Core Viewpoint - KJY has frequently violated information disclosure regulations since its listing, raising concerns about its compliance and performance post-IPO [1][2][3] Group 1: Company Background - KJY is an innovative comprehensive service provider specializing in water environment system governance and is recognized as a national high-tech enterprise and a "little giant" enterprise in Beijing [1] - The company was listed on the ChiNext board in August 2023, but has faced multiple issues since then, including frequent regulatory warnings and a significant decline in performance [1][4] Group 2: Regulatory Violations - KJY was investigated for information disclosure violations, including failing to timely disclose guarantee matters, leading to penalties from the China Securities Regulatory Commission [1][2] - The company received a regulatory letter in August 2024, revealing a 77.53% decrease in net profit to 19.4 million yuan compared to the previous year [2] - KJY's annual report for 2023 showed improper revenue recognition practices and failure to disclose a profit warning despite a net profit decline exceeding 50% [3][4] Group 3: Financial Performance - KJY's revenue dropped from over 400 million yuan before its IPO to less than 200 million yuan in 2024, with net profit plummeting from 86.25 million yuan to 19.06 million yuan [4][5] - The company claimed to meet the IPO listing standards, but its post-IPO performance raises questions about potential regulatory compliance issues [4][5] Group 4: Research and Development Compliance - KJY's R&D investment data barely met the ChiNext board's requirements, with cumulative R&D investment of 58.34 million yuan over three years, but the compound growth rate of revenue was below the required 20% [5] - Despite a slight improvement in the first half of 2025, with a 24.3% year-on-year revenue increase to 149 million yuan, the sustainability of this performance remains uncertain [5]
科净源频现信披违规上市后业绩大变脸IPO有无踩线闯关？