瑞财经 严明会5月6日，上市不足三年的帕瓦股份（688184.SH）被实施其他风险警示，更名为"ST帕瓦"，开盘即跌停，审计机构对2024年财 报内控出具否定意见。 回顾其财报，2023年，帕瓦股份营收骤降29%，净利润亏损9737万元；2024年亏损进一步扩大至10.97亿元。而上市前，公司2020-2022年营收 年增速超48%，归母净利润年增长超74%。 1997年5月至2007年9月，张宝历任中南大学助教、讲师；2007年9月，任中南大学冶金科学与工程学院副研究员；2010年12月，任韩国 KIGAM研究院访问学者；2009年7月，历任中南大学校团委书记、冶金与环境学院党委书记；2012年9月至今，任中南大学冶金与环境学院研 究员、博士生导师；2023年1月至2024年4月，任帕瓦供应链管理有限公司执行董事、总经理；2018年7月至今，任公司董事、总经理，2022 年10月至今，任公司董事长。 帕瓦股份董事长兼总经理为张宝，中南大学冶金物理化学博士、化学工程与技术博士后。 东方财富数据显示，2020年至2024年，张宝的薪酬分别为120.7万元、243.2万元、268.8万元、297.8万元、120. ...

Core Viewpoint - The case of Zitian Technology highlights the deep-seated contradictions in corporate governance and regulatory arbitrage within the capital market, serving as a cautionary tale of systemic financial fraud and extreme resistance to regulation [1] Group 1: Financial Fraud and Regulatory Resistance - The crisis of Zitian Technology traces back to the change of actual controller in 2016, leading to aggressive capital operations that created a facade of prosperity, with accounts receivable reaching 2.194 billion yuan by the end of 2022, exceeding annual revenue [2] - Systematic fabrication of transactions was revealed, including the forgery of 812 million yuan in server prepayments in 2022, which later turned into unsubstantiated inventory, and the recognition of revenue from cloud services that had not commenced operations [2] Group 2: Regulatory Confrontation and Consequences - The company faced comprehensive resistance during the on-site inspection initiated by the Fujian Securities Regulatory Bureau in April 2024, including a vacant registered address and refusal to provide financial materials, leading to two investigations by the CSRC in September and October 2024 [3] - As of May 6, 2025, the company's stock has been suspended, with a risk of delisting if the annual report is not disclosed within two months, following a net outflow of 140 million yuan in principal funds in the five trading days before suspension [4] Group 3: Punitive Measures and Regulatory Changes - The incident set multiple regulatory records, with the audit partner fined 1 million yuan and banned from the market for six years, while the actual controller and executives faced fines totaling 800,000 yuan and a ten-year market ban [5] - This combination of penalties signifies a shift in regulatory focus from mere punishment to disrupting the capacity for illegal activities, particularly targeting key links in the financial fraud ecosystem [5] Group 4: Transformation and Governance Deficiencies - Zitian Technology's aggressive transformation from traditional forging machinery to internet advertising and cloud services is characterized as "pseudo-innovation," lacking substantial business support, leading to significant goodwill impairment of 569 million yuan in 2023 [6] - The crisis of Zitian Technology transcends individual cases, becoming a litmus test for the market clearing mechanism under the registration system, with potential delisting marking a precedent for forced delisting due to continuous regulatory resistance and systemic financial fraud [6]

记者 萧峰 2025年4月29日，锦州港股份有限公司（以下简称"ST锦港"或"锦州港"）发布公告称，公司收到中国证 监会辽宁监管局下发的《行政处罚及市场禁入事先告知书》【2025】1号。衡财保·炜衡金融315团队律 师认为，初步判断在2019年4月17日至2023年11月10日（含当日）之前买入，并在2023年11月11日之后 卖出或仍持有该股票的受损投资者，可以提出索赔。此外，在2023年4月28日至2024年11月1日（含当 日）之前买入，并在2024年11月1日之后卖出或仍持有该股票的受损投资者，也可以提出索赔（最终索 赔条件须以法院认定为准）。 据查，2024年8月31日，锦州港发布公告称，因8月30日第十一届董事会审计委员会第二次会议未通过 《2024年半年度报告》，无法在法定期限内披露。直至10月31日收盘后，报告才得以发布。时任副董事 长兼总经理刘辉、副总经理兼财务总监李挺以及董事长尹世辉，对未按期披露负有责任。 从逾期披露到虚假记载 其次，定期报告存在虚假记载，2022-2024年，锦州港通过虚假贸易及跨期确认港口包干作业费收入虚 增利润：2022年虚增3,610.45万元（占当期披露利润总额 ...

Core Viewpoint - The article discusses the impending delisting of Guandao Digital, which is set to become the first true delisted stock on the Beijing Stock Exchange due to a "disclaimer of opinion" audit report for its 2024 annual report, following an ongoing investigation by the China Securities Regulatory Commission (CSRC) for information disclosure violations [1][2]. Group 1: Audit and Financial Issues - Guandao Digital's 2024 annual report received a "disclaimer of opinion" from the auditing firm Zhongshunhua, indicating systemic fraud involving falsified contracts and inflated revenue and net profit, leading to a complete failure of the internal control system [2][4]. - The audit report highlighted three main reasons for the disclaimer: the inability to verify the accuracy of prior accounting corrections, the ongoing CSRC investigation, and significant uncertainties regarding the company's ability to continue as a going concern due to halted main business operations and overdue loans totaling 32.21 million yuan [4][5][6]. Group 2: Company Response and Actions - The board of directors of Guandao Digital has acknowledged the audit findings and is taking steps to address the issues, including hiring a third-party independent agency for further investigation and implementing a rectification plan with clear timelines and responsibilities [3][7]. - The company is also working to stabilize its industrial digitalization business in collaboration with Siemens and is exploring various funding channels to resolve short-term cash flow issues [7]. Group 3: Investor Protection Measures - Guandao Digital's sponsor, Wukuang Securities, has announced plans to take all possible measures, including advance compensation, to protect investor rights amid the ongoing investigation and financial discrepancies [8]. - The article references a previous case where a similar advance compensation fund was established for investors affected by fraudulent activities, highlighting the importance of swift action to mitigate investor losses [9].

文/梧桐兄弟 近期，锦州港股份有限公司（"锦州港"，代码：600190）又一次收到中国证券监督管理委员会《行政处罚及市场禁入事先告知书》。 据公告， 2022 年至 2024 年，锦州港通过虚假贸易业务及跨期确认港口包干作业费收入等方式虚增利润， 《2022 年年度报告》《2023 年年度报告》《2024 年第一 季度报告》存在虚假记载。2022 年虚增利润 3,610.45 万元，占当期报告披露利润总额的 22.46%； 2023 年虚增利润 6,808.78 万元， 占当期报告披露利润总额的 65.96%； 2024 年第一季度虚增利润 1,537.75 万元，占当期报告披露利润总额的62.05%。 值得注意的是，2024年11月，锦州港刚收过一份《行政处罚决定书》， 锦州港为了做大收入和利润、满足银行贷款需求， 与大连和境贸易有限公司、上海银鸿国际 贸易有限公司、宁波朗逸能源有限公司、宁波百荣能源有限公司、重庆岳城川聚贸易有限公司、上海盛辙国际贸易有限公司、舟山丰聚益尚能源有限公司 等七家公 司开展无商业实质的贸易业务。 结果， 2018 年 虚增营业收入2,120,276,859.08元，虚增营业成本 ...

4月的最后一个交易日，北交所上市公司广道数字停牌一天。 "经审计，广道数字公司存在系统性舞弊行为，通过伪造合同、虚构交易单据等手段虚构业务活动，蓄意虚增 营业收入及净利润等，上述行为对财务报表产生广泛而重大的影响。"中审华会计师事务所（特殊普通合伙） （简称"中审华"）表示，因上述舞弊活动，广道数字公司现有的内部控制体系已全面失效，无法实现对财务报 告及相关信息真实性、完整性、准确性的合理保证，严重背离内部控制的基本目标。 该公司独立董事王洋进一步表示，其高度重视审计发现的问题，已要求董事会和管理层就相关事项出具专项说 明和整改计划，推动聘请第三方独立机构进一步核查问题成因及整改效果，并明确整改时间表和责任人。 财务造假遭监管立案调查 之所以对广道数字2024年年报出具无法表示意见的审计报告，中审华给出了三点理由： 一是前期差错更正的准确性和完整性及其对财务报表的影响。 由于2024年年报被出具了无法表示意见的审计意见，"五一"节后这只个股将变为"*ST广道"。这也意味着，北 交所或许即将迎来首只真正意义上的退市股票。 此前在2024年12月，广道数字因涉嫌信息披露违法违规被证监会立案调查，目前调查尚在进行中 ...

Core Viewpoint - The article discusses the downfall of Dongfang Group, highlighting financial fraud, lawsuits, and the impending delisting of its stock due to continuous losses and regulatory scrutiny [4][5][10]. Group 1: Financial Fraud and Legal Issues - Dongfang Group's financial statements were found to have inflated revenue by 161.3 billion and costs by 160.73 billion from 2020 to 2023, leading to severe penalties and legal actions [15][30]. - Minsheng Bank has initiated a lawsuit against Dongfang Group and its former vice chairman Zhang Hongwei, with the claim amounting to 10.3 billion [4][6]. - As of April 9, 2023, Dongfang Group reported a total of 19.52 billion in lawsuits involving multiple banks, indicating a widespread financial crisis [10]. Group 2: Stock Market Impact and Delisting - Dongfang Group's stock was suspended from trading on April 15, 2023, after failing to maintain a closing price above 1 yuan for 20 consecutive trading days, triggering delisting conditions [10][16]. - The stock price plummeted from 0.92 yuan on March 14, 2023, to a low of 0.59 yuan, reflecting a significant loss of investor confidence [16][30]. Group 3: Historical Context and Expansion - Zhang Hongwei, the controlling figure of Dongfang Group, became a major shareholder of Minsheng Bank in 1999, leveraging this position for financial expansion [23][24]. - At its peak, Dongfang Group was valued at 410 billion, with Zhang Hongwei being recognized as one of the wealthiest individuals in Northeast China [27][28]. Group 4: Broader Industry Implications - The financial troubles of Dongfang Group have adversely affected Minsheng Bank, which has seen a decline in revenue and net profit over the past three years, dropping from 549 million in 2019 to around 350 million [30]. - The article suggests that the financial mismanagement and fraud within Dongfang Group could serve as a cautionary tale for the broader market, similar to the Enron scandal [16][30].

Core Viewpoint - *ST Zhongcheng has been notified by the China Securities Regulatory Commission (CSRC) regarding administrative penalties due to false records in annual reports from 2017 to 2022, which may lead to mandatory delisting risks due to significant violations of the rules [2][3][4]. Financial Performance - In 2024, *ST Zhongcheng reported total operating revenue of 137 million, a decrease of 70.21% year-on-year [5][7]. - The net profit attributable to shareholders was -310 million, an increase in loss of 73.24% compared to the previous year [5][8]. - Total assets at the end of 2024 were approximately 2.63 billion, down 17.35% from the previous year [7]. - The net assets attributable to shareholders improved to approximately 173 million, a 147.26% increase from a negative net asset position in 2023 [7]. Regulatory Issues - The CSRC's notice indicates that *ST Zhongcheng's financial data related to its projects in the Philippines and Indonesia contained false records, including premature revenue recognition and failure to write off revoked mining rights [3][4]. - The company failed to disclose significant litigation matters in a timely manner, with a lawsuit amounting to 627 million (57.47% of 2022 net assets) disclosed late in 2023 [4]. - The CSRC plans to impose a total fine of 19 million on *ST Zhongcheng and its responsible personnel for these violations [4].

Group 1 - The core viewpoint of the articles highlights the alarming trend of state-owned enterprises (SOEs) facing delisting due to financial fraud, as exemplified by the case of Jinzhou Port (ST Jin Port) following the delisting of its affiliate, Dongfang Group [1][2] - Jinzhou Port announced on May 20 that it may face mandatory delisting due to four consecutive years of false financial reporting from 2020 to 2023, which has shattered the market's belief in the invulnerability of SOEs [1] - The stock price of Jinzhou Port fell to 1.04 yuan as of May 21, nearing the delisting threshold of 1 yuan, indicating a mass exit of institutional funds from the stock [1] Group 2 - The article emphasizes that the "halo" of SOEs is fading, with a zero-tolerance policy for financial fraud under the new registration system, regardless of the nature of the enterprise [2] - Data shows that seven state-owned listed companies have been delisted in 2023 alone, surpassing the total number from the previous three years [2] - The case of Jinzhou Port serves as a stark reminder that in the context of deepening reforms in the capital market, no enterprise can afford to be complacent, urging investors to reconsider their faith in SOEs [2]

退市不是免罚金牌！*ST中程（300208）重大财务造假，触及财务类强制退市后仍被严惩。 触及财务类强制退市 2024年4月，*ST中程披露2023年年报，因2023年末净资产为负值，公司被实施退市风险警示。同时，因持续经营能力存在重大不确定性，被叠加实施其 他风险警示。 2025年4月，*ST中程2024年年报公布，因被出具了带与持续经营相关的重大不确定性段落、强调事项段落的保留意见的审计报告，否定意见的内部控制 审计报告，公司触及两项财务类终止上市情形。同时，又因否定意见的内控审计报告被叠加实施其他风险警示。 据了解，在年报披露之前，*ST中程持续经营能力、财务数据、内控制度等就存在重大隐患，公司今年以来发布了近十次风险提示公告，在历次风险提示 公告中充分提示相关风险。同日，公司收到的行政处罚告知书也显示，公司涉嫌存在连续多年财务造假等违法事实。 存在严重财务造假 4月30日，*ST中程披露的2024年年报显示，公司2024年度财务报告被出具保留意见的审计报告，内部控制被出具否定意见的审计报告，公司股票触及两 项财务类终止上市情形，将自5月6日开市起停牌。 同日，*ST中程公告收到中国证监会出具的《行政处 ...