Baiyin Nonferrous(SH:601212) 21世纪经济报道·2025-09-11 07:01Core Viewpoint - The article discusses the significant decline in the stock price of Baiyin Nonferrous Metals (601212.SH) following the announcement of an investigation by the China Securities Regulatory Commission (CSRC) for suspected information disclosure violations, amidst a backdrop of previous internal fraud incidents and financial losses [3][5]. Group 1: Company Performance and Financial Impact - Baiyin Nonferrous reported a revenue of 86.787 billion yuan for 2024, a slight decrease of 0.21% year-on-year, with a net profit attributable to shareholders of only 81 million yuan, down 25.18% year-on-year [5]. - The company has made provisions for losses related to the copper and zinc fraud cases, amounting to 85.8792 million yuan and 23.2364 million yuan respectively [5]. - In the first half of 2025, Baiyin Nonferrous experienced a net loss of 217 million yuan, a staggering decline of 1859.82% year-on-year, primarily due to a legal dispute involving its subsidiary [5]. Group 2: Regulatory and Legal Issues - The CSRC issued a notice to Baiyin Nonferrous regarding a formal investigation into potential information disclosure violations, although specific details of the violations were not disclosed [3]. - The company has faced multiple incidents of internal fraud, including a case where employees were found to have embezzled 157 million yuan through falsified sales documents [3][4]. - A separate incident involved the theft of 990 tons of zinc ingots, leading to a police investigation, which was not disclosed in the 2023 annual report [4]. Group 3: Management Changes - In July 2023, Baiyin Nonferrous underwent a significant management change, with the resignation of its vice chairman, followed by the appointment of a new vice chairman with extensive experience in risk management and compliance [6].