Core Viewpoint - The article discusses regulatory warnings issued by the Shanghai Stock Exchange to Zhengfan Technology and Dema Technology for violations related to independent directors' attendance and other compliance issues [1][3][8]. Group 1: Zhengfan Technology Violations - Zhengfan Technology had a violation regarding the insufficient on-site working days of an independent director, with one director working less than 15 days in 2024, which does not comply with the Independent Director Management Measures [1][3]. - The company also faced issues with the management of its fundraising account, where 10 million yuan was mistakenly transferred to another account for payroll, indicating poor management practices [3]. Group 2: Dema Technology Violations - Dema Technology was warned for multiple violations, including the insufficient attendance of independent directors, with two directors working only 2 days and 11 days in 2024, failing to meet the required 15 days [1][8]. - The company misused fundraising by spending 5.8 million yuan on unrelated land fees and 3.9451 million yuan on non-project expenses, which were later returned to the fundraising account [8][9]. - There were also issues with the lack of effective control over subsidiaries and inadequate compliance with information disclosure obligations [8][9].

文/飞云 2023年至2025年三年间，A股新上市公司合计529家，其中2023年313家，2024年100家，2025年116家；沪主 板76家、科创板101家，深主板45家、创业板181家；北交所126家。本文统计这529家上市公司的中介机构 签字人员，看看谁是近三年来A股最强IPO签字保代、律师、会计师。 一、签字保荐代表人 2023年至2025年，A股IPO项目量最多的签字保代为国泰海通（原国泰君安）的李懿，业务单数为4单；中信 证券的安楠、陈泽、徐峰，华泰联合的王哲、姚黎，东方证券的刘俊清，中信建投的吴建航项目量均为3 单，并列第二。 | 排名 | IPO签字保代 | 保荐机构 | 小号申数 | 签字项目 | | --- | --- | --- | --- | --- | | | | | | 多利科技 锦江航运 | | | 22 | 国泰海通 | 4 | | | | | | | 肯特股份 | | | | DI | | 海安集团 | | | | | | 美心翼申 | | 2 | 安楠 | 中信证券 | 3 | 雪祺电气 | | | | | | 营帆科技 | | | | | | 高华科技 | | 2 | ...

Core Viewpoint - The article discusses the disciplinary actions taken against Zhongshun Zhonghuan Accounting Firm and its responsible personnel due to violations in the auditing of Yihua Group's financial statements for 2017 and 2018, which contained false records [1][4][9]. Summary by Sections Violations - Zhongshun Zhonghuan provided audit services for Yihua Group and issued standard unqualified audit reports for 2017 and 2018, despite the presence of false records in the annual reports [5][14]. - The audit income from these services totaled 1,169,811.32 yuan (excluding VAT) [5][14]. Lack of Diligence - The firm failed to exercise due diligence during the audit process, particularly in risk assessment and understanding internal controls, which had significant deficiencies [15]. - There was a lack of professional skepticism regarding abnormal related-party income recognized by Yihua Group, which was significantly higher than the actual execution levels [16][17]. - The firm did not maintain professional skepticism towards obvious anomalies in audit evidence obtained across different subjects in consecutive audit years [17][18]. Deficiencies in Audit Procedures - The audit procedures for the subsidiary Yihua Life were flawed, including insufficient communication with related audit institutions and failure to evaluate the audit evidence provided by them [19]. Responsibility and Disciplinary Actions - The responsible parties, including the signing accountants, were found to have directly violated multiple auditing standards and regulations [9][20]. - Disciplinary actions included public reprimands for the signing accountants and a notice of criticism for the accounting firm [11][21].

文/梧桐小编 2月6日晚，中国证监会发布《关于2025年首发企业现场检查情况的通报》。中国证监会2025年全年完成16家随机抽取及4家问题导 向企业检查处理工作，涉及主板企业8家、科创板企业9家以及创业板企业3家。对首发申请企业，中国证监会常态化开展随机抽取 与问题导向两类现场检查。其中，对新受理企业，证监会按照20%比例随机抽取检查对象，核验申报质量。从全年检查情况看， 新受理企业申报质量进一步提升。截至2025年底，16家随机抽取企业都未撤回发行上市申请，其中7家企业已通过交易所上市委审 核。市场各方对现场检查工作的认识更加清晰、预期更加明确，"一查就撤"等市场乱象得到根本扭转。 现场检查聚焦发行人信息披露质量。上述20家企业存在的问题及处理情况如下：一是2家企业涉嫌信息披露重大违法违规。例如， 涉嫌通过虚构缺乏商业实质业务或者未达到验收条件即确认收入等方式虚增营业收入，且虚增金额占比较大。监管部门已就问题 线索立案稽查，查实后将对发行人及中介机构从严追责。二是6家企业存在信息披露质量缺陷。例如，通过个人银行卡代付费用、 未经审批调整ERP系统账套、重要事项会计处理不恰当、个别收入确认时点不准确、控股股东 ...

文/梧桐晓编 2月6日，中国证监会官网公布：证监会对亚辉龙公告涉嫌误导性陈述立案调查。2026年1月7日，深圳市亚辉龙生物科技股份有限公司（688575）披露签署战略合 作框架协议的公告，涉嫌误导性陈述。近日，证监会已对亚辉龙立案调查。下一步，将在全面调查的基础上依法处理，切实维护市场健康发展。亚辉龙也于2月6 日晚间公告收到证监会下发的《立案告知书》。 亚辉龙于2021年5月17日上市。公司主营业务为：以化学发光免疫分析法为主的体外诊断仪器及配套试剂的研发、生产和销售， 及部分非自产医疗器械产品的代理 销售业务。 2026年1月7日，亚辉龙发布《关于自愿披露签署战略合作框架协议的公告》。亚辉龙于1月6日与深圳脑机星链科技有限公司（以下简称："脑机星链"）签署了《战 略合作框架协议》。而脑机星链在2025年9月2日才成立，注册资本500万元，共有4名股东，主营业务：包括脑疾病综合诊断、治疗与康复，集研究、开发、生 产、销售、技术支持一体化等业务。亚辉龙通过深圳市焕生纪生物科技有限公司间接持有脑机星链 4%的股权。 | 序号 | 股东名称 | 持股比例(%) | | --- | --- | --- | | | ...

Core Viewpoint - The Tianjin Regulatory Bureau issued a warning letter to Zhongshunhua Accounting Firm and its auditors Zhang Xuebing and Li Yuan due to deficiencies in the audit process of Tianyao Pharmaceutical Co., Ltd.'s 2024 annual report, highlighting inadequate execution of control testing procedures and insufficient audit procedures for external projects [1][2][3][4]. Group 1: Audit Deficiencies - The audit team failed to execute control testing procedures effectively for Tianyao Pharmaceutical's research and development projects, lacking specificity and effectiveness, which resulted in insufficient and inappropriate audit evidence to identify contract management deficiencies [2]. - The audit procedures for the management of external projects were inadequately performed, as the audit team did not maintain necessary professional skepticism regarding the lack of progress in certain external projects in 2023 and 2024, failing to identify management deficiencies [3]. Group 2: Regulatory Violations - The actions of the audit team were found to be non-compliant with the Chinese CPA Auditing Standards, specifically Articles 8 and 9 of the Standard No. 1231 and Article 10 of the Standard No. 1301, as well as violations of the relevant provisions of the Management Measures for Information Disclosure of Listed Companies [3]. - Zhang Xuebing and Li Yuan, as the signing auditors for Tianyao Pharmaceutical's 2024 annual audit report, bear primary responsibility for these violations, contravening Article 45 of the Management Measures for Information Disclosure of Listed Companies [3]. Group 3: Consequences and Remedial Actions - The Tianjin Regulatory Bureau decided to issue a warning letter to Zhongshunhua and the auditors, requiring them to learn from the experience, strictly adhere to relevant laws and regulations, and improve audit quality [4]. - Zhongshunhua and the auditors are required to submit a written report on their rectification measures within 30 days of receiving the decision [4].

文/梧桐小编 近日，北交所发布《发行上市审核动态》（总第16期、2025年第4期）。该期《动态》包含4个问题的解答、通 报监管案例2个。 一、 问题解答 问题 1：北交所发行上市审核系统改造后，在系统使用衔接方面有哪些注意事项？ 答：为进一步提升发行上市审核系统的可用性与安全性，我们对发行上市审核系统进行了改造，优化了审核计 时提醒、问询与回复、更新申请文件流程等功能，现已完成系统开发、测试，自 2026 年 1 月 1 日起正式上线 启用。为保障审核工作平稳推进，现就新、老发行上市审核系统的衔接安排，提示如下： 一是 2026 年及之后申报的新项目通过新系统办理申报及后续审核业务。自 2026 年 1 月 1 日起，新增申报北交 所 公 开 发 行 并 上 市 审 核 项 目 ， 通 过 新 发 行 上 市 审 核 系 统 （ UBS 系 统 ） 办 理 ， 系 统 地 址 ： https://ubs.neeq.com.cn。 二是 2026 年之前已受理的项目通过老系统正常办理审核业务。2026 年 1 月 1 日前，已通过老发行上市审核系 统（BPM 系统）申报尚未办结的公开发行并上市审核项目，继续通过 ...

| | 创业板 | | | | | | --- | --- | --- | --- | --- | --- | | 公司简称 | 主营业务 | 2024年营收 | 2024年净利润 | 审核结果 | 保荐/律所/审计 | | 春光集团 | 软磁铁氧体磁粉 | 107,655.17 | 9,275.71 | 通过 | 中金公司/锦天城/致同 | 注：净利润为扣非归母净利润 山东春光科技集团股份有限公司 主营软磁铁氧体磁粉的研发、生产和销售。截至最新披露，公司董事长韩卫东直 接持有公司34.04%的股份，同时通过临沂君安间接控制公司21.48%的表决权，合计控制公司55.52%的表决权，为 公司的控股股东、实际控制人。报告期内，公司营业收入分别为101,509.94万元、92,960.32万元、107,655.17万元、 54,615.52万元，扣非归母净利润分别为7,362.35万元、8,514.58万元、9,275.71万元和 5,600.45万元。 文/梧桐兄弟 一、基本信息 2月5日，山东春光科技集团股份有限公司IPO申请获得深交所上市委审核通过。 单位：万元 | 项目 | 2025 年 1-6 月/ | ...

Core Viewpoint - The article discusses the disciplinary actions taken against Yongtuo Accounting Firm and its certified public accountants for their involvement in the audit of Yan'an Bikon Pharmaceutical Co., Ltd.'s financial statements for the years 2019 and 2020, highlighting significant violations including false reporting and lack of due diligence in audit procedures [1][5][9]. Summary by Sections Violations Identified - Yongtuo Accounting Firm issued audit reports containing false records, with Yan'an Bikon's 2019 and 2020 annual reports overstating revenue and profits, and the 2020 report including false records regarding non-operating fund occupation and significant related guarantees [1][6]. - The firm failed to perform due diligence during the audits, including ineffective risk identification and assessment procedures, and significant flaws in confirmation procedures [2][8]. Disciplinary Actions - Wang Weixiong received a 36-month ban on the acceptance of securities-related documents, effective from January 28, 2026, to January 27, 2029, along with a public reprimand [2][9]. - Yongtuo Accounting Firm received a public criticism, while Wang Yongping, Xu Ran, and Liu Juhua were also publicly reprimanded [2][9]. Company Status - Yan'an Bikon was delisted from the Shenzhen Stock Exchange on July 12, 2023, and subsequently listed on the National Equities Exchange and Quotations system under the delisted section with the code 400184 [2][9].

Core Viewpoint - The article discusses the financial performance and operational details of Guangdong Huahui Intelligent Equipment Co., Ltd., highlighting its focus on high-end intelligent equipment for the lithium battery industry and the challenges it faces due to customer concentration and cash flow issues. Group 1: Company Overview - Guangdong Huahui Intelligent Equipment Co., Ltd. specializes in the research, design, production, and sales of high-end intelligent equipment and key components, recognized as a national high-tech enterprise and a "little giant" enterprise [3][4] - The company’s main products include nano sand mills and high-efficiency cathode material grinding systems, which are widely used in lithium battery material manufacturing [3][4] - The company was established in June 2010 and transitioned to a joint-stock company in July 2023, with a total share capital of 51,000,060 shares [4] Group 2: Financial Performance - The company reported revenues of 19,066.64 million yuan, 30,025.08 million yuan, 42,655.78 million yuan, and 41,144.80 million yuan over the past four years, with net profits of 2,624.25 million yuan, 4,623.01 million yuan, 6,264.50 million yuan, and 5,476.62 million yuan respectively [6] - The total assets as of September 30, 2025, were 758.84 million yuan, with total equity of 251.77 million yuan [7] - The company’s gross profit margin has shown a slight decline from 33.91% in 2022 to 29.66% in 2025 [7] Group 3: Customer Concentration and Risks - The company’s first major customer, Hunan Youneng, accounted for over 78% of sales during the reporting period, indicating a high customer concentration risk [9] - The sales to the top five customers represented 98.57%, 98.89%, 96.90%, and 97.41% of total revenue in the respective years, highlighting the dependency on a limited customer base [9] - The financial performance of major customers Hunan Youneng and Wanrun New Energy has significantly declined in 2023 and 2024, raising concerns about future sales [9][10] Group 4: Cash Flow and Operational Challenges - The company has experienced negative cash flow from operating activities in multiple reporting periods, with net cash flow of -5,500.25 million yuan in 2024 and -3,996.09 million yuan in 2023 [17] - The mismatch between customer payment cycles and supplier payment obligations has contributed to cash flow issues, despite increasing revenues [17][19] - Accounts receivable have shown a growing trend, reaching 29,281.45 million yuan by September 30, 2025, which constitutes 45.03% of current assets [14] Group 5: Research and Development - The company’s R&D expenses have been lower than the average of comparable companies, with R&D expenses as a percentage of revenue decreasing from 5.72% in 2022 to 4.20% in 2025 [20][21] - The total R&D expenses for the years were 1,090.04 million yuan in 2022, 1,557.38 million yuan in 2023, and 1,835.93 million yuan in 2024 [20]