Core Viewpoint - Meicheng Technology faces administrative penalties due to false financial reporting, with a cumulative inflated revenue of 1.438 billion yuan and inflated profits of 658 million yuan from 2014 to 2018 [3][8][9]. Financial Misreporting - The company reported inflated revenues of 23.66 million yuan, 373 million yuan, 726 million yuan, 215 million yuan, and 101 million yuan for the years 2014 to 2018, respectively, accounting for 2.06%, 20.67%, 24.60%, 5.53%, and 2.88% of the disclosed revenue for those years [8]. - The inflated profits for the same years were 22.93 million yuan, 189 million yuan, 260 million yuan, 117 million yuan, and 69.49 million yuan, representing 17.91%, 75.64%, 49.78%, 15.49%, and 15.58% of the disclosed profit totals [8]. Regulatory Actions - The Shandong Securities Regulatory Bureau has proposed a fine of 600,000 yuan for the company and a total of 2.3 million yuan for 12 responsible individuals, including a 10-year market ban for Guo Baifeng, the former chairman of the subsidiary involved in the fraud [9][10]. - Starting September 30, the company's stock will be marked with a risk warning and will change its name to ST Meicheng, while the stock code remains the same [10][11]. Financial Performance - Meicheng Technology has reported continuous losses for four consecutive years from 2021 to 2024, with a total loss amounting to 3.683 billion yuan [12][13]. - The company attributes its ongoing losses primarily to declining performance in its landscaping business and difficulties in project payment collections [16]. Asset Disposal Strategy - To mitigate losses, Meicheng Technology is in the process of selling off its loss-making assets, particularly those related to the landscaping business [17]. - The company plans to divest 100% of its stake in the subsidiary, Saisiyuanlin, and has already initiated the transfer of several related companies [17]. Market Position - As of September 26, Meicheng Technology's stock closed at 3.22 yuan per share, with a market capitalization of 4.643 billion yuan [18].