Core Viewpoint - KJY (科净源) has faced frequent information disclosure violations since its listing less than three years ago, raising concerns about the company's compliance and performance post-IPO [1] Information Disclosure Violations - KJY was investigated for suspected information disclosure violations on April 3, 2023, and received an administrative penalty from the Beijing Regulatory Bureau of the China Securities Regulatory Commission on October 10, 2023 [1][2] - The company failed to disclose guarantee matters in a timely manner, providing guarantees totaling 150 million yuan without proper board or shareholder approval [2] - There were instances of non-cooperation with regulatory investigations by company personnel [2] Performance Decline - KJY's net profit for 2023 was reported at 19.4 million yuan, a decrease of 77.53% compared to the previous year, with a failure to timely disclose performance forecasts [3][5] - The company received a regulatory letter in August 2024 regarding its performance decline and the need for timely information disclosure [3] Revenue Recognition Issues - KJY faced issues with insufficient revenue recognition, including improper application of revenue recognition methods and errors in correcting prior accounting mistakes [4][5] - The company was directed to correct four major violations, including failure to disclose guarantee matters and errors in financial reporting [4] IPO and Financial Performance - KJY went public on August 11, 2023, raising over 700 million yuan with an issuance price of 45.00 yuan per share, but its performance drastically changed post-IPO [6] - The company's revenue dropped from over 400 million yuan before listing to less than 200 million yuan in 2024, with a net profit decline from 86.25 million yuan to 19.06 million yuan, and a projected loss exceeding 130 million yuan for 2024 [6][9] Compliance with Listing Standards - KJY met the initial listing standards by having positive net profits in the last two years and a cumulative net profit of over 50 million yuan prior to its IPO [6] - The company’s research and development expenditures were reported to meet the minimum requirements for listing, but concerns remain about the sustainability of its revenue growth [8][9]
科净源频现信披违规上市后业绩大变脸 IPO有无踩线闯关？