Jiangsu Securities Regulatory Bureau's Decision to Issue a Warning Letter to Jiangsu Zhongli Group Co., Ltd. and Related Personnel

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（Source: Jiangsu CSRC）

Source: Jiangsu CSRC

Jiangsu Zhongli Group (rights protection) Co., Ltd., Wang Weifeng, Xu Juncheng:

After investigation, Jiangsu Zhongli Group Co., Ltd. (hereinafter referred to as the “Company”) has the following violations:

On April 22, 2025, the Company disclosed the “Announcement on Corrections of Accounting Errors and Restatements for the First Three Quarters of 2024,” in which the Company corrected its revenue recognition method for the photovoltaic cell and module business conducted in 2024 from the “gross method” to the “net method.” It reduced the Company’s revenue for the first quarter of 2024, the first half of 2024, and the first three quarters of 2024 by RMB 281 million, RMB 558 million, and RMB 658 million, respectively. The disclosure of relevant information in the Company’s first-quarter report, interim report, and third-quarter report for 2024 was inaccurate.

These conduct violates the provisions of Article 3 of the “Measures for the Administration of Information Disclosure by Listed Companies” (CSRC Order No. 182). Pursuant to Article 51 of the “Measures for the Administration of Information Disclosure by Listed Companies” (CSRC Order No. 182), the competent authority holds that the Company’s then Chairman and General Manager, Wang Weifeng, and the then Chief Financial Officer, Xu Juncheng, shall bear the primary responsibility for the above-mentioned violations. Pursuant to Article 52 of the “Measures for the Administration of Information Disclosure by Listed Companies” (CSRC Order No. 182), the authority has decided to take regulatory supervision measures of issuing warning letters to the Company, Wang Weifeng, and Xu Juncheng, and to record this matter in the integrity record of the securities and futures market. The Company and relevant personnel should draw lessons fully, strengthen their study of securities laws and regulations, enhance awareness of standardized operations, improve the quality of information disclosure, and prevent such incidents from happening again. Within 10 working days from the date of receipt of this decision letter, they shall submit a written report to this authority.

If you disagree with these regulatory supervision measures, you may file an application for administrative reconsideration with the China Securities Regulatory Commission within 60 days from the date of receipt of this decision letter, and you may also file a lawsuit with a people’s court having jurisdiction within 6 months from the date of receipt of this decision letter. During the period of reconsideration and litigation, the above regulatory supervision measures shall not be suspended.

Jiangsu CSRC

March 30, 2026

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