紫天科技（300280）公告，公司因财务会计报告存在虚假记载，收到福建证监局责令改正措施的决定， 要求在2025年3月16日前完成整改并提交报告。截至目前，公司尚未聘请具备证券、期货相关业务资格 的会计师事务所，也未向福建证监局提交整改报告。公司股票已于2025年3月17日起停牌。若在停牌后 两个月内未完成整改，公司股票交易可能被实施退市风险警示；若再两个月内仍未完成整改，公司股票 可能会被终止上市。 ...

Core Viewpoint - The Shenzhen Stock Exchange has decided to terminate the listing of ST Puli's stock and convertible bonds due to serious financial fraud issues, marking a significant change in the company's status in the capital market [4][5]. Financial Fraud and Consequences - ST Puli was found to have inflated its profits by a total of 669 million yuan, which accounted for 73.83% of the total reported profits for 2021 and 2022 [5][6]. - The company's core management, including the chairman and general manager, were involved in orchestrating the financial fraud, leading to severe penalties including a total fine of 24.2 million yuan and market bans for key executives [6][7]. Revenue Trends - In 2020, the company reported revenue of 1.189 billion yuan, a year-on-year increase of 25.10%, and a net profit of 407 million yuan, up 35.30% [6]. - Revenue continued to grow in 2021, reaching 1.509 billion yuan (up 26.94%), but net profit only slightly increased to 417 million yuan (up 2.25%) [6]. - In 2022, revenue rose to 1.619 billion yuan (up 7.31%), but net profit fell significantly to 295 million yuan, a decrease of 29.20% [6][7]. - By 2023, revenue dropped to 1.304 billion yuan, a decline of 19.43%, with net profit plummeting to 85.92 million yuan, down 70.87% [7]. Product Performance - The company's major products, particularly cardiovascular drugs, allergy medications, antibiotics, and digestive drugs, experienced significant revenue declines in 2023 [7]. - The overall business environment for ST Puli is deteriorating, with challenges expected to intensify in 2024, despite some products showing temporary growth [7]. Market Implications - The termination of ST Puli's listing serves as a warning to the pharmaceutical industry about the importance of compliance and maintaining core competitiveness to gain market trust [7].

彩电老大哥深康佳，麻烦缠身。 作者： Chong Lei,CFA 来源： 金角财经（ID：F-Jinjiao) 4 月 13 日，江西康佳新材料前董事长朱新明连续发布实名举报视频，剑指康佳集团现任董事长 周彬、前高管刘某涉嫌操纵上市公司业绩 ， 直指 2018 年两笔异常资金流动 ，包括 通过关联 交易虚增利润 4000 万元， 以及 有 5000 万上市公司资金经多层空壳公司转入河南农民账户。 这次举报迅速引发关注，因为 朱新明 与深康佳渊源甚深。他 是康佳集团 2018 年并购标的 " 金凤凰 " 的创始人 ，多 年前他亲手将微晶石行业龙头九江金凤凰 51% 股权售予康佳。 对于深康佳来说，这次举报可以说是 屋漏偏逢连夜雨 ，因为发生在自己走到退市边缘的敏感时 刻。 财报显示， 2024 年，深康佳归母净利润为亏损 32.96 亿元，同比扩大 52.31% 。而深康佳已 经连续亏损了三年，且亏损金额不断扩大。同时，截至去年末，深康佳的净资产只有 23.7 亿 元。 根据深交所相关退市规则，若上市公司最近一个会计年度经审计的净资产为负值，会被实施退市 风险警示。 基于这一点，参考深康佳去年亏损超过 30 亿 ...

跌停是所有股民都不愿意看到，最怕的就是买到连续一字跌停的票，只能认命，卖也卖不出去，天天眼睁睁的看着自己的账户缩水，没一点办法，要是几 个跌停，还能接受，可是要是20个跌停后马上退市，都已经绝望了，而且最高从41.72跌到0.37，马上把韭菜连根拔起！ 这只股票就是*ST东方，原名东方集团！ 东方集团也算是今年的一只热门股票了，4年造假161亿，本来要是天天跌停，也就套一批人，没想到在3月12日一个地天板，当天直接成交了12.31亿，又 有不少散户追进去，居然还有人在跌停卖掉之后，看到涨停，又追进去的！ 然后进去之后，又是跌停，直接连续一字跌停，一口气来了20个跌停，周一就是最后一个交易日，就算涨停也回不到1元以上了，锁定退市！ 本来里面12.9万股东，还不算太多，后边抄底进去的散户太多了，现在预测其股东人数已经到达到了31.6万，比爱康科技退市时候28万股东还多，东方集 团应该是A股这30年困住散户最多的一只股票！ | | | | *ST东方 0.37 -5.13% | | | | | --- | --- | --- | --- | --- | --- | --- | | 关于"*ST东方(600811)" ...

Core Viewpoint - The significant revenue growth of Muban Gaoke raises concerns about the authenticity of its financial data, particularly due to an abnormal cash collection ratio and potential financing trade issues linked to local state-owned enterprises [1][4][9] Financial Performance - Muban Gaoke's revenue surged by 192.84% in 2022 and 75.15% in 2023 [4] - The company projected an annual revenue of 330 million to 350 million yuan for 2024, while its revenue for the first three quarters of 2023 was already 486 million yuan, exceeding the annual forecast [1][2] Revenue Adjustments - The cancellation of a contract with Gansu Chao Xun resulted in a revenue reversal of 198 million yuan and a net profit reduction of 51.2 million yuan [2][3] - The company faced scrutiny regarding whether it had overstated revenue in previous periods due to this reversal [2][3] Cash Collection Ratio - The cash collection ratios for 2022 and 2023 were notably low at 35% and 51%, respectively, compared to over 100% in 2020 and 2021, indicating potential financial reporting risks [4][8] Supplier Relationships - Muban Gaoke's largest supplier in 2023 was Nanchang State-owned Supply Chain Financial Management Co., with transactions amounting to 466 million yuan, representing 32.28% of total transactions [9][10] - Concerns arise regarding the legitimacy of new small-scale customers and suppliers, particularly those with minimal registered capital [15][16] Investment and Project Validity - The company reported significant investments in various projects, including 1.42 billion yuan in Wuzhou and 100 million yuan in Tongling, raising questions about the authenticity of these investments [16] - The company's construction projects showed a substantial amount in progress (1.59 billion yuan) compared to fixed assets (680 million yuan), suggesting potential issues with asset valuation [17] Goodwill and Impairment - Muban Gaoke recorded a goodwill balance of 783 million yuan from its acquisition of Haoan Energy, with concerns about whether this goodwill should be impaired given the declining profitability in the solar industry [19][20]

7"财务造假"风险警示典型案例解读 造假产业终被破 法网恢恢疏不漏 前 序 根据国务院金融稳定发展委员会第二 十六次会议精神,为进一步加强投资者保 护,坚决维护良好的市场环境,更好发挥 资本市场服务实体经济和投资者功能,在 中国证监会投资者保护局指导下,上海证 券交易所系统梳理近年来发行人、中介机 构因造假、欺诈等恶劣行为侵害投资者利 益的行政处罚典型案例,通过风险警示案 例解读,引导投资者看清财务造假的真实 面貌,提高财务信息识别能力,自觉远离 可能存在的造假、欺诈行为，切实维护自 身合法权益。 退伍老兵创办高科技企业成功上市,一时风光 无两。监管机构例行检查现蛛丝马迹,竟挖出IPO造 假产业链。7年前的一桩旧案，最终催生了整个市场 期待已久的造假退市制度。今天,就跟着小编来读 一读这起IPO财务造假的典型案例吧! 经查明，原来W公司以银行回单造假的方式, 将打给经纪人的钱又变成大客户的回款打回公司账 上,从而虚增业绩。在铁证面前,W公司于2013年 初公开承认,公司在2008至2011年间,累计虚增 收入74亿元左右,虚增营业利润1.8亿元左右,虚 增净利润16亿元左右。这意味着W公司在2008至 201 ...

"财务造假"风险警示典型案例解读 上市公司财务造假 高管"甩锅"受惩罚 东窗事发后,J公司多名董监高纷纷"喊冤", 声称"对公司造假行为不知情,对隐蔽的财务 手段无法、无能力识别",甚至"甩锅"给审 计公司。 2011年,上市公司A进行资产重组,收购D公 司100%股权,并更名成为上市公司J。 上市公司 D公司 根据重组协议,D公司在2011至2014年度实际 净利润应不低于预测水平,否则,D公司原股东需 向A公司原股东进行补偿。 业绩不达标,可要 D公司销售业绩表 令力以赴| 努力奋斗 挨板子的 业绩试标线 IB 为保证业绩承诺的完成,J公司董事长兼总经 理决定从财务处理上"变魔术",以弥补完成业绩 承诺不足,财务总监负责具体实施。J公司通过少结 转D公司的主营业务成本、少计销售费用等方式, 在2013年和2014年分别虚增利润1.58亿元、0.40 亿元,分别占当期披露利润总额的82.58%、446.15%, 占当期净利润的93.48%、706.86%。为掩盖财务 数据造假事实,J公司做了"善后",将前期调节的 利润从2015年1月份开始逐月分期消化,直至全部 转回,恢复真实的财务状况。 业绩承诺不足? ...

Core Viewpoint - The rapid decline of KJY, a leading company in water environment governance, highlights severe issues in financial disclosure, operational performance, and corporate governance, leading to its investigation by the China Securities Regulatory Commission [1][2][3]. Financial Performance - In 2023, KJY's revenue plummeted by 31.3% to 302 million yuan, with net profit dropping 77.53% to 19.4 million yuan [2] - For the first three quarters of 2024, revenue further declined by 32.55% to 173 million yuan, resulting in a net loss of 38.9 million yuan, a staggering 195.73% decrease [2]. Core Business Challenges - All three main business segments of KJY are struggling: - Water treatment products saw gross margin drop from 50.26% to 40.76% due to intensified market competition [3] - The average repayment period for existing projects extended to 3.7 years, with accounts receivable constituting 379% of revenue [3] - New orders in operational services fell by 68% year-on-year in the first half of 2024, losing market share to competitors [3]. Regulatory and Financial Issues - KJY's investigation was triggered by its subsidiary's unauthorized provision of bank deposit guarantees for third-party debts, leading to forced liquidation risks [4] - Financial discrepancies include: - Revenue recognition issues, with 52% of annual revenue recognized in Q2 2023, suggesting premature revenue booking [4] - Insufficient bad debt provisions, with only 23.2% of overdue accounts receivable accounted for, below the industry average of 35% [4] - No provisions for inventory depreciation despite significant inventory levels [4]. Cash Flow and Fund Utilization - KJY reported a negative net cash flow from operating activities of 184 million yuan in 2023, worsening to -57 million yuan in Q1 2024, while capital expenditures reached 120 million yuan [5] - Despite plans to invest 350 million yuan in a headquarters project, funds were redirected to financial products, raising investor concerns [5]. Strategic and Governance Failures - KJY's strategic misalignment is evident in its low R&D investment (less than 3% post-IPO) compared to the industry average of 6.8%, weakening its technological edge [6] - Governance issues include family control over the board and independent directors lacking relevant industry experience, with significant insider selling by executives prior to the company's financial collapse [7]. - The water environment governance sector is facing challenges due to government policy changes, with new contract signings dropping by 41% in 2024, exacerbating KJY's difficulties [8].

文/梧桐小编 近日，深圳中青宝互动网络股份有限公司（300052）公告公司及相关当事人收到深圳证监局《行政处罚决定书》。经查明，中青宝存在以下违法事实：1、2019 年 至 2021 年年度报告存在虚假记载。2、未及时披露实际控制人被采取刑事强制措施。2023 年 12 月 29 日，中青宝实际控制人张云霞因涉嫌拒不执行判决、裁定罪被 公安机关刑事拘留，并于当日被采取取保候审的刑事强制措施，中青宝及其实际控制人李瑞杰不晚于 2024 年 4 月 19 日知悉张云霞被采取刑事强制措施。依据《证 券法》的规定，中青宝应当及时披露上述事项，但张云霞、李瑞杰为避免影响中青宝及其关联公司融资等，共同要求中青宝暂不披露。至 2024 年 7 月 26 日，中青 宝才发布《关于实际控制人被采取强制措施并收到〈取保候审决定书〉、〈不起诉决定书〉及〈解除取保候审决定书〉的公告》对上述事项予以披露。深圳证监局 决定对中青宝罚款500万元，对实控人张云霞、李瑞杰合计罚款550万元，对时任中青宝子公司深圳市宝腾互联科技有限公司时任总经理张超罚款200万元。对时任 总经理李逸伦罚款150万元，对时任财务总监罚款50万元，对时任董秘高国 ...

Core Viewpoint - The article discusses a complex legal and financial dispute involving Pubang Co., Ltd. and its former acquisition, Deep Blue Environmental Technology Co., Ltd., highlighting allegations of financial fraud and the unexpected emergence of a significant debt of 60 million yuan for a private company, Jiahe Construction [6][8][24]. Group 1: Company Background and Acquisition - Pubang Co., Ltd. acquired 100% of Deep Blue Environmental in 2015, which initially met performance commitments during a four-year earn-out period but later experienced a significant decline in performance [6][24]. - Deep Blue Environmental was sold by Pubang Co. in 2023, following the emergence of legal issues and financial discrepancies [6][24]. Group 2: Legal Dispute and Allegations - Jiahe Construction claims it was unaware of any contracts with Deep Blue Environmental and was surprised to find itself liable for 60 million yuan in debts due to alleged fraudulent contracts [7][9]. - The contracts in question, signed between 2015 and 2016, total 128 million yuan, but Jiahe Construction asserts that these contracts are fictitious and that they have no business dealings with Deep Blue Environmental [7][14]. - Allegations of financial fraud are raised, with industry experts suggesting that the situation warrants regulatory investigation [7][8]. Group 3: Financial Implications and Responses - Pubang Co. has acknowledged the existence of accounts receivable related to Jiahe Construction, which were reported in their financial statements, raising questions about the legitimacy of the contracts [9][17]. - The company has stated that if fraud is confirmed, it too would be a victim and is currently seeking documentation from its auditors to clarify the situation [8][24]. - Jiahe Construction has reported that it was unaware of the legal proceedings until late 2024, raising concerns about the transparency of the judicial process [9][11]. Group 4: Investigation and Current Status - The whereabouts of Deep Blue Environmental are currently unknown, with attempts to locate the company at its registered address proving unsuccessful [20][22]. - The case has been referred to higher courts for review, and the execution of the debt may be halted pending further investigation [23].