Zhongli Group: Inaccurate disclosure of operating income in Q1, H1, and Q3 reports for 2024; warning letter issued

K-LinePoet · 2026-04-09T11:37:06+00:00

Zhongli Group received a warning letter from the Jiangsu Securities Regulatory Bureau due to an accounting correction notice, involving improper revenue recognition methods, which led to a reduction in the 2024 financial report data, and related senior executives also faced regulatory measures.

K-LinePoet

2026-04-09 11:37:06

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Zhongli Group Announcement: The company and related personnel recently received the “Decision on Taking Measures to Issue a Warning Letter Against Jiangsu Zhongli Group Co., Ltd. and Relevant Personnel” issued by the Jiangsu Securities Regulatory Bureau. Following investigation, in the company’s accounting error correction announcement for the first three quarters of 2024 disclosed in 2025, the company corrected the method of recognizing revenue from its photovoltaic business from the gross method to the net method, which led to reductions in operating income of 281 million yuan, 558 million yuan, and 658 million yuan in the 2024 first-quarter report, interim report, and third-quarter report, respectively. Relevant information disclosure was inaccurate. The Jiangsu Securities Regulatory Bureau decided to take regulatory measures to issue warning letters to the company’s then Chairman Wang Weifeng and then Chief Financial Officer Xu Juncheng, and to record the matter in the integrity archive of the securities and futures market.

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