信披违规坐实！嘉澳环保连续两年财报失真 将收千万元罚单并“戴帽”ST

Core Viewpoint - Jiaao Environmental Protection (SH603822) faces multiple penalties due to financial report discrepancies caused by information disclosure violations, leading to a change in stock status to "ST Jiaao" and a total fine of 10 million yuan for the company and two executives [2][10][12]. Group 1: Regulatory Actions - On December 9, Jiaao Environmental announced it received an administrative penalty notice from the Zhejiang Securities Regulatory Bureau, indicating that its stock will be subject to risk warnings and will be suspended for one day on December 10, 2025 [2][5]. - The company will change its stock name to "ST Jiaao" after resuming trading on December 11, 2025, with a daily price fluctuation limit of 5% [2][10]. Group 2: Financial Misreporting - The discrepancies in financial reports stem from the company's subsidiary failing to timely transfer an environmental plasticizer project to fixed assets, resulting in false financial data for 2022 and 2023 [10][12]. - For 2022, the company understated operating costs by approximately 13.44 million yuan, understated financial expenses by 5.77 million yuan, and overstated total profit by 19.21 million yuan (28.91% of reported profit) [10][12]. - In 2023, the company understated operating costs by 13.56 million yuan and overstated total profit by 13.56 million yuan (63.72% of reported profit), with net profit overstated by 10.44 million yuan (200.38% of reported net profit) [10][12]. Group 3: Penalties and Management Accountability - The Zhejiang Securities Regulatory Bureau plans to impose fines totaling 10 million yuan on Jiaao Environmental and its executives, with the chairman facing a fine of 5.5 million yuan, the financial director 2.5 million yuan, and the board secretary 2 million yuan [10][13]. - The company has stated it will actively exercise its rights to defend against the proposed penalties [13]. Group 4: Company Performance - Jiaao Environmental has faced declining performance, with revenue growth rates of 67.59%, -16.98%, and -52.23% from 2022 to 2024, and negative net profits for three consecutive years [16]. - However, in the first three quarters of this year, the company reported a significant revenue increase of 189.39% to 3 billion yuan, with a net loss of 0.25 billion yuan, indicating a substantial narrowing of losses compared to previous periods [16].