五洲交通（600368）11月20日晚公告，公司于近日收到广西证监局下发的《关于对广西五洲交通股份有 限公司采取责令改正措施的决定》(〔2025〕39号)［以下简称决定书(一)］和《关于对周异助、张毅、 许国平、玉莉采取监管谈话措施的决定》(〔2025〕40号)［以下简称决定书(二)］。 经查，五洲交通存在的问题主要包括会计核算不规范、未履行拟聘任董监高诚信档案查询义务。 2022年至2024年，五洲交通开展的商贸业务中，部分业务收入确认依据不足，部分业务收入错误适用总 额法进行确认，导致上述年度相关财务报告信息披露不准确。上述情形违反了《上市公司信息披露管理 办法》(证监会令第182号)第三条第一款规定。 另外，2022年至2024年，五洲交通未按规定查询拟聘任董监高的诚信档案。上述情形违反了《证券期货 市场诚信监督管理办法》(2020年修订)第三十七条规定。 2025年前三季度，五洲交通实现营业收入12.05亿元，同比减少0.86%；实现净利润5.08亿元，同比减少 10.26%。 五洲交通表示，公司及相关责任人高度重视此次检查所指出的问题，将严格按照广西证监局的要求，认 真检讨，以此为鉴，吸取教训，切实 ...

Core Viewpoint - Guangdong Marubi Biotechnology Co., Ltd. has been issued an administrative regulatory decision by the Guangdong Securities Regulatory Commission due to irregularities in financial accounting, fundraising management, and disclosure practices [2][4][6]. Financial Accounting Irregularities - The company has been found to have inaccurate revenue accounting, failing to estimate return rates based on actual sales returns and including non-actual sales orders in revenue [4]. - There were inaccuracies in the accounting of construction in progress, with the company not timely estimating unbilled construction payments and failing to transfer assets to fixed assets upon completion [4]. - Errors in accounting classifications were noted, such as misreporting funds held in third-party payment platforms as accounts receivable and misclassifying unrelated consulting fees as research and development expenses [4]. Fundraising Management and Disclosure Issues - The company improperly used fundraising and self-owned funds for the construction of its headquarters without separating the accounting for fundraising projects from non-fundraising projects [5]. - Adjustments to fundraising projects were not timely reviewed and disclosed, leading to discrepancies between reported project progress and actual status [5]. - The company failed to disclose relevant information regarding cash management of fundraising, including returns on financial products and investment details [5]. Regulatory Actions - The chairman, board secretary, and financial director of the company have been held primarily responsible for the violations and have received warning letters from the regulatory authority [6]. Financial Statement Corrections - The company announced corrections to its financial statements for the first half of 2025, revealing inflated figures in various financial metrics, including an increase in operating income by 4.5468 million and net profit by 11.3297 million [7][10]. - The corrected balance sheet showed an overstatement of construction in progress by 568 million and underreported fixed assets and investment properties by 375 million and 183 million, respectively [10]. Recent Financial Performance - For the third quarter of 2025, the company reported operating revenue of 2.45 billion, a year-on-year increase of 25.5%, while net profit attributable to shareholders was 244 million, up 2.1% year-on-year [10].

Core Viewpoint - Beijing Hanjian Heshan Pipeline Co., Ltd. received an administrative supervision measure from the Beijing Securities Regulatory Bureau, requiring the company to rectify issues related to financial accounting, information disclosure, and compliance with regulations [1][2]. Summary by Sections Overall Rectification Arrangement - The company has taken the issues raised in the decision seriously and has communicated them to all board members, supervisors, and senior management. A comprehensive review and analysis of the matters have been conducted, and rectification plans have been proposed [2]. Issues and Measures Ordered for Rectification Issue 1: Non-compliance in Financial Accounting - Problems identified include inaccurate revenue recognition for a project, incorrect write-offs of accounts receivable, and inadequate impairment provisions for construction costs and goodwill [3]. - Rectification measures include holding meetings to approve corrections of prior accounting errors, enhancing financial personnel's understanding of revenue standards, and improving internal controls and audit processes [4][5][6]. Issue 2: Non-compliance in Disclosing Major Litigation - The company failed to timely disclose a cumulative litigation amount of 122 million yuan over 12 months [7]. - Measures taken include establishing a litigation case management system, improving internal communication regarding significant information, and enhancing compliance awareness among management [8][9][10]. Issue 3: Non-compliance in Disclosing Related Transactions - The company did not follow proper procedures for disclosing related transactions totaling 65.63 million yuan over 12 months [11]. - Rectification actions involve confirming related transactions, conducting compliance training, and strengthening internal management regarding related party transactions [12][14][15]. Summary of Rectification Status - The company acknowledges the issues in financial accounting and information disclosure and emphasizes the importance of compliance for sustainable development. It aims to enhance the awareness of regulatory compliance among its management and improve the quality of information disclosure [16].

Core Viewpoint - Beijing Hanjian Heshan Pipeline Co., Ltd. (Hanjian Heshan) has received an administrative regulatory measure from the Beijing Securities Regulatory Bureau due to multiple violations, including improper financial accounting, failure to disclose significant litigation, and non-compliance in disclosing related party transactions [1][2]. Group 1: Regulatory Violations - The company was found to have improper financial accounting practices, including inaccurate revenue recognition for a project in Guangxi, leading to discrepancies in financial statements [1]. - Hanjian Heshan failed to disclose significant litigation, with a total involved amount of 122 million yuan over the past 12 months, and did not report this in its interim report for 2023 [1]. - The company did not properly disclose related party transactions, totaling 65.63 million yuan over the past 12 months, and failed to follow required review procedures and timely information disclosure obligations [1]. Group 2: Regulatory Actions - The Beijing Securities Regulatory Bureau has issued a warning letter to Hanjian Heshan and its key personnel, which will be recorded in the capital market integrity file [2]. - The responsible individuals are required to submit a written rectification report within 15 working days from the receipt of the decision [2]. Group 3: Company Performance - Since August, Hanjian Heshan's stock price has been on a decline, closing at 5.22 yuan per share on September 25, down 1.88% [3].

Core Viewpoint - The company, Han Jian He Shan, has received a warning letter from the Beijing Securities Regulatory Bureau due to various regulatory violations, including improper financial accounting and failure to disclose significant lawsuits and related party transactions in a timely manner [1][2]. Financial Violations - The company was found to have non-compliant financial accounting practices, including incorrect revenue recognition for a project in Guangxi, leading to inaccuracies in income and other financial statement items [1] - There were inaccuracies in the write-off of accounts receivable and the aging calculation, resulting in incorrect provisions for bad debts [1] - The impairment provisions for construction contracts were also inaccurately calculated, and the reasons for changes in asset group scope during goodwill impairment testing were not clearly stated [1] Disclosure Issues - Han Jian He Shan failed to timely disclose significant lawsuits, with a total involved amount of 122 million yuan over the past 12 months, which was not reported in the interim report for the first half of 2023 [1] - The company also did not properly disclose related party transactions, totaling 65.63 million yuan over the past 12 months, and failed to follow required review procedures and timely information disclosure obligations [1] Company Overview - Han Jian He Shan was established on July 7, 2004, and was listed on the Shanghai Stock Exchange in June 2015. The company specializes in the research, production, and sales of prestressed concrete pipes (PCCP), reinforced concrete drainage pipes (RCP), and ready-mixed concrete [4] - In the first half of 2023, the company reported a revenue of 310 million yuan, representing a year-on-year increase of 103.08%, and a net profit attributable to shareholders of 6.38 million yuan, up 118.71% year-on-year [4] - As of September 25, 2023, the company's stock price was 5.22 yuan per share, reflecting a decline of 1.88% [4]

Group 1 - The company has violated multiple regulations as per the Stock Listing Rules and Self-Regulatory Guidelines, indicating a need for strict adherence to legal and regulatory obligations [1] - The company is urged to ensure accurate, complete, and timely information disclosure to prevent future occurrences of similar issues [1] - For the first half of 2025, the revenue composition of the company is as follows: waterproof materials sales account for 69.71%, mortar powder accounts for 14.71%, other sales account for 8.39%, waterproof engineering construction accounts for 6.26%, and other businesses account for 0.94% [1] Group 2 - On August 11, 2025, the Shenzhen Stock Exchange issued a regulatory letter to the company regarding financial accounting irregularities, including inaccurate revenue recognition and improper accounting practices [3] - Specific issues identified include the use of total amount method for photovoltaic component sales, incorrect timing for revenue recognition on engineering projects, and improper accounting for debt restructuring of certain assets [3] - The company has also been noted for improper use of advance payments to offset accounts receivable and errors in the aging classification of other receivables [3]

Core Points - The company has not faced any penalties from regulatory authorities in the last five years [1][6] - The company has been subject to regulatory measures due to inconsistencies in accounting practices and internal controls [2][4][5] Regulatory Measures - The company was ordered to rectify issues related to revenue recognition timing, which did not align with disclosed accounting policies [2][4] - There were problems with the accounting for upgrade and transformation service costs, leading to mismatched income and costs [2][3] - Insufficient basis for inventory impairment provisions was noted, with arbitrary adjustments in different years [2][3] - Inaccurate accounting for construction in progress and production debugging costs was identified [2][3] Responsibilities and Actions - The chairman and financial officer were held primarily responsible for the identified issues and received warning letters from the regulatory authority [4][5] - The company acknowledged the need for improvement in governance, internal controls, and financial management practices [5][6] - The company plans to enhance training for board members and financial personnel to improve compliance and operational standards [5][6]

Core Viewpoint - The company, Zhongda An Co., Ltd., is addressing regulatory issues raised by the Guangdong Securities Regulatory Bureau and the Shenzhen Stock Exchange, emphasizing its commitment to improving financial accounting and information disclosure practices [1][2][3] Regulatory Actions - The company has not faced any penalties from securities regulatory authorities in the last five years [1] - A warning letter was issued by the Guangdong Securities Regulatory Bureau, highlighting issues such as inaccurate financial accounting and information disclosure [1] - The company has initiated an internal accountability mechanism in response to the warning letter, focusing on education and compliance with legal regulations [2] Internal Measures - Following the warning letter, the company recognized deficiencies in financial accounting and information disclosure, committing to enhance management and staff training on relevant laws and regulations [2] - The company plans to strictly adhere to the requirements of the Company Law, Securities Law, and the Management Measures for Information Disclosure of Listed Companies [2] - The Shenzhen Stock Exchange issued a regulatory letter citing issues like accounting error corrections and inaccurate performance forecast disclosures [3] Compliance and Future Actions - The company has taken the regulatory feedback seriously and has conducted thorough self-examinations to ensure compliance with legal requirements [3] - The company aims to strengthen its governance and internal control systems to protect the interests of shareholders and promote sustainable development [2][3]

Core Viewpoint - Shenzhen Yiyaton Supply Chain Co., Ltd. received administrative regulatory measures from the Shenzhen Securities Regulatory Bureau due to non-compliance in corporate governance, financial accounting, and information disclosure [1][5][7]. Group 1: Governance Issues - The company exhibited irregularities in the operation of its three meetings, including incomplete meeting records and attendance issues from board members [2][3]. - There were deficiencies in the management of insider information, with some major events lacking proper documentation and confirmation from relevant personnel [2][3]. Group 2: Financial Accounting Issues - The company recognized revenue on the day of goods delivery, which contradicted its disclosed revenue recognition policy [3]. - There were inaccuracies in the calculation of expected credit loss rates for accounts receivable and misreporting of investment property value changes [3]. Group 3: Information Disclosure Issues - The company failed to follow required procedures for board approval regarding loans to shareholders and did not timely disclose the status of strategic cooperation agreements [4][5]. - The lack of continuous information disclosure was noted, which is against regulatory requirements [4][5]. Group 4: Regulatory Response and Remediation - The Shenzhen Securities Regulatory Bureau mandated the company to submit a written rectification report within 30 days, focusing on improving governance, financial accounting, and information disclosure practices [5][8]. - The company acknowledged the issues raised and committed to enhancing compliance awareness and operational standards to protect shareholder interests [8].