Core Viewpoint - The company Heshun Technology (301237.SZ) has received warning letters from the Zhejiang Securities Regulatory Bureau and the Shenzhen Stock Exchange due to two instances of information disclosure violations, coinciding with a continuous decline in its performance since going public [1][3]. Group 1: Regulatory Actions - Heshun Technology received a warning letter from the Zhejiang Securities Regulatory Bureau on September 17, 2023, for two information disclosure violations, involving delayed disclosure of government subsidies and failure to timely disclose the capital contribution progress of a subsidiary [2][3]. - The Shenzhen Stock Exchange issued a regulatory letter to Heshun Technology on September 18, 2023, highlighting the same issues [1][3]. Group 2: Financial Performance - Heshun Technology reported a government subsidy of 2.755 million yuan in July 2022, which accounted for 18.82% of the net profit attributable to shareholders for the most recent audited fiscal year, but the company disclosed this information only on August 30, 2022 [2]. - In the first half of 2025, Heshun Technology's revenue was 296 million yuan, representing a year-on-year increase of 27.93%, while the net profit attributable to shareholders was a loss of 14.3134 million yuan, significantly worsening from a loss of 5.6494 million yuan in the same period last year [4]. Group 3: Company Background - Heshun Technology, established in 2003, specializes in the research, production, and sales of differentiated, functional biaxially oriented polyester film materials, with applications in consumer electronics and automotive sectors [3]. - Since its listing on the Shenzhen Stock Exchange's ChiNext board in 2022, the company has experienced a rapid decline in revenue and net profit for both 2022 and 2023 [3].