近日，北京科净源科技股份有限公司（以下简称"科净源"，301372.SZ）公告披露，其因涉嫌信息披露 违法违规，被中国证监会立案。 作为一家上市不足两年的企业，科净源为何如此快速地陷入监管漩涡？ 科净源方面表示，经自查发现，其全资子公司北京科净源设备安装工程有限公司（以下简称"科净源设 备"）存在对外担保未及时履行审批程序和信息披露义务的情形。"公司在发现上述对外担保事项后第一 时间成立专项核查小组，根据调查结果，对相关责任人员进行处罚，责令相关人员吸取教训、总结经 验。" 上海汉联律师事务所宋一欣律师向《中国经营报》记者表示，如果上述担保没有及时公开披露，涉嫌信 息披露违法违规，证监会将会按照证券法对其作出行政处罚。 信披违规 2023年8月11日，科净源顶着"水环境治理领军企业"的光环成功登陆深交所创业板，发行价45元/股，募 集资金7.71亿元。 上市当年，科净源的业绩便出现"断崖式"下滑。2023年公司营收同比下跌31.3%至3.02亿元，归母净利 润仅1940万元，同比骤降77.53%。 进入2024年，情况并未好转，反而进一步恶化。据2024年度业绩预告，科净源预计全年归母净利润亏损 9934万元 ...

| 服 | | 本次权益变动前持有权益 | | | | 本次权益变动后持有权益 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 东名称 | 持有股份 | 持股占 | 持有表决权 | 表决权 | 持有股份 | 持股 早 | 持有表决 | 表決 权占 | | | | 出 | | 문 | | | 权 | | | | | | | | | | | 出 | | 何文 常 | | | | | | | | | | (转 | 25,553,567 | 22.56% | 25,553,567 | 22.56% | 11,963,918 | 10.56% | 0 | 0 | | 让 | | | | | | | | | | 方) | | | | | | | | | | 北京 | | | | | | | | | | 欣欣 | | | | | | | | | | ( မိုင် | 0 | 0 | 0 | 0 | 13.589.649 | 12% | 20,384,473 | 18% | | 让 | | | | | | | | | | 方) | | | | ...

Core Viewpoint - The recent share transfer agreement signed by He Wenhui, the controlling shareholder of Taihe Water Technology Development Co., Ltd., indicates a significant change in control for the company, which has been facing continuous losses in recent years [2][3]. Group 1: Share Transfer Details - He Wenhui signed a share transfer agreement with Beijing Xinxin Xuancan Technology Center to transfer 13.5896 million shares at a price of 29.18 yuan per share, totaling 397 million yuan, which represents 12% of the company's total share capital [3]. - After the transfer, He Wenhui's shareholding will decrease to 10.56%, while Beijing Xinxin will become the new controlling shareholder with an 18% stake [3]. - A voting rights delegation agreement was also signed, where He Wenhui delegated voting rights for 6.7948 million shares to Beijing Xinxin, effectively allowing the new shareholders to control 20.3845 million shares, or 18% of the total share capital [3]. Group 2: Financial Performance and Challenges - Taihe Water has faced declining performance since its listing, with revenue dropping from 460 million yuan in 2021 to 205 million yuan in 2022 and further to 183 million yuan in 2023, resulting in net losses of 160 million yuan and 287 million yuan respectively [6]. - The company is projected to incur a net loss of between 273 million yuan and 330 million yuan in 2024, which could trigger delisting risk if financial indicators do not meet standards [6][7]. - The decline in performance is attributed to factors such as the impact of COVID-19, natural disasters, and slow project progress due to local government funding constraints [6][7]. Group 3: Strategic Implications of New Shareholders - The new controlling shareholders, who have extensive experience in equity investment and mergers and acquisitions, may bring fresh strategic directions and resources to Taihe Water [4]. - The transfer of shares and voting rights indicates He Wenhui's intention to leverage the new shareholders' strengths to restructure and plan the company's business for better growth potential [4]. - The company has attempted to diversify into computing power business but has not achieved significant results, leading to increased operational costs and further complicating its financial situation [7].

Core Viewpoint - The rapid decline of KJY, a leading company in water environment governance, highlights severe issues in financial disclosure, operational performance, and corporate governance, leading to its investigation by the China Securities Regulatory Commission [1][2][3]. Financial Performance - In 2023, KJY's revenue plummeted by 31.3% to 302 million yuan, with net profit dropping 77.53% to 19.4 million yuan [2] - For the first three quarters of 2024, revenue further declined by 32.55% to 173 million yuan, resulting in a net loss of 38.9 million yuan, a staggering 195.73% decrease [2]. Core Business Challenges - All three main business segments of KJY are struggling: - Water treatment products saw gross margin drop from 50.26% to 40.76% due to intensified market competition [3] - The average repayment period for existing projects extended to 3.7 years, with accounts receivable constituting 379% of revenue [3] - New orders in operational services fell by 68% year-on-year in the first half of 2024, losing market share to competitors [3]. Regulatory and Financial Issues - KJY's investigation was triggered by its subsidiary's unauthorized provision of bank deposit guarantees for third-party debts, leading to forced liquidation risks [4] - Financial discrepancies include: - Revenue recognition issues, with 52% of annual revenue recognized in Q2 2023, suggesting premature revenue booking [4] - Insufficient bad debt provisions, with only 23.2% of overdue accounts receivable accounted for, below the industry average of 35% [4] - No provisions for inventory depreciation despite significant inventory levels [4]. Cash Flow and Fund Utilization - KJY reported a negative net cash flow from operating activities of 184 million yuan in 2023, worsening to -57 million yuan in Q1 2024, while capital expenditures reached 120 million yuan [5] - Despite plans to invest 350 million yuan in a headquarters project, funds were redirected to financial products, raising investor concerns [5]. Strategic and Governance Failures - KJY's strategic misalignment is evident in its low R&D investment (less than 3% post-IPO) compared to the industry average of 6.8%, weakening its technological edge [6] - Governance issues include family control over the board and independent directors lacking relevant industry experience, with significant insider selling by executives prior to the company's financial collapse [7]. - The water environment governance sector is facing challenges due to government policy changes, with new contract signings dropping by 41% in 2024, exacerbating KJY's difficulties [8].

Core Viewpoint - KJY has been investigated by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure regulations [3][5] Group 1: Investigation and Compliance - KJY received a notice from the CSRC indicating that it is under investigation for information disclosure violations [3] - The company conducted a self-examination and found that its wholly-owned subsidiary, Beijing KJY Equipment Installation Engineering Co., Ltd., failed to timely fulfill approval procedures and disclosure obligations regarding external guarantees [5] - KJY has taken corrective actions, including lifting all external guarantees and holding responsible personnel accountable [5] Group 2: Management Changes - Following the investigation, KJY's management has undergone changes, with the resignation of General Manager Li Chongxin and the appointment of Chairman Ge Jing as the new General Manager [7][10] - Li Chongxin's resignation was aimed at focusing on market management and development [10] Group 3: Financial Performance - KJY projected a net loss of between 99.34 million yuan and 141.39 million yuan for 2024, a significant decline from a profit of 19.4 million yuan in the previous year [12][13] - The company cited intensified market competition and a slowdown in project payment cycles as contributing factors to the expected losses [13] Group 4: Market Position - KJY has been operating in the water environment governance sector since its establishment in 2000 and is recognized as an innovative comprehensive service provider in this field [11]

本次股票发行后拟在创业板市场上市，该市场具有较高的投资风险。创业板公司具 有创新投入大、新旧产业融合成功与否存在不确定性、尚处于成长期、经营风险高、业 绩不稳定、退市风险高等特点，投资者面临较大的市场风险。投资者应充分了解创业板 市场的投资风险及本公司所披露的风险因素，审慎作出投资决定。 北京科净源科技股份有限公司 Beijing Sys Science & Technology Co. , Ltd. （北京市顺义区东盈路 19 号） 首次公开发行股票并在创业板上市 招股说明书 保荐人（主承销商） （中国（上海）自由贸易试验区浦明路 8 号） 创业板投资风险提示 北京科净源科技股份有限公司 招股说明书 声明及承诺 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对注册 申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行 人的盈利能力、投资价值或者对投资者的收益做出实质性判断或保证。任何与之 相反的声明均属虚假不实陈述。根据《证券法》的规定，股票依法发行后，发行 人经营与收益的变化，由发行人自行负责；投资者自主判断发行人的投资价值， 自主作出投资决策，自行承担股票依法发行后因发行 ...

创业板投资风险提示 本次股票发行后拟在创业板市场上市，该市场具有较高的投资风险。创业板公司具 有创新投入大、新旧产业融合成功与否存在不确定性、尚处于成长期、经营风险高、业 绩不稳定、退市风险高等特点，投资者面临较大的市场风险。投资者应充分了解创业板 市场的投资风险及本公司所披露的风险因素，审慎作出投资决定。 北京科净源科技股份有限公司 Beijing Sys Science & Technology Co. , Ltd. （北京市顺义区东盈路 19 号） 首次公开发行股票并在创业板上市 招股意向书 保荐人（主承销商） （中国（上海）自由贸易试验区浦明路 8 号） 北京科净源科技股份有限公司 招股意向书 声明及承诺 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对注册 申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行 人的盈利能力、投资价值或者对投资者的收益做出实质性判断或保证。任何与之 相反的声明均属虚假不实陈述。根据《证券法》的规定，股票依法发行后，发行 人经营与收益的变化，由发行人自行负责；投资者自主判断发行人的投资价值， 自主作出投资决策，自行承担股票依法发行后因发行 ...