Changyao Group(SZ:300391) Zhong Guo Jing Ying Bao·2025-12-26 23:56Core Viewpoint - *ST Changyao has been found to have committed financial fraud for three consecutive years, leading to potential penalties and the risk of forced delisting from the stock market [1][2] Group 1: Financial Misconduct - *ST Changyao received an administrative penalty notice from the China Securities Regulatory Commission for false reporting in annual reports for 2021, 2022, and 2023 [1] - The company inflated its operating revenue by CNY 215 million, CNY 284 million, and CNY 234 million for the years 2021, 2022, and 2023, respectively, which accounted for 9.12%, 17.57%, and 19.51% of the disclosed operating revenue for those years [2] - The total profit was inflated by CNY 56 million, CNY 63 million, and CNY 44 million for the same years, representing 35.62%, 88.23%, and 6.42% of the disclosed profit totals [2] Group 2: Penalties and Consequences - The total proposed penalties amount to CNY 41 million, with *ST Changyao facing a fine of CNY 10 million, and the former actual controller, Luo Ming, facing a fine of CNY 5 million [2] - Other executives may face fines ranging from CNY 1 million to CNY 3 million, with Luo Ming potentially facing a lifetime ban from the securities market and another executive facing a 10-year ban [2] - The company has indicated that its stock may be subject to forced delisting due to significant legal violations [2] Group 3: Business Operations - *ST Changyao's main business operations include pharmaceuticals and photovoltaic products [1]