Jinfu Technology(SZ:300128) Chang Jiang Shang Bao·2025-06-02 22:37Core Viewpoint - Jinfu Technology (300128.SZ) has been heavily penalized for financial fraud, involving the inflation of revenue across three consecutive financial reports, totaling 336 million yuan [1][4]. Financial Misconduct - The company inflated its operating income by 52.94 million yuan, 111 million yuan, and 172 million yuan in Q1, H1, and Q3 of 2021, respectively, which accounted for 20.02%, 21.14%, and 20.74% of the reported revenue for those periods [4][5]. - The China Securities Regulatory Commission (CSRC) has proposed a warning and a fine of 4 million yuan for Jinfu Technology, along with penalties for several key executives [2][5]. Financial Performance - From 2021 to 2024, Jinfu Technology has not achieved profitability, with a cumulative net loss of 1.063 billion yuan and a cumulative loss of 1.341 billion yuan in non-recurring net profit [2][11]. - Revenue figures for 2021 to 2023 were 972 million yuan, 1.402 billion yuan, and 1.743 billion yuan, showing year-on-year changes of -28.74%, +44.21%, and +24.32% respectively [9]. - In 2024, the company reported revenue of 1.797 billion yuan, a year-on-year increase of 3.13%, but a net loss of 267 million yuan, a decrease of 19.27% compared to the previous year [9][10]. Business Strategy and Future Outlook - Jinfu Technology has divested from its power equipment maintenance and installation business, focusing on consumer electronics and new energy sectors [8]. - The company aims to achieve sales revenue of 2.7 billion yuan in 2025, with a target to keep sales costs under 2.23 billion yuan [11]. - As of Q1 2025, the company reported an operating income of 451 million yuan, a year-on-year increase of 16.50%, while the net loss was 49.79 million yuan, reflecting a 14.97% increase in losses [11][12]. Financial Health - As of the end of Q1 2025, Jinfu Technology's asset-liability ratio reached 72.96%, marking a historical high for the company [3][12].