603825，被公开谴责！

Core Viewpoint - ST Huayang has been publicly reprimanded by the Shanghai Stock Exchange for financial misconduct, including undisclosed non-operating fund occupation and underreporting of bad debt provisions [2][9][10]. Financial Misconduct - The company failed to disclose non-operating fund occupation by its controlling shareholder, Su Tong, amounting to 181.53 million yuan, which constituted 10.02% and 7.84% of the net assets in the 2021 semi-annual and annual reports respectively [7][10]. - ST Huayang also underreported bad debt provisions related to accounts receivable from Beijing Xinnuo Kejie Trading Co., leading to inflated profits of 17.33 million yuan (6.72% of total profit) in the 2021 annual report and 69.39 million yuan (10.31% of total profit) in the 2022 annual report [8][10]. Accountability - The Shanghai Stock Exchange has held Su Tong and former executives accountable for the violations, noting their failure to ensure the accuracy and completeness of financial reports [10][11]. - The disciplinary actions will be reported to the China Securities Regulatory Commission and recorded in the securities market integrity database [11]. Market Impact - As of September 10, ST Huayang's stock price was 9.81 yuan per share, with a market capitalization of 2.5 billion yuan and approximately 31,200 shareholders [12].