Fengler was publicly criticized by the Shanghai Stock Exchange; at the end of the third quarter, he held shares in HeRong Lianhua and Huatai Securities.

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China Economic Net Beijing, April 7th — Filinger(603226.SH) recently issued an announcement regarding receiving the Administrative Regulatory Measures Decision Letter from the Shanghai Regulatory Bureau of the China Securities Regulatory Commission.

Filinger and related personnel recently received the Shanghai Regulatory Bureau of the China Securities Regulatory Commission (hereinafter referred to as “Shanghai CSRC”) issued the “Decision on Taking Corrective Measures and Issuing Warning Letters to Relevant Responsible Personnel for Filinger Home Technology Co., Ltd.” (Shang Zheng Jian Decision [2026] No. 84) (hereinafter referred to as “the ‘Decision’”).

After investigation, it was found that Filinger Home Technology Co., Ltd. (Unified Social Credit Code: 91310000607311067X, hereinafter “Filinger” or “the Company”)) has the following violations:

First, false recognition of project revenue. The company used forged acceptance certificates, required Party A to cooperate in issuing acceptance certificates early, and delayed revenue recognition through internal approval processes, thereby recognizing revenue from 9 projects that should not have been included in 2024 income in that year, resulting in false statements in the 2024 annual report.

Second, inaccurate classification of some financial assets. In August 2021, the company invested as a limited partner in Shanghai Lingang New Area Sci-Tech Phase I Industrial Equity Investment Fund Partnership (Limited Partnership); in December 2021, the company invested as a limited partner in Hainan Province Key Industry Investment Development Fund Partnership (Limited Partnership). These two financial assets do not meet the definition of equity instruments. The company recorded the fair value changes during the holding period into “Other Comprehensive Income,” which does not comply with Article 19, Paragraph 2 of “Enterprise Accounting Standard No. 22—Financial Instruments Recognition and Measurement” (Cai Kuai [2017] No. 7), leading to false statements in the 2021-2024 annual reports.

Third, non-compliance in the review procedures of directors’ and senior management’s compensation. From 2022 to 2024, the company’s director remuneration was not reviewed by the shareholders’ (general) meeting, and senior management’s compensation was not approved by the board of directors nor explained to shareholders, violating the provisions of “Guidelines for Corporate Governance of Listed Companies” (CSRC Announcement [2018] No. 29), Article 60, and “Code of Corporate Governance for Listed Companies” (CSRC Announcement [2025] No. 5), Article 54.

The Shanghai CSRC stated that the above behaviors violate Article 3, Paragraph 1 of the “Administrative Measures for Information Disclosure of Listed Companies” (CSRC Order No. 182). To prevent securities market risks and maintain market order, based on Article 170, Paragraph 2 of the “Securities Law of the People’s Republic of China” and Article 52, Item 1 of the “Administrative Measures for Information Disclosure of Listed Companies” (CSRC Order No. 182), the Shanghai CSRC has decided to impose corrective administrative regulatory measures on Filinger. Filinger shall take effective corrective measures and submit a written rectification report to the Shanghai CSRC within 30 days of receiving the decision letter.

Liu Dunyin has served as the company’s President since August 2, 2014. During his tenure, he was not diligent and responsible, and is responsible for the company’s false statements in the 2021-2024 annual reports, violating Article 4 of the “Administrative Measures for Information Disclosure of Listed Companies” (CSRC Order No. 182). According to Articles 51, Paragraphs 1 and 3, and 52, Item 3 of the same measures, the Shanghai CSRC has decided to issue a warning letter to Liu Dunyin as an administrative regulatory measure.

Tao Yuan served as the company’s Chief Financial Officer from August 2, 2014, to October 29, 2023. During her tenure, she was not diligent and responsible, and is responsible for the violations related to false statements in the 2021 and 2022 annual reports, violating Article 4 of the same measures. Based on Articles 51, Paragraphs 1 and 3, and 52, Item 3, the Shanghai CSRC has decided to issue a warning letter to Tao Yuan.

Zhu Yonghong served as the company’s Chief Financial Officer from May 9, 2024, to October 22, 2025. During his tenure, he was not diligent and responsible, and is responsible for the false statement violations in the 2024 annual report, violating Article 4 of the same measures. The Shanghai CSRC has decided to issue a warning letter to Zhu Yonghong.

Hu Zhongqing served as a director of the company from November 26, 2024, to October 22, 2025. During his tenure, he was not diligent and responsible, and is responsible for the false statement violations in the 2024 annual report, violating Article 4 of the same measures. The Shanghai CSRC has decided to issue a warning letter to Hu Zhongqing.

Additionally, the first department of the Shanghai Stock Exchange issued a regulatory warning decision regarding relevant responsible persons of Filinger Home Technology Co., Ltd. (Shang Zheng Gong Jian Han [2026] No. 0048). According to the facts identified in the warning letter issued by the Shanghai CSRC, the SSE’s Department of Listed Company Management, based on Rules for Stock Listing Articles 13.2.1 and 13.2.2, and the Measures for the Implementation of Disciplinary Actions and Regulatory Measures of the Shanghai Stock Exchange, has issued regulatory warnings to Tao Yuan, Zhu Yonghong, and Hu Zhongqing, who served as CFO, CFO, and Secretary of the Board respectively.

The SSE recently issued a notification of criticism to Filinger Home Technology Co., Ltd. and relevant responsible persons (〔2026〕No. 50). Based on the above violations and circumstances, after review and approval by the SSE Self-Regulatory Disciplinary Committee, and according to Rules for Stock Listing Articles 13.2.1 and 13.2.3, the Measures for the Implementation of Disciplinary Actions and Regulatory Measures of the SSE, and the SSE Self-Regulatory Guidelines No. 10—Disciplinary Action Standards, the SSE publicly criticized Filinger Home Technology Co., Ltd. and then-President Liu Dunyin. The SSE will report these disciplinary actions to the China Securities Regulatory Commission and record them in the integrity archive database of the securities and futures market.

According to Filinger’s recent disclosure of the 2025 annual performance forecast loss, preliminary calculations by the finance department indicate that the company expects a net profit attributable to the parent company of between -85 million and -65 million yuan for 2025, continuing to incur losses compared to the same period last year (statutory disclosure data); net profit attributable to the parent after deducting non-recurring gains and losses is expected to be between -90 million and -70 million yuan; operating revenue is forecasted to be between 340 million and 370 million yuan, and operating revenue excluding unrelated business income and income without commercial substance is expected to be between 330 million and 360 million yuan. This earnings forecast has not been audited by a certified public accountant.

In response, Filinger expressed sincere apologies for the inconvenience caused by the correction of previous accounting errors. This correction will not cause the company’s revenue attributable to the parent for 2023 and 2024, after deducting, to fall below 300 million yuan, nor will it change the nature of the profit or loss of the disclosed periodic reports, nor affect the company’s normal production and operation activities. The company attaches great importance to the issues pointed out by regulatory authorities, will earnestly learn lessons, further strengthen supervision and inspection of financial accounting, and enhance the learning and understanding of the “Enterprise Accounting Standards” among financial personnel, ensuring the quality of accounting from the source, and improving accounting and financial management capabilities to prevent similar issues from recurring. Going forward, the company will continue to improve information disclosure, internal control management, and operational compliance to effectively safeguard the interests of the company and all shareholders.

From 2022 to 2024, Filinger’s net profits attributable to shareholders of the listed company were 9.7219 million yuan, -24.1843 million yuan, and -37.3071 million yuan, respectively.

As of September 30, 2025, the top 10 shareholders of Filinger are Angi Yiqing Technology Partnership (Limited Partnership), Filinger Holdings Limited, ASIA PACIFIC GROUP INTERNATIONAL LIMITED, HeRongLian (Guangzhou) Private Fund Management Co., Ltd. – HeRongLian Rongdian Private Securities Investment Fund, Zhao Guangjun, Huatai Securities Co., Ltd., Zhang Xia, Liu Dunyin, Zhu Jiande, Shang Guoying.

(Editor: Ma Xin)