Shenyang Yuanda Intellectual Industry (SZ:002689) Zhong Guo Jing Ying Bao·2025-12-26 18:53Core Viewpoint - The stock price of ST Yuanzhi (002689.SZ) has dropped by 28.5% from November 29 to December 26 due to the announcement of an administrative penalty for financial misconduct involving inflated revenue recognition through forged acceptance certificates [1][2]. Group 1: Financial Misconduct Details - From 2019 to June 2022, ST Yuanzhi inflated its operating revenue by a total of 336 million yuan and inflated its total profit by approximately 93.26 million yuan [2][3]. - The company recognized revenue prematurely for non-ownership elevator products without obtaining necessary inspection reports, leading to inflated revenues of 123 million yuan, 66.22 million yuan, and 138 million yuan for the years 2019, 2020, and 2021, respectively [3][4]. - In the first half of 2022, the company reported a reduction in revenue of 16.11 million yuan and a reduction in profit of 23.45 million yuan [3]. Group 2: Penalties and Regulatory Response - The Liaoning Securities Regulatory Bureau imposed a warning and a fine of 6 million yuan on ST Yuanzhi, while the involved seven key executives were fined a total of 15 million yuan [5][6]. - The penalties reflect a regulatory trend of holding individuals accountable for financial misconduct, emphasizing a "zero tolerance" approach to financial fraud [8][10]. - The penalties for ST Yuanzhi are seen as part of a broader regulatory trend where fines for companies and individuals have significantly increased, with a focus on creating a multi-faceted accountability mechanism [9][10].