Xinyangfeng Agricultural Technology, a leading phosphate and compound fertilizer enterprise, has received a warning letter from the Hubei Securities Regulatory Bureau due to insufficient basis for revenue recognition in certain trading businesses. This led to overstatements of revenue by 153 million yuan, 111 million yuan, and 15 million yuan in 2018, 2019, and 2020 respectively. The bureau stated that these actions violated relevant provisions of the Administrative Measures for the Disclosure of Information by Listed Companies. The company's then-chairman Yang Caixue, president Huang Bin, and chief financial officer Yang Xiaohong failed to fulfill their duties diligently and bear primary responsibility for the violations. The bureau decided to impose administrative regulatory measures by issuing warning letters to the company and the three individuals, and the matter will be recorded in the securities and futures integrity archives. Xinyangfeng is listed on the main board of the Shenzhen Stock Exchange. Its flagship compound fertilizer products have ranked first in the industry in terms of production and sales volume for many consecutive years. In 2025, the company achieved operating revenue of 18.048 billion yuan, a year-on-year increase of 15.97 percent.
Hubei Xinyangfeng Fertilizer Co LtdReceived warning letter from Hubei Securities Regulatory Bureau for inadequate revenue recognition, violating disclosure rules.