美尔雅正式处罚落地，律师提示这类投资者可索赔

Regulatory Actions - The company and related personnel received an administrative penalty from the Hubei Securities Regulatory Bureau on January 30, 2026, due to over 100 million yuan in funds being misappropriated under the guise of energy trading and equipment procurement, which went unnoticed by thousands of investors [1][3][4] - The core issue of the violation is the non-operational fund occupation by the actual controller, Zheng Jiping, with funds flowing through five third-party companies that had no substantial business dealings [4][5] Financial Performance and Risks - ST Er Ya announced an earnings forecast on January 30, predicting revenues between 210 million yuan and 260 million yuan for 2025, with operational revenues (excluding unrelated and non-substantial income) expected to be between 207 million yuan and 257 million yuan, which is below the 300 million yuan threshold [1][5] - The company warned that if the audited profit total, net profit, or net profit after excluding non-recurring gains and losses is negative, and if operational revenues are below 300 million yuan, it will face delisting risk warnings as per the Shanghai Stock Exchange regulations [2][5] Investor Rights and Compensation - Investors who meet the updated compensation criteria, specifically those who purchased shares between April 29, 2023, and April 18, 2025, and sold or still hold shares at a loss after April 19, 2025, are encouraged to participate in the rights protection efforts [1][5][6] - Legal expert Liu Peng from Shanghai Huzi Law Firm emphasizes that the misappropriation of funds by major shareholders harms minority shareholders' interests and affects the company's capital allocation efficiency [5]