Group 1 - The China Securities Regulatory Commission (CSRC) has initiated an investigation into the company for suspected violations of information disclosure regulations [2] - The company announced that it received a notice from the CSRC on December 26, 2025, regarding the investigation [2] - The company identified accounting errors related to the recognition of revenue in a sales contract for the fiscal year 2024, leading to corrections in its financial reports [4] Group 2 - The company corrected a total of 22.71 million yuan in revenue and 17.12 million yuan in total profit for the fiscal year 2024 due to the accounting error [4] - The corrected net profits for the company were reported as 71.32 million yuan and 5.56 million yuan for the fiscal years 2024 and the first three quarters of 2025, respectively [4] - The company's net assets were adjusted to 928 million yuan and 919 million yuan at the end of 2024 and the third quarter of 2025, respectively [5] Group 3 - The company is a national high-tech enterprise primarily engaged in the research, production, testing, and sales of power semiconductor devices and equipment [5] - The company's products include high-voltage direct current valve thyristors, general components, and power electronic devices [5] - As of December 26, the company's stock price was 13.02 yuan per share, with a total market capitalization of 4.166 billion yuan [6]

Core Viewpoint - On December 26, 2025, the China Securities Regulatory Commission (CSRC) decided to initiate an investigation against Pairui Co., Ltd. for suspected violations of information disclosure regulations [2][4]. Group 1: Investigation and Disclosure - Pairui Co., Ltd. announced that it received a "Notice of Investigation" from the CSRC due to suspected violations of information disclosure [4][8]. - The company conducted a self-examination and discovered accounting errors related to the recognition of revenue in a sales contract for the year 2024, leading to corrections in its financial reports [6][9]. Group 2: Financial Corrections - The company corrected its financial statements for the third quarter of 2024, annual report for 2024, and the first two quarters of 2025, with a total of 22.71 million yuan in revenue and 17.12 million yuan in profit being understated [9]. - After the corrections, the net profit attributable to the parent company for 2024 and the first three quarters of 2025 was adjusted to 71.32 million yuan and 5.56 million yuan, respectively, compared to the previous figures of 56.78 million yuan and 20.11 million yuan [9]. - The corrected net assets attributable to the parent company at the end of 2024 and the end of the third quarter of 2025 were reported as 928 million yuan and 919 million yuan, respectively, compared to the previous figures of 914 million yuan and 919 million yuan [9]. Group 3: Company Operations and Market Position - Pairui Co., Ltd. stated that the corrections would not change the profit or loss nature of the previously disclosed annual financial statements, nor would it result in negative net assets [10]. - The company continues to operate normally and is actively cooperating with the CSRC regarding the investigation [10]. - As of December 26, 2025, Pairui's stock price was 13.02 yuan per share, with a total market capitalization of 4.166 billion yuan [10].

公开资料显示，ST长园核心业务包括智能电网设备与能源互联网技术服务、消费类电子及其他领域智 能设备、磷酸铁锂材料。今年前三季度，公司实现营业收入54.38亿元，同比减少1.34%；实现归母净利 润-3.28亿元。 多家A股公司被证监会立案调查。 12月26日晚间，截至发稿，有4家A股公司发布公告称，涉嫌信息披露违法违规被中国证监会立案。具 体来看： ST长园（600525）公告称，公司于2025年12月26日收到中国证监会下发的《立案告知书》。因公司涉 嫌信息披露违法违规，根据相关法律法规，中国证监会决定对公司立案。ST长园表示，目前公司各项 生产经营活动正常开展。立案调查期间，公司将积极配合中国证监会的调查工作，并严格按照相关法律 法规及监管要求及时履行信息披露义务。 臻镭科技（688270）公告称，公司于2025年12月26日收到中国证监会下发的《立案告知书》，因公司涉 嫌信息披露违法违规，根据相关法律法规，中国证监会决定对公司予以立案。目前公司各项经营管理、 业务及财务状况均正常。 就在两天前，臻镭科技发布了《关于前期会计差错更正的公告》，公告显示，公司全资子公司杭州城芯 科技有限公司2022年营业收入 ...

Group 1 - The National Venture Capital Guiding Fund has officially launched with a government investment of 100 billion yuan, expected to leverage over 1 trillion yuan in social capital for strategic emerging industries such as integrated circuits, artificial intelligence, and quantum technology [3] - The People's Bank of China (PBOC) emphasizes the need to improve the policy environment for long-term investments, aiming to increase the scale and proportion of medium- and long-term funds invested in A-shares [4] - The Shanghai Stock Exchange has released guidelines to support commercial rocket companies, allowing them to list on the Sci-Tech Innovation Board under specific conditions [3] Group 2 - The Ministry of Industry and Information Technology has outlined ten key tasks for 2026, including addressing "involution" competition and supporting artificial intelligence initiatives [4] - The industrial economy is projected to grow by 5.9% in 2025, with digital industry revenue expected to increase by around 9% [4] - The National Bureau of Statistics has confirmed that China's GDP for 2024 is 13.48 trillion yuan, with a year-on-year growth of 5.0% [4] Group 3 - The A-share market experienced a slight increase, with the Shanghai Composite Index rising by 0.10% to 3963.68 points, marking an eight-day winning streak [6] - The PBOC and the State Administration of Foreign Exchange have clarified that funds raised from overseas listings can be repatriated in foreign currency or RMB [7] - The China Securities Regulatory Commission is taking strict measures against *ST Chang Pharmaceutical for serious financial fraud, proposing fines and initiating delisting procedures [7] Group 4 - The first batch of national-level zero-carbon parks has been announced, with 52 parks expected to generate a total output value of 3.54 trillion yuan [5] - The Ministry of Finance and other departments have issued guidelines to enhance the role of government financing guarantee systems in supporting labor-intensive small and micro enterprises [5] - The PBOC has included agricultural facilities and clearly owned livestock in the scope of agricultural rural mortgage financing to promote rural revitalization [5]

Core Viewpoint - The company, Pairui Co., Ltd. (300831), has received a notice from the China Securities Regulatory Commission (CSRC) regarding an investigation into alleged violations of information disclosure laws, linked to prior accounting errors [2][4]. Group 1: Investigation and Accounting Errors - The investigation is related to accounting errors identified in the company's financial reports for 2024 and 2025, specifically concerning the recognition of revenue from a sales contract [4][6]. - The company confirmed that the accounting error resulted in an understatement of revenue by approximately 22.71 million yuan, which is 11.84% of the revenue for the period, and a corresponding understatement of total profit by about 17.12 million yuan, accounting for 26.18% of the annual profit [6]. Group 2: Financial Reporting and Adjustments - Pairui Co., Ltd. has engaged the accounting firm ShineWing Certified Public Accountants to conduct a special verification of the accounting errors, and the corrections will be made using the retrospective restatement method [6]. - The company has released corrected financial reports for the third quarter of 2025, the first quarter of 2025, the half-year report of 2025, the annual report of 2024, and the third quarter report of 2024 [7]. Group 3: Company Background and Current Status - Established in 2010, Pairui Co., Ltd. is a wholly-owned subsidiary of the Xi'an Power Electronics Technology Research Institute, which remains the largest shareholder with a 39.55% stake [7]. - The company specializes in the design, development, production, and service of power semiconductor discrete devices, power electronic conversion devices, and testing equipment, holding a leading market share in high-voltage, high-power, and large-diameter high-grade thyristors [7]. - As of December 26, the company's stock price was 13.02 yuan per share, down 0.53% from the previous trading day, with a total market capitalization of 4.166 billion yuan [9].

多家A股公司被证监会立案调查。 派瑞股份（300831）公告称，公司于2025年12月26日收到中国证监会下发的《中国证券监督管理委员会 立案告知书》，因公司涉嫌信息披露违法违规，根据相关法律法规，中国证监会决定对公司立案。 公告显示，公司于2025年4月17日收到中国证券监督管理委员会陕西监管局下发的《现场检查通知 书》。针对监管关注事项及公司自查发现，2024年度一笔销售合同中部分收入存在延期确认的会计处理 差错；同时根据会计准则及信息披露相关规定，公司对所涉定期报告进行会计差错更正及追溯调整。 派瑞股份表示，截至本公告披露日，经公司自查，目前没有其他根据法律法规应披露未披露的重大事 项，公司尚未收到中国证监会的最终调查结论，立案调查事项的最终调查结果将以中国证监会出具的结 论为准。目前公司各项经营活动和业务均正常开展。 大烨智能（300670）公告称，公司于2025年12月26日收到中国证监会下发的《立案告知书》，因公司涉 嫌信息披露违法违规，根据相关法律法规，中国证监会决定对公司立案。立案调查期间，公司将积极配 合中国证监会的各项工作，严格按照相关规定及监管要求履行信息披露义务。目前，公司各项生产经营 ...

Mergers and Acquisitions - Huasoft Technology plans to acquire 67% stake in Shandong Lain Optoelectronics, which focuses on the R&D, production, and sales of safety light curtains and related products [1] - TCL Technology's subsidiary TCL Huaxing successfully acquired 80% stake in Fujian Zhaoyuan Optoelectronics and related debts for a total price of 490 million yuan [2] Shareholding Changes - XCMG Machinery's controlling shareholder plans to increase its stake in the company by no less than 80 million yuan and no more than 160 million yuan within six months starting from December 26, 2025 [3] - Chipone Technology's shareholder, the National Integrated Circuit Industry Investment Fund, plans to reduce its stake by up to 1.7%, amounting to a maximum of 893.96 million shares [4] - Huachen Equipment's actual controllers plan to reduce their stake by up to 2%, totaling a maximum of 507.08 million shares within three months after the announcement [5] Investment Agreements - Jinjiang Shipping plans to invest no more than 1.94 billion yuan to build 4+4 container ships with a capacity of 1800 TEU [6] - Zhiguang Electric's subsidiary signed a sales contract worth 119 million yuan for high-voltage cascade energy storage systems [7] - Chalco International signed a project contract worth approximately 14 billion yuan with an overseas client, with no related party relationships involved [8] Regulatory Issues - Pairui Co. is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure, with issues related to revenue recognition in a sales contract [9] - *ST Chang Pharmaceutical is facing a potential major illegal delisting due to false financial reporting from 2021 to 2023, which inflated revenue and profit figures [10]

Core Viewpoint - Multiple A-share companies are under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, which may impact their operations and investor confidence [1][4]. Group 1: Companies Under Investigation - ST Changyuan (600525) received a notice from the CSRC on December 26, 2025, regarding an investigation for suspected information disclosure violations. The company reported a revenue of 5.438 billion yuan for the first three quarters of the year, a year-on-year decrease of 1.34%, and a net profit attributable to shareholders of -328 million yuan [1]. - Zhenlei Technology (688270) also received a notice from the CSRC on December 26, 2025, for similar reasons. The company stated that its operations and financial status remain normal [2]. - Pairui Co., Ltd. (300831) was notified by the CSRC on December 26, 2025, about an investigation for suspected information disclosure violations. The company is currently conducting self-inspections and has not disclosed any other significant matters [3]. - Daye Intelligent (300670) received a notice from the CSRC on December 26, 2025, for suspected information disclosure violations. The company confirmed that its operations are normal and that the investigation will not significantly impact its business activities [4]. Group 2: Financial Discrepancies and Corrections - Zhenlei Technology announced a correction regarding a prior accounting error involving 8.4265 million yuan in revenue, which accounted for 3.47% of its total revenue for 2022. The revenue recognition was adjusted from 2022 to 2025 [2].

Core Viewpoint - The company, Pairui Co., has received a notice from the China Securities Regulatory Commission (CSRC) regarding a formal investigation due to suspected violations of information disclosure laws [1][3] Group 1: Investigation Details - The investigation is closely related to previously disclosed accounting errors, specifically concerning the recognition of revenue in a sales contract for the fiscal year 2024 [3] - The company had previously received a notice from the Shaanxi Regulatory Bureau of the CSRC on April 17, 2025, prompting a self-examination that revealed the accounting treatment error [3] - The formal investigation indicates that the regulatory body is initiating a thorough inquiry into the issue and the related information disclosure [3] Group 2: Company Operations and Compliance - The company asserts that all business operations are currently proceeding normally and that there are no other significant matters that should have been disclosed but were not [3] - Pairui Co. emphasizes that the final outcome of the investigation will depend on the conclusions drawn by the CSRC [3] - During the investigation, the company will actively cooperate with the CSRC and adhere strictly to disclosure obligations as required by regulators [3] Group 3: Business Context - Pairui Co. specializes in the research, development, production, and service of high-power semiconductor devices [3] - Typically, being investigated for information disclosure violations can negatively impact a company's stock price and market reputation, particularly when it involves key financial data such as revenue recognition [3] - Such accounting errors often raise investor concerns regarding the effectiveness of the company's internal controls and the authenticity of its financial information [3]

Group 1 - Multiple companies, including Zhenlei Technology, Pairui Co., Daye Intelligent, ST Changyuan, and Zhihua Power, received notices from the China Securities Regulatory Commission (CSRC) on December 26, 2025, regarding investigations for suspected violations of information disclosure laws [1][1][1][1][1] - Zhihua Power's actual controllers, Wu Jiwei and Chen Yichun, were fined a total of 1.5 million yuan, with Wu Jiwei responsible for 1 million yuan and Chen Yichun for 500,000 yuan. Additionally, the former deputy general manager, Chen Danhua, was fined 800,000 yuan for illegal stock reduction [1] Group 2 - Hainan Huatie announced that it received a notice from the CSRC regarding suspected violations of information disclosure laws in 2025. The company and related responsible persons received an administrative penalty notice, with the CSRC's Zhejiang Regulatory Bureau proposing a fine of 8 million yuan and individual fines for Hu Danfeng, Zhang Qi'ao, and Guo Haibin of 4 million yuan, 2.6 million yuan, and 2.6 million yuan, respectively [2]