Core Viewpoint - The China Securities Regulatory Commission (CSRC) maintains a strict stance against financial fraud by listed companies, signaling that delisting is not the end of accountability [1][7]. Group 1: Company Overview - Yuebo Power, established in 2012 and headquartered in Nanjing, specializes in the research, production, and sales of new energy vehicle powertrain systems. The company was listed on the Shenzhen Stock Exchange's Growth Enterprise Market in May 2018 [2]. - The company faced multiple penalties for violations post-listing, leading to a significant decline in performance and internal governance issues, ultimately resulting in its delisting on July 22, 2024 [2]. Group 2: Financial Misconduct Details - From 2018 to 2022, Yuebo Power inflated its revenue and profits through fictitious sales of new energy vehicle powertrains and other deceptive practices. The inflated revenues for these years were reported as 425 million, 263 million, 138 million, 98.91 million, and 21.68 million yuan, representing 86.08%, 67.88%, 41.33%, 32.25%, and 15.24% of the reported revenue for each respective year [2][3]. - The inflated profit totals for the same period were 153 million, 32.63 million, 36.20 million, 22.01 million, and a loss of 720.6 thousand yuan, accounting for 546.30%, 4.00%, 92.14%, 8.01%, and 0.30% of the reported profit [2][3]. Group 3: Regulatory Actions - The CSRC plans to impose a total fine of 30.8 million yuan on Yuebo Power and its responsible personnel, with penalties including a warning and fines of 10 million yuan for the company and 13.5 million yuan for the former chairman, Li Zhanjiang [4][5]. - For the first time, the CSRC will also hold accomplices accountable, imposing fines of 2 million and 300 thousand yuan on two individuals who aided in the fraudulent activities [5][6]. Group 4: Broader Implications and Future Actions - The CSRC emphasizes the need to dismantle the "ecosystem" of fraud involving third-party accomplices and listed companies, which has become a new characteristic of financial fraud in the capital market [7][8]. - The CSRC has established a comprehensive prevention and punishment system for financial fraud, aiming to rigorously combat systemic and collusive fraud through various enforcement measures [8].

Core Viewpoint - Nanjing Yuebo Power System Co., Ltd. has been penalized by the China Securities Regulatory Commission (CSRC) for serious violations including five consecutive years of financial fraud, failure to disclose related transactions, and significant lawsuits, resulting in a total fine of 33.1 million yuan [1][4]. Group 1: Financial Fraud Details - Yuebo Power began financial fraud in its first year of listing, with inflated revenues and profits from 2018 to 2022, including 425 million yuan in 2018, 263 million yuan in 2019, and 138 million yuan in 2020, among others [2][3]. - The company reported inflated profits totaling 1.53 billion yuan in 2018, 32.6 million yuan in 2019, and 36.2 million yuan in 2020, with percentages of reported profits being significantly overstated [2][3]. Group 2: Key Personnel Involved - The CSRC identified key individuals responsible for the violations, including former Chairman and General Manager Li Zhanjiang, who faces a fine of 13.5 million yuan and a 10-year market ban, and other executives facing various fines [4][5]. - The involvement of third parties in the fraud, such as He Jing and Yu Yi, has led to their penalties as well, marking a significant shift in regulatory focus towards holding accomplices accountable [6][7]. Group 3: Regulatory Implications - The CSRC's actions represent a shift from focusing solely on the primary perpetrators of fraud to a comprehensive accountability approach that includes all parties involved in the fraudulent activities [6][8]. - This case may expand the avenues for investor claims, allowing them to pursue compensation from not only the company but also from actual controllers, executives, and accomplices in civil lawsuits [8].

Group 1: Company Overview and Performance - The company, Zhongshan Dayang Electric Co., Ltd., reported a 13.88% year-on-year revenue growth in its BHM division for 2024, achieving a revenue of 7 billion yuan, marking a historical high for the same period [2][3]. - The BHM division's sales volume exceeded 70,000 units, driven by both existing market demand and new market expansion [2][3]. - Key domestic clients include major brands such as Changhong, Gree, Haier, and Midea, while international clients include Daikin and Johnson Controls [2]. Group 2: Future Growth Drivers - The company plans to deepen its core business in building ventilation and household electric motors, leveraging its global industrial layout to optimize product structure and expand market reach [4]. - Digitalization and lean production initiatives will be prioritized to enhance production efficiency and reduce costs [4]. - The company is actively exploring new product applications in the renewable energy sector, targeting industries like electric vehicle air conditioning and energy storage, which are expected to contribute to future revenue growth [4][6]. Group 3: Challenges and Strategic Adjustments - The revenue from the new energy vehicle powertrain system decreased in 2024 due to market conditions and longer production cycles for new products [5][6]. - The company is focusing on core and strategic customers while expanding international client resources to improve operational efficiency and product gross margins [6][7]. Group 4: Production Capacity and Expansion Plans - The company currently has a production capacity of over 80 million units for building ventilation and household electric motors, 8 million units for vehicle rotating electrical devices, and 1 million units for new energy vehicle powertrain systems [8]. - New production bases in Thailand and Morocco are under construction to enhance service capabilities for Southeast Asian and European clients, respectively [6][9].

Group 1 - The company has nominated Chen Liang as an independent director candidate for the seventh board of directors, ensuring that there are no relationships affecting his independence [1][34] - The company is committed to complying with relevant laws and regulations regarding the qualifications and independence of independent directors [3][4][5] - The independent director candidate has undergone qualification review and confirmed no conflicts of interest with the company [1][2] Group 2 - The company aims to become a leading supplier in the field of electric motors and drive control systems, focusing on green and intelligent solutions [38][39] - The company has two main business segments: BHM (Building Ventilation and Home Appliances) and EVBG (Electric Vehicle Business Group), with significant market potential in both segments [39][46] - The BHM segment is expected to benefit from the growing demand for energy-efficient appliances, while the EVBG segment is positioned to capitalize on the transition from traditional fuel vehicles to electric vehicles [39][51] Group 3 - The company has a production capacity of over 80 million units for building ventilation and home appliance motors, 8 million vehicle rotating electrical devices, and 1 million new energy vehicle powertrain systems annually [45] - The company is actively expanding its production capacity with new factories in Chongqing, Thailand, and Morocco [45][46] - The company emphasizes technological innovation and has established multiple R&D centers to enhance its product offerings [41][42] Group 4 - The company is benefiting from favorable government policies aimed at promoting green and intelligent home appliances and the development of the new energy vehicle market [46][47] - The hydrogen energy sector is gaining traction, with supportive policies enhancing its strategic importance in the energy landscape [48][49] - The automotive industry in China is experiencing rapid growth, with significant increases in production and sales of new energy vehicles [51][52]