子公司会计差错“露馅”，嘉澳环保又因财报问题被立案

Core Viewpoint - Jiaao Environmental has been investigated by the China Securities Regulatory Commission (CSRC) for information disclosure violations, marking the second time in five years the company has faced such scrutiny [2][5]. Financial Reporting Issues - The company has a history of frequent financial report corrections, with the latest investigation stemming from accounting errors related to its subsidiaries, which led to inaccurate disclosures in annual reports for 2022 and 2023 [3][4]. - In April 2023, Jiaao Environmental adjusted its financial statements, reducing construction in progress by 1.52 billion yuan and 1.53 billion yuan for 2022 and 2023, respectively, while increasing fixed assets by 1.33 billion yuan and 1.2 billion yuan [3]. Previous Violations - In its previous investigation, Jiaao Environmental was found to have inflated revenue and understated net profit across multiple financial reports from 2019 to 2020, resulting in fines totaling 300 million yuan for the company and its executives [4][6]. Financial Performance - The company has reported continuous losses over the past three years, with a cumulative loss exceeding 400 million yuan from 2022 to 2024 [6][7]. - As of the first quarter of 2023, Jiaao Environmental's revenue was 4.67 billion yuan, a year-on-year decrease of 6.59%, with net losses of 470.39 million yuan [6]. Debt Situation - Jiaao Environmental's total liabilities have been increasing, with figures of 1.898 billion yuan, 2.155 billion yuan, and 4.684 billion yuan for the years 2022 to 2024, leading to an asset-liability ratio exceeding 80% as of March 2023 [7]. Stock Market Activity - Despite the company's financial struggles, its stock price has seen significant increases, rising from 18 yuan to over 60 yuan since mid-2022, with a peak of 65.54 yuan in March 2023 [7]. - Some shareholders have announced plans to reduce their holdings, with one major shareholder intending to sell up to 750,000 shares, representing 1% of the total share capital [8].