元成股份连续三年财务造假，证监会严肃查处

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced severe penalties against *ST Yuancheng for serious financial fraud, including inflated revenues and profits over three consecutive years, leading to potential delisting from the Shanghai Stock Exchange [2][12]. Summary by Sections Financial Fraud Details - *ST Yuancheng has been found to have inflated operating costs by 158 million yuan, operating income by 209 million yuan, and total profit by 50.46 million yuan from 2020 to 2022 [6]. - In the 2020 annual report, the company inflated operating costs by 115 million yuan, operating income by 153 million yuan, and total profit by 38.48 million yuan, which represented 22.75%, 21.48%, and 36.6% of the respective reported figures [6]. - The company also failed to adjust financial records based on settlement results for the Huaiyin project, leading to an inflated operating income of 14.16 million yuan and total profit of 13.45 million yuan in the 2022 annual report [7]. Penalties and Consequences - The CSRC plans to impose a fine of 37.4546 million yuan on *ST Yuancheng and a total of 42 million yuan in fines on five responsible individuals, including a 10-year market ban for the actual controller [2][10]. - The company is facing potential forced delisting due to serious violations of securities laws, as indicated by the CSRC's findings [12]. Company Background and Current Status - *ST Yuancheng, established in 1999 and headquartered in Hangzhou, Zhejiang, has been experiencing continuous losses since 2022, with losses exceeding 300 million yuan in 2024 and a reported loss of 127 million yuan in the first half of 2025 [14]. - As of October 10, the company's market capitalization has dwindled to 537 million yuan [14].