On August 9, ST Yundong (000903) released an announcement confirming receipt of the Administrative Penalty Decision (〔2025〕No.2) issued by the Yunnan Regulatory Bureau of the China Securities Regulatory Commission on August 8. Following an investigation, it was determined that the company's 2021 and 2022 annual reports contained numerous inaccuracies, including misleading accounting practices related to sales and purchase rebates, supplier claims compensation, and other financial matters. Notably, the company had prematurely recognized revenue based solely on invoices without actual delivery of goods, and the provision for inventory impairment was also incorrectly calculated. Consequently, the company, along with eight of its former executives, was collectively fined a total of 10.5 million yuan. This decision follows the case's filing in January and a final ruling issued after prior notification in July.