Marubi(SH:603983) Nan Fang Du Shi Bao·2025-10-31 15:17Core Viewpoint - Guangdong Marubi Biotechnology Co., Ltd. has been issued an administrative regulatory decision by the Guangdong Securities Regulatory Commission due to irregularities in financial accounting, fundraising management, and disclosure practices [2][4][6]. Financial Accounting Irregularities - The company has been found to have inaccurate revenue accounting, failing to estimate return rates based on actual sales returns and including non-actual sales orders in revenue [4]. - There were inaccuracies in the accounting of construction in progress, with the company not timely estimating unbilled construction payments and failing to transfer assets to fixed assets upon completion [4]. - Errors in accounting classifications were noted, such as misreporting funds held in third-party payment platforms as accounts receivable and misclassifying unrelated consulting fees as research and development expenses [4]. Fundraising Management and Disclosure Issues - The company improperly used fundraising and self-owned funds for the construction of its headquarters without separating the accounting for fundraising projects from non-fundraising projects [5]. - Adjustments to fundraising projects were not timely reviewed and disclosed, leading to discrepancies between reported project progress and actual status [5]. - The company failed to disclose relevant information regarding cash management of fundraising, including returns on financial products and investment details [5]. Regulatory Actions - The chairman, board secretary, and financial director of the company have been held primarily responsible for the violations and have received warning letters from the regulatory authority [6]. Financial Statement Corrections - The company announced corrections to its financial statements for the first half of 2025, revealing inflated figures in various financial metrics, including an increase in operating income by 4.5468 million and net profit by 11.3297 million [7][10]. - The corrected balance sheet showed an overstatement of construction in progress by 568 million and underreported fixed assets and investment properties by 375 million and 183 million, respectively [10]. Recent Financial Performance - For the third quarter of 2025, the company reported operating revenue of 2.45 billion, a year-on-year increase of 25.5%, while net profit attributable to shareholders was 244 million, up 2.1% year-on-year [10].