Core Viewpoint - Jinsong New Materials (300849.SZ) received a warning letter from the Zhejiang Securities Regulatory Bureau due to multiple violations, including improper management of related party transactions and failure to disclose information in a timely manner [1][2][3] Group 1: Regulatory Issues - The Zhejiang Securities Regulatory Bureau identified three main issues: improper use of raised funds, mixed management of enterprises controlled by the actual controller, and failure to timely disclose related party transactions [2][3] - The company acknowledged a related party transaction involving a construction contract worth 150 million yuan, which was not initially recognized as such [2][3] - Key executives, including the chairman and financial director, are held responsible for the violations, and the company has committed to internal review and compliance improvement [3] Group 2: Financial Performance - For the first half of 2025, Jinsong New Materials reported revenue of 151 million yuan, a year-on-year decline of 9.33%, and a net loss of approximately 8.8 million yuan, a significant drop of 1663.95% [4][5] - Domestic sales decreased by 7.30% and international sales fell by 13.98%, attributed to macroeconomic conditions and internal accounting practices [4][5] - The company has faced continuous losses over the past three years, with cumulative losses exceeding 69 million yuan, despite revenue growth from 243 million yuan in 2022 to 333 million yuan in 2024 [5]