ST诺泰财务造假案：上市首年即虚增收入，监管重罚7620万元

Core Viewpoint - The company Jiangsu Nuotai Aosaino Biopharmaceutical Co., Ltd. has been penalized for significant financial fraud, including fabricating major false content in public offering documents, leading to a total fine of 76.2 million yuan [1][7]. Financial Fraud - The fraudulent activities involved a 30 million yuan technology transfer to an affiliated company, Zhejiang Huabei Pharmaceutical, which lacked the financial capability to pay and was essentially a "financial game" using the company's own funds [3][4]. - This transaction resulted in an inflated revenue of 30 million yuan and an inflated profit of 25.95 million yuan, accounting for 20.64% of the total profit disclosed for that period [3][4]. Consequences of Fraud - The fraudulent financial data from 2021 triggered a financing scheme, allowing the company to issue 434 million yuan in convertible bonds based on false financial reports [4][5]. - The regulatory body has imposed severe penalties, including a fine of 47.4 million yuan on the company and additional fines totaling 28.8 million yuan on six executives, with a five-year ban on any refinancing activities [7][8]. Governance Issues - The financial fraud is not an isolated incident but part of a history of governance failures, including previous regulatory warnings during the company's time on the New Third Board [8][9]. - The company's internal control and governance levels did not improve in line with its market progression, leading to serious violations [9]. Future Risks - Despite the fraud scandal, the company has shown rapid revenue and profit growth, particularly in the peptide raw material drug sector, but faces increasing financial risks [10]. - The company's debt-to-asset ratio has risen significantly from 23.69% in 2022 to 49.53% in the first half of 2025, indicating potential inefficiencies and undisclosed financial issues [10]. - The loss of refinancing capabilities poses a significant challenge for the company in managing R&D investments and debt pressures amid increasing competition in the raw material drug market [10].