HNPOLY(SZ:300630) Sou Hu Cai Jing·2025-03-24 09:55Core Viewpoint - The China Securities Regulatory Commission (CSRC) has imposed strict penalties on Hainan Puli Pharmaceutical Co., Ltd. for significant false reporting in its annual reports for 2021 and 2022, leading to a forced delisting process due to violations exceeding 50% of reported profits [3][5]. Group 1: Regulatory Actions - The CSRC announced administrative penalties against Puli Pharmaceutical for major false records in its annual reports, with a total profit inflation exceeding 500 million yuan over two years [3]. - The Shenzhen Stock Exchange has initiated the process for the termination of Puli's stock listing due to these violations [3][5]. - The company has issued 11 risk warning announcements since the initial notice of administrative penalties [5]. Group 2: Financial Misconduct - Puli Pharmaceutical inflated its revenue by 1.03 billion yuan, accounting for 31.08% of the total reported revenue over the two years [6]. - The inflated profit totaled 695 million yuan, representing 76.72% of the total reported profit for the same period [6]. - In 2021, the profit inflation was 308 million yuan, which was 65.88% of the reported profit for that year, while in 2022, it was 387 million yuan, making up 88.27% of the reported profit [6]. Group 3: Legal and Financial Implications - The CSRC has imposed a total fine of 24.2 million yuan on the company and six responsible individuals, with significant penalties including a 5 million yuan fine and a 10-year market ban for one individual [6]. - A lawsuit involving investors against Puli Pharmaceutical and its accounting firm is scheduled for April 9, 2024, with potential civil compensation for affected investors [6]. - The company currently has over 2 billion yuan in interest-bearing liabilities, facing increased repayment pressure following the delisting [7].