审计机构反目与年报“难产”双杀：*ST恒立29年资本长跑终陷退市泥潭

Core Viewpoint - *ST Hengli has triggered delisting mechanisms due to failure to disclose its 2024 annual report and 2025 Q1 report within the statutory deadline, leading to an investigation by the China Securities Regulatory Commission (CSRC) and a series of internal governance issues, including executive resignations and lawsuits against the auditing firm [1][2][3] Group 1: Event Context - The company failed to disclose its annual report by the deadline of April 30, 2025, primarily due to the auditing firm Shenzhen Xutai CPA's inability to provide an audit report on time [1] - The auditing firm faced criticism for unprofessional staffing, lack of solid audit evidence, and poor communication, resulting in a flawed report submitted just before the deadline [1][2] Group 2: Financial Indicators and Audit Disputes - The company's 2024 performance forecast indicates expected revenue between 300 million to 350 million yuan, but the auditing firm raised objections regarding revenue recognition methods, particularly for trade business [2] - If the confirmed revenue falls below 300 million yuan, the company will face financial delisting conditions, exacerbating concerns over the credibility of its financial data [2] Group 3: Internal Turmoil Reflected in Lawsuits and Executive Departures - The company has filed a lawsuit against the auditing firm and four individuals for 38.27 million yuan, claiming that their actions led to the delay in the annual report [3] - Two executives resigned on the same day the delisting notice was received, indicating a pessimistic outlook on the company's future [3] Group 4: Disputed Focus and Responsibility Game - The responsibility of the auditing firm is under scrutiny, with questions about its professionalism and contractual compliance [4] - The new controlling shareholder's efforts to restructure debts and acquire assets have not reversed the company's declining performance, as indicated by a revenue of only 70.05 million yuan and a loss of 16.21 million yuan in the first three quarters of 2024 [4] - The CSRC's investigation focuses on the company's failure to disclose reports on time, with potential penalties if financial fraud or malicious delays are confirmed [4] Group 5: Potential Impact and Market Warning - If *ST Hengli is ultimately delisted, it will serve as a significant case under the registration system, reflecting the strict enforcement of financial delisting standards [5] - The incident highlights the risks associated with smaller accounting firms taking on high-risk projects, which may lead to regulatory penalties and reputational damage for the auditing firm [5] Group 6: Investor Caution and Regulatory Recommendations - Investors are advised to be cautious of companies with prolonged poor performance and frequent changes in auditing firms [6] - There is a call for regulatory improvements in the annual report disclosure emergency mechanism to prevent delisting due to audit disputes [6]