ST Xingnong announced that the company and relevant personnel have received an administrative regulatory measures decision letter from the Zhejiang Securities Regulatory Bureau. Because the company changed the revenue recognition method for its structural parts business and project-based business from the gross method to the net method, it reduced first-quarter 2025 revenue and operating costs by 21.5635 million yuan, half-year revenue and operating costs by 46.4888 million yuan, and third-quarter revenue and operating costs by 68.1812 million yuan, resulting in inaccurate information disclosure. The Zhejiang Securities Regulatory Bureau decided to issue warning letters as a supervisory management measure to the company, Chairman He Dejun, General Manager Zheng Bin, and Chief Financial Officer Wu Haijuan, and record this in the securities and futures market integrity archives.
Xingguang Agricultural MachReceived warning letter from securities regulator for inaccurate disclosures due to revenue recognition change.
