证券时报·2025-12-09 14:47Core Viewpoint - Jiaao Environmental (603822) has received a notice of administrative penalty from the China Securities Regulatory Commission (CSRC) regarding false financial disclosures in its 2022 and 2023 annual reports, leading to significant adjustments in reported profits and costs [2]. Summary by Sections Financial Misstatements - In the 2022 annual report, Jiaao Environmental understated operating costs by 13.44 million yuan, understated financial expenses by 5.77 million yuan, overstated total profit by 19.21 million yuan (28.91% of reported total profit), and overstated net profit by 15.26 million yuan (49.06% of reported net profit) [2]. - In the 2023 annual report, the company understated operating costs by 13.56 million yuan, overstated total profit by 13.56 million yuan (63.72% of reported total profit), and overstated net profit by 10.44 million yuan (200.38% of reported net profit), with a turnaround from loss to profit [2]. Regulatory Actions - According to the Shanghai Stock Exchange rules, the company will face risk warnings due to the identified financial misstatements, which include key financial indicators such as operating revenue, total profit, and net profit [3]. - The stock of Jiaao Environmental will be suspended for one day on December 10, 2025, and will resume trading on December 11, 2025, under a risk warning board with a new stock abbreviation "ST Jiaao" [5]. Company Response - Jiaao Environmental stated that its business operations remain normal and it will take the notice as a lesson to strengthen internal control processes and compliance [5].