5年虚增利润超6.5亿元，拟对12人追责，美晨科技将被“ST”

Core Viewpoint - Meicheng Technology has been found guilty of financial fraud over a five-year period, leading to regulatory penalties and a change in stock status to "ST Meicheng" starting September 30, 2025 [1][4]. Group 1: Financial Fraud Details - From 2014 to 2018, Meicheng Technology, through its wholly-owned subsidiary, falsely inflated revenue by a total of 1.438 billion yuan and profits by nearly 658 million yuan [1][2]. - The fraudulent activities included false procurement of labor and seedlings, which inflated construction costs and completion percentages, as well as fictitious sales of seedlings and misrecording of costs [2]. - The annual revenue inflation was reported as follows: 23.66 million yuan (2014), 373 million yuan (2015), 726 million yuan (2016), 215 million yuan (2017), and 101 million yuan (2018), representing 2.06%, 20.67%, 24.60%, 5.53%, and 2.88% of reported revenues respectively [2]. - Profit inflation for the same years was reported as: 22.93 million yuan (2014), 189 million yuan (2015), 260 million yuan (2016), 117 million yuan (2017), and 69.49 million yuan (2018), accounting for 17.91%, 75.64%, 49.78%, 15.49%, and 15.58% of reported profits respectively [2]. Group 2: Regulatory Actions - The Shandong Securities Regulatory Bureau has proposed a fine of 600,000 yuan against Meicheng Technology and intends to hold 12 individuals accountable, including significant fines and a 10-year market ban for the former chairman of the subsidiary [3]. - The company will face a risk warning on its stock, which will be renamed "ST Meicheng" starting September 30, 2025, following the issuance of the administrative penalty notice [4]. - Meicheng Technology has stated that despite the financial discrepancies, the violations do not warrant a mandatory delisting, and the company plans to enhance its internal governance and information disclosure practices [5].