core Viewpoint - Hainan Puli Pharmaceutical Co., Ltd. has been penalized by the Hainan Securities Regulatory Bureau for failing to disclose its 2024 annual report within the legal timeframe, resulting in a fine of 500,000 yuan and a warning [1][2]. Group 1: Administrative Penalties - The company was ordered to correct its actions and received a fine of 500,000 yuan for the late disclosure of its 2024 annual report [1]. - The then Chairman and General Manager, Fan Minhua, was fined 200,000 yuan for not fulfilling his duties [1]. - Other individuals, Luo Tongning and Zhou Mao, received warning letters for their failure to perform due diligence regarding the company's disclosure obligations [1]. Group 2: Investor Compensation - Investors who purchased shares between April 26, 2022, and April 16, 2024, and still hold them, may voluntarily register for compensation through the "Sina Investor Rights Protection Platform" [2][4]. - The specific compensation range will be determined by the court [5]. - The legal team led by lawyer Zhao Jingguo has experience in handling securities disputes and has successfully represented investors in various compensation cases [5].

Core Viewpoint - The articles discuss ongoing investor compensation cases against companies Xilong Science and Puli Pharmaceutical due to false financial disclosures, highlighting the legal actions taken by investors and the financial discrepancies identified by regulatory authorities [1][2][4][5]. Group 1: Xilong Science - Xilong Science has faced legal actions due to false statements leading to investor compensation claims, with a recent case submitted to the Shantou Intermediate People's Court [1][4]. - The company was found to have inflated its financial figures significantly, with 2020 showing inflated revenue of approximately 597.65 million yuan, costs of about 595.99 million yuan, and profits of around 1.66 million yuan, representing 9.57%, 10.34%, and 2.04% of total revenue, costs, and profits respectively [1][4]. - For 2021, the inflated revenue was approximately 1.46 billion yuan, costs around 1.44 billion yuan, and profits about 13.48 million yuan, accounting for 21.32%, 22.98%, and 5.93% of total revenue, costs, and profits respectively [1][4]. Group 2: Puli Pharmaceutical - Puli Pharmaceutical is also facing investor compensation claims, with a recent case submitted to the Haikou Intermediate People's Court, where investors have won a preliminary judgment [2][5]. - The company was found to have overstated its revenue by approximately 514.60 million yuan in 2021, which constituted 34.11% of the reported revenue, and inflated profits by about 308.02 million yuan, making up 65.88% of the total profit [2][5]. - In 2022, the company overstated its revenue by approximately 515.90 million yuan, representing 28.56% of the reported revenue, and inflated profits by about 387.42 million yuan, which was 88.27% of the total profit [2][5]. Group 3: Legal Context - Investors who purchased shares of Puli Pharmaceutical between April 26, 2022, and April 17, 2024, or shares of Xilong Science between April 29, 2021, and April 29, 2023, are eligible to initiate compensation claims [3][6]. - The legal actions are being led by attorney Xu Feng from Shanghai Jucheng Law Firm, who has extensive experience in securities fraud cases [3][6].

登录新浪财经APP 搜索【信披】查看更多考评等级 2026年1月19日，上海久诚律师事务所股票索赔律师许峰代理的西陇科学（维权）（002584）虚假陈述 引发的投资者索赔案再向汕头市中级人民法院提交一次立案。（许峰律师专栏） 许峰律师代理的西陇科学投资者索赔案此前已收到汕头市中级人民法院送达的判决书，投资者获得胜 诉，西陇科学投资者索赔案已有投资者胜诉的生效判决。律师团队同步还在继续接受其他投资者的索赔 委托并推进索赔立案工作。（西陇科学维权入口） 2023年7月7日，西陇科学公告公司收到广东证监局《行政处罚决定书》，经查明，西陇科学信息披露违 法违规事实如下： 前期许峰律师代理的普利制药投资者索赔案收到海口市中级人民法院一审判决，投资者获得一审胜诉， 律师团队同步也还在继续接受其他投资者的索赔委托。 2025年3月21日，普利制药公告公司于2025年1月4日收到证监会下发的《行政处罚决定书》。经查明， 普利制药2021年多计营业收入514，604，184.72元，占当年披露营业收入的34.11%，对应营业成本 206，585，749.23元，多计利润总额308，018，435.49元，占当年披露利润总额的6 ...

Core Viewpoint - The article discusses the increasing scrutiny and enforcement actions by regulatory bodies in China against financial fraud in publicly listed companies, highlighting a significant rise in the number of cases and the decline in the amount of inflated revenue reported by these companies [1][2]. Regulatory Actions - Since July 2024, the China Securities Regulatory Commission (CSRC) has handled 159 financial fraud cases, resulting in 111 administrative penalties totaling 8.1 billion yuan [2]. - The regulatory framework has been strengthened to include criminal referrals and civil claims against third parties involved in financial fraud, ensuring a comprehensive accountability system [1][2]. Trends in Financial Fraud - In 2025, approximately 43 companies were penalized for inflating revenue, with a total inflated revenue of about 15 billion yuan, a significant decrease from over 600 billion yuan in 2024 [2][3]. - The number of companies involved in financial fraud is increasing, but the total amount of inflated revenue has decreased significantly, indicating a potential improvement in compliance [2][3]. Common Fraud Techniques - Common methods of financial fraud include fictitious business operations, premature revenue recognition, and transactions with related parties lacking commercial substance [3][4]. - Companies have also been found to underreport costs and expenses to inflate profits, with some instances of fraud lasting several years before detection [3][4]. Case Studies of Fraudulent Companies - Notable cases include: - Evergrande Group, which inflated revenue by over 560 billion yuan [3]. - ST Huawen, which inflated revenue by 3.62 billion yuan through improper accounting practices [4][5]. - ST Chuangyi, which inflated revenue by 3.93 billion yuan by misreporting income from sales [6][7]. - ST Meichen, which inflated revenue by 14.39 billion yuan over five years through fraudulent procurement practices [13][14]. Impact of Regulatory Actions - The regulatory crackdown has led to the delisting of several companies, including ST Meichen and ST Huawen, due to severe financial misconduct [12][21]. - The enforcement actions have resulted in a more stringent environment for financial reporting, with companies facing significant penalties and reputational damage for non-compliance [2][20].

Group 1 - The core issue revolves around the financial fraud committed by Puli Pharmaceutical, which led to its forced delisting due to severe violations of regulations [1][2][4] - The company inflated its revenue by 1.031 billion yuan and its profit by 695 million yuan during 2021 and 2022, representing over 30% of total disclosed revenue and 76.72% of total disclosed profit for those years [5][6] - The China Securities Regulatory Commission (CSRC) issued a penalty of 10 million yuan and mandated corrective actions, highlighting the serious nature of the violations [2][6] Group 2 - Despite the delisting, the company remains liable for civil compensation, and investors who purchased shares between April 26, 2022, and April 16, 2024, are eligible to file claims [2][6] - Ongoing legal proceedings are in place for investors to seek compensation for losses incurred due to the company's fraudulent activities [2][6]

Core Viewpoint - The article discusses the legal actions taken against Puli Pharmaceutical due to false reporting of sales revenue and profits, leading to investor claims and a recent appeal by the company against a favorable ruling for investors [1][3]. Financial Misreporting - Puli Pharmaceutical falsely reported sales revenue and profits by fabricating sales of finished and raw pharmaceutical products from 2021 to 2022. In 2021, the company overstated revenue by 436,606,838.34 yuan, which was 28.94% of the reported revenue, and overstated profit by 308,018,435.49 yuan, accounting for 65.88% of the reported profit [1][5]. - In 2022, the company overstated revenue by 456,639,341.72 yuan, representing 25.28% of the reported revenue, and overstated profit by 387,417,257.52 yuan, which was 88.27% of the reported profit [1][4]. Additional Revenue Misstatements - Puli Pharmaceutical also misreported revenue from non-controlling trade activities, leading to an additional overstatement of revenue by 77,997,346.38 yuan in 2021 (5.17% of reported revenue) and 59,259,735.84 yuan in 2022 (3.28% of reported revenue) [2][4]. Legal Proceedings and Investor Claims - The law firm representing investors, Shanghai Jiucheng Law Firm, is continuing to accept claims from investors who purchased Puli Pharmaceutical stock between April 26, 2022, and April 17, 2024, and subsequently sold or held the stock after April 17, 2024 [3][5]. - The firm has a history of successfully representing investors in similar cases, with nearly 200 cases won or settled favorably [3].

Group 1 - Hainan Airlines (600221) focuses on international, domestic, and regional air passenger and cargo transportation, operating nearly 1800 routes and covering all provinces in China, as well as over 100 international routes [1][30] - Hainan Airport (600515) operates major airports in Hainan and is involved in airport construction, management, and related industries, including aircraft maintenance and logistics [2][31] - Zhongtung High-tech (000657) is a state-owned enterprise focusing on the tungsten and hard alloy industry, with a complete industrial chain from tungsten ore to products, and is involved in high-end manufacturing sectors [3][32] Group 2 - Jinpan Technology (688676) is a key player in the new energy sector, specializing in the research and manufacturing of power distribution and control equipment, benefiting from supportive policies in Hainan [4][33] - Haixia Co., Ltd. (002320) controls important maritime transport routes, enhancing its passenger and cargo transport services, and is positioned to benefit from increased demand post-border closure [5][34] - Hainan Mining (601969) focuses on mineral resource extraction and processing, with products supporting the new energy battery industry, and is exploring green development models [6][35] Group 3 - Hainan Rubber (601118) is a leading enterprise in natural rubber production, extending its business into rubber products and international trade, leveraging Hainan's free trade policies [7][36] - Guangsheng Nonferrous (600259) specializes in non-ferrous metal mining and smelting, with a focus on rare earths and tungsten, essential for high-end manufacturing and new energy sectors [8][37] - Haima Automobile (000572) is transitioning into the new energy vehicle sector, supported by Hainan's policies, and is expanding its production capabilities [9][38] Group 4 - Haide Co., Ltd. (000567) focuses on distressed asset management, with a strategy to optimize asset allocation in the region, and is involved in photovoltaic projects [10][39] - Hainan Public Transport Group (603069) provides passenger transport services and is enhancing its operations through the integration of duty-free services [11][40] - Junda Co., Ltd. (002865) is engaged in the new energy sector, focusing on photovoltaic battery research and manufacturing, and is expanding its market presence [12][41] Group 5 - Luoniushan (000735) is involved in livestock farming and related industries, leveraging Hainan's agricultural resources to expand its market [13][42] - Jingliang Holdings (000505) focuses on oil processing and food manufacturing, utilizing Hainan's logistics advantages for trade [14][43] - Hainan Coconut Island (600238) specializes in alcoholic beverages, particularly health wines, and is expanding its market through tourism channels [15][44] Group 6 - Hainan Haiyao (000566) is a pharmaceutical manufacturer focusing on chemical raw materials and traditional Chinese medicine, benefiting from supportive policies for the pharmaceutical industry [16][45] - Hainan Ruize (002596) produces construction materials and is involved in tourism, aligning its business with Hainan's infrastructure development [17][46] - Hainan Expressway (000886) operates key highways in Hainan and is expanding its business through tourism and duty-free services [18][47] Group 7 - Puli Pharmaceutical (300630) specializes in chemical drug development and international market expansion, leveraging Hainan's trade policies [19][48] - Shennong Technology (300189) focuses on seed research and production, aiming to expand its market through trade policies [20][49] - Shuangcheng Pharmaceutical (002693) is dedicated to peptide drug development and international market expansion, supported by Hainan's policies [21][50] Group 8 - Xinlong Holdings (000955) specializes in non-woven fabrics and related products, with a focus on medical and industrial applications, and is exploring export opportunities [22][51] - ST Intercontinental (600759) is involved in oil and gas exploration and is expanding into the hydrogen energy sector [23][52] - Huawen Group (000793) operates in media, tourism, and supply chain services, aiming for growth through Hainan's logistics advantages [24][53]

Group 1 - The Haikou Intermediate People's Court ruled in favor of investors in the case against Puli Pharmaceutical, allowing claims for those who purchased shares between April 26, 2022, and April 17, 2024, and sold or held shares after April 17, 2024 [1][2] - Puli Pharmaceutical was found to have overstated its revenue by approximately 514.6 million yuan in 2021, which accounted for 34.11% of the reported revenue for that year, and by about 515.9 million yuan in 2022, representing 28.56% of the reported revenue for that year [1] - The company also overstated its total profit by 308 million yuan in 2021, which was 65.88% of the reported total profit, and by 387.4 million yuan in 2022, which was 88.27% of the reported total profit [1] Group 2 - The law firm representing investors in Puli Pharmaceutical is also pursuing claims against Hainan Huatie, which is currently awaiting court arrangements after multiple submissions for case filing [2] - Hainan Huatie announced the termination of a contract for a computing power service agreement worth 3.69 billion yuan due to significant changes in market conditions since the contract was signed [3] - Investors who bought Hainan Huatie shares between March 5, 2025, and October 1, 2025, and sold or held shares after October 1, 2025, may also initiate claims [3]

Core Viewpoint - The article discusses recent legal developments regarding investor claims against Pulil Pharmaceutical and Hainan Huatie, highlighting the outcomes of court rulings and ongoing legal actions related to alleged financial misconduct by these companies. Group 1: Pulil Pharmaceutical - On December 23, 2025, the Haikou Intermediate People's Court ruled in favor of investors in a claim against Pulil Pharmaceutical, with the legal team continuing to accept further claims from other investors [1][4]. - Pulil Pharmaceutical was found to have overstated its revenue by approximately 514.6 million yuan in 2021, which accounted for 34.11% of the reported revenue for that year, and by about 515.9 million yuan in 2022, representing 28.56% of the reported revenue for that year [1][4]. - The company also overstated its total profit by 308 million yuan in 2021 (65.88% of reported profit) and by 387.4 million yuan in 2022 (88.27% of reported profit) [1][4]. Group 2: Hainan Huatie - Hainan Huatie's investor claims are also being pursued, with a new case submitted to the Hangzhou Intermediate People's Court on December 23, 2025, following previous submissions [2][5]. - The company received a notice from the China Securities Regulatory Commission on October 16, 2025, regarding an investigation into alleged violations of information disclosure laws [2][5]. - Hainan Huatie announced the termination of a "Computing Power Service Agreement" with a subsidiary, citing significant changes in market conditions and a lack of purchase orders since the contract was signed [3][6].

Group 1 - The core issue revolves around the financial misconduct of Puli Pharmaceutical, which inflated profits by over 669 million yuan over two years, leading to a court ruling in favor of investors seeking compensation for their losses [1][3] - The Haikou Intermediate People's Court has ruled that Puli Pharmaceutical must compensate investors who suffered losses due to false financial reports, with the possibility of an appeal leading to a second trial [1][3] - The company was found to have fabricated sales of finished and raw pharmaceutical products, resulting in a total of 1.031 billion yuan in inflated revenue and 695 million yuan in inflated profits for the years 2021 and 2022, which constituted 31.08% and 76.72% of the reported annual figures, respectively [1][3] Group 2 - Investors who purchased shares between April 26, 2022, and April 16, 2024, and sold or still hold shares after April 17, 2024, are eligible to register for compensation [1][3] - The China Securities Regulatory Commission (CSRC) has stated that it will assist eligible investors in their claims against the company for losses incurred due to financial fraud [2][4] - The focus for investors now shifts to how the court will determine the compensation ratio and whether Puli Pharmaceutical has the financial capacity to pay [2][4]