Core Viewpoint - Deloitte has resigned as the auditor for LeXiang Group, effective November 20, 2025, and the company has appointed Guowei CPA as the new auditor, pending shareholder approval at a special meeting [1] Group 1 - Deloitte's resignation as auditor is effective from November 20, 2025 [1] - The board has resolved to appoint Guowei CPA as the new auditor to fill the vacancy left by Deloitte [1] - The appointment of Guowei CPA will be effective until the conclusion of the next annual general meeting, subject to shareholder approval [1]

Core Viewpoint - The Eurozone's GDP growth in Q3 2023 was 0.2% quarter-on-quarter, slightly above market expectations, but the economic recovery remains fragile with significant disparities among member states [1][4]. Economic Performance - Eurozone GDP grew by 0.2% in Q3 2023, compared to 0.1% in the previous quarter, while EU GDP increased by 0.3% [1]. - Year-on-year growth for the Eurozone slowed from 1.5% in Q2 to 1.3% in Q3, and for the EU from 1.6% to 1.5% [1]. - Germany's GDP showed zero growth, while France and Spain experienced growth rates of 0.5% and 0.6%, respectively [1][2]. Sectoral Disparities - The economic performance within the Eurozone is uneven, with Southern European countries like France and Spain benefiting from tourism and manufacturing recovery, while industrial economies like Germany face stagnation due to weak exports [1][2]. - Germany's manufacturing sector is under pressure from high energy costs and external demand weakness, leading to a slowdown in key industries such as automotive and chemicals [2]. External Environment - The trade relationship between the US and EU has shown signs of improvement, with a recent agreement to reduce tariffs, although significant tariffs on steel and aluminum remain [3]. - Despite the easing of trade tensions, European exporters still face challenges due to high inflation and tightening policies in recent years [3]. Future Outlook - According to forecasts, Eurozone GDP growth is expected to reach 1.3% in 2025, slowing to 1.1% in 2026, with potential recovery contingent on effective fiscal policies and ECB measures [4]. - The ECB's cautious approach to monetary policy aims to balance inflation control with economic growth, indicating a gradual recovery may be on the horizon [4].

Core Viewpoint - 中漆集团 has announced the resignation of Ernst & Young as its auditor, effective from November 17, 2025, and appointed Zhonghui Anda Certified Public Accountants as the replacement auditor for the interim period until the next annual general meeting of shareholders [1] Group 1 - 中漆集团 has made a decision to replace its auditor following a recommendation from the audit committee [1] - The new auditor, Zhonghui Anda Certified Public Accountants, will serve until the conclusion of the next annual general meeting [1]

审读：吴席平 决定称，经查，中税网（北京）会计师事务所从事证券服务业务，未按规定向中国证券监督管理委员会 备案。以上行为违反了《会计师事务所从事证券服务业务备案管理办法》（财会〔2025〕5号）第四条 第一项、《证券服务机构从事证券服务业务备案管理规定》（证监会公告〔2020〕52号）第四条第一款 第一项以及《公司债券发行与交易管理办法》（证监会令第222号）第四十九条第一款的规定，依据 《公司债券发行与交易管理办法》（证监会令第222号）第六十九条的规定，辽宁证监局决定对该所采 取出具警示函的行政监管措施。该所应充分吸取教训，加强相关法律法规学习，提高规范运作意识，杜 绝此类问题再次发生。 中税网（北京）会计师事务所官网信息显示，中税网事务所集团目前正处于快速发展期，旨在为客户创 造价值为理念，发挥高度专业水平为客户提供全方位专业财务审计、咨询等服务，逐步向大型会计师事 务所迈进。业务范围包括审计鉴证、管理咨询、资产评估、工程造价、税务服务等，服务对象主要为民 营企业、上市公司、大型国企、金融企业、外商投资企业等。拥有证券期货审计、资产评估、房地产土 地评估、工程咨询、法律咨询、财税培训、投融资等领域的专业 ...

Core Insights - The CFO Forum 2025, co-hosted by Shanghai National Accounting Institute, Kingdee Software, Lixin Accounting Firm, and ACCA, focuses on "Internationalization Strategies and Financial Empowerment under Global Changes" [1] - The forum gathered CFOs and experts from various sectors to discuss macro challenges such as supply chain restructuring, rising funding costs, and technological paradigm shifts [1] Group 1: CFO Role Transformation - The role of CFOs is evolving from traditional financial managers to strategic participants, resource integrators, and global risk navigators due to profound changes in the global economy [2] - Chinese enterprises are in a new wave of globalization, requiring CFOs to develop three core competencies: resource allocation with a global perspective, data-driven strategic judgment, and compliance and governance under international rules [2] Group 2: Future of Finance and Accounting - ACCA's CEO highlighted the increasing importance of globally applicable finance and accounting skills amidst complex global trade conditions, emphasizing the need for finance teams to embrace AI and data analytics [3] - CFOs are transitioning to "Chief Value Officers" (CVOs), focusing on long-term value creation and the social and environmental impacts of their enterprises [3] Group 3: AI in Financial Management - Kingdee's executive shared insights on the transformation and innovation in financial management in the AI era, presenting case studies on global treasury management [4] - Seven major changes in financial management due to AI were identified, including the shift to "无人会计" (unmanned accounting) and the expansion of external reporting to include ESG [4] Group 4: Challenges for Enterprises Going Global - Lixin Accounting Firm's executive analyzed four major challenges faced by enterprises going global: accelerated supply chain restructuring, intensified geopolitical conflicts, rapid technological changes, and increasingly complex compliance regulations [4] - Despite these challenges, Chinese enterprises are becoming more agile in their global expansion, facing difficulties such as high information acquisition costs and local operational management issues [4] Group 5: Research Report on Global Expansion - A research report titled "Opportunities and Challenges for Chinese Enterprises Going Global from the CFO Perspective" was released, indicating that expanding overseas markets remains the primary motivation for Chinese enterprises [5] - Southeast Asia, Africa, and the Middle East are identified as key growth markets for the next three years, with nearly half of the surveyed companies planning to establish financial centers abroad [5]

Core Insights - The 16th CFO Forum, themed "Corporate Internationalization Strategy and Financial Empowerment under Global Changes," was co-hosted by Shanghai National Accounting Institute, Kingdee Software (China) Co., Ltd., Lixin Accounting Firm, and ACCA, attracting over 500 financial executives and academic experts [1] - The role of CFOs is evolving from traditional financial managers to strategic participants, resource integrators, and global risk navigators, emphasizing the need for CFOs to develop core competencies in global resource allocation, data-driven strategic judgment, and international compliance governance [1] - ACCA's CEO, Helen Brand, highlighted the increasing importance of universally applicable financial skills, urging finance teams to embrace AI and data analytics to lead long-term value creation, with CFOs transitioning into "Chief Value Officers" (CVOs) [3] - Kingdee's Executive Vice President, Zhao Yanxi, presented the application value of AI in finance, outlining seven major transformations in financial management in the AI era, and emphasized that "AI + globalization" will help Chinese companies build core competitiveness and achieve high-quality growth [3]

Core Points - The company, Jiufu Lai (08611), announced that it could not reach an agreement with its auditor, Fuhui Mazhe, regarding the audit fees for the consolidated financial statements for the fiscal year ending November 30, 2025 [1] - As a result, Fuhui Mazhe has resigned as the company's auditor, effective November 11, 2025 [1] - Following the resignation, the board has recommended the appointment of Debo Accounting Firm as the new auditor [1]

Core Viewpoint - The Ministry of Finance issued an opinion on November 10 to strengthen accounting responsibilities and improve the quality of accounting information, emphasizing the importance of a unified accounting system in the socialist market economy [1][5]. Group 1: Accounting Responsibilities - The newly issued opinion consolidates existing regulations regarding accounting responsibilities into a clear accounting responsibility list, enhancing legal awareness and accountability among relevant parties [2]. - The opinion outlines specific requirements for various stakeholders, including ensuring the authenticity and completeness of accounting data, strengthening internal supervision, and complying with external oversight [2][4]. Group 2: Specific Requirements - The opinion specifies that units must not engage in false accounting practices or cooperate in financial fraud, which is crucial for maintaining the independence of accounting firms [3][4]. - Responsibilities are clearly defined for unit leaders, chief accountants, and accounting personnel, ensuring accountability for the accuracy of accounting records [3][4]. Group 3: Impact on Accounting Practices - The opinion aims to clarify responsibilities down to the source of economic activities, which is expected to reduce fraudulent practices and enhance the quality of accounting information [4]. - It also emphasizes the role of accounting service institutions, urging them to improve their practices and audit quality, which is vital for the overall integrity of the accounting profession [4]. Group 4: Implementation and Future Outlook - The research for this opinion began in December 2024, with a draft circulated for feedback in June 2025, indicating a thorough consultation process [5]. - The implementation of this opinion is seen as a significant step towards establishing a unified national market and enhancing financial supervision, ultimately supporting high-quality economic development [5].

Core Viewpoint - The Chinese Ministry of Finance has issued an opinion to strengthen financial accounting supervision, aiming to clarify responsibilities among various parties involved in accounting and auditing, enhance the quality of accounting information, and combat financial fraud [1][2][3]. Group 1: Responsibilities of Accounting Units - Units are required to ensure the authenticity and completeness of accounting data, prohibiting any false economic transactions or documents [1][2]. - Unit leaders are held accountable for the accuracy of accounting work and must not instruct accounting personnel to engage in illegal activities [2]. - Accounting personnel have the right to reject untrue or illegal original vouchers and report such issues to unit leaders [2]. Group 2: Responsibilities of Accounting Service Institutions - Accounting service institutions must refuse to process inappropriate accounting requests and must not conceal issues found during audits [3]. - Registered accountants are prohibited from issuing false audit reports and must report any violations of accounting laws by the audited entities [3]. Group 3: Regulatory Framework and Implementation - The Ministry of Finance is responsible for establishing a unified national accounting system, which must not be altered by other departments without approval [4]. - The opinion emphasizes the need for a clear understanding and execution of the unified accounting system to improve the quality of accounting information [4]. - The opinion aims to enhance legal awareness and responsibility among accounting professionals, thereby improving the effectiveness of financial supervision [5].

Core Viewpoint - China Hengtian Lixin International (00641) announced the resignation of its auditor, Da Xin Liang Xue Lian (Hong Kong) CPA Limited, effective from November 10, 2025 [1] Group 1 - The audit committee recommended the appointment of Xin Yong Zhong He (Hong Kong) CPA Limited as the new auditor, effective from November 10, 2025, to fill the vacancy left by the resignation [1] - The term of the new auditor will last until the conclusion of the company's next annual general meeting [1]