止跌企稳还是四散飘零？遭遇“资格罚”的六家会计师事务所已出现分化

Core Viewpoint - Tianzhi International has seen an increase in the number of A-share annual audit clients after previously facing "qualification penalties" [1][3]. Group 1: Client Acquisition and Business Recovery - Four listed companies, including Hainan Airport and Yanhai Co., have announced the appointment of Tianzhi International as their auditing firm for the 2025 annual report [1]. - Overall, the number of A-share annual audit clients for five accounting firms that faced "qualification penalties" had sharply declined in 2024, but there are signs of recovery in 2025 [3][4]. - Tianzhi International and Suya Jincheng both gained one additional A-share client for 2025, while Dahuazheng's client count remained stable compared to 2024 [3][4]. Group 2: Financial Performance and Market Position - PwC Zhongtian, despite a 11% year-on-year decline in revenue for 2024, remains the industry leader with a revenue of 6.319 billion yuan, followed by Ernst & Young Huaming with 5.71 billion yuan [5]. - Tianzhi International and Dahuazheng ranked 10th and 12th in revenue, with 2.501 billion yuan and 2.107 billion yuan, respectively [5]. - The penalties have had a delayed effect on revenue, with some income in 2024 stemming from previous business collections [5][6]. Group 3: Industry Dynamics and Client Structure - The most severe impact of client loss due to penalties has passed, but the industry continues to experience restructuring and a shift in client trust [3][6]. - The newly acquired clients primarily consist of small and medium-sized enterprises, which have lower fee structures compared to the previously lost clients from state-owned enterprises [6]. - Market share has been redistributed, with major firms like PwC losing clients to competitors such as Ernst & Young, indicating ongoing talent loss and the need for time to rebuild teams and restore client confidence [6].