Core Viewpoint - Four companies, including Daye Intelligent, Zhenlei Technology, ST Changyuan, and Pairui Co., have been investigated by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure regulations, affecting a total of 104,000 shareholders [1][7]. Group 1: Daye Intelligent - Daye Intelligent received a notice from the CSRC regarding an investigation for suspected information disclosure violations, stating that the company will cooperate with the investigation and that its operations remain normal [2][8]. - The company specializes in intelligent distribution, photovoltaic power generation, and photovoltaic construction, with a total market value of 2.5 billion yuan and 18,531 shareholders [2][8]. Group 2: Zhenlei Technology - Zhenlei Technology also received a notice from the CSRC for suspected information disclosure violations, confirming that its business and financial status are normal [3][9]. - The company’s main products include RF transceiver chips and high-precision ADC/DAC chips, with a market value of 29.5 billion yuan and 23,557 shareholders. The stock price has increased by 116.20% in the past month and 294.29% year-to-date [3][9]. Group 3: ST Changyuan - ST Changyuan has been notified by the CSRC of an investigation for suspected information disclosure violations, with the company stating that its operations are normal and it will cooperate with the investigation [4][10]. - The company, founded in 1986, focuses on the research, development, and manufacturing of industrial and power system digitalization, with a market value of 5 billion yuan and 31,636 shareholders [4][10]. Group 4: Pairui Co. - Pairui Co. has received a notice from the CSRC for suspected information disclosure violations [5][11]. - The company specializes in the research, production, and sales of power semiconductor devices, with a market value of 4.2 billion yuan and 30,293 shareholders. It has identified accounting errors related to revenue recognition in a sales contract for 2024 and has made necessary corrections [5][11].

【导读】因涉嫌信息披露违法违规，派瑞股份被证监会立案 12月26日，派瑞股份（300831）发布公告称，因涉嫌信息披露违法违规，中国证监会决定对公司立案。 派瑞股份被证监会立案 12月26日，派瑞股份发布公告称，公司于2025年12月26日收到中国证监会下发的《立案告知书》，因涉 嫌信息披露违法违规，中国证监会决定对公司立案。 公司自查发现，2024年度一笔销售合同中部分收入存在延期确认的会计处理差错，并已对相关定期报告 进行会计差错更正及追溯调整。 派瑞股份对前期会计差错进行了更正，涉及2024年三季度、2024年年度、2025年一季度、2025年半年 度、2025年三季度财务报表和相关附注。本次更正涉及的主要事项为：2024年少确认营业收入2271.51 万元，相应少确认利润总额1711.73万元。 目前，派瑞股份已对上述差错更正采用追溯重述法，对合并财务报表及母公司财务报表相关项目进行了 调整。12月26日晚间，派瑞股份披露了更正后的2024年三季报、2024年年报、2025年一季报、2025年半 年报及2025年三季报。 2024年及2025年前三季度，派瑞股份更正后的归母净利润分别为7132.49万 ...

【导读】因涉嫌信息披露违法违规，派瑞股份被证监会立案 12月26日，派瑞股份发布公告称，因涉嫌信息披露违法违规，中国证监会决定对公司立案。 派瑞股份被证监会立案 12月26日，派瑞股份发布公告称，公司于2025年12月26日收到中国证监会下发的《立案告知书》，因涉嫌信息披露违法违规，中国证监会决定对公司立 案。 公司自查发现，2024年度一笔销售合同中部分收入存在延期确认的会计处理差错，并已对相关定期报告进行会计差错更正及追溯调整。 曾收到《现场检查通知书》 4月17日，派瑞股份收到中国证券监督管理委员会陕西监管局下发的《现场检查通知书》。 经核查，发现2024年度一笔销售合同中部分收入存在延期确认的会计处理差错。 派瑞股份对前期会计差错进行了更正，涉及2024年三季度、2024年年度、2025年一季度、2025年半年度、2025年三季度财务报表和相关附注。本次更正涉 及的主要事项为：2024年少确认营业收入2271.51万元，相应少确认利润总额1711.73万元。 目前，派瑞股份已对上述差错更正采用追溯重述法，对合并财务报表及母公司财务报表相关项目进行了调整。12月26日晚间，派瑞股份披露了更正后的 202 ...

【导读】因涉嫌信息披露违法违规，派瑞股份被证监会立案 中国基金报记者 李智 邱德坤 12 月 26 日，派瑞股份发布公告称，因涉嫌信息披露违法违规，中国证监会决定对公司立 案。 派瑞股份被证监会立案 12 月 26 日，派瑞股份发布公告称，公司于 2025 年 12 月 26 日收到中国证监会下发的 《立案告知书》，因涉嫌信息披露违法违规，中国证监会决定对公司立案。 目前，派瑞股份已对上述差错更正采用追溯重述法，对合并财务报表及母公司财务报表相关 项目进行了调整。 12 月 26 日晚间，派瑞股份披露了更正后的 2024 年三季报、 2024 年 年报、 2025 年一季报、 2025 年半年报及 2025 年三季报。 2024 年及 2025 年前三季度，派瑞股份更正后的归母净利润分别为 7132.49 万元、 555.96 万元；更正前的归母净利润分别为 5677.52 万元、 2010.96 万元。 2024 年末及 2025 年第三季度末，派瑞股份更正后的归母净资产分别为 9.28 亿元、 9.19 亿元，更正前的归母净资产分别为 9.14 亿元、 9.19 亿元。 公司自查发现， 2024 年度一笔 ...

Group 1: Financial Performance - In 2024, the company achieved a revenue growth of 64.14% and a net profit increase of 157.84% compared to 2023 [20] - The first quarter of 2025 saw a revenue decline of 1.59%, with a net profit of 15.22 million, reflecting a year-on-year growth of 107.62% [4] - In 2024, government subsidies accounted for 68,000, representing a low proportion of net profit, indicating that the company does not overly rely on non-recurring gains [4] Group 2: Operational Efficiency - Employee count in 2024 increased by 8.5%, but revenue per employee decreased by 10.2%, prompting a need for better alignment of human resources with business transformation [2] - R&D expenses rose by 38% in 2024, but the capitalization rate fell to 15%, highlighting challenges in converting R&D investments into intangible assets [3] - The accounts receivable turnover days increased by 40 days, with 25% of accounts receivable aging over one year, raising concerns about customer credit risk [5] Group 3: Market Strategy - The sales expense ratio increased by 2.1 percentage points to 8.3% in 2024, with marketing efforts contributing positively to the growth of flexible DC product orders [6] - The company plans to enhance its market penetration for high-value products like IGBT modules, which currently account for less than 15% of revenue [19] - In 2024, related party transactions increased by 65%, but the overall proportion remains low, ensuring independence in transactions [8] Group 4: Debt and Cash Flow Management - Short-term borrowings increased by 90% in 2024, while long-term borrowings decreased by 50%, raising questions about short-term debt repayment pressure [13] - Operating cash flow decreased by 70% year-on-year, primarily due to changes in accounts receivable cycles, necessitating measures to stabilize cash flow [16] - Inventory turnover rate fell by 25%, with inventory levels rising by 35%, indicating potential issues with market demand or inventory management strategies [14] Group 5: Future Outlook and Innovation - The company is focusing on technology innovation, quality control, and market expansion to enhance overall competitiveness and achieve sustainable growth [7] - Plans to develop new products such as IGCT and FRD are underway, alongside market research for device products to meet market demands [19] - The company is committed to integrating ESG principles into its operations, aiming for sustainable high-quality development [22]