上市公司案例分析：上海凯鑫

Core Viewpoint - Shanghai Keysino Separation Technology Inc. has experienced significant operational challenges following its successful IPO in 2020, primarily due to management issues, declining performance, and increased market competition [8][10][11]. Group 1: Company Overview - Shanghai Keysino was founded in 2011 by a team of seven, including its current chairman and general manager, Ge Wenyue, who holds 22.48% of the shares [2][4]. - The company specializes in membrane separation technology and offers customized solutions for clean production technology, equipment integration, and operational support [2]. Group 2: Business Growth - The company went public on the Shenzhen Stock Exchange's Growth Enterprise Market in October 2020, marking a new phase in its development [6]. - Shanghai Keysino's revenue grew from over 100 million yuan in 2017 to more than 250 million yuan in 2019 [5]. Group 3: Recent Challenges - The company faced a significant setback when Ge Wenyue was placed under investigation from August 23 to September 4, 2023, leading to operational disruptions and a decline in investor confidence [8][9]. - Financially, the company reported revenues of 189 million yuan in 2020, 228 million yuan in 2021, and 154 million yuan in 2022, with a sharp decline to 39.23 million yuan in the first half of 2023 [10]. - The company anticipates a negative net profit for 2024, raising concerns about potential delisting risks [10]. Group 4: Market Competition and Internal Issues - The environmental industry is becoming increasingly competitive, and the company has struggled to adapt its strategies and business models accordingly [11][12]. - Internal management issues have also been highlighted, particularly regarding the inability to ensure the accuracy of financial reports during the chairman's absence [13].