Core Viewpoint - Shenghui Intelligent Technology Co., Ltd. faced regulatory action from the Shandong Regulatory Bureau of the China Securities Regulatory Commission due to inaccurate disclosure in its 2024 performance forecast, leading to a warning letter and entry into the securities market integrity database [3][4]. Company Overview - Shenghui Technology was established on December 11, 2003, with a registered capital of 4.975 billion RMB. The company is headquartered in Laiyang, Shandong Province, and its main business includes electrical equipment, smart city services, new energy, and new materials [4]. - The current chairman is Li Zhaoqiang, and the company has 812 employees. The actual controller is also Li Zhaoqiang. The company has 23 subsidiaries, including several in the new energy sector [5]. Financial Performance - The company's revenue for 2022 to 2024 is projected to be 2.147 billion RMB, 2.002 billion RMB, and 1.455 billion RMB, reflecting year-on-year changes of -20.79%, -6.72%, and -27.32% respectively [5]. - The net profit attributable to shareholders for the same period is expected to be -981 million RMB, -1.696 billion RMB, and -120 million RMB, with year-on-year changes of -569.85%, -72.82%, and 92.93% respectively [5]. - The asset-liability ratios for the years 2022 to 2024 are 44.35%, 55.29%, and 52.89% [5]. Risk Assessment - The company has a total of 201 internal risks and 204 external risks, with 127 warning alerts currently active [6].

Core Viewpoint - The company received a warning letter from the Jiangsu Securities Regulatory Bureau due to improper revenue recognition in its digital marketing business, leading to inaccurate financial disclosures [3][4]. Financial Performance - The company's revenue for 2022, 2023, and 2024 was 1.738 billion, 1.482 billion, and 1.136 billion RMB, reflecting year-on-year growth rates of 49.61%, -15.58%, and -23.37% respectively [4]. - The net profit attributable to shareholders for the same years was 50.12 million, 26.39 million, and 30.46 million RMB, with year-on-year changes of -40.97%, -47.35%, and 15.44% respectively [4]. - The asset-liability ratios for 2022, 2023, and 2024 were 12.83%, 10.87%, and 18.09% respectively [4]. Corporate Governance - The company has acknowledged its accounting errors and has taken corrective actions, including a board meeting to approve adjustments to prior financial data [3]. - The chairman and general manager, Wang Kun, along with the financial director, Cao Jianxin, were held primarily responsible for the violations [3]. Company Overview - The company was established on September 14, 2012, with a registered capital of 80.3678 million RMB [3]. - It operates in mobile information services and digital marketing, with 243 employees and 21 subsidiaries [4].

Core Viewpoint - Zhejiang Heda Technology Co., Ltd. faced disciplinary action from the Shanghai Stock Exchange due to inaccurate financial disclosures, which significantly misled investors regarding the company's performance [3][17][19] Financial Performance Summary - The company initially forecasted a net profit attributable to shareholders of between 5 million to 7 million yuan for 2024, but later reports revealed a net loss of 563.61 million yuan [1][16] - The revised financial results showed a substantial decline in operating profit, with a reported loss of 1,754.83 million yuan and a total profit loss of 1,760.79 million yuan [2][16] - The company reported a significant drop in cash flow from operating activities, with a net cash flow of -1,133.40 million yuan compared to 3,679.48 million yuan in the previous year [6] Compliance and Regulatory Issues - The company violated multiple provisions of the Shanghai Stock Exchange's rules regarding timely and accurate information disclosure, leading to a lack of transparency that affected investor expectations [3][17][19] - The disciplinary action included a public reprimand for the company's executives, including the chairman, general manager, financial director, and board secretary, for failing to fulfill their responsibilities [4][19] Management Accountability - Key executives, including Chairman Guo Jun and General Manager Weng Xianhua, were identified as responsible for the company's failure to disclose accurate financial information [4][18] - The company is required to implement corrective measures and submit a report detailing these actions within one month of receiving the disciplinary notice [19][20]

Core Viewpoint - The article discusses the challenges and opportunities for Chinese companies in climate information disclosure and the significance of the newly proposed guidelines for sustainable disclosure in promoting low-carbon transformation and aligning with international standards [1][3][6]. Group 1: Challenges in Climate Information Disclosure - Chinese companies face challenges in climate information disclosure, including the complexity of data collection and management, lack of professional talent, and insufficient understanding of international standards [2][3]. - Issues such as dispersed data sources and varying data quality complicate data integration and analysis [2]. - The shortage of personnel skilled in climate risk management, carbon accounting, and ESG reporting limits companies' progress in climate disclosure and low-carbon transformation [2][3]. Group 2: Significance of the New Guidelines - The proposed guidelines for sustainable disclosure mark a critical step in standardizing climate information disclosure in China and aligning it with international standards [3][4]. - The guidelines aim to enhance transparency in climate risk management, directing funds towards green and low-carbon sectors, and accelerating the low-carbon transition of companies [3][4]. - By providing clear disclosure requirements, the guidelines promote uniformity in sustainable disclosure standards, reducing confusion and uncertainty caused by differing standards [3]. Group 3: Impact on Corporate Strategy and Risk Management - The guidelines introduce a dual disclosure framework that considers both the impact of climate on companies and the reverse effect of corporate activities on climate [5]. - This framework encourages companies to proactively plan for low-carbon transitions, transforming compliance costs into core competitive advantages [5]. - Companies can leverage green energy to reduce long-term energy costs and develop low-carbon products to capture emerging market shares [5]. Group 4: International Influence and Adaptability - The guidelines not only fill a gap in climate information disclosure standards for developing countries but also offer a model for global climate governance through a "disclosure-driven transformation" approach [6][7]. - The design of the guidelines incorporates the principle of "common but differentiated responsibilities," providing flexibility for developing countries in implementing disclosure standards [7]. - The combination of mandatory and voluntary disclosures, along with incentives from carbon markets and green finance, offers a governance model for other developing nations facing regulatory challenges [7]. Group 5: Future Trends and Implementation - The implementation of the guidelines is expected to bring systemic changes to climate governance for Chinese companies, prompting adjustments in operational models and value chain management [8]. - Companies are advised to establish dedicated ESG departments, integrate climate risk management into strategic planning, and conduct comprehensive carbon footprint assessments [8]. - The government is encouraged to create carbon data management platforms and explore connections between disclosure data and existing policy tools, while industry associations can develop targeted disclosure guidelines based on sector-specific characteristics [8].

大连智云自动化装备股份有限公司 第一条 为了进一步提高大连智云自动化装备股份有限公司（以下称"公 司"）规范运作水平，加大对年报信息披露责任人的问责力度，提高年报信息披 露的质量和透明度，增强年报信息披露的真实性、准确性、完整性和及时性，根 据《中华人民共和国证券法》《中华人民共和国会计法》《上市公司信息披露管 理办法》和《深圳证券交易所创业板股票上市规则》等法律、法规、规范性文件 及《大连智云自动化装备股份有限公司章程》（以下简称《公司章程》）的有关 规定，结合公司的实际情况，特制定本制度。 第二条 公司有关人员应当严格执行《企业会计准则》及相关规定，严格遵 守公司与财务报告相关的内部控制制度，确保财务报告真实、公允地反映公司的 财务状况、经营成果和现金流量。公司有关人员不得干扰、阻碍审计机构及相关 注册会计师独立、客观地进行年报审计工作。 第三条 公司董事、高级管理人员以及与年报信息披露相关的其他人员在 年报信息披露工作中违反国家有关法律、法规、规范性文件以及公司规章制度， 未勤勉尽责或者不履行职责，导致年报信息披露发生重大差错，应当按照本制度 的规定追究其责任。 第四条 本制度所指年报信息披露重大差错包 ...

）、中国证券监督管理委员会（以下简称"中国证监会"） 《上市公司信息 大连智云自动化装备股份有限公司 第一章 总则 第一条 为规范大连智云自动化装备股份有限公司（以下简称"公司"）及其他相 关义务人的信息披露行为，促进公司规范运作，维护公司和投资者的合法权益，根据 《中华人民共和国公司法》 （以下简称《公司法》）、 《中华人民共和国证券法》 （以下简 称《证券法》 《深圳证券交易所创业板股票上市规则》 披露管理办法》 （以下简称《信息披露办法》）、 （以下简称《创业板上市规则》）、 《深圳证券交易所上市公司自律监管指引第 5 号— —信息披露事务管理》 （以下简称《信息披露事务管理指引》）等法律、法规及《大连 智云自动化装备股份有限公司章程》 （以下简称《公司章程》）等有关规定，特制定本 制度。 第二条 本制度所称"信息"是指已经或可能对公司股票及其衍生品种交易价格 或者对投资决策产生重大影响的信息以及证券监管部门和证券交易所要求披露的信 息。 本制度所称"证券交易所"是指公司上市的深圳证券交易所。 第三条 信息披露是公司的持续责任，公司应当依法、诚信地履行持续信息披露 的义务。 第四条 信息披露应遵循的原则 ...

Core Viewpoint - The document outlines the information disclosure deferral and exemption management system for Huamao (Xiamen) New Materials Technology Co., Ltd, aiming to regulate the company's disclosure obligations and protect investors' rights [1][2]. Group 1: General Principles - The system is established to standardize the deferral and exemption of information disclosure by the company and related parties, ensuring compliance with relevant laws and regulations [1]. - The company must carefully determine deferral and exemption matters and follow internal review procedures before implementation [2]. Group 2: Scope of Deferral and Exemption - Information that involves state secrets or commercial secrets can be exempted from disclosure if it meets specific criteria, such as potential harm to the company or others' interests [2][3]. - If the reasons for deferral or exemption are eliminated, or if the information becomes difficult to keep confidential, timely disclosure is required [3]. Group 3: Internal Management of Deferral and Exemption - The company must document the decision to defer or exempt disclosure, including the method of exemption and the type of documents involved [4]. - Relevant materials regarding deferral or exemption must be submitted to the Xiamen Securities Regulatory Bureau and the Shanghai Stock Exchange within ten days after the announcement of periodic reports [4][5]. Group 4: Miscellaneous Provisions - Any matters not covered by this system will be executed according to relevant laws and regulations, and the board of directors is responsible for the formulation, modification, and interpretation of this system [5].

Group 1 - The Ministry of Finance issued new accounting regulations for non-profit organizations, effective from January 1, 2026, to ensure a smooth transition from the old accounting system [3] - The China Securities Regulatory Commission (CSRC) released regulations to strengthen the management of information disclosure for listed companies, effective from July 1, 2025 [4] - The Shanghai Stock Exchange (SSE) revised its stock listing rules, emphasizing the responsibilities of companies regarding information disclosure and the management of exempt disclosures [4][15] Group 2 - The SSE and Shenzhen Stock Exchange (SZSE) published updated self-regulatory guidelines to enhance corporate governance and protect investors' rights, effective from May 15, 2025 [11] - The Beijing Stock Exchange (BSE) implemented new rules for listed companies to comply with the revised Company Law, including the establishment of audit committees in place of supervisory boards by January 1, 2026 [21][22] - The BSE also revised its fundraising guidelines, emphasizing strict regulation of the use of raised funds and the responsibilities of intermediary institutions [24][26] Group 3 - Ernst & Young published the latest issue of its publication on international financial reporting standards, focusing on economic conditions such as hyperinflation [28]

Core Viewpoint - The investigation by the China Securities Regulatory Commission (CSRC) into Jiaying Pharmaceutical highlights severe governance issues within the company, exacerbated by a significant decline in revenue from its core products and ongoing management turmoil [2][3][15]. Governance and Management Issues - Jiaying Pharmaceutical is under investigation for information disclosure violations, which are seen as a culmination of long-standing governance deficiencies [3][15]. - The company has experienced a rapid turnover of key executives, including the resignation of the financial director and board secretary, raising concerns about internal governance stability [4][5]. - A lack of timely disclosure regarding related party transactions and internal control weaknesses has been identified as potential triggers for the investigation [3][5]. Financial Performance - Jiaying Pharmaceutical reported a revenue of 376.17 million yuan in 2024, a decrease of 29.46% year-on-year, marking two consecutive years of double-digit declines [6][7]. - The net profit attributable to shareholders fell to 20.61 million yuan, down 39.94% from the previous year, with a net profit margin dropping from 6.44% in 2023 to 5.48% in 2024 [6][7]. - The company's core products, particularly the Jieguzhili Pian/Capsule, saw a revenue decline of 41.05%, significantly impacting overall performance [9][10]. Market and Product Dynamics - The ongoing pressure from national traditional Chinese medicine procurement policies has led to a dual impact of declining prices and sales volumes for Jiaying Pharmaceutical's key products [9][10]. - The company’s revenue structure is imbalanced, with major products underperforming and insufficient growth from secondary products, leading to a "main force slowdown, new force insufficiency" scenario [9][10]. Research and Development Concerns - Jiaying Pharmaceutical's R&D expenditure decreased by 33.09% in 2024, raising concerns about its long-term competitiveness and innovation capabilities [14][15]. - The reduction in R&D personnel from 42 to 30 indicates a shrinking focus on innovation, which is critical in the increasingly competitive pharmaceutical industry [14][15]. Recent Developments - In the first quarter of 2025, Jiaying Pharmaceutical reported a revenue increase of 28.83% year-on-year, attributed to expanded sales channels, although this was not accompanied by improved cash flow [11][12]. - Despite a temporary recovery in performance, the ongoing decline in R&D investment poses risks to the company's future growth and sustainability [14][15].

5月30日晚，ST东时（东方时尚）发布公告称，收到中国证监会下发的《立案告知书》，因涉嫌信息披露违法违规，证监会决定对其立案调查。这家曾经 的"驾校第一股"在18个月内第二次遭监管立案。 ST东时此次被立案虽未披露具体事由，但ST东时内部控制存在重大缺陷已是公开事实。 截至2024年12月31日，ST东时控股股东东方时尚投资及其关联方通过设备采购、应收账款保理业务等方式，非经营性占用ST东时资金余额达3.87亿元。根 据北京证监局要求，这些被占用资金必须在2025年6月19日前归还。 财报显示，2024年ST东时营业收入为8.07亿元，同比下降22.55%；净利润为-9.03亿元，同比下降149.5%，连续5年下滑，2025年一季度仍旧保持下滑趋势。 若未能按期解决，根据《上海证券交易所股票上市规则》，6月19日后ST东时股票将被实施停牌；停牌后两个月内仍未完成整改，将被实施退市风险警示； 此后两个月内仍未完成整改，上交所将终止其股票上市。 ST东时此次被立案，距离上一次被立案调查仅过去17个月。2023年12月27日，ST东时发布公告称，因涉嫌信息披露违法违规被证监会立案。 2023年和2024年，ST东时 ...