财务造假！603822将被ST

Core Viewpoint - Jiaao Environmental Protection has been penalized for financial misconduct over the past two years, leading to administrative penalties and a change in stock status to "ST Jiaao" due to false financial reporting in its annual reports for 2022 and 2023 [1][9][10]. Financial Misconduct - The Zhejiang Securities Regulatory Bureau found that Jiaao Environmental Protection failed to properly account for its environmental plasticizer project, resulting in false financial data in its 2022 and 2023 annual reports [6][8]. - In 2022, the company understated operating costs by 13.44 million yuan, understated financial expenses by 5.77 million yuan, and overstated total profit by 19.21 million yuan, which constituted 28.91% of the reported profit [6]. - For 2023, the company understated operating costs by 13.56 million yuan and overstated total profit by 13.56 million yuan, which was 63.72% of the reported profit, with net profit overstated by 10.44 million yuan, representing 200.38% of the reported net profit [6]. Administrative Penalties - The company and its responsible individuals face warnings and fines: Jiaao Environmental Protection is fined 5.5 million yuan, the former chairman is fined 2.5 million yuan, and the former CFO is fined 2 million yuan [8]. - The stock will be suspended for one day starting December 10 and will be subject to risk warnings from December 11, with a change in trading limits from 10% to 5% [9][10]. Historical Context - This is not the first instance of financial misconduct for Jiaao Environmental Protection; the company faced similar penalties in 2020 for previous financial misreporting [11]. - The company has experienced declining revenues over the past three years, with reported revenues of 3.211 billion yuan, 2.666 billion yuan, and 1.274 billion yuan, alongside net losses of 46.89 million yuan, 7.54 million yuan, and 367 million yuan [12]. Recent Performance - In the first three quarters of 2025, the company reported a revenue increase of 189.39% to 3.005 billion yuan, although it still faced a net loss of 25.37 million yuan [13]. - The company's debt levels have increased, with the debt-to-asset ratio rising from 63.70% in 2022 to 81.06% in the third quarter of 2025 [13].