要完善上市公司信息披露纠错机制。应要求上市公司董事会和管理层定期审视财务信息质量，严格执行 财务报告内部自查自纠机制，一旦发现会计差错，必须及时、准确、完整地披露更正公告，说明差错原 因、影响及整改措施。监管部门需对上市公司发布的会计差错更正公告进行重点复核，将会计差错视为 按照交易所上市规则，2020年度及以后年度，若公司连续三年财务造假，将构成重大违法行为，交易所 将终止其股票上市。本案未来大概率正式下发行政处罚决定书，公司及有关责任人或将受到严厉处罚。 但投资者也将因公司强制退市而遭受损失，而追究民事赔偿又面临诸多实际困难。因此，除了对财务造 假的事后追责，事前预防、事中控制也非常重要，财务造假治理关口需前移，从源头减少重大违法行为 的发生。对此，笔者建议： 一是事前预防需筑牢内部控制与外部监督的双重防线。财务造假的滋生，往往源于公司内部治理失效和 外部监督缺位。公司内部治理需着力破解一股独大或内部人控制导致的治理失衡。上市公司内部须建立 一套能够穿透至业务单元、覆盖全部重要业务流程的内部控制体系，尤其要加强对重大项目合同评审、 成本核算、资金支付、收入确认等关键环节的刚性约束，确保财务数据源于真实、合 ...

Financial Performance - Company reported a total revenue of 276 million yuan for the first half of 2025, representing a year-on-year increase of 35.8% [1] - The net profit attributable to shareholders was 171,600 yuan, showing a significant year-on-year increase of 101.28% [1] - In Q2 2025, the total revenue reached 172 million yuan, up 39.93% year-on-year, while the net profit attributable to shareholders was -2.0168 million yuan, an increase of 73.45% year-on-year [1] Profitability Metrics - Gross margin improved to 2.84%, reflecting a year-on-year increase of 19.12% [1] - Net margin turned positive at 0.03%, a substantial increase of 100.5% compared to the previous year [1] - Total selling, administrative, and financial expenses amounted to 16.5646 million yuan, accounting for 6.0% of revenue, a decrease of 57.92% year-on-year [1] Key Financial Ratios - The company’s return on invested capital (ROIC) over the past decade has been poor, with a median of -1.45% and a worst year in 2020 at -67.77% [3] - Cash flow metrics indicate that cash and cash equivalents to current liabilities ratio is only 15.21%, and the average operating cash flow to current liabilities ratio over the past three years is 4.65% [3] - The interest-bearing debt ratio has reached 33.79%, with the total interest-bearing debt to average operating cash flow ratio at 15.41% [3] Strategic Outlook - The company aims to enhance business quality, reduce costs, improve accounts receivable collection, and dispose of idle assets to improve overall operational performance [4]

国泰海通证券股份有限公司 关于咸亨国际科技股份有限公司 使用部分暂时闲置募集资金补充流动资金的核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐人"）作为咸 亨国际科技股份有限公司（以下简称"咸亨国际"、"公司"或"发行人"）首次 公开发行股票并在主板上市的持续督导保荐机构，根据《证券发行上市保荐业务 管理办法》《上市公司募集资金监管规则》《上海证券交易所股票上市规则》《上 海证券交易所上市公司自律监管指引第1号——规范运作》等有关规定，对公司 使用部分暂时闲置募集资金补充流动资金的事项进行了核查，具体情况如下： 一、募集资金基本情况 合计 133,585.50 47,470.93 经中国证券监督管理委员会《关于核准咸亨国际科技股份有限公司首次公开 发行股票的批复》（证监许可〔2021〕1776 号）核准，并经上海证券交易所同 意，公司向社会首次公开发行人民币普通股（A 股）4,001 万股，每股面值为 1 元，每股发行价格为 13.65 元，募集资金总额为 54,613.65 万元，扣除各项发行 费用（不含增值税）人民币 7,153.64 万元后，实际募集资金净额为人民币 47,460.01 ...

Core Viewpoint - The announcement by Liao Co., Ltd. regarding the approval to invest up to 3 billion RMB in securities reflects an increasing market attractiveness and a gradual recovery of confidence among institutional and individual investors [1][2]. Group 1: Investment Principles - The company emphasizes the "main business first" principle, ensuring that funds are primarily allocated to core business needs to maintain long-term development [1][2]. - Building a professional investment team is crucial for successful investment decisions, as the complexity of the securities market requires high levels of expertise [2][3]. - Public companies must adhere strictly to legal boundaries during investment decisions to avoid regulatory penalties and protect shareholder interests [2][3]. Group 2: Risk Management - A balanced approach to risk and return is necessary, involving the establishment of a scientific risk-return assessment system and setting reasonable investment proportions based on risk tolerance [2][3]. - Companies should focus on long-term and value investment principles, avoiding speculative behaviors that could lead to unnecessary market volatility [3]. Group 3: Market Impact - The participation of listed companies in securities investment not only indicates enhanced market attractiveness but also injects vitality into the market, contributing to its stable development [3].

Core Viewpoint - The announcement by Liao Co., Ltd. to invest up to 3 billion RMB in securities reflects the increasing attractiveness of the market and the recovering confidence of institutional and individual investors [1] Group 1: Investment Principles - The principle of "main business first" must be adhered to, ensuring that resources prioritize the needs of the main business to support long-term development [1] - Building a professional investment team is crucial for successful investment, as the complexity of the securities market requires high levels of expertise [2] - Public companies must strictly adhere to legal boundaries in their investment decisions to avoid regulatory penalties and protect shareholder interests [2] Group 2: Risk Management and Investment Strategy - Balancing risk and return requires a multi-dimensional approach, including a scientific risk-return assessment system and setting reasonable investment ratios based on risk tolerance [2] - Public companies should exemplify long-term and value investment principles, focusing on high-quality targets with long-term growth potential to mitigate short-term speculative risks [3] - Companies must avoid herd mentality and short-sighted trading behaviors to prevent unnecessary market volatility [3] Group 3: Market Impact - The participation of listed companies in securities investment not only demonstrates the enhanced market appeal but also injects vitality into the market [3] - Prudent decision-making, professional management, and compliance with regulations are essential for maximizing the interests of the company and its shareholders while contributing to the stable development of the capital market [3]

Group 1 - The core point of the article is that LEO Group (002131.SZ) has approved a proposal to use its own funds for securities investment, with a maximum limit of 3 billion RMB (or equivalent foreign currency at the time of investment) [1] - The proposal was passed during the 12th meeting of the 7th Board of Directors and does not require submission to the shareholders' meeting for approval [1] - The authorization period for this investment is valid for 12 months from the date of the board's approval [1]

Group 1 - Several *ST companies in the A-share market have successfully removed their delisting risk warnings since May, indicating a positive trend in the market [1][2] - Beijing Oriental Garden Environment Co., Ltd. (Oriental Garden) and Sichuan Jinshi Technology Co., Ltd. (Jinshi Technology) have both lifted their delisting risk warnings and changed their stock names [1] - Fujian Aonong Biotechnology Group Co., Ltd. (Aonong Biotechnology) and Shanxi Kexin Development Co., Ltd. (Kexin Development) have also successfully removed their delisting risk warnings, reflecting improved financial health [1] Group 2 - The recent trend of *ST companies removing delisting warnings is seen as a positive signal from a strategic perspective, as it indicates companies are focusing on core operations and restructuring [2] - Kexin Development reported a revenue of 375 million yuan and a net profit of approximately 39.98 million yuan for 2024, highlighting its successful business strategy [2] - Jinshi Technology achieved revenues of 258 million yuan from its energy storage business and 120 million yuan from its safety and fire protection business in 2024, demonstrating effective business transformation [2] Group 3 - Wento Holdings' successful removal of its delisting warning is attributed to its judicial restructuring, which improved its asset-liability structure and operational capabilities [3] - Aonong Biotechnology reported an annual revenue of 8.763 billion yuan and a net profit of 579 million yuan for 2024, following its bankruptcy restructuring [3] - The focus on core business and internal control quality is crucial for companies to improve their fundamentals and regain market confidence [3]