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精准预告上市公司财务造假，成功推动监管机构立案调查

Forecasting accounting fraud at listed companies and successfully prompting regulators to open investigations

全过程证据链公开可溯：研究报告 → 股价震动 → 澄清公告 → 立案调查 → 行政处罚

A fully public, traceable evidence chain: research report → share-price shock → clarification notice → formal investigation → administrative penalty

1

天夏智慧

000662 · SZ · Teamax Smart City

  1. 2018.08.30

    我方发布质疑报告《天夏智慧陷阱：实控人狂刷业绩掩护出逃，4 亿营收实进账 3000 万》，当日股价跌停 -10.03%

    We publish ‘The Teamax trap: the controlling shareholder inflates results to cover his exit — of RMB 400m in revenue, only RMB 30m actually came in’; the stock closes limit-down (−10.03%) the same day

  2. 2018.08.31

    天夏智慧发布澄清公告否认财务造假，我方次日发《说明》逐条回应并进一步质疑

    Teamax denies accounting fraud in a clarification notice; we issue a statement the next day, rebutting it point by point and raising further questions

  3. 2019.04.27

    天夏智慧宣布年报延期，并随后发布巨亏财报，财务及内控被审计机构出具非标及否定意见；

    Teamax postpones its annual report and then reports a heavy loss; the auditor issues non-standard and adverse opinions on its financial statements and internal control

  4. 2020.04.27

    收到证监会《调查通知书》，因无法披露年报被正式立案调查

    CSRC investigation notice received; formally investigated for failing to disclose the annual report

  5. 2021.12.28

    广西证监局处罚：连续四年造假，虚增收入不少于 30.86 亿元、虚增利润不少于 11.48 亿元；原董事长终身市场禁入

    Guangxi CSRC penalises the company: four consecutive years of fraud, at least RMB 3.086bn of inflated revenue and no less than RMB 1.148bn of inflated profit; the former chairman is banned from the market for life

2

易见股份

600093 · SH · Yijian Co., Ltd.

  1. 2020.05.29

    发布质疑报告《易见股份：数据好得不真实，百亿保理贷款藏着多少秘密？》

    We publish ‘Yijian: the numbers are too good to be true — how many secrets are hidden in RMB 10bn of factoring loans?’

  2. 2020.05.31

    公司发布专项澄清公告，否认相关质疑

    The company issues a dedicated clarification announcement denying the findings

  3. 2021.05.14

    公告收到证监会《调查通知书》，因涉嫌信披违法违规立案调查

    The company announces receipt of a CSRC investigation notice; a formal investigation is opened over suspected disclosure violations

  4. 2022.04.19

    收到《行政处罚及市场禁入事先告知书》，证实 6 年虚增收入超 560 亿元

    Penalty and market-ban pre-notice received, confirming more than RMB 56bn of inflated revenue across six years

  5. 2022.05.18

    上交所决定终止公司股票上市（5 月 26 日进入退市整理期）

    The Shanghai Stock Exchange decides to terminate the listing (the delisting-arrangement period starts on 26 May)

3

广誉远

600771 · SH · Guangyuyuan Co., Ltd.

  1. 2020.12.17

    发布质疑报告《广誉远：货真卖出去了？款真能收回来？坏账计提到位了？》

    We publish ‘Guangyuyuan: is the product really sold? can the money really be collected? are bad-debt provisions adequate?’

  2. 2024.03.25

    公司公告收到山西证监局《行政处罚及市场禁入事先告知书》

    The company announces receipt of a penalty and market-ban pre-notice from the CSRC Shanxi Bureau

  3. 2024.04.10

    收到《行政处罚决定书》：认定 2016—2022 年报及 2023 半年报虚假记载

    Administrative penalty decision received: false records are found in the FY2016–FY2022 annual reports and the 2023 interim report

  4. 2024.04.10

    认定向渠道压货、滥用“出库即确认收入”提前确认收入 —— 完全印证 2020 年报告预判

    Found to have pushed stock into channels and abused ‘revenue recognised on dispatch’ to bring revenue forward — fully confirming our 2020 report’s conclusion

  5. 2024.04.10

    公司罚 800 万元，责任人合计超 2,110 万元；时任董事长张斌 10 年证券市场禁入

    RMB 8m fine on the company and more than RMB 21.1m in total for responsible individuals; then chairman Zhang Bin is banned from the securities market for 10 years