Xinjiang Ba Yi Iron & Steel Co Ltd

Xinjiang Ba Yi Iron & Steel released its 2026 interim report, with a net loss attributable to the parent company of 342 million yuan during the reporting period, narrowing the loss by 354 million yuan compared with the same period last year, marking three consecutive years of narrowing losses. The company's total operating revenue was 9.319 billion yuan, up 6.71 percent year-on-year. Net cash inflow from operating activities was 471 million yuan, an increase of 726 million yuan year-on-year. As of the end of the period, the asset-liability ratio was 101.76 percent, the gross profit margin was 5.50 percent, and diluted earnings per share were negative 0.22 yuan.

Pan-China Certified Public Accountants has been hit with regulatory administrative penalties twice in under a month, with total fines and confiscations exceeding 11 million yuan. Recently, for audit failures in the financial fraud case of Poly Pharm, Pan-China had 2.1 million yuan in business revenue confiscated and was fined 4.2 million yuan, while three signing certified public accountants were fined a combined 1.5 million yuan. Earlier in June, the Xinjiang Securities Regulatory Bureau found that Pan-China failed to perform its duties diligently in the 2022 to 2024 annual report audits of Bayi Iron and Steel, confiscating its business revenue and imposing an equal fine, totaling 4.8113 million yuan. With the two cases combined, Pan-China's practice quality has come under scrutiny, with violations involving failure to maintain professional skepticism over abnormal data and inadequate execution of audit procedures.