出品：新浪财经上市公司研究院 文/夏虫工作室 近日，美晨科技（维权）财务造假被坐实。受此影响，美晨科技将于9月29日停牌一天，于9月30日起复 牌并被实施其他风险警示，股票简称变更为"ST美晨"，涨跌幅仍为20%。 美晨科技此次财务造假年份长达五年，虚增营收超14亿元，虚增利润超6亿元。值得注意的是，财务造 假期间，公司涉及定增及筹划可转债募资等资本动作。至此，我们产生两大疑惑，其一，美晨科技是否 涉嫌欺诈发行？其二，作为保荐机构的中泰证券等中介机构又是否存在立案调查风险？ 美晨科技是否涉嫌欺诈发行？ 美晨科技原主营业务为非轮胎橡胶业务，后通过外延式并购切入园林板块。需要指出的是，此次财务造 假主要为收购标的。 2014年9月，美晨科技以发行股份购买资产方式收购郭柏峰等持有的杭州赛石园林集团有限公司（以下 简称赛石园林）股权，赛石园林自此成为美晨科技全资子公司。即美晨科技以"发行股份和支付现金相 结合的方式"购买郭柏峰、潘胜阳、孙宇辉、肖菡、华夏嘉源、颐高集团、华峰科技合计持有的赛石园 林100%股权，交易价格为6亿元，其中现金支付2.5亿元、发行股份支付3.5亿元。 美晨科技2014年至2018年年度报告存 ...

Group 1 - Shandong Meichen Technology Co., Ltd. received an administrative penalty notice from the Shandong Securities Regulatory Bureau regarding information disclosure violations from 2014 to 2018 [2][3] - The company inflated revenue by a total of 1.44 billion yuan and profits by approximately 658 million yuan during the specified period through various fraudulent activities [3] - The inflated revenue and profit figures represented significant percentages of the disclosed profits for the respective years, with some years showing inflated profits accounting for over 75% of the total disclosed profits [3][4] Group 2 - The Shandong Securities Regulatory Bureau identified several responsible individuals, including the former chairman of Saishi Garden and the chairman of Meichen Technology, for failing to ensure the accuracy and completeness of the annual reports [4] - The proposed penalties include a warning and a fine of 600,000 yuan for Meichen Technology, with more severe penalties for individual responsible parties, including a 10-year market ban for the former chairman of Saishi Garden [4] - Following the notice, Meichen Technology announced that its stock would be subject to additional risk warnings and would change its trading name to "ST Meichen" starting September 30, 2025 [5] Group 3 - Meichen Technology specializes in non-tire rubber products and landscaping, having over 20 years of experience in the research and production of commercial vehicle damping rubber products [6] - The company has established itself as one of the largest suppliers in the domestic commercial vehicle damping rubber product sector, with a strong market share and technical advantages [6] - Meichen Technology has developed a comprehensive product lifecycle development system and has become a leading supplier in the suspension system product field, showcasing its technological capabilities and competitive pricing [6]

Core Viewpoint - A financial fraud case lasting five years has been uncovered involving Meichen Technology, which inflated its revenue and profits significantly from 2014 to 2018 [1][2]. Group 1: Financial Misconduct - Meichen Technology's annual reports from 2014 to 2018 contained false records, resulting in a cumulative inflated revenue of 1.438 billion yuan and a cumulative inflated profit of 658 million yuan [1][2]. - The peak of the fraudulent activities occurred in 2016, where the inflated revenue reached 726 million yuan, accounting for 24.60% of the reported revenue for that year, and inflated profit was 260 million yuan, making up 49.78% of the reported profit [2]. - In 2015, the highest proportion of profit inflation was recorded, with 75.64% of the profit being inflated, amounting to 189 million yuan, while the inflated revenue was 373 million yuan, representing 20.67% of the reported revenue [2]. Group 2: Regulatory Actions - The China Securities Regulatory Commission issued a notice of administrative penalty, leading to Meichen Technology's stock being marked with a risk warning and changing its name to "ST Meichen" starting September 30 [1][3]. - Key executives involved in the fraud, including Guo Baifeng, were penalized, with Guo facing a fine of 300,000 yuan and a 10-year ban from the securities market [3]. - Other participants in the fraud received warnings and fines ranging from 200,000 to 300,000 yuan, including former executives of Meichen Technology and its subsidiary [3]. Group 3: Company Response and Future Outlook - Meichen Technology stated that the fraudulent activities did not trigger mandatory delisting conditions, allowing the company to avoid the worst-case scenario of being delisted [4]. - The company reported that its production is normal, operations are stable, and it is actively working to correct accounting errors and mitigate the impact of the fraud [4].

Core Viewpoint - Meicheng Technology has been found to have inflated profits and revenues in its annual reports from 2014 to 2018, leading to significant penalties and stock trading suspensions [2][5][10]. Summary by Sections Financial Misconduct - Meicheng Technology inflated its revenue by a total of 14.38 billion yuan and profits by 6.58 billion yuan from 2014 to 2018 through various fraudulent activities [9][10]. - The inflated revenues and profits for each year were as follows: - 2014: Revenue inflated by 23.66 million yuan (2.06% of reported revenue), profit inflated by 22.93 million yuan (17.91% of reported profit) - 2015: Revenue inflated by 373 million yuan (20.67%), profit inflated by 189 million yuan (75.64%) - 2016: Revenue inflated by 726 million yuan (24.60%), profit inflated by 260 million yuan (49.78%) - 2017: Revenue inflated by 215 million yuan (5.53%), profit inflated by 117 million yuan (15.49%) - 2018: Revenue inflated by 101 million yuan (2.88%), profit inflated by 69.49 million yuan (15.58%) [9]. Regulatory Actions - The Shandong Securities Regulatory Bureau has issued a warning and proposed a fine of 600,000 yuan for Meicheng Technology, along with a total of 2.3 million yuan in fines for 12 responsible individuals, including the former chairman [11]. - The company will face a one-day trading suspension starting September 29, followed by a risk warning designation, changing its stock name to "ST Meicheng" from September 30 [5][14]. Business Performance - Meicheng Technology has reported continuous losses for four consecutive years from 2021 to 2024, totaling 3.683 billion yuan [17]. - The primary reason for the ongoing losses is attributed to the decline in the performance of its landscaping business, which has faced difficulties in project payments and liquidity issues [19]. - To mitigate losses, the company is in the process of divesting its loss-making assets, particularly those related to its subsidiary, Saishi Garden [20]. Future Plans - Meicheng Technology plans to completely divest its landscaping business to focus on its non-tire rubber business, aiming to enhance its core competitiveness [21].

【导读】累计虚增利润6.58亿元，美晨科技将被处罚；公司股票将于9月29日开市起停牌1天，并自9月 30日被实施其他风险警示 见习记者 夏天 9月26日晚间，美晨科技（证券代码：300237）公告称，公司及相关当事人近日收到山东证监局下发的 《行政处罚事先告知书》。因2014年至2018年年度报告存在虚假记载——累计虚增收入14.38亿元、累 计虚增利润6.58亿元，公司及相关责任人将面临警告、罚款及市场禁入的处罚。 同时，因美晨科技2014年至2018年年度报告存在虚假记载，根据深交所相关规定，公司股票将于9月29 日开市起停牌1天，并自9月30日被实施其他风险警示，股票简称由"美晨科技"变更为"ST美晨"。 年度报告存在虚假记载 公司及相关责任人被罚 美晨科技曾在3月31日公告称，公司收到中国证监会下发的立案告知书，因公司涉嫌信息披露违法违 规，中国证监会决定对公司立案调查。 经过近半年的调查，山东证监局查明，美晨科技涉嫌违法的事实如下： 2014年9月，美晨科技以发行股份购买资产方式收购郭柏峰等持有的杭州赛石园林集团有限公司（以下 简称赛石园林）股权，赛石园林自此成为美晨科技全资子公司。2014年至20 ...

Core Viewpoint - Meicheng Technology has been found guilty of financial fraud over a five-year period, leading to regulatory penalties and a change in stock status to "ST Meicheng" starting September 30, 2025 [1][4]. Group 1: Financial Fraud Details - From 2014 to 2018, Meicheng Technology, through its wholly-owned subsidiary, falsely inflated revenue by a total of 1.438 billion yuan and profits by nearly 658 million yuan [1][2]. - The fraudulent activities included false procurement of labor and seedlings, which inflated construction costs and completion percentages, as well as fictitious sales of seedlings and misrecording of costs [2]. - The annual revenue inflation was reported as follows: 23.66 million yuan (2014), 373 million yuan (2015), 726 million yuan (2016), 215 million yuan (2017), and 101 million yuan (2018), representing 2.06%, 20.67%, 24.60%, 5.53%, and 2.88% of reported revenues respectively [2]. - Profit inflation for the same years was reported as: 22.93 million yuan (2014), 189 million yuan (2015), 260 million yuan (2016), 117 million yuan (2017), and 69.49 million yuan (2018), accounting for 17.91%, 75.64%, 49.78%, 15.49%, and 15.58% of reported profits respectively [2]. Group 2: Regulatory Actions - The Shandong Securities Regulatory Bureau has proposed a fine of 600,000 yuan against Meicheng Technology and intends to hold 12 individuals accountable, including significant fines and a 10-year market ban for the former chairman of the subsidiary [3]. - The company will face a risk warning on its stock, which will be renamed "ST Meicheng" starting September 30, 2025, following the issuance of the administrative penalty notice [4]. - Meicheng Technology has stated that despite the financial discrepancies, the violations do not warrant a mandatory delisting, and the company plans to enhance its internal governance and information disclosure practices [5].

在被监管立案调查近半年后，美晨科技五年财务造假事实被公之于众。 9月26日晚，美晨科技（SZ300237，股价3.22元，市值46.43亿元）公告称，于近日收到中国证券监督管 理委员会山东监管局（以下简称"山东证监局"）下发的《行政处罚事先告知书》。 经查明，2014年至2018年，美晨科技通过其全资子公司杭州赛石园林集团有限公司（以下简称"赛石园 林"）实施财务造假，累计虚增营业收入14.38亿元，累计虚增利润近6.58亿元。 《每日经济新闻》记者注意到，山东证监局不仅拟对美晨科技处以60万元罚款，还拟对12名相关责任人 进行追责，其中时任赛石园林董事长的郭柏峰被处以30万元罚款，并拟被采取10年证券市场禁入措施。 受此影响，美晨科技股票将自2025年9月30日起被实施其他风险警示，股票简称由"美晨科技"变更为"ST 美晨"。 5年虚增营收超14亿元 告知书显示，美晨科技此次信息披露违法违规行为的源头，要追溯到2014年9月的一场并购。彼时，美 晨科技通过发行股份购买资产的方式，收购郭柏峰等持有的赛石园林股权，赛石园林自此成为美晨科技 全资子公司。 经查明，赛石园林主要通过两种途径虚增业绩：一是通过虚假采购 ...

两只A股股票即将被ST！ 9月26日晚间，美晨科技公告，公司披露的年度报告财务指标存在虚假记载，股票将于9月29日停牌一 天，于9月30日起复牌并被实施其他风险警示，股票简称变更为"ST美晨"。 同日晚间，新华锦公告，因公司存在关联方非经营性占用资金且未在1个月内完成清偿和整改，公司股 票将于9月29日停牌1天，于9月30日起复牌并实施其他风险警示，股票简称变更为"ST新华锦"。 美晨科技将被ST 美晨科技（300237）26日晚在深交所公告称，近日，公司及相关当事人收到山东证监局下发的《行政处 罚事先告知书》。 经查明，2014年9月，美晨科技以发行股份购买资产方式收购郭柏峰等持有的赛石园林股权，赛石园林 自此成为美晨科技全资子公司。2014年至2018年，赛石园林通过虚假采购劳务、苗木等方式虚增工程施 工成本及完工百分比，从而虚增收入、利润；通过虚假销售苗木、虚减相关费用、收入成本错记等方式 虚增收入、利润，导致美晨科技累计虚增收入14.38亿元，累计虚增利润6.58亿元。 山东证监局认为，美晨科技2014年至2018年年度报告存在虚假记载的行为涉嫌违反了2005年修订的《中 华人民共和国证券法》第六十三 ...

美晨科技下周将被"ST"。 美晨科技（300237）9月26日晚间公告称，公司股票自9月30日（星期二）被实施其他风险警示，股票简称 由"美晨科技"变更为"ST美晨"；股票代码不变，仍为"300237"。实施其他风险警示后，股票交易日涨跌幅限制 不变，仍为20%。 9月29日（星期一），公司股票将停牌1天，9月30日（星期二）开市起复牌。 公告显示，公司股票本次被"ST"，是由于公司披露的2014年至2018年年度报告存在虚假记载，但未触及重大违 法强制退市的情形。 同日，公司公告收到中国证券监督管理委员会山东监管局下发的《行政处罚事先告知书》（以下简称《告知 书》）。 《告知书》显示，2014年9月，美晨科技以发行股份购买资产方式收购郭柏峰等持有的杭州赛石园林集团有限 公司（以下简称赛石园林）股权，赛石园林自此成为美晨科技全资子公司。2014年至2018年，赛石园林通过虚 假采购劳务、苗木等方式虚增工程施工成本及完工百分比，从而虚增收入、利润；通过虚假销售苗木、虚减相 关费用、收入成本错记等方式虚增收入、利润，导致美晨科技累计虚增收入14.38亿元，累计虚增利润6.58亿 元。 其中，2014年至2018年 ...

因连续五年造假、累计虚增收入超14亿元、累计虚增利润超6亿元，美晨科技（300237）及其时任高管及相关人员被监管处罚！ 9月26日晚，美晨科技发布公告，公司及相关当事人收到山东证监局下发的《行政处罚事先告知书》，美晨科技涉嫌信息披露违法违规一案已由山东证监 局调查完毕，山东证监局依法拟对公司及相关当事人作出行政处罚。 根据相关规定，公司股票自9月30日（星期二）将被实施其他风险警示，股票简称由"美晨科技"变更为"ST美晨"，股票代码仍为"300237"。 经查明，美晨科技涉嫌违法的事实如下： 2014年9月，美晨科技以发行股份购买资产方式收购郭柏峰等持有的杭州赛石园林集团有限公司（以下简称"赛石园林"）股权，赛石园林自此成为美晨科 技全资子公司。 2014年至2018年，赛石园林通过虚假采购劳务、苗木等方式虚增工程施工成本及完工百分比，从而虚增收入、利润；通过虚假销售苗木、虚减相关费用、 收入成本错记等方式虚增收入、利润，导致美晨科技累计虚增收入14.38亿元，累计虚增利润6.58亿元。美晨科技2014年至2018年年度报告存在虚假记载。 山东证监局认为，美晨科技2014年至2018年年度报告存在虚假记载的 ...