来源：运营商财经网 财报数据显示，瑞幸咖啡三季度实现营业收入152.9亿元，同比增长50.2%，GMV为173.20亿元，归母净 利润为12.8亿元，同比下降1.9%，呈现增收不增利的情形。 此外，瑞幸咖啡三季度配送费用涨至28.9亿元，同比大幅增长211.4%，费用占比从9.1%上升到18.9%， 安静对此表示，虽然配送费大幅增长，但"单笔订单的配送费用同比有所下降"，这反映出规模化运营效 率的提升。 瑞幸咖啡官网显示，安静于1998年获得中国人民大学经济学学士学位，后于2010年取得斯坦福商学院管 理学硕士学位。本科毕业后，安静任职于普华永道北京公司，担任高级会计师职务。2003年，安静任职 于亿友娱乐公司，2007年又到酷洛夫科技有限公司任职，2010年跳槽至热酷媒体有限公司，任高级企业 财务和管理职务。 2013年安静进入蓝汛通信技术有限责任公司，担任其首席财务官一职，2016年再次跳槽至58到家，任首 席财务官。2022年，加入瑞幸咖啡，担任公司的首席财务官。 可以看出，安静的履历十分丰富，积累了丰富的财务管理经验。对于曾经因财务造假被摘牌退市，而又 打算重新上市的瑞幸咖啡来说，公司首席财务官的人选 ...

ST立方最新披露，公司被查明存在年报虚假记载，2021年至2023年累计虚增营收超6亿元，安徽证 监局对公司及10名相关责任人合计罚款4000万元，多人被采取10年市场禁入措施。 记者关注到，在此番被查明财务造假之前，ST立方去年至今两度更正会计差错，2024年年报被出 具"非标"意见，今年4月底被实施ST。 2025.11. 30 本文字数：2666，阅读时长大约4分钟 作者 | 第一财经 周楠 连续三年虚增营收，其中两年的虚增金额占到当期总营收五成以上，控股股东正在推进破产重整的 ST立方（300344.SZ），因上述财务造假问题吃下大额罚单，并由此拉响退市"警钟"。 如今，ST立方在"戴帽"半年之后还将"披星"。根据安排，该股将于12月1日开市起停牌，次日复牌后 股票简称变更为*ST立方。公司同时提到， 若后续正式处罚出炉，公司被认定触及重大违法强制退 市情形，将被终止上市。 基本面上，ST立方已亏损累累，近五年扣非净利润累计亏损超10亿元。公司控股股东正在推进破产 重整，持股5%以上股东的部分持股近期则遭遇流拍。 连续三年财务造假 早前，ST立方4月底披露，公司因定期报告涉嫌信披违法违规被证监会立案。 ...

Core Points - ST Shenhua (000698) has been penalized for information disclosure violations, receiving a total fine of 15.7 million yuan and warnings for four responsible individuals [1][3] - The violations involved significant financial misstatements over four consecutive years, impacting the integrity of financial reports [2][3] Summary by Sections Information Disclosure Violations - ST Shenhua's violations were identified as a result of its subsidiary, Shenyang Paraffin Chemical Co., manipulating financial data to meet management and assessment requirements [1][2] - The company reported false figures in its annual reports from 2018 to 2021, including inflated profits and understated costs [2] Financial Impact - In 2018, ST Shenhua falsely reduced operating costs and inflated total profits by 130 million yuan, which constituted 80.44% of the reported profit for that year [2] - The 2019 report showed a false reduction of operating costs and an inflation of profits by 204 million yuan, accounting for 29.4% of the reported profit [2] - In 2020, the company again misreported, with a false reduction of operating costs by 104 million yuan, representing 19.14% of the reported profit [2] - The 2021 report indicated a false inflation of operating costs and a reduction of profits by 148 million yuan, which was 70.11% of the reported profit [2] Penalties and Consequences - The penalties included a total fine of 15.7 million yuan, with specific fines for the chairman, general manager, and other responsible individuals [3] - The chairman, Sun Zesheng, received an 8-year market ban, while the chief accountant, Li Zhong, received a 4-year ban [3] - Other board members and executives received warnings and administrative measures from the regulatory authority [3] Investor Implications - Investors affected by the false disclosures are eligible to file civil lawsuits for damages, particularly those who purchased shares between March 21, 2019, and April 28, 2023 [4][5] - Legal experts emphasize the importance of timely action for investors to claim compensation before the statute of limitations expires [5]

Core Viewpoint - ST Lifan has been found to have inflated revenue for three consecutive years, with the inflated amounts exceeding 50% of total revenue in two of those years, leading to significant penalties and the risk of delisting [1][2]. Financial Misconduct - The company was discovered to have engaged in financial fraud, inflating revenue by a total of 638 million yuan from 2021 to 2023, with specific years showing inflated revenues of 280 million yuan, 312 million yuan, and 46 million yuan respectively [2][4]. - The inflated revenues accounted for 50.09% and 51.67% of total revenues in 2021 and 2022 respectively [2]. - The Anhui Securities Regulatory Bureau imposed a total fine of 40 million yuan on the company and ten responsible individuals, with penalties ranging from 1 million to 5 million yuan for individuals [2][4]. Administrative Proceedings - The case has entered the administrative penalty phase, allowing responsible parties to present their statements and request hearings, with the regulatory body set to review the findings [3]. Stock Status and Risks - Following the financial misconduct, ST Lifan's stock will be suspended from trading on December 1, with a name change to *ST Lifan, indicating a higher risk of delisting due to major violations [1][4]. - The company has received a "non-standard" opinion on its annual report, indicating issues with internal controls and accounting practices [4]. Financial Performance - ST Lifan has reported cumulative losses exceeding 1 billion yuan over the past five years, with net profits declining consistently [6]. - The company has been focusing on transforming its business model but continues to face challenges, including liquidity issues and asset impairments [6][7]. Bankruptcy Proceedings - The controlling shareholder is currently undergoing bankruptcy restructuring, with the application accepted by the court, indicating potential challenges in the company's financial stability [7]. - A significant portion of shares held by major shareholders is under judicial auction due to debt disputes, further complicating the company's financial situation [7].

2025年的A股晚间公告栏，简直比电视剧还刺激！前一秒还是"业绩暴增2000%+"的狂欢，下一秒就可能爆出"重大违法退市"的惊雷，中间还夹杂着"证监会 立案调查"的紧张剧情。11月以来，这种"冰火两重天"的戏码更是密集上演：11月25日晚，两家公司同时官宣要被强制退市，几家公司扎堆收到立案告知 书；而就在半个多月前的10月17日晚，AI龙头直接甩出"前三季营收暴增2386%"的炸裂业绩。一边是股价可能清零的绝境，一边是市值飙升的狂喜，还有一 边是前途未卜的煎熬，A股公司的"命运岔路口"在晚间公告里被展现得淋漓尽致。不少散户看得眼花缭乱：这些公告背后藏着什么机会和风险？业绩暴增的 能追吗？被立案、要退市的该怎么处理？ 一、退市"惊雷"炸响：两家公司同日锁定退市，造假代价有多惨？ 11月25日晚，ST苏吴和 ST东通两家公司的公告，直接给股东浇了一盆冷水——双双触及重大违法强制退市红线，股票即日起停牌，距离摘牌只剩最后几 步。 先看ST苏吴：公司收到中国证监会《行政处罚决定书》，经查实，2018年至2023年的年度报告都存在虚假记载，不仅没如实披露实际控制人，2020年到 2023年还虚增营收和利润，关联方占用资 ...

星标 ★ IPO日报 精彩文章第一时间推送 11月28日，中国证监会安徽证监局对立方数科股份有限公司（下称"ST立方"，300344.SZ）下发《行政处罚及市场禁入事先告知书》，揭开了这家公 司连续三年财务造假的黑幕。 调查显示，2021年至2023年期间，ST立方通过代理业务、融资性贸易和虚假贸易等手段累计虚增收入6.38亿元，虚增成本6.28亿元。 证监会拟对ST立方处以1000万元罚款，对汪逸等10名责任人合计罚款3000万元，并对三名主要责任人采取10年证券市场禁入措施。 由于涉嫌触及重大违法强制退市情形，深交所将依法启动退市程序，ST立方股票自12月1日起停牌一天，12月2日起复牌并被实施退市风险警示，股票简 称变更为"*ST立方"。 张力制图 触发红线 安徽证监局查明，ST立方的财务造假行为具有系统性、长期性特征。 具体来看，2021年公司虚增收入2.80亿元、成本2.77亿元；2022年虚增收入3.12亿元、成本3.05亿元；2023年虚增收入0.46亿元、成本0.45亿元。 尤为引人关注的是，2021年和2022年虚假记载的营业收入金额合计达5.92亿元，占该两年披露的年度营业收入合计金额的5 ...

华夏时报记者 帅可聪 北京报道 "连夜挂跌停板出货，还有逃跑的机会吗？"2025年11月28日深夜，一位投资者在ST立方（300344） （300344.SZ，下称"立方数科"）股吧中如此询问。在立方数科的3万名股东中，不少人正寝食难安。 11月28日晚间，立方数科发布公告称，公司当天收到证监会安徽监管局（下称"安徽证监局"）行政处罚 事先告知书，因被认定2021年至2023年连续三年财务造假，安徽证监局拟对公司及10名责任人罚款合计 4000万元，其中拟对公司罚款1000万元。 与此同时，证监会官网发布通报，立方数科严重财务造假案件，涉嫌触及重大违法强制退市情形，深交 所将依法启动退市程序。同时，证监会决定对本案所涉会计师事务所执业行为正式立案调查。对于可能 涉及的证券犯罪问题线索，将移送公安机关。 广东环宇京茂律师事务所徐越惠律师在接受《华夏时报》记者采访时表示，立方数科通过开展代理业 务、融资性贸易、虚假业务三种手段造假，使得公司财务报表完全失去了真实性和公允性。若正式处罚 落地，其造假行为将直接触发退市新规中的重大违法强制退市条款。投资者如因立方数科财务造假蒙受 损失，可依法起诉索赔。 三年虚增营收超 ...

据行政处罚事先告知书，安徽证监局查明，立方数科通过开展代理业务、融资性贸易、虚假贸易虚增营 业收入、营业成本、利润总额，导致立方数科披露的2021年至2023年年度报告存在虚假记载。 2025年4月28日，因定期报告涉嫌信息披露违法违规，立方数科被证监会立案调查。至此，历时7个月， 初步处罚结论终于出炉。 "连夜挂跌停板出货，还有逃跑的机会吗？"2025年11月28日深夜，一位投资者在ST立方（300344.SZ， 下称"立方数科"）股吧中如此询问。在立方数科的3万名股东中，不少人正寝食难安。 11月28日晚间，立方数科发布公告称，公司当天收到证监会安徽监管局（下称"安徽证监局"）行政处罚 事先告知书，因被认定2021年至2023年连续三年财务造假，安徽证监局拟对公司及10名责任人罚款合计 4000万元，其中拟对公司罚款1000万元。 广东环宇京茂律师事务所徐越惠律师在接受《华夏时报》记者采访时表示，立方数科通过开展代理业 务、融资性贸易、虚假业务三种手段造假，使得公司财务报表完全失去了真实性和公允性。若正式处罚 落地，其造假行为将直接触发退市新规中的重大违法强制退市条款。投资者如因立方数科财务造假蒙受 损失 ...

Core Viewpoint - The company, Yuanda Intelligent (002689), is facing administrative penalties from the Liaoning Securities Regulatory Bureau due to financial misconduct, leading to a temporary suspension of its stock trading and a change in its stock name to ST Yuanzhi [2][10]. Group 1: Administrative Penalties - On November 28, 2025, Yuanda Intelligent received an administrative penalty notice from the Liaoning Securities Regulatory Bureau [7][9]. - The company is accused of two main violations: using forged acceptance certificates to prematurely recognize elevator sales revenue and recognizing rental income from unfulfilled leasing agreements, resulting in false records in multiple annual reports [8][9]. - The violations led to inflated revenues of 123 million yuan, 66 million yuan, and 147 million yuan for the years 2019, 2020, and 2021 respectively, which accounted for 15.22%, 7.24%, and 15.21% of the reported revenues for those years [8]. Group 2: Financial Impact - The inflated profits from the aforementioned violations were 32.58 million yuan, 21.75 million yuan, and 38.93 million yuan for the years 2019, 2020, and 2021, representing 31.48%, 300.55%, and 286.69% of the reported profit totals [8]. - The 2022 semi-annual report showed a reduction in revenue of 16.11 million yuan, which was 4.85% of the reported revenue, and a profit reduction of 23.45 million yuan, accounting for 42.96% of the reported profit [8]. Group 3: Stock Trading and Company Response - The company's stock will be suspended for one day starting December 1, 2025, and will resume trading on December 2, 2025, with a new name ST Yuanzhi, while the stock code remains unchanged [2][14]. - The company has stated that it will improve internal controls and governance to prevent future violations and ensure accurate financial disclosures [14].

Core Viewpoint - The delisting of ST Yuancheng is a result of severe financial fraud, leading to significant losses for investors and highlighting the risks in the A-share market [2][4]. Group 1: Company Overview - ST Yuancheng, primarily engaged in landscaping engineering, attempted to diversify into online gaming but faced regulatory backlash [2]. - The company was found to have inflated project costs and fabricated revenue, reporting a fictitious income of 209 million yuan and overstating profits by over 50 million yuan from 2020 to 2022 [2]. Group 2: Financial Impact - Following the revelation of financial misconduct, ST Yuancheng's market value fell below 500 million yuan for the first time on October 14, with a subsequent decline to 218 million yuan by November 5, remaining below the delisting threshold for 17 consecutive trading days [4]. - The stock price plummeted from 2 yuan to 0.58 yuan, culminating in its delisting on December 5, leaving investors with no opportunity to exit [6]. Group 3: Investor Behavior - Despite the impending delisting, the number of shareholders in ST Yuancheng increased by 23.86% in the last quarter, reaching 12,600, indicating a misguided attempt by some investors to capitalize on potential rebounds [4]. - These investors faced a harsh reality as the stock experienced 21 consecutive trading halts [5]. Group 4: Broader Industry Context - The case of ST Yuancheng is part of a larger trend, with over 60 companies in the A-share market under investigation and 13 facing delisting due to financial fraud in the past year [16]. - Other companies, such as Yongtai Energy and Tianfeng Securities, are also facing scrutiny for information disclosure violations, further contributing to investor anxiety in the market [8][11].