首例！证监会对配合造假方同步追责，严打财务造假生态圈

Core Viewpoint - The regulatory environment in China's capital market is shifting towards a more comprehensive accountability system, emphasizing the need for both companies and third-party collaborators to be held responsible for financial fraud [1][2]. Group 1: Regulatory Actions - The China Securities Regulatory Commission (CSRC) has issued administrative penalties against Nanjing Yuebo Power System Co., Ltd. for financial fraud, marking a significant shift in enforcement practices [1]. - The total amount of inflated revenue identified across multiple delisted companies since 2025 has reached 26 billion yuan, with cumulative penalties amounting to 160 million yuan [2]. - The CSRC has begun to penalize auditing firms that fail to detect fraud, with six firms facing repercussions in the current year [2]. Group 2: Company Governance Issues - The case of Yuebo Power highlights severe governance failures, including undisclosed reasons for delisting and the concealment of the chairman's "dishonest" status [2]. - The new regulatory framework, referred to as the "New National Nine Articles," aims to establish a multi-faceted accountability system that includes civil compensation, criminal connections, and reward mechanisms for whistleblowers [2]. Group 3: Future Regulatory Framework - The 2024 guidelines from six ministries provide a policy foundation for the "double penalty" approach, which will be implemented by the CSRC moving forward [2]. - The CSRC plans to continue targeting both primary offenders and accomplices, utilizing a combination of administrative penalties and criminal referrals [2].