Jiangsu wuzhong(SH:600200) Nan Fang Du Shi Bao·2025-12-03 14:33Core Viewpoint - *ST Suwu (600200.SH) is facing mandatory delisting due to financial fraud, with the delisting period starting on December 9, 2025, and the last trading day expected to be December 29, 2025 [2][4] Financial Misconduct - The company has been found guilty of financial fraud for four consecutive years, leading to a forced delisting decision by the Shanghai Stock Exchange [2][4] - The China Securities Regulatory Commission (CSRC) issued an administrative penalty on November 25, stating that the company's annual reports from 2020 to 2023 contained false records [4][6] Revenue and Profit Inflation - *ST Suwu inflated its reported revenue by 4.95 billion, 4.69 billion, 4.31 billion, and 3.77 billion yuan for the years 2020 to 2023, representing 26%, 26.39%, 21.26%, and 16.82% of the reported revenue for those years respectively [7] - The company also inflated its reported profits by 14.58 million, 20.27 million, 19.92 million, and 21.22 million yuan during the same period, accounting for 2.9%, 51.65%, 26%, and 29.81% of the reported profits [7] Related Party Transactions - *ST Suwu failed to disclose significant non-operating fund occupation by related parties, with balances of 127 million, 1.393 billion, 1.543 billion, and 1.693 billion yuan at the end of 2020, 2021, 2022, and 2023 respectively, which constituted 6.88%, 74.20%, 84.60%, and 96.09% of the reported net assets [8] Medical Aesthetics Business - The medical aesthetics segment of *ST Suwu reported a revenue of 330 million yuan in 2024, a staggering increase of 4225.65% year-on-year, with a gross margin of 82.26% [10] - The significant revenue growth is attributed to the sales of the AestheFill product, which contributed to a net profit of 70.48 million yuan for the company in 2024, marking a 197.97% increase year-on-year [10] Agency Rights Dispute - The company is embroiled in a dispute over the agency rights for the AestheFill product, which has not yet been resolved [11][12] - A temporary arbitration decision has been made to maintain the status quo regarding the agency rights until a final ruling is reached [12]