刚摘帽，又戴帽：ST百灵 “帽子戏法”背后的11亿造假!

Core Viewpoint - Guizhou Bailing (002424.SZ) has once again been classified as ST (Special Treatment) due to financial misconduct, marking a continuous cycle of financial fraud, penalties, and regulatory scrutiny, with a total of 11.14 billion yuan manipulated over four years [1][4][28]. Financial Manipulation - The company has been involved in financial manipulation by underreporting and overreporting sales expenses to inflate and deflate profits, respectively, with a total adjustment amounting to 11.14 billion yuan over four years [6][28]. - The financial manipulation details include: - 2019: Underreported sales expenses by 350.12 million yuan, inflating profits by 350.12 million yuan (95.73% of that year's profit) - 2020: Underreported sales expenses by 240.81 million yuan, inflating profits by 240.81 million yuan (115.35% of that year's profit) - 2021: Underreported sales expenses by 63.79 million yuan, inflating profits by 63.79 million yuan (45.04% of that year's profit) - 2023: Overreported sales expenses by 459.41 million yuan, deflating profits by 459.41 million yuan (93.17% of that year's profit) [8][29]. Regulatory Actions - The company faced a historic penalty of 25.6 million yuan from the China Securities Regulatory Commission (CSRC), and its internal control reforms were deemed superficial [9]. - The actual controller, Jiang Wei, has been banned from the market for ten years, significantly impacting the company's strategic stability [9]. Legal Issues - Jiang Wei is embroiled in a legal dispute with Huachuang Securities, which is seeking repayment of 1.7 billion yuan due to unpaid debts related to financial support provided in 2019 [10][32]. - The relationship between Jiang Wei and Huachuang Securities has deteriorated from a supportive partnership to a contentious legal battle [11][32]. Financial Performance - Guizhou Bailing has experienced significant financial decline, with a revenue drop of 10.26% in 2024 to 3.825 billion yuan and a negative net profit of 82.44 million yuan [13][34]. - In the first three quarters of 2025, revenue continued to decline by 24.28%, with a net profit of only 21.21 million yuan, indicating ongoing financial challenges [13][34]. R&D and Sales Issues - The company's R&D investment is significantly below industry standards, with R&D expenses as a percentage of revenue at 0.82%, 1.95%, and 1.59% from 2022 to 2024, compared to an average of 4.17% to 4.86% among peers [35]. - Sales expenses are alarmingly high, with a sales expense ratio of 48.46% in 2024, nearly four times that of a competitor [15][35]. Dependency Risks - Guizhou Bailing has a high dependency on a limited number of customers and suppliers, with the top five customers accounting for nearly 40% of revenue and the top five suppliers for over 45% of purchases [37].