This　study　investigates　the　influence　of　co-analysts　on　corporate　debt　costs,　focusing　on　shared　analysts　within　the　same　industry.　The　findings　reveal　that　co-analysts　significantly　reduce　firms＇　debt-raising　costs,　primarily　through　enhanced　information　quality　and　strengthened　supervisory　governance.　Moreover,　the　effect　of　co-analysts　on　debt　costs　is　more　pronounced　when　the　co-analysts　possess　higher　educational　qualifications,　the　firm　is　a　state-owned　enterprise　(SOE),　and　peer　pressure　is　elevated.　These　insights　contribute　to　a　deeper　understanding　of　the　role　of　co-analysts　and　provide　empirical　evidence　for　effectively　managing　corporate　debt　financing　costs.