又一上市公司因欺诈发行被起诉。 ST起步（603557.SH）财务造假余波未了，继行政处罚后还将被追究刑事责任。 根据ST起步（即"起步股份"）近日发布的公告，该公司及六位相关责任人因涉嫌欺诈发行证券罪、违 规披露、不披露重要信息罪，被丽水市人民检察院起诉。 近年来，监管部门持续加大对上市公司财务造假的综合惩防力度，并强调"立体化"追责。此次ST起步 被起诉，则与其此前连续多年财务造假、信披违规等一系列违法违规行为有关，2023年该公司及其主要 涉事责任人已受到行政处罚，合计被罚款7700万元。 除了深陷财务造假泥沼，曾被称为"童鞋第一股"的ST起步近些年业绩持续亏损，负债高企。自去年以 来，该公司通过卖房回笼资金、发力线上业务、控股股东现金"输血"等方式自救，但至今仍未扭转业绩 亏损局面。 涉欺诈发行被追究刑责 公告显示，ST起步于7月10日收到丽水市人民检察院出具的《起诉书》。该案由丽水市公安局侦查终 结，以被告单位起步股份、被告人周建永等6人涉嫌欺诈发行证券罪、违规披露、不披露重要信息罪， 向丽水市人民检察院移送起诉。 其中，被告人包括该公司前董事长章利民、前总经理周建永、前副总裁邹习军、前董事会秘书吴 ...

记者丨 崔文静 编辑丨巫燕玲 又有上市公司被起诉！ 根据ST起步7月11日晚间公告， ST起步及其前任董事长、总经理、副总裁、董秘、财务总监 共5位高管，外加1位供应链总监，被集体告上法庭。 实属罕见。在受访人士看来，这意味着，ST起步所涉问题颇为严重，相关主要责任人或将面 临刑事处罚。 从检察院指控来看， ST起步及其主要责任人存在三重罪：涉嫌欺诈发行证券罪、违规披露、 不披露重要信息罪。 "如果法院认定上述罪名，ST起步相关主要责任人员势必面临刑事严惩，乃至坐牢。" 受访人 士分析道。 实际上，此次被刑事起诉，已是ST起步因系列违法违规行为被严惩的第二步。早在2022年， 其即因涉嫌信息披露违法违规等事项而被证监会立案调查。 2023年12月，行政处罚结果落地，由于2018—2020年财务造假、2019年发行可转债募集说明 书造假，ST起步及其主要涉事责任人被合计罚款7700万元。 与此同时，ST起步，这家2017年上市、一度号称A股"童鞋第一股"的主板上市公司，2020年起 即陷入连续亏损，并且每年亏损规模均在1亿元以上。根据其7月11日晚间披露的业绩预告， 2025年上半年，ST起步亏损仍在延续，预计 ...

Core Viewpoint - ST Qibu has been collectively sued, involving multiple senior executives, indicating serious issues within the company that may lead to criminal penalties for the responsible parties [2][3][5]. Group 1: Legal Issues - ST Qibu and its key personnel face three charges: fraudulently issuing securities, violating disclosure regulations, and failing to disclose important information [3][6]. - The company has previously been penalized for illegal activities, including a fine of 77 million yuan due to financial fraud and misleading information in bond issuance [4][8]. - The lawsuit marks the second phase of severe penalties following an investigation by the China Securities Regulatory Commission (CSRC) in 2022 for similar violations [3][4]. Group 2: Financial Misconduct - From 2018 to 2020, ST Qibu inflated its revenue by 360 million yuan and profits by 129 million yuan through fictitious transactions [7]. - The company issued convertible bonds worth 520 million yuan based on inflated financial data, leading to accusations of fraudulent issuance [7][8]. - The inflated profits represented 10.39% and 14.57% of the reported profits for 2018 and the first half of 2019, respectively [7]. Group 3: Ongoing Financial Struggles - ST Qibu has been experiencing continuous losses since 2020, with losses exceeding 1 billion yuan annually, peaking at 656 million yuan in 2023 [16][17]. - The company forecasts further losses of 30 to 45 million yuan for the first half of 2025, bringing total losses since 2020 to approximately 1.777 billion yuan [16][17]. - Despite attempts to pivot to live e-commerce with a strategic partnership, the results have not met expectations, contributing to ongoing financial decline [16][17].

对于缺乏科学依据支撑、虚构童鞋功能的虚假营销，相关部门要启动专项整治并依法查处，同时推动童 鞋国家标准进一步完善，建立儿童用品安全与实用性的强制认证体系，避免"概念先行、功能缺失"的产 品涌入市场。商家需摒弃焦虑营销，明确产品定位，将研发和生产重心放在童鞋的安全、舒适、环保、 耐用等核心属性上。电商平台要完善儿童用品准入审核制度，明确标注产品的真实功能，严格限制缺乏 依据的夸大宣传。 还要发挥医疗机构的专业优势，通过"医育结合"答疑解惑，为儿童提供科学专业的健康和发展评估监 测，缓解家长的育儿焦虑心态。可以通过社区医院、学校等渠道普及科学养育知识，帮助家长理解儿童 发育的个体差异和自然规律，构建理性认知。唯有如此，才能让育儿回归本质，让儿童用品市场摆 脱"概念炒作"的浮躁，真正服务于儿童健康成长。 （文章来源：经济日报） 从产品设计看，学步鞋前掌易弯折、后跟支撑强化，有其合理性，按学步阶段划分鞋类产品也有一定参 考价值。但问题在于，我国目前并没有关于学步鞋分类的国家统一标准，商家突出的功能性宣传也缺乏 医学上的科学论证，更多是一种概念营销。这种现象并非个例，从婴儿期到学龄期，一些商家围绕儿童 的各个成长阶段构 ...

Group 1: Automotive Industry - The average payment term for domestic automotive companies exceeds 170 days, with some companies extending it to over 240 days [1][3] - The long payment terms are seen as a way for automotive companies to transfer financing and cash flow pressures onto suppliers [1] - The revised "Regulations on Payment of Funds for Small and Medium-sized Enterprises" aims to address the payment difficulties faced by small suppliers, mandating large enterprises to pay within 60 days [3] Group 2: Real Estate Industry - The average payment term for real estate companies is reported to be 9 months, with some companies like Greenland Holdings exceeding 20 months [1] Group 3: Home Appliances Industry - The average payment term for white goods manufacturers is approximately 145 days, with Gree Electric Appliances notably lagging at over 170 days [1] Group 4: Food and Beverage Industry - The average payment term in the liquor industry is around 4 months, while *ST Rock faces a prolonged payment term of 4.5 years due to operational crises [1] Group 5: Textile and Apparel Industry - The textile and apparel industry has an average payment term of 71 days, with 107 listed companies reporting a total operating cost of 351.62 billion and accounts payable of 56.63 billion [5][7] - The payment term for the textile manufacturing sector is 55 days, while the apparel and home textile sector has a significantly longer payment term of 147 days [7] - The jewelry sector has a notably shorter payment term, averaging 8 days, due to the concentrated supply chain and strong bargaining power of suppliers [8][10] Group 6: Specific Company Case - ST Start - ST Start has an alarming payment term of 440 days, significantly higher than its peers in the apparel sector [12] - The company has faced severe operational challenges, leading to a cumulative net loss of 1.258 billion over three years and a debt ratio of 92.69% as of 2024 [14][16] - To alleviate cash flow issues, ST Start has extended its payment terms, with a drastic increase from around 200 days in 2020 to 452 days in 2023 [16]

作者/李彦 编辑/木鱼 出品/壹览商业 中国资本市场正在见证新消费的异军突起：看似小众的LABUBU盲盒，在潮玩圈掀起跨国抢购热潮，一条"古法金"项链，让年轻人甘愿排队2小时一试。仅 数月内，两家企业股价翻了10倍，这是情绪消费催生的商业奇观。 背后反映了当下消费趋势的真实切面：人们并未停止消费，真正稀缺的从来不是"购买力"，而是供给端是否足够新鲜、足够贴近情绪、足够懂得"打动人"。 就像近年突然回潮的CCD相机，尽管技术早已被淘汰，仍因其"朦胧复古感"契合了年轻人对氛围感的追求而再度流行。在拼多多上，KOMERY这个从代工 厂转型而来的品牌，正是踩中了这波趋势：通过性价比、简化操作和社交互动的组合打法，一款定价几百元的CCD相机，年销量超30万台。 拼多多是KOMERY品牌销售额最高的单一电商平台。陈振豪 展昭/摄 换句话说，需求并未减少，而是在持续进化，并朝着更具分层、更具情境化的方向裂变。用户并非不愿花钱，而是更挑剔地选择"为谁花""为什么花"。 比如，一位保温杯商家曾尝试推出一款多功能保温杯，设计贴合户外场景，原材料、模具投入加上首批生产花了将近10万元。但新品刚上线，平台建议的投 放预算高达日均千元 ...

制鞋行业的"新晋江系"故事。 福建东南沿海，有一座名为晋江的小城。 提及这个名字，外地人多半会联想到晋江文学城，是批量生产霸总的地方。而在晋江街头，流传的则是这座小城的"霸总"商业传奇。 网约车司机能随口聊起安踏创始人丁世忠17岁带着600双晋江鞋闯荡北京的故事，对当地十几家上市企业更是如数家珍，其中，鞋企就占了好几个名额，包 括安踏、特步等品牌。 晋江的鞋业崛起于上世纪八九十年代，凭借侨乡优势和当地人敢拼敢闯的精神，从家庭作坊起步，逐渐建立起庞大的代工产业集群。 但随着市场格局的演变，头部运动品牌的高度集中化，使得市场份额几乎被瓜分殆尽。同时，线下经营环境的巨变，电商的兴起、实体店铺租金攀升、人力 成本增加，让后续晋江系的鞋服商家很难再诞生一批优质品牌。 但自2020年以来，随着拼多多新电商快速崛起，让一批晋江制鞋商家找到了新机会。在拼多多"千亿扶持"的助力下，他们正在探索出一条区别于老牌企业的 上行新路径。 "避开"安踏，成为"安踏" 21 世纪初，晋江鞋服产业迎来关键转折——首次跻身全国百强县前十。此时众多企业面临转型抉择：继续代工生产，还是发力自主品牌？ 在命运关头，安踏做出了大胆尝试，签约乒乓球世界 ...

Group 1 - The implementation of nine national standards for footwear, including the "General Safety Requirements for Footwear" (GB 25038—2024), aims to enhance product quality, safety levels, and market order while promoting green consumption [1] - The "General Safety Requirements for Footwear" establishes a safety baseline for all types of footwear, regulating physical and mechanical safety performance as well as chemical safety indicators, with a focus on risks such as broken needles and harmful substances like hexavalent chromium and formaldehyde [1] - The "Safety Technical Specification for Children's Shoes" (GB 30585—2024) emphasizes safety requirements for children's footwear, setting strict limits on physical safety performance and harmful chemical substances to protect infants and children's foot safety [1] Group 2 - The recommended national standards for chemical testing methods in footwear, such as the determination of phthalates and phenol content, utilize advanced detection technologies like gas chromatography-mass spectrometry and high-performance liquid chromatography [2] - The recommended national standard for testing the size change rate of insoles and footbeds under dry and wet cycles outlines methods for measuring thickness, length, and width changes [2] - The recommended national standards for evaluating antifungal performance in footwear and components provide quantitative and qualitative assessment methods to enhance hygiene and safety [2] Group 3 - The recommended national standard for "Athletic Shoes" (GB/T 21536—2024) specifies important performance indicators such as flexural strength, outsole abrasion resistance, and slip resistance, while also including limits for extractable heavy metals like lead, cadmium, and arsenic [3]

Core Viewpoint - The rise of new brands from Jinjiang, leveraging the support of platforms like Pinduoduo, is reshaping the competitive landscape in the footwear industry, particularly in niche markets such as children's shoes and casual footwear [1][2]. Group 1: New Brand Development - New brands from Jinjiang are rapidly growing by developing their own brands and capitalizing on the rise of Pinduoduo, focusing on high quality and cost-effectiveness to attract consumers [1]. - These brands are strategically avoiding direct competition with established players like Anta by targeting niche segments such as children's shoes and casual footwear [1][3]. Group 2: Market Challenges - Traditional manufacturers like Dahuangfeng have faced stagnation in online sales growth since 2021 due to increased competition from established brands entering the children's shoe market [3]. - The competitive landscape in Jinjiang has intensified as major brands expand into new categories, impacting smaller players' growth [3][4]. Group 3: Transformation and Strategy - Many small and medium-sized manufacturers in Jinjiang are being forced to transform their business models, shifting from wholesale to online retail to adapt to changing market dynamics [4][5]. - Companies are increasingly focusing on brand establishment and online presence to capture market share, with some opting for acquisitions to revitalize existing brands [5][6]. Group 4: Pinduoduo's Role - Pinduoduo's initiatives, such as the "Billion Support Plan," are providing significant resources to support new quality brands, helping them reduce operational costs and enhance their market competitiveness [8]. - The platform's aggressive marketing and support strategies have led to increased sales for brands like Gongniu and Dahuangfeng, with expectations of reaching sales targets exceeding 100 million yuan [9]. Group 5: Future Outlook - The emergence of new brands and the continued support from platforms like Pinduoduo suggest a promising future for Jinjiang's footwear industry, with expectations of more brands entering the market and achieving significant sales growth [2][10].

Group 1 - The company, Jiama Clothing (301276), offers a diverse range of products including men's and women's clothing, children's clothing, children's shoes, backpacks, and dolls [1] - The company plans to continuously develop IP-related products and peripherals associated with its main business, including but not limited to toys [1] - Sales will be conducted through online e-commerce platforms and nationwide offline stores to enrich the product matrix and enhance market appeal [1]