Core Viewpoint - The establishment of the China Capital Market Society aims to create a high-end think tank platform for theoretical research, academic exchange, and decision-making consultation in the capital market [2] Group 1: Establishment and Leadership - The founding conference of the China Capital Market Society was held on July 26, with key figures such as the Chairman of the China Securities Regulatory Commission (CSRC) Wu Qing taking leadership roles [1] - The society includes prominent scholars, financial institution leaders, and representatives from listed companies as its first members [1] Group 2: Professional Committees - The society has set up several professional committees to focus on core aspects of the capital market, including: 1. Macroeconomics and Industry Committee 2. Market Stability and Risk Prevention Committee 3. Innovation Development Committee 4. Market Microstructure Committee 5. Futures and Derivatives Committee 6. International Market and Opening-up Committee 7. Legal and Investor Protection Committee [3] - An official academic journal titled "Capital Market Research" will be launched by the society [2] Group 3: Goals and Objectives - The society aims to unite various research forces from industry institutions, listed companies, universities, and government departments to conduct research and promote significant topics in the capital market [2] - The CSRC, along with the Ministry of Civil Affairs and other parties, will work together to enhance the society's role in understanding financial development characteristics, fostering international cooperation, and promoting high-quality development of the capital market [2]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued supplementary material requirements for eight companies regarding their overseas issuance and listing applications, focusing on compliance, ownership structure, and potential risks associated with their operations [1][2][3]. Group 1: Supplementary Material Requirements - For Shenyan Intelligent, the company is required to explain the circumstances surrounding its previous approval for listing on the National Equities Exchange and Quotations (NEEQ) and its plans for A-share listing [1][2]. - For Haofu Creative Group, the focus is on the compliance of its equity control structure, including the acquisition processes and the reasons behind share transfers among shareholders [2][3]. - For Jinxun Co., the company must clarify whether its projects are classified as "high energy consumption" or "high emissions" and provide relevant evidence [3]. Group 2: Specific Company Requirements - For Zhejing Automotive, the company is required to provide details on its compliance with foreign investment regulations and the rationale behind recent share price variations among new shareholders [4][5]. - For Junneng Technology, the company must clarify its compliance with foreign investment regulations and provide a detailed account of its recent shareholder changes and their implications [7][8]. - For Shengtong Special Medical, the company needs to explain its business operations related to health food sales and the compliance of its equity incentive plans [14][15]. Group 3: Legal Opinions and Compliance - Companies are required to obtain legal opinions confirming the compliance of their equity structures and any potential conflicts of interest arising from recent shareholder changes [5][9][11]. - The companies must also provide evidence of their operational activities and compliance with necessary licenses, particularly in sectors that may involve foreign investment restrictions [20][21][23].

Core Viewpoint - The article discusses the profound changes in tax collection and management since the full launch of the Golden Tax Phase IV, emphasizing the need for businesses to adapt to stricter tax compliance requirements and the increasing demand for tax dispute resolution services [1]. Group 1: Tax Management Changes - The implementation of a smart tax system focuses on "data-driven tax management," utilizing big data and artificial intelligence for comprehensive and precise regulation across all processes and tax types [1]. - The new tax collection law enhances compliance requirements for businesses, imposing stricter regulations on tax declarations, cost ticket management, and individual income tax on shareholder dividends and social security contributions [1]. Group 2: Training Program - A training program titled "Resolving Tax Disputes under the New Tax Collection Law" will be held on August 15-16, 2025, in Chengdu, aimed at equipping tax professionals with strategies to handle tax disputes effectively [1][5]. - The program will feature expert insights from a seasoned tax consultant with over 30 years of experience in tax theory and practice, focusing on tax risk control and dispute resolution [3]. Group 3: Course Content - The course will cover the causes of tax disputes and the underlying logic of coordination, including five major reasons for tax disputes and the evolution of tax inspection priorities [8]. - It will also present eight strategies for resolving tax disputes, including policy interpretation and legal principles, with practical case analyses [9][10][11][12][13]. - Specific high-frequency tax dispute scenarios will be dissected, including issues related to value-added tax and corporate income tax, providing real-world examples and solutions [14][18][20]. Group 4: Key Takeaways - Participants will learn to identify potential tax risks in daily operations and specific transactions, enhancing their tax compliance and risk management frameworks [25]. - The training aims to provide a comprehensive understanding of tax dispute resolution processes, including risk assessment, self-inspection, and communication strategies with tax authorities [25].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has imposed administrative penalties on Lixin Certified Public Accountants for failing to perform due diligence in the audit of Shanghai Sierxin Technology Co., Ltd.'s IPO, which involved significant financial misstatements [1][14]. Group 1: Audit Failures - Lixin's audit report for Sierxin contained false records, with Sierxin overstating its 2020 revenue by 15.3672 million yuan, accounting for 11.55% of total revenue, and inflating its profit by 12.4617 million yuan, which represented 118.48% of total profit for that year [5][14]. - The audit procedures executed by Lixin were inadequate, including insufficient risk assessment, production audit, revenue audit, client visit procedures, cash flow verification, and related party loan expense audits [6][7][8][10][11][12]. Group 2: Specific Audit Procedure Failures - Risk assessment procedures were not properly executed, failing to identify significant fraud risks related to Sierxin's financial performance and management pressure [6]. - Production audit procedures were inadequate, as Lixin did not verify the actual production dates of products for which revenue was recognized [7]. - Revenue audit procedures were insufficient, with Lixin failing to adequately assess the legitimacy of software sales that contributed significantly to Sierxin's profits [8][9]. - Client visit procedures were superficial, lacking thorough investigation into contract anomalies and failing to corroborate evidence from other sources [10]. - Cash flow verification procedures were not properly conducted, leading to missed identification of fraudulent sales and misappropriation of funds [11]. - Related party loan expense audits were not adequately evaluated, resulting in improper accounting treatment [12]. Group 3: Penalties and Consequences - The CSRC ordered Lixin to correct its practices, confiscated its audit income of 1.547 million yuan, and imposed a fine of 3.094 million yuan [14]. - The responsible auditors, Wang Bin and Tang Cheng, received warnings and fines of 400,000 yuan each [14].

Group 1: Company Overview - Xiamen Hengkang New Materials Technology Co., Ltd. focuses on the research and industrial application of key materials in the integrated circuit field, being one of the few domestic companies capable of developing and mass-producing key materials for 12-inch integrated circuit wafers [4] - Qingdao Taikaiying Special Tires Co., Ltd. is driven by technological innovation, specializing in the design, research, sales, and service of tires for the mining and construction industries, with products including engineering radial tires and all-steel truck tires [10] Group 2: Shareholding Structure - In Hengkang New Materials, Yi Rongkun directly holds 19.52% of the voting rights and controls an additional 21.35% through various agreements, totaling 40.87% voting rights, making him the controlling shareholder and actual controller [2][6] - In Taikaiying, Taikaiying Holdings directly holds 72.94% of the shares, while Wang Chuanxu and his spouse, Guo Yongfang, collectively control 79.71% of the shares, establishing them as the actual controllers [3][12] Group 3: Financial Performance - Hengkang New Materials reported revenues of 321.77 million, 367.71 million, and 547.94 million yuan, with net profits of 91.04 million, 81.53 million, and 94.30 million yuan for the reporting periods [7] - Taikaiying's revenues were 1.80 billion, 2.03 billion, and 2.30 billion yuan, with net profits of 101.91 million, 136.05 million, and 150.60 million yuan during the same periods [13] Group 4: Key Issues Raised in Meetings - Hengkang New Materials faced inquiries regarding potential intellectual property disputes related to its self-produced photoresist materials and precursor products, as well as the appropriateness of its revenue recognition method [8][9] - Taikaiying was questioned about the authenticity and sustainability of its performance growth, as well as its technological competitiveness compared to industry peers [14][15]

文/梧桐小编 7月25日，希荻微电子集团股份有限公司（688173）发布关于控股子公司重大事项提示公告。希荻微发 现控股子公司 Zinitix Co., Ltd.（以下简称"Zinitix"、韩国科斯达克市场上市公司）现任董事在希荻微 及其子公司任职期间涉嫌不法行为，要求 Zinitix 召开临时股东大会改选董事。但Zinitix现任董事采取 了一系列行为阻碍董事改选，截至本公告日，公司尚未完成Zinitix董事会改选。后续，公司将继续积极 通过韩国当地的行政和司法途径维护正当的股东权益。公司2024年收购Zinitix 形成商誉6421.75 万 元。根据公司2025 年第一季度报告，Zinitix 2025 年第一季度的营业收入为人民币4,807.32 万元，占 公司 2025 年第一季度营业收入的 27.06%。如公司失去对Zinitix 的控制，根据企业会计准则的相关规 定，公司将不再把 Zinitix 纳入公司合并报表范围，终止确认商誉并产生损失，可能对公司 2025 年财 务报表产生重大不利影响。 一、 2024年才收购的子公司，产生商誉6421万元 2024 年 8 月 ， 希 荻 微 公 司 ...

面对制度的加速落地与实操要求， 上市公司究竟该如何有效开展市值管理？ 我们结合最新政策与实 践，梳理了几个核心要点与实操路径： 2025年A股上市公司的市值管理正加速推进： 截至5月27日， 已有438家公司发布了市值管理制度， 225家发布了明确的估值提升计划 。可以看出，在《上市公司监管指引第10号》等政策的持续推动下， 合法合规地提升内在价值与市场认可度，已成为企业发展的关键一环。 四 资资资本本本运运运作作作 1 再融资 在上市公司股价出现脱离基本面的持续下跌时，股份回购对市值的提振作用往往更加明显。根据 《上市公司股份回购规则》规定： 上市公司用于回购的资金来源必须合法合规，一般为 自有资金 ，且上市公司只有在减少公司注册资 本；将股份用于员工持股计划或者 股权激励 ；将股份用于转换上市公司发行的可转换为股票的 公 司债券 ；为维护公司价值及股东权益所必需时才能回购本公司股票。 一一一一 分 红 分红的实施主体为上市公司，属于最简单直接的市值管理措施，但实施分红的前提是 有利可分 。 根据《公司法》第210条规定，公司在分配税后利润时，需先弥补以前年度亏损和提取公积金，剩余 利润股份有限公司按照股东 ...

文/飞云 7月23日晚，方正证券披露公告称，瑞信证券已完成股权变动的工商变更登记，并取得换发的营业执照，公 司不再持有瑞信证券股权。公告显示，瑞信证券现已更名为北京证券有限责任公司。 今年3月12日，方正证券发布公告称，证监会已核准北京国资公司成为瑞信证券主要股东、实际控制人，对 北京国资公司依法受让瑞信证券85.01%股权无异议。 至此，从国资退出又回归，外资进场又退场，新、老北京证券完成一场横跨30余年的发展闭环。 二、已连续亏损三年，累计亏损6.16亿元 受限于资本规模偏小及股权融资市场遇冷等因素，瑞信证券近年经营持续承压。据2024年年报显示，公司 全年营收仅5,684.85万元，同比大幅下滑63.81%。其中投行业务取得的手续费及佣金净收入为1540.92万 元，同比下降61.91%；经纪业务手续费净收入为236.39万元，同比下降25.62%。 一、国资退场又入场，横跨三十年的发展闭环 公开资料显示，瑞信证券的前身就叫北京证券。1993年，北京证券有限责任公司成立，是早期中国资本市 场的重要参与者。2005年，北京证券陷入经营困境。在中国证监会、北京市政府等部门的共同推动和支持 下，引入外资参与重 ...

Core Viewpoint - The article discusses the "Guidelines for Data Security Compliance in the Industrial and Information Technology Sector" released by the Ministry of Industry and Information Technology, which provides practical guidance for data processors to conduct comprehensive and standardized data security compliance management, enhancing the data protection capabilities of enterprises [1]. Group 1: Overview of Data Security Compliance - The purpose of data security compliance construction is to ensure that data processing activities are conducted in a lawful and secure manner [6]. - The guidelines provide a basis for data security compliance, outlining the applicable scope and definitions relevant to data security [6]. Group 2: Data Classification and Grading - Regular surveys of data conditions, security management systems, and risk monitoring capabilities are essential to identify weak points in data protection [8]. - A comprehensive data inventory should be maintained annually, detailing data types, levels, scales, processing methods, storage locations, and usage [9]. - Data should be classified based on industry requirements, business needs, and data sources, with specific classification rules established for different sectors [10][11]. - Data is graded into three levels: general data, important data, and core data, with identification rules based on national security and industry development [13][14]. Group 3: Data Security Management System - Establishing a data security organizational structure and management system is crucial for effective data protection [6]. - Key components include permission management, internal approval processes, system security management, and disaster recovery [6]. Group 4: Data Lifecycle Protection - The guidelines emphasize the importance of protecting data throughout its lifecycle, including collection, storage, usage, transmission, and destruction [6][7]. - Specific measures should be taken for data transfer and processing, ensuring compliance with relevant regulations [6]. Group 5: Risk Monitoring and Emergency Response - Continuous monitoring and early warning systems for data security risks are necessary to identify and address potential threats [6]. - Emergency response plans should be developed and regularly tested to ensure readiness in the event of a data security incident [6]. Group 6: Data Export Security Management - Guidelines for assessing the security of data exports and establishing compliance obligations when handling personal information are outlined [6][7]. Group 7: Data Transactions - The guidelines address the compliance requirements for data transactions, ensuring that all data exchanges are conducted lawfully and securely [6].

Core Viewpoint - Shanghai Kangpeng Technology Co., Ltd. has received approval from the UK Medicines and Healthcare products Regulatory Agency for a drug aimed at treating moderate to severe vasomotor symptoms (VMS) related to menopause, marking a significant advancement in women's health and demonstrating the company's strategic positioning in the pharmaceutical sector [1] Group 1: Technological Foundation - The approved drug is the world's first dual neurokinin (NK) targeted therapy, overcoming limitations of traditional hormone therapies and non-hormonal drugs [2] - The development of the core intermediate relies on Kangpeng's two decades of expertise in fluorination and carbon-carbon coupling technologies, enhancing drug targeting and metabolic stability [2] - As of the end of 2024, Kangpeng has accumulated 115 patents, including 66 invention patents, showcasing its robust technological foundation for pharmaceutical intermediate development [2] Group 2: Collaborative Model - The successful approval of the drug reflects Kangpeng's long-standing collaboration model with pharmaceutical companies, engaging in the early stages of drug development and expanding supply as the drug progresses to commercialization [3] - Kangpeng's client base includes renowned pharmaceutical companies such as Merck, Eli Lilly, and Bayer, indicating strong industry partnerships [3] - The drug's application for market approval is currently under review in major markets like the US and EU, with potential for significant revenue growth if approved [3] Group 3: Market Potential and Strategic Layout - VMS is a common symptom affecting 80% of women in the menopausal transition, highlighting a substantial market opportunity for new treatment options [5] - The global market for VMS treatments is projected to reach approximately $4.2 billion (around 30 billion RMB) in 2024, with an expected growth to $11.29 billion (around 80 billion RMB) by 2037, reflecting a compound annual growth rate of 7.9% [5] - Kangpeng's intermediate supply capabilities position the company to capitalize on this market growth, reinforcing its dual-track strategy and vision to become a leader in the fine chemicals sector in China [5][6] Group 4: Strategic Synergy - The company is expanding capacity in the new materials sector while simultaneously enhancing its pharmaceutical CDMO business through core technology transformation [6] - This synergy is expected to boost CDMO revenue in the short term and establish a more resilient long-term growth trajectory by engaging with multinational pharmaceutical companies and exploring new markets [6]