300280，明起复牌！进入退市整理期

Core Viewpoint - *ST Zitian is entering a delisting adjustment period due to serious financial misconduct, with the last trading date expected to be October 13, 2025 [1][4]. Group 1: Delisting Process - *ST Zitian will change its stock name to "Zitian Tui" during the delisting adjustment period, which lasts for 15 trading days [4]. - The first trading day of the adjustment period will not have price limits, while subsequent days will have a 20% price fluctuation limit [4]. - The Shenzhen Stock Exchange decided to terminate the company's stock listing due to failure to rectify false financial reports within the required timeframe [4]. Group 2: Financial Misconduct - The China Securities Regulatory Commission (CSRC) found that *ST Zitian inflated its revenue by a total of 2.499 billion yuan over two years (2022-2023) through various fraudulent means [5]. - In the 2022 annual report, the company falsely reported 778 million yuan in revenue and 85 million yuan in profit, which constituted 44.59% and 35.99% of the total revenue and profit, respectively [5]. - The 2023 semi-annual report showed an early recognition of 207 million yuan in revenue and 79 million yuan in profit, with the inflated profit accounting for 51.64% of the total profit for that period [5]. - In the 2023 annual report, the company misclassified revenue from its subsidiary, leading to an inflated revenue of 1.721 billion yuan, which represented 78.63% of the total revenue for that period [5]. Group 3: Regulatory Actions - In addition to financial fraud, *ST Zitian failed to disclose its 2024 annual report on time and obstructed law enforcement, resulting in a total fine of 38.4 million yuan for the company and 12 management personnel [6]. - The company's stock was suspended from trading on July 21, with a closing price of 2.74 yuan per share and a total market value of 440 million yuan prior to suspension [6].