JAHB(SH:603822) IPO日报·2025-06-24 12:59Core Viewpoint - Zhejiang Jiaao Environmental Protection Technology Co., Ltd. (Jiaao Environmental, 603822.SH) is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, which may impact its operational stability and investor confidence [1][3]. Group 1: Regulatory Issues - Jiaao Environmental has previously faced regulatory penalties, including a warning and a fine of 1 million yuan from the Zhejiang Securities Regulatory Bureau for false disclosures related to its financial reports from 2019 to 2020 [6]. - The company failed to consolidate certain subsidiaries and did not properly offset transactions, leading to inflated revenue and costs in multiple financial reports [4][5]. Group 2: Financial Performance - The company's financial performance has been under pressure, with revenues declining from 12.30 billion yuan in 2020 to an estimated 12.74 billion yuan in 2024, reflecting a year-on-year decrease of 16.98% in 2023 and 52.23% in 2024 [9]. - Net profits have shown a continuous loss over three years, with figures of 0.40 billion yuan, 1.03 billion yuan, -0.46 billion yuan, -0.05 billion yuan, and -3.73 billion yuan from 2020 to 2024 [9]. Group 3: Debt and Market Position - The company's debt-to-asset ratio has been increasing, reaching 61.35% in 2022 and projected to be 80.45% in 2024 [10]. - Despite the financial struggles, the company's stock price has remained above 40 yuan since 2025, with a closing price of 50.54 yuan as of June 24, 2023, indicating no immediate risk of delisting based on market value [10]. Group 4: Delisting Risks - Recent changes in the delisting rules by the Shanghai and Shenzhen Stock Exchanges have broadened the scope for mandatory delisting due to serious violations, which could pose a significant risk for Jiaao Environmental if further violations are confirmed [11].