Sierte(SZ:002538) 第一财经·2025-09-02 14:55Core Viewpoint - The company Si Er Te (002538.SZ) is under investigation for information disclosure violations, leading to a significant drop in its stock price and raising concerns about its financial integrity and management practices [2][3][4]. Group 1: Investigation and Regulatory Actions - The company announced on September 1 that it is under investigation by the China Securities Regulatory Commission (CSRC) for suspected information disclosure violations [2]. - Following the announcement, the company's stock price fell by 7.71%, closing at 5.03 yuan per share, with a total market capitalization of 4.293 billion yuan [3]. - The investigation is linked to allegations of financial misconduct by former management, specifically Huang Xili, who is suspected of embezzling company funds through fictitious transactions [4][5]. Group 2: Financial Performance and Reporting Issues - The company reported a 43.60% year-on-year decline in net profit for the first half of 2025, with a net profit of 95 million yuan [8]. - In the first half of 2025, total revenue was 2.183 billion yuan, reflecting a 7.15% increase year-on-year, but operating profit decreased by 40.92% [8]. - The company has faced significant scrutiny regarding its financial statements, with independent directors expressing doubts about the authenticity of the 2023 semi-annual report and the 2024 annual report, both of which received non-standard audit opinions [6][7]. Group 3: Impact of Management Misconduct - The alleged misconduct by former management has led to significant discrepancies in financial reporting, particularly affecting the financial statements of a key subsidiary, Guizhou Lufang Industrial Co., Ltd. [5]. - The company has indicated that the ongoing investigation may lead to further adjustments in previously reported financial data as the extent of the misconduct is still being determined [4][5]. - The financial irregularities have resulted in a volatile performance, with net profit for 2023 adjusted to a decline of 75.79% compared to previous reports [7].