上市即“变脸”！它遭证监会立案调查！

Core Viewpoint - Jinsheng New Materials is under investigation by the China Securities Regulatory Commission (CSRC), but the company asserts that its normal operations will not be significantly affected during this period [2]. Company Overview - Established in 1998, Jinsheng New Materials specializes in the research, production, and sales of acrylic containers, primarily for cosmetic plastic packaging [2]. - The company offers over 1,000 product specifications, including cream jars and lotion bottles, serving well-known clients such as Estée Lauder and Shanghai Jahwa [2]. - As of March 2025, the actual controllers of the company are the couple Ruan Rongtao and Gao Lijun, who hold a combined 35.11% of the shares [2]. Financial Performance - Since its IPO in July 2020, Jinsheng New Materials has experienced a significant decline in profitability, transitioning from a profit of 34.49 million yuan in its first year to a loss of 22.51 million yuan in 2022 [3]. - Cumulatively, the company has reported losses exceeding 69 million yuan over three consecutive years from 2022 to 2024 [3]. - The gross profit margin has drastically decreased from over 30% between 2016 and 2020 to 23.14% in the year following its IPO, and further down to 8.73% in 2022, representing a nearly 80% drop in two years [6]. Regulatory Environment - The management has acknowledged that various factors influence the company's financial performance and has committed to improving operational management [4]. - The company faces heightened risks due to new delisting regulations, which could impose risk warnings for companies penalized for information disclosure violations, particularly concerning Jinsheng New Materials' ongoing losses [4].