中经记者 罗辑 北京报道 自《行政处罚事先告知书》披露日（11月29日）至12月26日收盘，远大智能股价已累计下跌28.5%。 日前，ST远智（即远大智能，002689.SZ）公告称，公司及相关当事人收到《行政处罚决定书》。 公告显示，远大智能在2019年至2022年6月期间，利用伪造的《验收证明》提前确认电梯销售收入，导 致多期财报存在虚假记载。 其中，2019年至2021年3年间，远大智能合计虚增营业收入3.36亿元，虚增利润总额约9326万元。 而针对这一信披违法行为，辽宁证监局决定对远大智能给予警告，并处以600万元罚款。涉事的7名核心 高管和"经手人"悉数被罚，合计罚款金额达到1500万元。 多位受访业内人士表示，作为又一起造假链上全员被罚的案例，体现了监管延续"全链条、全主体"的处 罚逻辑，提高"关键少数"的违法成本，再次向市场传达了"造假必罚、罚到个人"的信号。 同时，梳理2025年上市公司财务造假案的处罚情况来看，监管"零容忍"态度明确，"处罚曲线"（指严厉 查处的趋势）仍处于"陡峭上升"阶段。 三年虚增营业收入3.36亿元 公告显示，2019年3月至2022年6月，远大智能在部分非买断式电梯 ...

年末，A股公司密集更换会计师事务所，而2家"出问题"的会计所正在持续"丢单"。 近期，多家与中兴财光华会计师事务所（下称"中兴财光华"）、永拓会计师事务所（下称"永拓所"）有 合作的A股公司，纷纷宣布变更会计所，涉及国际实业（000159.SZ）、正业科技（300410.SZ）、捷成 股份（300182.SZ）等。另据同花顺iFinD统计，月内已有50家A股公司与上述2家会计所解约。 对于解约理由，部分公司提到，原拟续聘的中兴财光华被立案调查，为避免该事项对公司2025年审计工 作产生影响，因此改聘其他机构。 前期，因*ST立方（300344.SZ）长期财务造假被坐实，中兴财光华作为审计机构被立案调查；永拓所 则被查明配合鸿达兴业等3家公司造假，遭罚没6500余万元，并被禁止从事证券服务业务。 2025年即将收官，这一年里，资本市场延续严监管态势，财务造假的A股公司接连被处罚，而配合造假 方亦同步被罚。有证券律师告诉记者，若上市公司因财务造假被立案或处罚，监管通常会进行延伸处 理，即对配合造假的中介方一并立案或处罚。 同期，与永拓所解约的公司也超过10家，涉及*ST声迅（003004.SZ）、*ST金刚（30 ...

年内，财务造假的A股公司接连被处罚，配合造假方同步被罚。 年末，A股公司密集更换会计师事务所，而2家"出问题"的会计所正在持续"丢单"。 近期，多家与中兴财光华会计师事务所（下称"中兴财光华"）、永拓会计师事务所（下称"永拓所"）有 合作的A股公司，纷纷宣布变更会计所，涉及国际实业（000159.SZ）、正业科技（300410.SZ）、捷成 股份（300182.SZ）等。另据同花顺iFinD统计，月内已有50家A股公司与上述2家会计所解约。 对于解约理由，部分公司提到，原拟续聘的中兴财光华被立案调查，为避免该事项对公司2025年审计工 作产生影响，因此改聘其他机构。 前期，因*ST立方（300344.SZ）长期财务造假被坐实，中兴财光华作为审计机构被立案调查；永拓所 则被查明配合鸿达兴业等3家公司造假，遭罚没6500余万元，并被禁止从事证券服务业务。 2025年即将收官，这一年里，资本市场延续严监管态势，财务造假的A股公司接连被处罚，而配合造假 方亦同步被罚。有证券律师告诉记者，若上市公司因财务造假被立案或处罚，监管通常会进行延伸处 理，即对配合造假的中介方一并立案或处罚。 两家会计所均配合造假 根据上述统计 ...

Core Viewpoint - Chongqing Three Gorges Bank has been fined 8.9 million yuan due to multiple violations, including inadequate internal controls and improper loan issuance, leading to a lifetime ban for its former president and chairman, Ding Shilu [2][3][5] Group 1: Violations and Penalties - The bank was penalized for eight specific violations, including inadequate internal control management, improper loan issuance, and serious negligence in the "three checks" (pre-loan investigation, in-loan review, and post-loan inspection) [3][4] - Ding Shilu, the former president and chairman, was banned for life from the banking industry due to his responsibility for credit management negligence and serious shortcomings in the "three checks" [5][6] - Other senior executives, including the former vice president and department heads, faced penalties ranging from warnings to disqualification from senior management positions for various compliance failures [5][6] Group 2: Governance and Risk Management Issues - The bank's issues stem from a weakened execution of the "three checks" mechanism, where compliance requirements were often sidelined due to business pressure, compromising risk management [7] - The performance evaluation system emphasized short-term metrics like loan volume and profit, which detracted from long-term risk management awareness, leading to a mismatch between credit expansion and risk control capabilities [7] - To enhance governance effectiveness, the bank needs to strengthen risk constraints through institutional arrangements, ensuring that risk management functions are adequately performed and integrated into key business processes [7][8] Group 3: Industry Implications - The competition among small and medium-sized banks is shifting from mere scale expansion to differences in institutional execution and risk culture [8] - Compliance must be genuinely integrated into daily operations, with clear accountability and traceable records for every business decision, to solidify risk defenses and prevent localized issues from escalating into systemic risks [8]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has imposed severe administrative penalties on Zhejiang Youce Investment Management Co., Ltd. for serious violations of private fund laws, including misappropriation of fund assets and submission of false information, totaling over 35 million yuan in fines [1][4]. Summary by Sections Violations and Penalties - Youce Investment was found to have submitted false information regarding its actual controller and misappropriated fund assets for personal gain, leading to a total penalty of over 35 million yuan, including a lifetime ban for the actual controller Huang Wei [1][2][4]. - The CSRC's investigation revealed that from November 2018 to the investigation date, Youce Investment misused funds from eight fundraising products, transferring 9.55 billion yuan out of the fund's custody accounts without returning the funds [3][4]. Regulatory Actions - The CSRC emphasized its commitment to rigorously enforce regulations against various illegal activities in the private fund sector, aiming to purify the market environment and promote healthy industry development [4][5]. - The recent penalties reflect a significant increase in the severity of punishments under the new Private Fund Regulations, with the CSRC utilizing legal provisions to raise the cost of violations [4]. Industry Context - Over the past five years, the CSRC has eliminated more than 8,000 illegal and zombie institutions, leading to a more optimized industry structure and reduced risks [5]. - The regulatory body is also focusing on compliance training and legal education to prevent future violations, while recognizing that the majority of private fund institutions play a crucial role in supporting the real economy and national strategies [5].

Core Viewpoint - The chairman of Dream Jier Co., Ltd. has been publicly accused of illegal activities, including fund misappropriation and manipulation of information disclosure, by a former non-independent director, Chen Jie [1][2][3] Group 1: Allegations and Responses - Chen Jie claims to have witnessed various violations during her tenure, including fund misappropriation and infringement of minority investors' rights, and has published multiple articles detailing these allegations [2][3] - Dream Jier has issued a statement denying all allegations made by Chen Jie, asserting that they are baseless and have reported her to law enforcement for spreading false information [2][3][4] - The company emphasizes the importance of verifying information before spreading it and encourages stakeholders to rely on official channels for accurate updates [4] Group 2: Background of the Allegations - The allegations center around a 2022 equity transaction where Chen Jie claims that the chairman and secretary manipulated the acquisition process, leading to significant control changes within the company [9][10] - Chen Jie highlights that the new controlling shareholder, Jin Sen New Energy, acquired a 10.17% stake in Dream Jier for 385 million yuan, with the deal being orchestrated shortly after the company's formation [9][10] - The company faced significant financial losses, including a 476 million yuan loss attributed to bad debt provisions, which Chen Jie argues were mishandled by the management [11][12][14] Group 3: Financial Performance and Market Position - Dream Jier has shown declining financial performance, with a reported net profit of only 0.25 billion yuan for the year 2024, indicating minimal profit contribution in the second half of the year [17] - The company has experienced a drop in revenue across its main product lines, with significant year-on-year declines in sales for bedding products [18] - Despite a slight increase in net profit in the third quarter of 2025, the overall revenue has decreased by 14.83% compared to the previous year [17][18]

Core Insights - The payment industry is undergoing a significant consolidation due to strict regulations and intense competition, with the People's Bank of China recently announcing the cancellation of the payment license for Fujian Yikatong Payment Co., marking the 11th license cancellation this year [1][2] Group 1: License Cancellations - Fujian Yikatong, established in 2010 and acquired by Taihe Group in 2016, had its payment license revoked as part of a broader trend of license cancellations in the industry, with a total of 107 licenses revoked out of 271 issued since 2011 [2][3] - The majority of the revoked licenses are for prepaid cards, indicating a natural market selection process where outdated business models are being eliminated [3] Group 2: Regulatory Environment - The reduction in payment licenses is attributed to three main factors: enhanced regulatory oversight, financial difficulties faced by some payment institutions, and internal consolidation within the industry [3] - Regulatory penalties have increased, with at least 74 fines issued this year totaling 190 million yuan, indicating ongoing strict regulatory measures [5] Group 3: Industry Dynamics - Analysts predict a growing "Matthew Effect" in the payment industry, where a few major players will dominate the market, leaving little room for smaller entities [3] - Despite declining payment rates, the industry remains profitable, with payment services being essential for digital commerce [3]

Core Viewpoint - Recent regulatory actions against financial fraud in the stock market have intensified, with several companies facing significant penalties, indicating a stronger stance from authorities against such practices [1][3]. Group 1: Regulatory Actions - On September 12, multiple listed companies received fines from regulatory authorities for financial fraud, with penalties reaching over 200 million yuan for some, and even former delisted companies being penalized [1][3]. - This year alone, more than ten companies have been punished by the China Securities Regulatory Commission (CSRC) for financial fraud, a number that surpasses previous years [3]. - The penalties have escalated from previous fines of a few hundred thousand to over a billion yuan, demonstrating a serious commitment to tackling financial misconduct [3]. Group 2: Enforcement Mechanisms - Regulatory authorities are employing advanced technologies such as big data and artificial intelligence to detect financial discrepancies, making it harder for companies to conceal fraudulent activities [5][6]. - The CSRC encourages public reporting of financial fraud, which enhances the ability to uncover hidden misconduct [6]. Group 3: Implications for Companies - Companies that have been delisted are still subject to penalties for past fraudulent activities, signaling that delisting does not exempt them from accountability [7][9]. - The regulatory environment is shifting, with local governments now cooperating with regulatory bodies to ensure a clean market, recognizing that financial fraud harms ordinary investors and the overall market integrity [11]. Group 4: Investor Protection - The regulatory framework is evolving to provide better protection for investors, with efforts to facilitate collective lawsuits for compensation against fraudulent companies [11][13]. - The ongoing crackdown on financial fraud is seen as a positive development for ordinary investors, as it aims to create a more trustworthy market environment [13].

Core Viewpoint - CITIC Securities reported a record mid-year performance for 2025, with operating revenue of 33.039 billion yuan, a year-on-year increase of 20.44%, and a net profit attributable to shareholders of 13.719 billion yuan, up 29.80% [1] Financial Performance - The net cash flow from operating activities decreased by 18.93% to 30.347 billion yuan, with a reduction in net inflow of 7.085 billion yuan, primarily due to increased cash outflows for financial assets held for trading and lent funds [1][3] - The fair value changes recorded a loss of 1.521 billion yuan, a significant decline of 149.67%, largely due to losses from derivative financial instruments amounting to 14.720 billion yuan [1][4] - The foreign exchange loss for the first half of 2025 was 1.823 billion yuan, a decrease of 221.52%, significantly impacting the profitability of overseas operations, which saw a 13.57% increase in revenue to 6.912 billion yuan [2][4] Investment Activities - The net cash flow from investment activities turned positive at 31.812 billion yuan, compared to a negative 42.897 billion yuan in the same period last year, indicating improved cash recovery from investments [3][4] Regulatory Compliance - CITIC Securities faced multiple regulatory penalties in the first half of 2025, receiving eight fines, including three related to investment banking violations and others concerning non-compliance by branch offices and staff misconduct [4][5]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced severe penalties against *ST Gaohong for serious financial fraud, including a fine of 160 million yuan and the initiation of delisting procedures due to significant violations of securities laws [1][2]. Group 1: Fraudulent Activities - *ST Gaohong engaged in long-term fraudulent activities, inflating revenue and profits through non-substantive transactions, resulting in approximately 19.8 billion yuan in inflated revenue and over 76.2 million yuan in inflated profits from 2015 to 2023 [1]. - The company’s fraudulent activities included false trade operations, which were directly linked to the false disclosures in its annual reports for 2022 and 2023 [3]. Group 2: Regulatory Actions - The CSRC's actions reflect a "zero tolerance" policy towards such fraudulent behaviors, combining administrative penalties with potential criminal charges against key individuals involved in the fraud [2][3]. - The penalties include fines and market bans for the company's chairman and other executives, emphasizing strict accountability for primary offenders [2]. Group 3: Role of Auditors and Media - The auditing firms failed to detect the fraudulent activities prior to the investigation, despite having access to substantial documentation and data [4]. - Investigative journalism played a crucial role in uncovering the fraud, highlighting the importance of media oversight in monitoring corporate behavior [4][5]. Group 4: Recommendations for Future Oversight - It is suggested that regulatory bodies and media should collaborate to enhance oversight of listed companies, potentially through a whitelist system to protect commercial secrets while allowing for public scrutiny [5].