JTL(SZ:300091) 3 6 Ke·2025-07-23 02:40Core Viewpoint - The company Jintongling Technology Group Co., Ltd. is facing serious legal issues due to allegations of financial fraud, including falsifying documents and manipulating financial data over six consecutive years, leading to significant investor losses [1][2]. Financial Fraud Details - Jintongling's fraudulent activities included inflating revenue by CNY 5.01 billion in 2017, CNY 5.5 billion in 2018, CNY 689.3 million in 2021, and CNY 153 million in 2022, with corresponding inflated profits of CNY 1.46 billion, CNY 1.48 billion, CNY 739.8 million, and CNY 433.2 million respectively [2]. - The company reported profits while actually incurring losses, with a total loss exceeding CNY 2.3 billion over five years from 2020 to 2024 [3]. Recent Financial Performance - In Q1 2025, Jintongling reported revenue of CNY 1.21 billion, a year-on-year decline of 67.76%, and a net loss of CNY 72.88 million, a 197.51% increase in losses compared to the previous year [4][5]. - The company's debt situation is critical, with overdue debts amounting to CNY 197 million, representing 28.95% of its latest audited net assets [5]. Corporate Governance and Ownership Changes - Jintongling underwent a change in control in 2018 when it was acquired by Nantong Industrial Holding Group, which was intended to provide financial relief but did not prevent ongoing fraudulent activities [6]. - The company has faced scrutiny regarding the effectiveness of regulatory oversight and the integrity of its financial disclosures [7]. Impact on Market and Future Prospects - The stock price has plummeted from a historical high of CNY 55.5 to a range of CNY 2 to CNY 3, reflecting a significant loss of investor confidence [9]. - The company is currently in a precarious position, with potential restructuring on the horizon; however, failure to successfully restructure could lead to bankruptcy and delisting [9].