ST Gourd Brothers: Likely to face administrative penalties for illegal and irregular information disclosure.

ST Gourd Baby announced that the company and its chairman, Liu Jingping, were investigated by the China Securities Regulatory Commission on December 26, 2025. On May 20, 2026, the company and related personnel received a "Notice of Administrative Penalty Pre-notification" from the Hainan Securities Regulatory Bureau. It was found that the company inflated its revenue by 110 million yuan in the 2023 annual report, accounting for 5.77%; and reduced its revenue by 42.601 million yuan in the 2024 semi-annual report, accounting for 5.03%. The Hainan Securities Regulatory Bureau plans to impose a fine of 7 million yuan on the company, fines of 10.5 million yuan, 2.5 million yuan, and 1.5 million yuan on Liu Jingping, Yu Hui, and Wang Qingtao respectively. The company has touched on other risk warning situations, but has not encountered circumstances necessitating mandatory delisting due to major violations of law.