JINSHENG(SZ:300849) Chang Jiang Shang Bao·2025-10-24 00:13Core Viewpoint - Jinsong New Materials (300849.SZ) faces administrative penalties due to undisclosed related party transactions involving its chairman's nephew, resulting in a total fine of 5.5 million yuan [2][5]. Financial Performance - Jinsong New Materials has reported continuous losses over the past three and a half years, with a cumulative loss of 77.83 million yuan [8]. - Revenue figures for 2022 to 2024 are 243 million yuan, 260 million yuan, and 333 million yuan, showing year-on-year changes of -17.19%, 7.04%, and 28.15% respectively [7]. - Net profits for the same period are -22.51 million yuan, -23.87 million yuan, and -22.65 million yuan, with year-on-year changes of -312.62%, -6.07%, and 5.14% respectively [7]. Related Party Transactions - The related party transaction in question involved a construction project worth 120 million yuan in 2022, which constituted 18.6% of the company's audited net assets for that year [4]. - The chairman's nephew, Ruan Zhongyan, was found to have effectively controlled the project, leading to the violation of disclosure regulations [4][5]. Project Status - The "Annual Production of 60 Million Sets of Cosmetic Packaging Containers" project has not yet been put into use, despite being completed in April 2024 [6][10]. - The project is still in the process of obtaining property certificates, indicating delays in operational readiness [10]. Management and Governance - The company has acknowledged its failures in governance and information disclosure, committing to improve internal controls and compliance with regulations [5]. - Key executives, including the chairman and general manager, have been penalized for their roles in the undisclosed transactions [5].