XCEC(SH:600777) Mei Ri Jing Ji Xin Wen·2025-09-12 15:28Core Viewpoint - The delayed annual report of *ST Xinchao (New Energy) has resulted in significant penalties and highlighted internal governance issues amid a control dispute [1][3]. Group 1: Regulatory Actions - *ST Xinchao received an administrative penalty notice from the Shandong Securities Regulatory Bureau for failing to disclose its 2024 annual report on time, with total fines amounting to 5 million yuan [1]. - The company was found to have not disclosed the report by the legal deadline of April 30, 2025, leading to a suspension of its stock from May 6 [1]. - The penalties include a warning and a fine of 3 million yuan for *ST Xinchao, 1.2 million yuan for the former chairman and general manager Liu Bin, and 800,000 yuan for the former director and CFO Bing Zhou [2]. Group 2: Internal Governance Issues - The delay in the annual report and the subsequent "unable to express an opinion" audit report are seen as direct consequences of the ongoing power struggle within the company [3]. - The company attributed the delay to the recent change of auditing firms and the complexity of required materials, despite evidence that the new auditor had completed the audit process prior to the company's claims [2].