*ST立方连续三年财务造假，重大违法退市“靴子落地”，收千万元罚单

Core Viewpoint - The Anhui Securities Regulatory Commission has imposed penalties on *ST Lifan for significant violations in information disclosure, leading to a proposed termination of the company's stock listing due to continuous financial fraud from 2021 to 2023 [1][4][12]. Group 1: Financial Misconduct - *ST Lifan inflated its operating income through agency business, financing trade, and false trade, resulting in false records in annual reports for three consecutive years [2][10]. - In 2021, the company inflated operating income by 280 million yuan, accounting for 50.09% of that year's revenue, and inflated operating costs by 277 million yuan, which was 60.61% of the total operating costs [2][10]. - In 2022, the inflated operating income was 312 million yuan, representing 51.67% of the annual revenue, while inflated operating costs were 305 million yuan, or 53.54% of total costs [2][10]. - For 2023, the inflated operating income was approximately 45.87 million yuan, making up 24.00% of that year's revenue, and inflated operating costs were about 45.23 million yuan, which was 27.55% of total costs [2][10]. Group 2: Regulatory Actions - The Anhui Securities Regulatory Commission has ordered *ST Lifan to correct its practices, issued a warning, and imposed a fine of 10 million yuan [3][11]. - The company has received a notice from the Shenzhen Stock Exchange regarding the termination of its stock listing due to the significant violations identified in the administrative penalty decision [4][12]. - The cumulative inflated revenue for 2021 and 2022 exceeded 500 million yuan, surpassing 50% of the reported annual revenue for those years, triggering the termination of listing under the revised rules [4][12]. Group 3: Audit and Future Outlook - The auditing firm involved, Zhongxing Cai Guanghua, is also under investigation for failing to perform due diligence, with potential criminal implications being referred to law enforcement [6][13]. - *ST Lifan plans to change its auditing firm to Younitai Zhenqing for the 2025 financial report, following a negative audit opinion from its previous auditor regarding internal controls for the 2024 report [8][14]. - For the first nine months of 2025, the company reported an operating income of 203 million yuan, a year-on-year decrease of 0.44%, and a net loss of approximately 62.21 million yuan, which is a 20.59% increase in losses compared to the previous year [14].