A shocking case of financial fraud has come to light as Jiayuan Science And Technology Co.,Ltd. (SZSE: 301117) faces what is being called the first dual-track fabrication scandal of 2026, spanning both its IPO prospectus and annual reports. The fraud covers four years of financial data from 2019 to 2022, with four senior executives signing off on the falsified figures. Regulators have imposed fines totaling 14.5 million yuan, and the company will change its stock name to 'ST Jiayuan' effective August 25. The sponsor for this troubled listing was CITIC Securities, represented by Ma Zheng and Ju Hongcheng.
The timeline reveals several critical turning points in this elaborate scheme. In 2021, the company hit what appeared to be a peak performance period, with revenue surging from 133 million yuan in the prior year to 317 million yuan—a staggering 137.78% increase. This remarkable growth occurred precisely during the crucial phase before its IPO hearing and registration approval. According to the regulatory disclosure, in 2021 alone, fabricated revenue from a single entity referred to as 'Customer A' reached 28.03 million yuan, with inflated profits of 18.03 million yuan. A significant portion of that year's impressive performance was built on fraudulent foundations.
The year 2022 saw the company actively engineering a downward adjustment. Revenue declined 14.93% and net profit fell 29.99%, which superficially appeared to be a normal business downturn. However, this was actually a calculated response to mounting pressure from CSRC investigations. The company attempted to "reduce profits to align with audit adjustments," essentially reversing the inflated figures from 2020-2021. While the technique was sophisticated, it proved futile—the audit trail left clear evidence of the manipulation.
By 2023, the company's true condition began to surface. While revenue showed a modest 2.92% increase on the surface, the bottom line told a different story. The company swung from profit to a net loss attributable to shareholders of 9.26 million yuan, with non-recurring adjusted losses reaching 9.10 million yuan. This demonstrated that the core business could no longer sustain itself through genuine operations.
In 2024, there was a suspicious resurgence just before regulatory action began. Revenue recovered to 337 million yuan, and net profit returned to 7.05 million yuan. Viewed objectively, this effort to boost performance in the 14 months before the CSRC formally filed the case in July 2026 appears to be a deliberate attempt to maintain the threshold that would avoid mandatory delisting for major violations.
The first half of 2025 marked the near-total collapse of growth momentum following the formal investigation. Revenue reached 167 million yuan, compared to 156 million yuan in the same period of 2024, representing a sharp slowdown to just 6.87% growth. More critically, non-recurring adjusted net profit turned negative at -69,000 yuan. This shift to negative adjusted earnings serves as a key warning signal, indicating that the company's core business can no longer generate sufficient cash flow to cover its costs.
This report is based exclusively on publicly available information, including company announcements (Nos. 2026-027, 2026-029, and 2026-030), the CSRC's advance notice of administrative penalties (Penalty Document No. [2026]45), and financial data from the Wind database. Performance charts referenced from Wind platform consolidated statements. This analysis is grounded in objective facts and does not constitute investment advice; any investment decisions made based on this report are at the reader's own risk. Final determinations regarding violations by listed companies are subject to the CSRC's formal administrative penalty decision and judicial rulings.