Core Viewpoint - Shengyuan Environmental Protection's subsidiary incurred significant losses from a private equity investment, leading to regulatory warnings for the company and its executives due to delayed disclosure of the losses [1][3]. Group 1: Investment Losses - The subsidiary, Xiamen Jinlingji Construction Engineering Co., Ltd., invested 60 million yuan in a private equity fund, suffering a loss exceeding 80% within nine months [1][5]. - As of December 25, the fund's latest net asset value was 0.1846, reflecting a cumulative net value growth rate of -81.54%, resulting in a loss of approximately 46.92 million yuan, which exceeds 10% of the company's audited net profit for the last fiscal year [6]. Group 2: Regulatory Actions - The China Securities Regulatory Commission (CSRC) issued a warning letter to Shengyuan Environmental Protection and several executives for failing to disclose the investment losses in a timely manner [1][3]. - The Shenzhen Stock Exchange also issued a regulatory letter to the company and its executives, highlighting the violation of disclosure regulations [3]. Group 3: Compensation Commitments - The controlling shareholders, Zhu Yuxuan and Zhu Hengbing, committed to compensating for the investment losses to protect the interests of the company and its shareholders [5][6]. - They pledged to make the compensation payment to a designated company account by the latest date of the company's 2025 annual report disclosure [6].

Core Viewpoint - The announcement by Shengyuan Environmental on December 26, 2025, revealed significant losses from a private fund investment, highlighting issues within the private fund industry, including risk control failures and potential falsification of net asset values [1][5]. Investment Losses - Shengyuan Environmental's wholly-owned subsidiary, Xiamen Jinlingji, invested 60 million yuan in a private fund, which saw its net value plummet to 0.1846 yuan within nine months, resulting in a loss of 46.92 million yuan, exceeding 10% of the company's audited net profit for the last fiscal year [1][3]. Risk Control Measures - The private fund contract included several risk control measures, such as limiting single asset investments to no more than 25% of net assets and requiring cash assets to exceed 50% when net value fell below 0.8. However, these measures were not effectively implemented [3][4]. - Specific failures included unauthorized trading by the fund manager and a lack of adherence to information disclosure requirements, leading to the potential falsification of net asset values [4][5]. Fund Performance - The fund's net value dropped from 0.9215 yuan on December 4 to 0.2596 yuan by December 11, marking a 71.83% decline in just one week, with cumulative losses reaching 81.54% by December 25 [4][6]. Regulatory Actions - Following the discovery of the significant losses, Shengyuan Environmental established a special task force and reported the matter to law enforcement and the China Securities Regulatory Commission [8]. - The company's major shareholders committed to compensating for the investment losses, and the company received a warning from the Xiamen Securities Regulatory Bureau for failing to disclose the losses in a timely manner [11]. Industry Context - The case of Shengyuan Environmental is not isolated, as other companies have also faced substantial losses in private fund investments, underscoring the inherent risks associated with private fund management and the importance of regulatory oversight [10].

圣元环保收到监管警示函，对公司及董事长朱煜煊、总经理朱恒冰、董秘陈文钰采取出具警示函的监管 措施，并记入诚信档案 短短一周时间，基金总资产净值从5529万元掉落至1558万元，最终累计亏损达到4692万元，累计净值增 长率为-81.54%……12月26日晚间，圣元环保（300867.SZ）的一则投资理财进展公告令人惊掉下巴。 根据圣元环保公告，公司全资子公司厦门金陵基建筑工程有限公司（下称"厦门金陵基"）投资的"深博 宏图成长1号私募证券投资基金"产品（下称"宏图成长1号"）遭遇重大亏损。 由于未及时对外披露，周末，圣元环保收到厦门证监局的警示函，对圣元环保及董事长朱煜煊、总经理 朱恒冰、董秘陈文钰采取出具警示函的监督管理措施，并将相关情况记入诚信档案。 踩雷！巨亏！ 公告显示：2025年2月和3月，圣元环保下属全资子公司厦门金陵基与私募基金管理人深圳深博信投投资 管理有限公司（下称"深博信投"）、招商证券分别共同签署了基金合同。 厦门金陵基使用闲置自有资金，作为单一投资者认购了由私募基金管理人深博信投发行的"深博宏图成 长1号私募证券投资基金"产品（下称"宏图成长1号"），认购份额为6000万元整。 该基金 ...

此前在12月26日晚，圣元环保发布公告称，公司下属全资子公司厦门金陵基建筑工程有限公司（简 称"厦门金陵基"）以6000万元闲置资金认购的私募产品遭遇大幅亏损。截至12月25日，该基金单位净值 仅剩0.1846元，累计亏损达4692万元，亏损幅度高达81.54%，且亏损金额已超过公司最近一个会计年度 经审计净利润的10%。详见6000万理财，巨亏81%！上市公司：已报警 圣元环保表示，公司虽已采取多项挽回措施，但仍可能存在部分投资本金无法收回的风险，本次亏损或 将对公司2025年度经营业绩产生较大影响。 值得注意的是，12月27日，公司收到控股股东、实际控制人朱煜煊先生与朱恒冰先生提交的《关于"深 博宏图成长1号私募证券投资基金"产品投资本金损失采取先行补偿的承诺函》。为最大限度保障公司及 股东利益，二人作为公司控股股东、实际控制人郑重承诺：就前述基金产品投资本金损失先行补偿，最 终补偿金额为公司初始投资本金（人民币陆仟万元整）扣除该基金届时赎回到账金额及公司通过相关措 施实际追回的全部款项后的差额。 资料显示，圣元环保主营业务为城镇固液废专业化处理，主要包括生活垃圾焚烧发电和生活污水处理。 2025年前三季 ...

Core Viewpoint - The company, Shengyuan Environmental Protection, has reported significant losses due to alleged misconduct by its fund manager, Shenzhen Shenboxin Investment Management Co., Ltd., and its custodian, China Merchants Securities. The company plans to take legal action against both parties for their violations, including unauthorized trading and failure to disclose information properly [3][10]. Group 1: Incident Overview - Shengyuan Environmental Protection's subsidiary, Xiamen Jinlingji, invested 60 million yuan in a private equity fund managed by Shenboxin, which was supposed to invest in various asset classes [5]. - The fund's net asset value plummeted from 55.29 million yuan on December 4 to 15.58 million yuan by December 11, indicating a loss of over 70% in just one week [6][7]. - The company was aware of the significant losses by December 12 but did not disclose this information until December 26, leading to regulatory warnings [3][12]. Group 2: Financial Impact - The total loss incurred by Shengyuan Environmental Protection from this investment is approximately 47 million yuan, which represents about 28.31% of the company's net profit for the previous year [4][6]. - The fund's unit net value decreased from 0.9215 yuan to 0.2696 yuan within a week, reflecting a cumulative net value growth rate of -74.04% [7]. Group 3: Legal and Regulatory Actions - The company has reported the incident to law enforcement and the China Securities Regulatory Commission, seeking legal recourse against Shenboxin and China Merchants Securities [10]. - On December 27, the company received warning letters from the Xiamen Securities Regulatory Bureau and the Shenzhen Stock Exchange for failing to disclose the investment losses in a timely manner [12][13]. - The actual controllers of the company have committed to compensating the losses to protect the interests of minority shareholders [9][10].

Core Viewpoint - The case of Shengyuan Environmental Protection highlights significant risks in the asset management industry, particularly regarding transparency and risk control mechanisms, as a company suffered an over 80% loss on a 60 million investment due to alleged fraudulent activities by the fund manager [1][3]. Group 1 - The company attempted a redemption on December 9, only to discover on December 12 that the net value plummeted from 0.92 to 0.26, indicating a severe loss in asset value [3]. - The actual controllers of the company had previously promised to provide a "bottom line" compensation, yet the company received a warning letter from the Securities Regulatory Commission for information disclosure violations shortly after [3]. - This incident serves as a warning to all investors, both institutional and retail, about the opaque nature and inadequate risk controls of certain private equity products [4]. Group 2 - The company emphasizes two critical investment strategies: first, to thoroughly understand the underlying assets and risk control logic of financial products before investing; second, to respect regulatory rules, as even listed companies and professional teams can fall into traps [4]. - The incident raises questions about whether such financial "blow-up" events are isolated cases or indicative of broader issues within the asset management industry [4]. - Investors are encouraged to share their experiences in identifying risks associated with financial products, highlighting the importance of vigilance in investment decisions [4].

Core Viewpoint - Shengyuan Environmental Protection (300867.SZ) announced significant losses from a financial product investment, which may impact its 2025 operating performance [2][3] Group 1: Financial Losses and Impact - The subsidiary of Shengyuan Environmental Protection incurred a loss of 81.54% on a 60 million yuan private equity fund investment, exceeding 10% of the company's annual net profit [2][8] - The fund's net value plummeted from 0.9215 yuan to 0.1846 yuan, resulting in a total loss of approximately 46.92 million yuan [8][9] - The company reported a revenue of 1.15 billion yuan and a net profit of 211 million yuan for the first three quarters of the year, with a slight revenue decline of 0.67% but a profit increase of 43.22% year-on-year [9] Group 2: Management Response and Legal Actions - Following the discovery of the losses, the company established a special task force and initiated emergency measures, including reporting to law enforcement [9] - The controlling shareholders committed to compensating for the investment loss, with the final compensation amount to be determined after accounting for any recovered funds [3][6] - The company received a warning letter from the Xiamen Securities Regulatory Bureau for failing to disclose the losses in a timely manner [6][7] Group 3: Company Background and Stock Performance - Shengyuan Environmental Protection specializes in urban solid and liquid waste treatment, with over 80% of its revenue derived from waste incineration power generation [9] - As of December 26, the company's stock price was 19.69 yuan per share, with a total market capitalization of 5.4 billion yuan, reflecting a year-to-date increase of over 52% [10]

Core Viewpoint - Shengyuan Environmental Protection (300867.SZ) announced significant losses from a wealth management product, with a cumulative loss of 81.54% exceeding 10% of the annual net profit, which may impact the company's 2025 performance [1][11]. Group 1: Financial Losses and Responses - The company disclosed a loss of approximately 46.92 million yuan from a 60 million yuan investment in a private equity fund, with the net asset value dropping from 0.9215 yuan to 0.1846 yuan [7][14]. - Following the loss, the company established a special task force and initiated emergency measures, including reporting to law enforcement due to suspected violations by the fund manager [15]. - The controlling shareholders committed to compensating the company for the investment loss, with the final compensation amount to be determined after accounting for any recovered funds [2][11]. Group 2: Regulatory Actions - The company and its executives received a warning letter from the Xiamen Securities Regulatory Bureau for failing to disclose the significant losses in a timely manner [3][13]. - Key executives, including the chairman and general manager, were held primarily responsible for the lack of diligence in managing the investment [13]. Group 3: Company Performance and Market Position - Shengyuan Environmental Protection's main business involves specialized treatment of urban solid and liquid waste, with waste incineration power generation contributing over 80% of its revenue [8]. - For the first three quarters of the year, the company reported revenues of 1.15 billion yuan, a slight decrease of 0.67%, while net profit increased by 43.22% to 211 million yuan [8][15]. - As of December 26, the company's stock price was 19.69 yuan per share, with a total market capitalization of 5.4 billion yuan, reflecting a year-to-date increase of over 52% [9][16].

Core Viewpoint - Shengyuan Environmental Protection (300867.SZ) announced significant losses from a financial product investment, with a loss of 81.54% exceeding 10% of the annual net profit, which may impact the company's 2025 performance [1][6]. Group 1: Financial Loss Announcement - On December 26, Shengyuan Environmental Protection disclosed that its wholly-owned subsidiary incurred substantial losses from a private equity fund investment, amounting to a loss of over 60 million CNY [1]. - The company has initiated legal actions, including police reports, to recover losses, indicating potential significant impacts on its 2025 financial results [1][6]. - The next day, the controlling shareholders committed to compensating the investment loss, with the final compensation amount dependent on the recovery of funds [1][2]. Group 2: Regulatory Actions - On December 27, the company and its executives received a warning letter from the Xiamen Securities Regulatory Bureau for failing to disclose the investment losses in a timely manner [2][4]. - Key executives, including the chairman and general manager, were held primarily responsible for the disclosure violations [4]. Group 3: Investment Details and Performance - The investment in the private equity product began in March 2025, with an initial investment of 60 million CNY [5]. - The fund's net value plummeted from 0.9215 CNY to 0.2596 CNY within a week, leading to a cumulative loss of approximately 46.92 million CNY, which is over 10% of the company's audited net profit for the last fiscal year [6][7]. - As of December 26, Shengyuan Environmental Protection's stock price was 19.69 CNY, with a total market capitalization of 5.4 billion CNY, reflecting a year-to-date increase of over 52% [7].

Core Viewpoint - Shengyuan Environmental Protection announced a significant loss from a financial investment by its wholly-owned subsidiary, leading to a warning from the Xiamen Securities Regulatory Bureau for failing to disclose the loss in a timely manner [1][3][7] Group 1: Financial Loss and Disclosure - Shengyuan Environmental Protection's subsidiary, Xiamen Jinlingji Construction Engineering Co., Ltd., invested 60 million yuan in a private equity fund, which reported a cumulative net value growth rate of -81.54% as of December 25, resulting in a loss of approximately 46.92 million yuan, exceeding 10% of the company's audited net profit for the last fiscal year [1][3][6] - The company disclosed the loss on December 26, violating regulations regarding timely disclosure [3][9] Group 2: Management Accountability - The chairman, general manager, and board secretary of Shengyuan Environmental Protection were held primarily responsible for the company's failure to fulfill their diligence obligations regarding the disclosure of the financial loss [3][9] Group 3: Compensation Commitment - The controlling shareholders, Zhu Yuxuan and Zhu Hengbing, committed to compensating the investment loss to protect the interests of the company and its shareholders, with the compensation amount being the initial investment of 60 million yuan minus any recoverable amounts [3][5][11] - They pledged to complete the compensation payment by the time of the company's 2025 annual report disclosure, using their own or raised funds [5][11] Group 4: Company Background and Financial Performance - Shengyuan Environmental Protection specializes in waste incineration power generation and sewage treatment, having been listed on the ChiNext board in August 2020 [6][12] - For the first three quarters of the year, the company reported revenue of approximately 1.15 billion yuan, a decrease of 0.67% year-on-year, while the net profit attributable to shareholders increased by 43.22% to approximately 211 million yuan [6][12]