Changyao Group(SZ:300391) Zhong Guo Zheng Quan Bao·2026-01-23 13:50Core Viewpoint - *ST Changyao has been penalized by the China Securities Regulatory Commission (CSRC) for inflating revenue and profits for three consecutive years, resulting in a fine of 10 million yuan [1][5]. Group 1: Financial Misconduct - The company inflated its revenue by 215.32 million yuan, 283.74 million yuan, and 233.63 million yuan for the years 2021, 2022, and 2023 respectively, which accounted for 9.12%, 17.57%, and 19.51% of the reported revenue for those years [3]. - The inflated profit totals were 56.40 million yuan, 63.38 million yuan, and 43.71 million yuan for the same years, representing 35.62%, 88.23%, and 6.42% of the reported profit [3]. - In addition, the company failed to reasonably recognize losses related to a project in 2022, leading to an additional profit inflation of 4.55 million yuan, which was 6.34% of the reported profit for that year [4]. Group 2: Regulatory Actions - On January 23, the company received a notice from the CSRC regarding administrative penalties, which included a warning and a fine of 10 million yuan [5]. - The Shenzhen Stock Exchange has announced that it will monitor *ST Changyao closely due to the financial misconduct and is considering terminating the company's stock listing [1][6]. - The company has triggered major violations that could lead to mandatory delisting, as it has reported false financial data for three consecutive years [6][7]. Group 3: Market Implications - The recent actions by regulatory bodies reflect a zero-tolerance policy towards financial fraud, aiming to enhance the overall quality of listed companies and improve the investment environment [10]. - The stock price of *ST Changyao has seen a surge, with four consecutive days of trading limits, indicating market speculation despite the impending regulatory actions [10].