美晨科技虚增利润6.58亿将被ST 四年半亏37.75亿前实控人套现26亿

Core Viewpoint - Meicheng Technology (300237.SZ) is facing severe operational difficulties and is set to be designated as ST due to financial fraud involving inflated revenue and profits from 2014 to 2018 [2][3][4]. Financial Fraud Details - The China Securities Regulatory Commission (CSRC) has issued a notice indicating that Meicheng Technology inflated its revenue by 1.438 billion yuan and profits by 658 million yuan during the period from 2014 to 2018 [2][4]. - Specific inflated figures include: - 2014: Revenue inflated by 23.66 million yuan (2.06% of reported revenue), profit inflated by 22.93 million yuan (17.91% of reported profit) - 2015: Revenue inflated by 373 million yuan (20.67%), profit inflated by 189 million yuan (75.64%) - 2016: Revenue inflated by 726 million yuan (24.60%), profit inflated by 260 million yuan (49.78%) - 2017: Revenue inflated by 216 million yuan (5.53%), profit inflated by 117 million yuan (15.49%) - 2018: Revenue inflated by 101 million yuan (2.88%), profit inflated by 69.49 million yuan (15.58%) [4]. Regulatory Actions - The Shandong Securities Regulatory Bureau plans to impose a fine of 600,000 yuan on Meicheng Technology and a total of 2.3 million yuan on 12 responsible individuals [5]. - A 10-year market ban is proposed for Guo Bofeng, who is implicated in the financial fraud [6]. Company Financial Status - Meicheng Technology has not achieved profitability, with cumulative losses of 3.775 billion yuan from 2021 to the first half of 2025 [2][10]. - As of June 30, 2025, the company has a debt-to-asset ratio of 97.61%, with only 40.41 million yuan in cash and interest-bearing liabilities amounting to 2.818 billion yuan [12]. Previous Management Actions - The former actual controllers, Zhang Lei and Li Xiaonan, have collectively cashed out over 2.624 billion yuan before the financial issues surfaced [8][10]. - They executed share transfers and market sales, including a significant transaction in July 2016 where Li Xiaonan sold 33.92 million shares for 333 million yuan [9][10]. Ongoing Legal Issues - Meicheng Technology is currently involved in 11 lawsuits, each exceeding 10 million yuan, totaling approximately 340 million yuan [11].