Core Points - The company reported a third-quarter revenue of 36.74 million yuan, representing a decline of 50.25% [1] - The net profit for the third quarter was a loss of 59.63 million yuan [1] - For the first three quarters, the total revenue was 151 million yuan, down 59.20% year-on-year [1] - The net profit for the first three quarters showed a loss of 124 million yuan [1]

Financial Performance - The company's revenue for the third quarter was ¥36,747,869.47, a decrease of 50.25% compared to the same period last year[5] - The net profit attributable to shareholders was -¥59,634,910.76, representing a decline of 299.41% year-over-year[5] - The basic and diluted earnings per share were both -¥0.4119, down 300.64% from the previous year[5] - The company reported a significant decrease in sales revenue, down 59.20% year-over-year, primarily due to a reduction in the scope of consolidation[9] - Total operating revenue for the current period was ¥151,317,754.30, a decrease of 59.3% compared to ¥370,849,453.15 in the previous period[19] - The net profit for the current period was a loss of ¥123,825,528.73, compared to a profit of ¥46,205,071.06 in the previous period[20] - Basic and diluted earnings per share for the current period were both -0.8554, compared to 0.3046 in the previous period[21] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,488,003,292.41, a decrease of 9.94% from the end of the previous year[5] - Total current assets decreased from 616,482,282.11 to 533,014,005.98, a decline of approximately 13.5%[17] - Total assets decreased from 1,652,323,039.56 to 1,488,003,292.41, a decline of approximately 10.0%[17] - Total liabilities decreased significantly, with short-term borrowings reduced to zero from ¥10,008,861.11[9] - Total liabilities decreased from 240,381,545.98 to 228,006,590.93, a decrease of about 5.1%[17] - The total liabilities decreased to ¥458,370,823.65 from ¥478,498,028.63, reflecting a reduction of 4.2%[18] - The total equity attributable to shareholders decreased to ¥1,013,924,966.40 from ¥1,157,666,559.71, a decline of 12.4%[18] Cash Flow - The company's cash flow from operating activities showed a net increase of 222.01% year-to-date, totaling ¥42,981,468.28[5] - Cash inflow from operating activities totaled ¥211,358,666.73, a decrease of 42.4% from ¥366,200,480.17 in the previous period[22] - The net cash flow from operating activities was $42,981,468.28, a significant improvement compared to a net outflow of $35,228,627.08 in the previous period[23] - Total cash outflow from operating activities amounted to $168,377,198.45, while cash inflow from investment activities was $44,675,315.68, leading to a net cash flow from investment activities of $5,959,212.76[23] - Cash inflow from financing activities was $11,000,000.00, with total cash outflow from financing activities reaching $50,589,730.41, resulting in a net cash flow from financing activities of -$39,589,730.41[23] - The company experienced a net increase in cash and cash equivalents of $9,350,950.63 during the period[23] Shareholder Information - Total number of common shareholders at the end of the reporting period is 10,593[12] - Liu Zhongliang holds 60.89% of shares, amounting to 88,160,400 shares, with 31,000,000 shares pledged[12] Operational Efficiency - The cash flow from operating activities showed a positive trend, indicating improved operational efficiency[23] - The company has no new product launches or significant market expansion strategies mentioned in the report[15] Expenses - Total operating costs for the current period were ¥250,194,085.06, down 39.6% from ¥414,716,527.66 in the previous period[19] - Research and development expenses decreased to ¥7,664,570.90, down 37.5% from ¥12,180,680.93 in the previous period[20] - Financial expenses increased to ¥4,627,729.91 from ¥1,969,365.21, marking a rise of 134.5%[20] Future Outlook - The company plans to implement new accounting standards starting in 2025, which may impact financial reporting[24] - The company did not undergo an audit for the third quarter financial report[24]

Core Viewpoint - The Zhejiang Securities Regulatory Bureau has issued administrative regulatory measures against Minsheng Securities for violations during its continuous supervision of Weikang Pharmaceutical's IPO process, highlighting deficiencies in internal controls and due diligence [2][3]. Group 1: Regulatory Actions - Minsheng Securities failed to adequately address the abnormal delays in construction projects and conducted insufficient verification procedures [2]. - The regulatory measures include a warning letter issued to Minsheng Securities, with representatives Ren Shaozhong and Zhong Desong held primarily responsible for the violations [3]. - The China Securities Regulatory Commission (CSRC) has initiated an investigation into Weikang Pharmaceutical and its actual controller Liu Zhongliang for suspected violations of information disclosure laws [3]. Group 2: Financial Penalties - Weikang Pharmaceutical has been fined 5 million yuan and ordered to rectify its actions, while Liu Zhongliang has been fined 7 million yuan for his involvement in the misconduct [4]. Group 3: Company Performance - Weikang Pharmaceutical, which went public in August 2020, has experienced a decline in performance, reporting losses for two consecutive years in 2023 and 2024 [5]. Group 4: Corporate Changes - Guolian Securities has received approval to acquire Minsheng Securities, with the integration of investment banking operations and client migration announced at the end of September [6]. - As of September 23, 2025, various investment banking projects of Minsheng Securities will be transferred to Guolian Minsheng [6].

Core Viewpoint - Minsheng Securities has faced regulatory penalties twice this year due to violations in its investment banking business, leading to a decline in revenue and gross margin in the first half of the year [2][10]. Regulatory Actions - On October 21, Minsheng Securities and two sponsoring representatives received a warning letter from the Zhejiang Regulatory Bureau related to their sponsorship of Weikang Pharmaceutical's IPO, highlighting failures in continuous supervision and information disclosure [2][4]. - In July, Weikang Pharmaceutical was fined 5 million yuan for failing to disclose related party non-operating fund occupation and inaccuracies in its convertible bond prospectus, with total penalties for responsible individuals amounting to 9.6 million yuan [2][4]. Business Performance - In the first half of 2025, Minsheng Securities reported operating revenue of 1.88 billion yuan, a year-on-year increase of 15.02%, while net profit attributable to shareholders was 562 million yuan, up 67.95% [10]. - However, the investment banking segment's revenue decreased by 36.36% to 343 million yuan, with gross margin dropping from 27.14% to 8.14%, attributed to reduced business scale due to market conditions [10]. Corporate Changes - In February, Guolian Securities acquired Minsheng Securities, rebranding it as Guolian Minsheng, and is currently integrating the investment banking operations [3][8]. - Following the acquisition, Minsheng Securities' existing projects and operations are being transferred to Guolian Minsheng's underwriting and sponsorship subsidiary [8][9]. Compliance Issues - The warning letter from the Zhejiang Regulatory Bureau indicated that Minsheng Securities failed to adequately monitor Weikang Pharmaceutical's construction project delays and had deficiencies in internal controls during the continuous supervision process [4][6]. - Minsheng Securities' reports often concluded with "no issues found," despite ongoing compliance problems at Weikang Pharmaceutical, which has faced multiple regulatory penalties since its IPO in 2020 [5][7].

（原标题：持续督导监管强度加大，又有券商保代因旧案被警示） 21世纪经济报道记者 孙永乐 正处于投行业务整合关键期，却因对保荐上市公司督导不到位的"旧案"，民生证券及两名保荐代表人被 警示。 10月21日，浙江证监局官网披露，经查，民生证券作为维康药业（300878.SZ）首次公开发行股票的持 续督导机构，在持续督导履职过程中存在以下违规行为： 一是未充分关注在建工程延期异常情况，核查程序不充分。二是在出具维康药业2023年度持续督导文件 过程中，核查结论不够谨慎，投行业务内部控制存在缺陷。 浙江证监局表示，民生证券的上述行为违反了相关规定，任绍忠、钟德颂作为保荐代表人对上述违规行 为负有主要责任，并对民生证券及任绍忠、钟德颂采取出具警示函的行政监管措施。 值得注意的是，民生证券投行业务正处于关键整合期，在9月下旬，国联民生（601456.SH）投行业务 整合工作宣告完成。 民生证券此次被警示，与保荐上市公司维康药业的资金占用行为直接相关。此前监管罚单显示，维康药 业时任董事长、实际控制人刘忠良以支付工程设备款名义转移上市公司资金至个人账户，累计占用资金 超过1.5亿元，最高年份占比净资产超10%，却从未在财 ...

Core Viewpoint - Zhejiang Securities Regulatory Bureau issued regulatory warnings to Minsheng Securities and two sponsoring representatives due to violations during the continuous supervision of Zhejiang Weikang Pharmaceutical's IPO process [1] Group 1: Violations Identified - Minsheng Securities failed to adequately monitor the abnormal delays in construction projects, indicating insufficient verification procedures [1] - The conclusions drawn in the continuous supervision documents for Weikang Pharmaceutical's 2023 annual report were not cautious enough, revealing deficiencies in internal controls within the investment banking operations [1] Group 2: Regulatory Framework - The actions of Minsheng Securities violated Article 5, Paragraph 1 of the "Administrative Measures for Sponsoring Business of Securities Issuance and Listing" (CSRC Order No. 170) [1] - The sponsoring representatives, Ren Shaozhong and Zhong Desong, bear primary responsibility for the aforementioned violations [1]

Core Viewpoint - Minsheng Securities received a warning letter from the Zhejiang Securities Regulatory Bureau due to inadequate supervision of the listed company, Weikang Pharmaceutical, during its initial public offering process [2][3]. Group 1: Violations by Minsheng Securities - Minsheng Securities failed to adequately monitor the abnormal delays in construction projects and did not conduct sufficient verification procedures [2]. - The internal controls of Minsheng Securities' investment banking business were found to be deficient, leading to insufficiently cautious conclusions in the continuous supervision documents for Weikang Pharmaceutical's 2023 fiscal year [2][6]. Group 2: Consequences for Weikang Pharmaceutical - Weikang Pharmaceutical was previously fined 14 million due to violations related to information disclosure, with a total penalty of 14.6 million imposed on the company and its responsible individuals [4]. - Specific penalties included a 5 million fine for Weikang Pharmaceutical, 7 million for its actual controller Liu Zhongliang, and additional fines for other responsible personnel [4]. Group 3: Regulatory Context - The actions of Minsheng Securities violated the "Administrative Measures for Sponsoring Securities Issuance and Listing" [3]. - The regulatory environment has increasingly emphasized accountability, with multiple securities firms facing penalties for issues related to sponsored companies, indicating a shift from a focus on underwriting to comprehensive accountability in the investment banking sector [6].

Core Viewpoint - The article highlights the regulatory scrutiny on continuous supervision responsibilities of securities firms, specifically focusing on Minsheng Securities' failures in overseeing Weikang Pharmaceutical's IPO process [2][4]. Group 1: Violations in Continuous Supervision - Minsheng Securities, as the continuous supervision institution for Weikang Pharmaceutical's IPO, failed to adequately address significant issues such as construction project delays and insufficient verification procedures [4]. - The internal controls of the investment banking business at Minsheng Securities were found lacking, leading to cautious conclusions in the supervision documents for Weikang Pharmaceutical [4]. Group 2: Weikang Pharmaceutical's Performance Issues - Weikang Pharmaceutical, which went public in August 2020, has faced a continuous decline in net profit since its listing, with a reported loss of 8.039 million yuan in 2023, a year-on-year decrease of 116.47% [5]. - The company's performance worsened in 2024, with an estimated annual loss of 147 million yuan, and in the first half of 2025, revenue dropped by 61.42% and net profit fell by 552.50% [5]. Group 3: Regulatory Actions and Consequences - Weikang Pharmaceutical has faced multiple regulatory penalties due to issues such as information disclosure violations and improper fund usage, with fines exceeding 14 million yuan imposed on the company and its actual controller [5][6]. - The investigation revealed that from 2020 to June 2023, the actual controller misappropriated over 150 million yuan from the company, which was not disclosed in regular reports [6]. Group 4: Broader Industry Implications - The regulatory environment for continuous supervision in the investment banking sector has tightened, with several securities firms facing penalties for inadequate diligence in their supervisory roles [8]. - The introduction of a new classification system for underwriters, including a "suspended business" category, reflects the increasing regulatory pressure and the need for stricter compliance within the industry [8].

Group 1 - The Zhejiang Securities Regulatory Bureau announced that Minsheng Securities, as the continuous supervision institution for Weikang Pharmaceutical Co., Ltd., violated regulations during its supervisory duties, particularly regarding the insufficient attention to the abnormal delays in construction projects and inadequate verification procedures [1] - The regulatory body highlighted that the conclusions drawn during the issuance of Weikang Pharmaceutical's 2023 annual continuous supervision documents were not cautious enough, indicating flaws in the internal controls of the investment banking business [1] - As a result of these violations, the Zhejiang Securities Regulatory Bureau decided to issue a warning letter as an administrative regulatory measure against Minsheng Securities and the responsible representatives Ren Shaozhong and Zhong Desong [1]

Core Points - Zhejiang Securities Regulatory Bureau issued a decision regarding Minsheng Securities for violations during the continuous supervision of Weikang Pharmaceutical's IPO [1] - Minsheng Securities failed to adequately monitor the abnormal delays in construction projects and lacked sufficient verification procedures [1] - The internal controls of the investment banking business were found to be deficient, leading to insufficiently cautious conclusions in the continuous supervision documents for Weikang Pharmaceutical for the year 2023 [1] - The actions of Minsheng Securities violated the Securities Issuance and Listing Sponsorship Business Management Measures [1] - The responsible representatives, Ren Shaozhong and Zhong Desong, were held primarily accountable for the violations [1] - As a result, the Zhejiang Securities Regulatory Bureau decided to issue a warning letter as an administrative regulatory measure [1]