突发！603388，将强制退市！严重财务造假，证监会严肃查处

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced severe penalties against *ST Yuancheng for serious financial fraud, including inflated revenues and profits over three consecutive years, leading to potential delisting from the Shanghai Stock Exchange [2][6][12]. Summary by Sections Financial Fraud Details - *ST Yuancheng inflated its operating costs by 158 million yuan, operating income by 209 million yuan, and total profit by 50.46 million yuan from 2020 to 2022, with the 2020 annual report showing inflated operating costs of 115 million yuan, operating income of 153 million yuan, and total profit of 38.48 million yuan, representing 22.75%, 21.48%, and 36.6% of the disclosed amounts respectively [8]. - In 2022, the company failed to adjust financial records based on settlement approvals for various infrastructure projects, resulting in inflated operating income of 14.16 million yuan and total profit of 13.45 million yuan, which accounted for 4.33% and 24.6% of the disclosed amounts respectively [9]. - The company fabricated significant false content in its non-public stock issuance documents in 2022, using inaccurate financial data from the previous years [10]. Regulatory Actions - The CSRC plans to impose a fine of 37.45 million yuan on *ST Yuancheng and a total of 42 million yuan on five responsible individuals, with the actual controller facing a 10-year ban from the securities market [2][12][14]. - The company is suspected of major violations that could lead to mandatory delisting, as it has not received a formal penalty decision yet [16]. Company Background and Financial Status - Founded in 1999 and headquartered in Hangzhou, *ST Yuancheng focuses on environmental services, including leisure tourism and ecological landscape [16]. - The company has been experiencing continuous losses since 2022, with losses exceeding 300 million yuan in 2024 and a reported loss of 127 million yuan in the first half of 2025 [16]. - As of October 10, the company's market capitalization is only 537 million yuan [17].