惠天热电财报制作现“低级错误”，公司及高管被监管警示

Regulatory Penalties - On September 12, 2025, the company received warning letters from both the Liaoning Securities Regulatory Bureau and the Shenzhen Stock Exchange due to non-compliance in information disclosure related to its 2025 semi-annual report [2][10] - The regulatory bodies identified errors in the preparation and entry of data in the company's financial reports, which were deemed as "non-compliance in information disclosure" [2][10] Error Details - The financial issues primarily stemmed from the 2025 semi-annual report, with significant errors in the cash flow statement where the company confused data between the "parent company cash flow statement" and the "consolidated cash flow statement" [3][12] - Additional errors were found in the notes of the financial statements, affecting various items such as current liabilities due within one year, income tax expenses, and supplementary cash flow statement data [3][12] Company Response - The company expressed that it takes the issues seriously and has initiated a self-examination process across relevant departments [4][13] - It has criticized the responsible personnel and implemented corrective measures focusing on improving procedural systems, enhancing business training, and strengthening verification mechanisms [4][13] Operational Challenges - The company's main business is heating services, which accounts for over 90% of its revenue, primarily serving urban residents and non-residential users [6][15] - Financial data indicates significant operational pressure, with revenue of 1.21 billion yuan in the first half of 2025, showing only a slight increase of 0.05% year-on-year, and a net loss of 144 million yuan, despite a 51.05% reduction in losses compared to the previous year [7][15] Underlying Issues - The financial reporting errors, while appearing as technical mistakes, reveal deeper governance issues within the company [8][16] - The simultaneous penalties for the top executives suggest flaws in the governance structure, where the core management is responsible for both strategy and operations, potentially leading to regulatory oversights [8][16] - On the same day the warning was issued, the board approved a related party transaction, raising concerns about governance transparency [8][16]