2025.12.03 进入年尾，有的ST公司因长期财务造假"披星戴帽"，有的则走向退市，A股"炒小炒差"的风气已经转 向。 12月2日，远大智能、ST立方被实施其他风险警示、退市风险警示，股票简称分别变更为ST远智 （002689.SZ）、*ST立方（300344.SZ）。当天早盘，两家公司股价均出现跌停。截至当日收盘，ST远 智报收4.33元/股，跌幅5.04%；*ST立方报收2.69元/股，跌幅19.94%。 两家公司近期均因长期财务造假被罚。其中，*ST立方被查明连续三年累计虚增营收超6亿元，公司及 多名责任人合计被罚4000万元。 就在本周，因触发交易类强制退市指标，*ST元成（603388.SH）将于12月5日终止上市。该公司存在长 期财务造假、欺诈发行的情况。 以往，部分资金喜欢"炒小炒差"，寄希望于ST股"咸鱼翻生"。如今，资金正从"博傻"转向避险。南开大 学金融发展研究院院长田利辉告诉第一财经，在全面注册制改革持续深化背景下，多只ST股遭罚， 是"零容忍"体系与退市常态化机制协同发力的必然结果。 财务造假手段曝光 本文字数：3146，阅读时长大约5分钟 作者 |第一财经 周楠 综上，辽宁省证监 ...

Core Viewpoint - The trend of "speculating on small and poor-performing stocks" in the A-share market is shifting towards risk aversion, as evidenced by the recent penalties and delistings of several ST companies due to long-term financial fraud [1][12]. Group 1: Company Penalties and Financial Fraud - Both ST Yuan Zhi and *ST Li Fang have been subjected to risk warnings and penalties for long-term financial fraud, with *ST Li Fang being fined a total of 40 million yuan for inflating revenue by over 600 million yuan over three years [1][4]. - ST Yuan Zhi was found to have inflated revenue by approximately 336 million yuan and profit by about 93.26 million yuan from 2019 to 2021, while *ST Li Fang inflated revenue by 638 million yuan from 2021 to 2023 [2][5]. - The penalties for ST Yuan Zhi and its responsible individuals amounted to 21 million yuan, while *ST Li Fang faced a total penalty of 40 million yuan, including fines for its chairman and other executives [4][5]. Group 2: Financial Performance and Adjustments - Both companies have faced significant financial losses, with ST Yuan Zhi reporting a cumulative loss of over 400 million yuan from 2018 to 2022, and *ST Li Fang accumulating losses exceeding 1 billion yuan from 2020 to 2024 [9][12]. - ST Yuan Zhi had to correct its financial statements multiple times, resulting in a shift from profit to loss for the years 2020 and 2021, while *ST Li Fang also faced scrutiny for its accounting practices and had to adjust its revenue recognition methods [6][8]. - The financial adjustments led to significant reductions in reported revenues, with *ST Li Fang adjusting its revenue down by over 50 million yuan due to accounting errors [6][8]. Group 3: Market Trends and Regulatory Environment - The recent regulatory actions against ST companies are part of a broader trend towards a "zero tolerance" approach and the normalization of delisting mechanisms in the context of ongoing registration system reforms [1][12]. - The market sentiment is shifting from speculative trading to a focus on quality investments, as investors become more cautious and seek to avoid risks associated with problematic ST companies [1][12]. - The regulatory environment is tightening, with increased scrutiny on financial disclosures and corporate governance, aiming to cleanse the market of fraudulent entities and ensure a healthier capital market [12].