得润电子被查明财务造假，两年半时间虚构回款累计超5亿元，导致其多份财报存在虚假记载。 刚刚进入2026年，就有上市公司要被实施ST。 据得润电子（002055.SZ）最新公告，该公司被查明财务造假，两年半时间里虚构回款累计超5亿元，导 致其多份财报存在虚假记载。最终，公司及相关责任人被罚没逾2000万。 根据安排，得润电子将自1月6日开市起实施其他风险警示，股票简称变更为ST得润。另据披露，同 日，金通灵（300091.SZ）将"披星戴帽"，变更为*ST金灵。 在此之前，2025年年尾，多家A股公司密集披露被立案消息，多因涉嫌信披违法违规，如铂力特 （688333.SH）、启迪设计（300500.SZ）等。刚刚过去的2025年是上市公司监管大年，第一财经记者根 据Wind数据梳理，去年全年共有超80家A股公司、200余名相关责任人被立案调查，其中约四成是ST公 司。 随着立案调查结束，多家公司被查明长期财务造假，并因此吃下大额罚单，部分公司因此走向了退市。 中国政法大学商学院副教授胡历芳告诉第一财经记者，2025年，资本市场监管更趋严格，体现了自去 年"新国九条"以来，证监会所秉承的、一以贯之的严监管思路。 ...

受损股民可至新浪股民维权平台登记该公司维权：http://wq.finance.sina.com.cn/ 关注@新浪证券、微信关注新浪券商基金、百度搜索新浪股民维权、访问新浪财经客户端、 新浪财经首页都能找到我们！ 2025年12月31日晚间，得润电子（维权）发布关于公司及相关当事人收到《行政处罚事先告知书》的公 告。公告显示：深圳市得润电子股份有限公司及实际控制人之一邱建民先生于2024年12月25日分别收到 中国证券监督管理委员会下发的《立案告知书》（编号：证监立案字007202444号、编号：证监立案字 007202445号），2025年12月31日，公司及相关当事人收到中国证券监督管理委员会深圳监管局出具的 《行政处罚事先告知书》（〔2025〕25号）。 根据深圳证监局下达的行政处罚事先告知书显示，得润电子涉及的主要违规为：一是2020年至2021年， 因得润电子主要客户等经营困难，无法偿还欠款，致使公司现金流紧张，得润电子实际控制人、时任董 事长、总裁邱建民通过自有资金、对外借款等方式，向得润电子客户、原子公司、设备供应商等提供资 金支持，用于前述主体向得润电子归还历史欠款。邱建民未向得润电子报告上 ...

资料显示，夏海钧，1964年出生于哈尔滨，加拿大籍，曾任恒大集团董事局副主席兼总裁，被誉为"打工皇帝"。他拥有产业经济学博士 学位，2007年加入恒大后主导集团财务及资本运作，2017年以2.7亿元年薪登顶福布斯中资港股CEO薪酬榜。2022年因恒大134亿元存款 纠纷辞职后失联，后被曝藏身美国加州。2024年起，香港法院陆续冻结其名下600亿港元资产，并认定其参与财务造假，处以终身证券市 场禁入。其妻名下2400万美元美国资产也被法院冻结，目前案件仍在审理中。 摘要：1月2日，香港上诉法庭裁定，驳回恒大集团前行政总裁夏海钧提出的上诉许可申请 2026年1月2日，香港上诉法庭裁定，驳回恒大集团前行政总裁夏海钧提出的上诉许可申请，维持此前全球玛瑞瓦禁令。 据悉，判辞透露，恒大于2024年6月取得高等法院的禁制令，其中针对夏海钧的命令，禁制他处理600亿港元资产及禁制他处理出售柏傲 山物业所得的资金。法官其后延长该禁制令，并驳回夏海钧申请撤销禁制令的申请。 过往报道，中国恒大因欠债逾2.5万亿元，于前年被颁令清盘。清盘人向创办人许家印，及前行政总裁夏海钧等人追讨股息等约60亿美 元，恒大其后再取得禁制令，禁制许家 ...

《告知书》显示，公司等涉嫌欺诈发行证券，违规披露、不披露重要信息，杭州市公安局已侦查终结，犯罪事实清楚，证据确实、充分，现将该案移送至 杭州市人民检察院审查起诉。 公告表示，截至目前，公司各项生产经营活动保持正常有序运行。本次事项系前期涉案案件进入审查起诉阶段的正常司法程序推进，公司将积极配合杭州 市人民检察院的相关工作，依法维护公司及全体股东合法权益，预计不会影响公司正常的生产经营。 12月31日晚间，思创医惠科技股份有限公司（以下简称"思创医惠"或"公司"）发布关于收到杭州市公安局《移送审查起诉告知书》的公告。 公告称，公司于近日收到杭州市公安局出具的《移送审查起诉告知书》，公司因涉嫌欺诈发行证券、违规披露不披露重要信息案，已由公安机关侦查终结 并移送杭州市人民检察院审查起诉，案件正式进入司法审查起诉阶段。回溯事件脉络，该案源于2021年公司公开发行可转债募资8.17亿元的相关行为，监 管部门后续查实，公司通过虚构业务、虚增营收等手段伪造2019年~2020年财务数据，相关违法违规行为已于2024年1月被浙江证监局作出行政处罚，实 控人章笠中因组织指使造假被实施市场禁入。 公告披露，公司于2025年8月1 ...

Core Viewpoint - The company, Derun Electronics, is facing significant regulatory penalties and governance issues due to major violations in information disclosure, leading to a systematic risk exposure for over 75,000 shareholders [1][2][5]. Group 1: Regulatory Actions and Financial Misconduct - Derun Electronics has been placed under other risk warnings and will be renamed "ST Derun" starting January 6, 2026, following a notice from the Shenzhen Securities Regulatory Commission due to serious information disclosure violations [1]. - The company inflated its assets and profits by fabricating customer payments and concealing actual financial support from its controlling shareholder, resulting in fictitious receivables of CNY 395 million and CNY 113 million for 2020 and 2021, respectively [2]. - The company has been fined CNY 7 million, while the controlling shareholder, Qiu Jianmin, faces a personal fine of CNY 12 million and a five-year market ban, significantly limiting his influence over the company [2]. Group 2: Shareholder and Governance Impact - The controlling shareholder's stake has drastically decreased to 5.68% due to forced sales from debt defaults, raising concerns about potential changes in control and governance [3]. - The recent changes in shareholding structure, with new shareholders being individuals with undisclosed backgrounds, may challenge the existing board if they form a united front [3]. - The company has 75,253 ordinary shareholders, predominantly small investors, who lack the information and tools to mitigate risks, now facing the consequences of governance failures [5][6]. Group 3: Financial Performance and Market Reactions - Derun Electronics reported a net loss of CNY 1.225 billion for the year 2024, a decline of over 500%, with a further revenue drop of 15.70% in the first three quarters of 2025 [5]. - The transition to "ST Derun" will limit the company's refinancing capabilities and affect bank credit, further eroding confidence among customers and suppliers [5]. - The governance crisis exacerbates existing pressures from increased competition and declining profit margins in the automotive electronics and charging module sectors [5][6].

登录新浪财经APP 搜索【信披】查看更多考评等级 文 孙汝祥 夏欣 2025年堪称上市公司监管领域的"大年"，在监管规则体系完善、推动高质量发展、全链条严打财务造假 等方面均成效卓然。 这一年，上市公司监管从"问题驱动型"的零散规则修补迈向系统性"顶层设计型"的系统法规建构。 2025年12月，中国证监会就《上市公司监督管理条例（征求意见稿）》（以下简称《监管条例》）公开 征求意见。这份覆盖上市公司"全生命周期"的文件，强化全链条监管，标志着我国首部上市公司监管行 政法规即将出炉，也宣告着对上市公司的监管将进入一个更加系统化、法治化的新阶段。 这一年，并购重组市场活力迸发，助力上市公司高质量发展的同时，A股公司常态化分红也形成了良好 生态。 2025年5月中国证监会发布修改后的《上市公司重大资产重组管理办法》（以下简称《重组办法》）， 以更大力度支持上市公司并购重组。数据显示，A股上市公司2025年年内披露重大资产重组超200单， 是2024年的1.4倍。 2025年1—12月，A股上市公司实施现金分红2.55万亿元，1066家沪深公司宣告中期分红7870亿元，进一 步彰显了资本市场的长期投资价值和吸引力。 ...

Core Viewpoint - The company, Derun Electronics, has been penalized for financial fraud involving over 500 million yuan in fictitious receivables, leading to significant fines and regulatory actions [1][4][12]. Group 1: Regulatory Actions and Penalties - On December 31, 2025, Derun Electronics received an administrative penalty notice from the Shenzhen Securities Regulatory Bureau due to years of financial fraud [1]. - The total fines amount to 22.5 million yuan, with the actual controller, Qiu Jianmin, facing a five-year ban from the securities market [4][12]. - The company's stock will be suspended for one day on January 5, 2026, and will resume trading on January 6, 2026, under the new name "ST Derun," with a trading limit of 5% [4][14]. Group 2: Details of Financial Fraud - The fraud was orchestrated by Qiu Jianmin, who implemented a systematic scheme to fabricate receivables during 2020 and 2021, resulting in fictitious receivables of 395 million yuan and 113 million yuan, respectively [9]. - In 2022, the fraudulent activities became more complex, with Qiu directing a subsidiary to provide funds under the guise of "prepaid goods," leading to further fictitious receivables of 26.83 million yuan [9][10]. - The fraudulent activities resulted in false records in the annual reports for 2020 and 2021, as well as the semi-annual report for 2022 [10]. Group 3: Financial Performance and Control Issues - Derun Electronics reported a net loss of 1.225 billion yuan in 2024, marking a decline of over 500% year-on-year, primarily due to losing control over a significant subsidiary, Meta [17]. - The company has faced six consecutive years of net losses, totaling nearly 3.2 billion yuan from 2019 to 2024 [17]. - In the first three quarters of 2025, the company achieved revenue of 3.267 billion yuan, a decrease of 15.7% year-on-year, but net profit improved by 157.68% to 72.53 million yuan [19]. - The controlling shareholder's shares are under judicial auction, reducing their stake to 5.68%, raising concerns about potential changes in control [19]. Group 4: Company Overview - Derun Electronics, established in 1989 and listed in 2006, specializes in the research, manufacturing, and sales of electronic connectors and precision components, serving various industries including home appliances and electric vehicles [16].

Core Viewpoint - Derun Electronics has been penalized for financial fraud, leading to a significant fine and a change in stock status to "ST Derun" due to continuous financial misreporting [1][7][8]. Group 1: Financial Fraud Details - Derun Electronics was found to have fabricated over 500 million yuan in receivables, orchestrated by its actual controller, Qiu Jianmin, resulting in a total fine of 22.5 million yuan [1][4]. - The fraudulent activities included creating fictitious receivables of 395 million yuan in 2020 and 113 million yuan in 2021, along with underreporting credit impairment losses and capital reserves [4][5]. - In 2022, the fraud escalated with Qiu Jianmin directing a subsidiary to provide funds to joint ventures under the guise of "prepaid goods," leading to further fictitious reporting [4][5]. Group 2: Regulatory Actions and Stock Status - The Shenzhen Securities Regulatory Commission issued a warning and fines to both Derun Electronics and Qiu Jianmin, with the company facing a 700 million yuan fine and Qiu facing a total of 1.2 million yuan in penalties [7][8]. - Derun Electronics' stock will be suspended for one day on January 5, 2026, and will resume trading on January 6, 2026, under the new designation "ST Derun," with a trading limit of 5% [1][8]. Group 3: Company Performance and Control Risks - Derun Electronics has reported a net loss of 1.225 billion yuan in 2024, marking a decline of over 500%, largely due to losing control over a key subsidiary, Meta [10][11]. - The company has faced continuous net losses for six years, totaling nearly 3.2 billion yuan, with revenue declining by 15.7% in the first three quarters of 2025 [10][11]. - The controlling shareholder's shares are under judicial auction due to debt issues, reducing their stake to 5.68%, raising concerns about potential changes in control [11].

Core Viewpoint - Derun Electronics has been penalized for financial fraud, leading to a significant fine and a change in stock status to "ST Derun" due to serious violations of information disclosure regulations [2][5][12]. Group 1: Financial Fraud Details - The financial fraud orchestrated by the actual controller, Qiu Jianmin, involved fabricating over 500 million yuan in receivables, resulting in a total fine of 22.5 million yuan [5][12]. - From 2020 to 2021, due to cash flow issues caused by major clients' operational difficulties, Qiu Jianmin implemented unconventional methods to create fictitious receivables of 395 million yuan and 113 million yuan, respectively [9][10]. - In 2022, the fraudulent activities became more complex, with the company fabricating receivables of 26.83 million yuan in its semi-annual report [10]. Group 2: Regulatory Actions and Penalties - The Shenzhen Securities Regulatory Commission issued a warning and imposed a fine of 7 million yuan on Derun Electronics, while Qiu Jianmin received a total fine of 12 million yuan and a five-year market ban [12][13]. - The company will face a one-day trading suspension on January 5, 2026, and will resume trading on January 6, 2026, under the new stock name "ST Derun" with a trading limit of 5% [5][14]. Group 3: Company Performance and Challenges - Derun Electronics reported a net loss of 1.225 billion yuan in 2024, marking a decline of over 500% year-on-year, primarily due to losing control over a significant subsidiary, Meta [15][18]. - In the first three quarters of 2025, the company experienced a revenue decline of 15.7% to 3.267 billion yuan, but net profit improved by 157.68% to 72.53 million yuan [18]. - The company's controlling shareholder, Shenzhen Desheng Asset Management Co., has seen its shareholding drop to 5.68% due to ongoing judicial auctions, raising concerns about potential changes in control [18]. Group 4: Market Position and Future Outlook - As of December 31, 2025, Derun Electronics' stock closed at 6.74 yuan per share, with a total market capitalization of 4.074 billion yuan [19]. - The company has indicated that it will apply to lift the risk warning after 12 months following the administrative penalty decision, emphasizing that the situation does not trigger mandatory delisting [14].

【导读】 得润电子1月6日起复牌并"戴帽" 中国基金报记者 夏天 2025年最后一个工作日，得润电子（证券代码： 002055 ）收到一则来自监管的重磅罚单。 公告显示，因连续多年财务造假， 得润电子 及相关责任人于2025年12月31日收到 深圳证监局 出具的 《行政处罚事先告知书》 。 这场由实际控制人之一邱建民主导、累计虚构超5亿元回款的财务操作，让公司及相关责任人面临合计2250万元的罚款， 邱建民 更被采取 5年证券市场禁入措施。 根据深交所相关规定，公司股票将于2026年1月5日停牌一天，自1月6日起复牌，并被实施其他风险警示，股票简称变更为"ST得润"，股 票交易日涨跌幅限制变为5%。 虚构回款致多期财务造假 到了2022年，造假手段进一步复杂化。2022年6月，邱建民指使 得润电子 子公司，以"预付货款"的名义向公司的联营企业提供资金。这 笔资金的真实用途，是用于该联营企业到期归还得润电子此前提供的财务资助款。这一操作导致公司 《 2022年半年度报告 》 虚构回款 2683.69万元，少计信用减值损失506.1万元。 上述行为直接导致得润电子《2020年年度报告》《2021年年度报告》及《2 ...