Zhong Guo Jing Ji Wang·2025-12-15 08:40Core Viewpoint - The China Securities Regulatory Commission (CSRC) has imposed corrective measures on Xi'an Morning Star Aviation Technology Co., Ltd. due to issues related to revenue recognition and failure to account for credit impairment losses on receivables, leading to inaccurate financial disclosures [1][2]. Group 1: Regulatory Actions - The Shaanxi Securities Regulatory Bureau has ordered Xi'an Morning Star Aviation to correct its financial reporting and issued warning letters to Chairman Wu Xingyu and CFO Liu Rong for their primary responsibility in the violations [2][3]. - The Shenzhen Stock Exchange's ChiNext Management Department has also issued a regulatory letter to the company and its executives, citing violations of the listing rules [2][3]. Group 2: Financial Reporting Issues - The company acknowledged that its revenue recognition for certain clients in Q3 2024 was incorrect, resulting in a reduction of reported revenue by 28.92 million yuan and affecting various financial metrics [4]. - The adjustments led to a significant decline in reported revenue and net profit for the first three quarters of 2024, with revenue revised down to 42.45 million yuan, a year-on-year decrease of 56.26% [5][6]. Group 3: Financial Performance - For 2024, the company reported a net loss attributable to shareholders of 31.66 million yuan, compared to a profit of 5.75 million yuan in 2023 [6]. - The company has experienced a decline in revenue over the years, with 2023 revenue at 233 million yuan and 2024 at 141 million yuan, indicating ongoing financial challenges [6].