HLSY(SZ:000622) Xin Lang Zheng Quan·2025-06-06 09:47Core Viewpoint - *ST Hengli is under investigation by the China Securities Regulatory Commission (CSRC) for suspected false disclosures in its annual report and other financial documents, facing a delisting risk due to failure to timely disclose periodic reports [1][14]. Financial Performance - *ST Hengli's revenue from 2021 to 2023 showed a significant decline, with revenues of 3.46 billion, 2.46 billion, and 1.11 billion respectively, reflecting year-on-year changes of 13.19%, -28.86%, and -54.74% [2]. - The company's net profit attributable to shareholders for the same period was 0.02 billion, -0.13 billion, and -0.11 billion, with year-on-year changes of -42.99%, -870.88%, and 13.40% [2]. Audit and Reporting Issues - The company faced challenges in its 2023 annual report, initially forecasting revenue of 1.5 billion to 1.8 billion, later revised down to 1 billion to 1.2 billion, a reduction of 33.33% [3]. - The audit report from Yongtuo Accounting Firm raised concerns about the company's ability to continue as a going concern, leading to a risk warning for delisting [3]. - *ST Hengli's failure to disclose over half of its board's assurances regarding the accuracy of the 2024 annual report resulted in a delisting risk warning from the Shenzhen Stock Exchange [3]. Legal Actions and Controversies - Following the receipt of a delisting warning, *ST Hengli filed a lawsuit against its auditing firm, Xutai, claiming damages of 38.27 million due to delays in the audit report [1][6]. - The company appointed a new auditor, Tangtang, without following the required shareholder meeting procedures, raising compliance concerns [10]. Revenue Adjustment Attempts - On May 31, *ST Hengli attempted to adjust its 2023 revenue figures by hiring Tangtang to issue a new verification report, arguing that certain income should not have been deducted [7]. - The company had previously accepted the auditor's opinion on revenue deductions without objection, leading to questions about the legitimacy of its recent claims [8]. Regulatory Compliance Issues - *ST Hengli's disclosures regarding its financial adjustments were not made through the designated media, violating regulatory requirements [13]. - The company justified its internal announcement process by claiming that relevant personnel at the Shenzhen Stock Exchange failed to disclose information in a timely manner, which does not absolve it of compliance responsibilities [13].