SWHY(SZ:000166) Xin Lang Zheng Quan·2025-04-11 10:23Group 1 - The core issue revolves around the disciplinary action taken against Shenwan Hongyuan Securities for violations during the IPO sponsorship of Guohong Tools, leading to a public reprimand and a six-month ban for two representatives [1][2] - Guohong Tools reported a total R&D investment of 46.74 million yuan from 2020 to 2022, which accounted for 5.35% of its revenue, barely meeting the Sci-Tech Innovation Board's requirements [1] - An investigation revealed that 15 out of the 57 identified R&D personnel were actually from non-R&D departments, and 727.84 million yuan of R&D investment was suspected to be inflated, resulting in a failure to meet the Sci-Tech attributes [1][2] Group 2 - Shenwan Hongyuan failed to adequately verify the identification of R&D personnel and the aggregation of R&D investments, leading to a lack of compliance with the Sci-Tech attributes [2] - In 2024, Shenwan Hongyuan faced a 56% withdrawal rate for IPO projects and six regulatory penalties, indicating significant failures in risk control mechanisms [2] - The company's investment banking revenue dropped sharply, with net income from investment banking fees at 973 million yuan, a decline of 32.64% year-on-year, marking the lowest proportion of revenue in a decade at 3.93% [2]