彩妆品牌佩冉控股公司退市倒计时，曾连续四年财务造假

Core Viewpoint - The domestic cosmetics brand Peiran Holdings has entered a delisting process due to financial irregularities and failure to pass audits, with its stock expected to cease trading by July 14, 2025 [1][4]. Financial Performance - The company, originally named Shenzhen Jiuyou Co., Ltd., has experienced significant fluctuations in its financial performance, with reported revenues of 306 million yuan in 2022, 404 million yuan in 2023, and 504 million yuan in 2024, marking a year-on-year increase of 24.63% in 2023 [2]. - The net profit attributable to shareholders showed a recovery in 2024, reaching 20.86 million yuan, compared to losses of 67.87 million yuan in 2023 and 80.26 million yuan in 2022 [2]. - The cosmetics segment saw a revenue increase of 118.84% in 2024, achieving 376 million yuan, with a gross margin improvement of 4.45 percentage points to 59.17% [2]. Audit and Compliance Issues - The company received an audit report with a disclaimer of opinion for its 2024 financial statements and internal control reports, leading to the decision to delist its stock [3][4]. - The Shanghai Stock Exchange issued a delisting warning due to the company's negative net assets as of the end of 2023 [3]. Legal and Regulatory Actions - The company has been penalized for financial fraud over four consecutive years, with the China Securities Regulatory Commission (CSRC) issuing a notice of administrative penalties for failing to disclose related party transactions and for significant omissions and false records in its annual reports [5][6]. - Specific fraudulent activities included inflating revenues and profits through fictitious transactions, with reported inflated revenues of 437 million yuan in 2021, 1.51 billion yuan in 2022, and 1.64 billion yuan in 2023 [6]. - The total fines imposed on the company and its responsible individuals amount to 36.1 million yuan, with various penalties including market bans for key executives [6].