登录新浪财经APP 搜索【信披】查看更多考评等级 来源：九州商业观察 12月17日，金花企业（集团）股份有限公司（股票简称：金花股份（维权），代码：600080）一纸公告 揭开了资本市场信息披露违规的典型案例。公司董事长邢雅江因隐瞒2024年4月至7月期间被公安机关取 保候审的关键事实，未及时履行信息披露义务，最终收到陕西证监局的行政处罚决定书——被给予警告 并处以350万元罚款，这一金额远超其2024年112.03万元的税前年薪，成为监管层严打信披违规的又一 重磅案例。 回溯事件始末，2024年4月23日，邢雅江因他人涉嫌私自刻制无关公司印章案被牵连，西安市公安局鄠 邑分局对其采取取保候审措施。同年7月26日，因指证证据发生变化，现有证据无法证实其涉案嫌疑， 公安机关依法解除取保候审。但作为上市公司董事长，邢雅江未在第一时间将这一影响投资者决策的重 大事项报告公司并对外披露，直至2024年8月24日才通过公司公告公开相关信息，违规延迟披露时长超 四个月。 值得关注的是，在监管调查及听证过程中，邢雅江及其代理人提出两项申辩理由：一是声称"客观上无 法确认自身法律状态的变化"，不存在主观过错；二是认为处罚过重， ...

Core Viewpoint - Jinhua Co., Ltd. reported a decline in revenue and net profit for the first half of 2025, attributed to increased R&D expenses and a lack of investment gains from the previous year [1] Financial Performance - For the first half of 2025, Jinhua Co. achieved operating revenue of 241 million yuan, a year-on-year decrease of 1.9% [1] - The net profit attributable to shareholders was 6.195 million yuan, down 34.53% year-on-year [1] - R&D expenses saw a significant increase of 83.2% during the reporting period [1] - The net cash flow from operating activities was -80.93 million yuan [1] Stock Performance - As of August 21, 2025, Jinhua Co. shares closed at 8.08 yuan, up 0.62% from the previous trading day [1] - The trading volume for the day was 65,858 hands, with a transaction amount of 53 million yuan and a fluctuation of 1.74% [1] - On August 21, 2025, the net outflow of main funds was 2.3434 million yuan, accounting for 0.08% of the circulating market value [1] - Over the past five days, the net inflow of main funds was 6.3297 million yuan, representing 0.21% of the circulating market value [1] Product Line - Jinhua Co. is engaged in the research, production, and sales of pharmaceuticals, with a product line that includes chemical drugs, traditional Chinese medicine, raw materials, and health products [1] - The company's leading product, Jintian Ge capsules, is a national Class I new drug and has become a first-line medication in orthopedic clinical practice [1] - The company also offers a range of pediatric medications, including children's cough syrup [1]

Core Viewpoint - The chairman of Jinhua Co., Xing Yajiang, is under investigation for stock disclosure violations, leading to a significant fine of 3.5 million yuan, highlighting a series of governance and financial issues within the company [1][2]. Group 1: Chairman's Involvement and Regulatory Actions - Xing Yajiang was placed under criminal detention in April 2024 but reported to the company only four months later, resulting in severe disclosure delays [2]. - The Shaanxi Securities Regulatory Bureau criticized Xing for failing to fulfill his duties, issuing a personal fine of 3.5 million yuan, marking the second major penalty since the investigation began [2]. Group 2: Financial Irregularities and Mismanagement - Jinhua Co. transferred 52 million yuan to a company controlled by the chairman through prepayments, indicating typical related-party fund occupation [3]. - The company misappropriated fundraising for stock trading, ultimately needing to borrow 30 million yuan from individuals to cover losses [3]. - The 2023 third-quarter report concealed a loss of 4.99 million yuan, falsely reporting a profit of 3.39 million yuan, reflecting a 247% discrepancy [3]. Group 3: Audit Concerns and Project Delays - The auditing firm issued a non-standard opinion for the 2024 report, highlighting three major risks: questionable prepayments of 30.03 million yuan, uncertainty regarding the pledge of 39.5 million yuan in deposits, and delays in a 600 million yuan new factory project initiated in 2018 [4]. - These irregular transactions coincided with the period when the Xing family gained full control of the company [4]. Group 4: Product Dependency and Revenue Challenges - The company's primary product, Jintian Ge Capsule, accounts for 80% of revenue but faces innovation challenges, with R&D investment consistently below 3% of revenue from 2018 to 2024 [5]. - Revenue has fluctuated between 530 million and 580 million yuan over the past four years, with net profits showing a volatile pattern of losses and gains [5]. Group 5: Governance Crisis and Future Risks - The governance crisis at Jinhua Co. extends beyond individual cases, with the controlling family under judicial investigation and continuous warnings from auditing firms [6]. - The company is at a crossroads between potential delisting risks and the need for value reassessment, with systemic control risks lurking behind financial data [6].

中国证监会陕西监管局认为，邢雅江的上述行为涉嫌违反《中华人民共和国证券法》第七十八条第一款 规定，构成《中华人民共和国证券法》第一百九十七条第一款所述的"信息披露义务人未按照本法规定 报送有关报告或者履行信息披露义务"的行为，对邢雅江给予警告，并处以350万元罚款。 中国证监会此次对邢雅江立案的原因则是涉嫌金花股份持股变动信息披露等违法违规。对此，金花股份 表示，本次立案仅针对董事长个人，不会对公司日常生产经营活动产生影响，目前，公司日常经营运作 正常。 这不是邢雅江第一次被中国证监会立案，去年12月21日，金花股份就曾公告，公司董事长邢雅江收到中 国证监会下发的《立案告知书》，遭立案的原因同样为涉嫌信息披露违法违规。 去年靠处置子公司扭亏 金花企业（集团）股份有限公司（简称："金花股份"）董事长邢雅江近日收到中国证监会陕西监管局 《行政处罚事先告知书》。因涉嫌信披违规，中国证监会陕西监管局对邢雅江给予警告，并处以350万 元罚款。同日，中国证监会决定对邢雅江进行立案，原因也是信披违规。 董事长再次被证监会立案 公告显示，邢雅江因涉嫌犯罪于2024年4月至7月被公安机关采取取保候审，作为公司董事长，未及时将 ...