Core Viewpoint - The Anhui Securities Regulatory Bureau has issued a warning letter to Guoyuan Securities Co., Ltd. and two individuals, Yang Shaojie and Liu Minhao, due to their failure to exercise sufficient professional diligence in a financial advisory role, leading to inaccuracies in an independent financial advisory report [1][3]. Group 1 - Guoyuan Securities acted as the financial advisor for Anhui Fuhuang Steel Structure Co., Ltd. in a project involving the issuance of shares and cash payment for asset purchases, as well as fundraising for related transactions in 2025 [1][3]. - The investigation revealed that Guoyuan Securities did not adequately verify the revenue recognition issues of the target company, Hefei Zhongke Junhua Vision Technology Co., Ltd. (referred to as "Zhongke Vision"), and failed to thoroughly check the substance of transactions with certain distribution clients [1][3]. - Yang Shaojie and Liu Minhao, as the project leaders, bear primary responsibility for the violations identified during the investigation [1][3]. Group 2 - The Anhui Securities Regulatory Bureau has decided to impose administrative regulatory measures by issuing a warning letter, which will be recorded in the integrity archives of the securities and futures market [1][3].