证券代码：600518 证券简称：康美药业 编号：临2026-005 康美药业股份有限公司 第十届董事会 2026 年度第二次临时会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 董事梁珺先生对本议案投反对票，投票理由：公司未按照《公司章程》提前 7 日发出会议通知，未能完成内部决策程序。 （二）审议通过《关于转让全资子公司 100%股权的议案》 表决结果：赞同票 8 票，反对票 0 票，弃权票 1 票，获董事会审议通过。 董事梁珺先生对本议案投弃权票，投票理由：公司未按照《公司章程》提前 7 日发出会议通知，未能完成内部决策程序。 具体内容详见公司于同日在上海证券交易所网站（www.sse.com.cn）披露的 一、董事会会议召开情况 康美药业股份有限公司（以下简称公司）第十届董事会 2026 年度第二次临 时会议于 2026 年 3 月 30 日以现场结合通讯表决方式召开，会议通知已于 2026 年 3 月 30 日以通讯、邮件方式向公司各位董事发出。本次会议应当出席董事 9 名，实际出席董事 9 名，董事长赖 ...

上海德大堂国药有限公司 审 计 报 告 众环审字(2026)0500241号 目 录 | | 起始页码 | | --- | --- | | 审计报告 | 1 | | 财务报表 | | | 合并资产负债表 | 1 | | 合并利润表 | 3 | | 合并现金流量表 | 4 | | 合并所有者权益变动表 | 5 | | 资产负债表 | 7 | | 利润表 | 9 | | 现金流量表 | 10 | | 所有者权益变动表 | 11 | | 财务报表附注 | 13 | 用注 Tol . 027-86701215 审计报告 众环审字(2026)0500241 号 上海德大堂国药有限公司全体股东: 一、审计意见 我们审计了上海德大堂国药有限公司(以下简称"德大堂公司")财务报表,包括 2025 年 12月 31日的合并及公司资产负债表,2025年度的合并及公司利润表、合并及公司现金 流量表、合并及公司股东权益变动表以及相关财务报表附注。 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规定编制,公允反映了 贵公司 2025 年 12 月 31 日合并及公司的财务状况以及 2025 年度合并及公司的经营成果和 现金流 ...

本报告依据中国资产评估准则编制 康美药业股份有限公司拟转让部分资产涉及的其持有的 上海德大堂国药有限公司及其子公司的 债权、股权和其他拟转让资产市场价值 资产评估报告 沃克森评报字（2026）第0407号 （共一册 第一册） 沃克森（北京）国际资产评估有限公司 二〇二六年三月二十五日 | 报告编码: | 1111020051202600486 | | --- | --- | | 合同编号: | 沃克森国际评合同字【2026】第0397号 | | 报告类型: | 非法定评估业务资产评估报告 | | 报告文号: | 沃克森评报字(2026)第0407号 | | 报告名称: | 康美药业股份有限公司拟转让部分资产涉及的其持有的上海德大 堂国药有限公司及其子公司的债权、股权和其他拟转让资产市场 | | | 价值资产评估报告 | | 评估结论: | -62,249,850.10元 | | 评估报告日: | 2026年03月25日 | | 评估机构名称: | 沃克森(北京)国际资产评估有限公司 | | 签名人员: | 邓士丹 (资产评估师) 正式会员 编号: 43060064 | | | 李鹏 (资产评估师) 正式会员 ...

证券代码：600518 证券简称：康美药业 编号：临2026-006 康美药业股份有限公司 关于转让全资子公司股权及相关资产的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 康美药业股份有限公司拟将全资子公司上海德大堂国药有限公司 100% 股权及相关资产以人民币 1.00 元的价格转让给上海康美药业有限公司。本次转 让完成后，康美药业不再持有德大堂国药股权及相关资产，德大堂国药不再纳 入康美药业合并报表范围。 本次交易不构成关联交易，亦不构成《上市公司重大资产重组管理办法》 规定的重大资产重组。 本次交易免于提交公司股东会审议。 一、交易概述 （一）本次交易的基本情况 康美药业股份有限公司（以下简称公司或康美药业）拟将全资子公司上海德 大堂国药有限公司（以下简称德大堂国药或标的公司）100%股权及相关资产转让 给上海康美药业有限公司（以下简称上海康美），转让价格为人民币 1.00 元。 本次转让完成后，公司不再持有德大堂国药股权及相关资产，德大堂国药不再纳 入公司合并报表范围。 （二）董事会审议情况 2 ...

证券代码：600518 证券简称：康美药业 编号：临2026-004 康美药业股份有限公司 关于全资子公司补缴税款的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 康美药业股份有限公司（以下简称公司）全资子公司康美滕王阁（四川） 制药有限公司（以下简称滕王阁制药）于近日收到国家税务总局南充市税务局 第三稽查局出具的《税务处理决定书》（南税三稽处[2026]3 号），现将有关 情况公告如下： 二〇二六年三月二十一日 1 一、基本情况 经国家税务总局南充市税务局第三稽查局认定，公司全资子公司滕王阁制 药应补缴 2020 年至 2024 年企业所得税 413.60 万元及滞纳金，需在收到决定书 之日起 15 日内缴纳上述税款及相应的滞纳金，并按照规定进行账务调整。本次 事项不涉及税务行政处罚。 二、对公司的影响及风险提示 根据《企业会计准则第 28 号——会计政策、会计估计变更和差错更正》相 关规定，上述补缴税款及滞纳金事项不属于前期会计差错，不涉及前期财务数 据追溯调整。上述补缴税款及滞纳金预计将影响公司 2025 年度归属 ...

1. Report Industry Investment Rating - The report does not provide a specific industry investment rating [58][60] 2. Core Viewpoints of the Report - Financial fraud is a key factor leading to bond issuer credit risk and default, and it is difficult to pre - identify bond default risks. By summarizing the common characteristics of financial fraud of bond default entities, investors can be helped to discover potential credit risks of issuers [2][5] - The report analyzes the theoretical framework for identifying financial fraud, the situation of bond defaults caused by financial fraud from 2017 - 2025 H1, the main types and identification paths of financial fraud of default entities, and other concerns for identifying financial fraud [6][11][18] 3. Summary by Relevant Directory 3.1 Identification of the Theoretical Framework of Financial Fraud - Financial fraud crimes mainly involve fraudulently issuing securities, illegally disclosing or failing to disclose important information, providing false certification documents, and issuing certification documents with major inaccuracies. From the perspective of certified public accountants, fraud is mainly divided into preparing false financial reports and embezzling assets [6] - When financial fraud occurs, it is usually accompanied by three situations: motivation or pressure, opportunity, and the ability to find excuses. The report lists corresponding financial or operational indicators for each situation [7] 3.2 2017 - 2025 H1 Financial Fraud - Caused Bond Default Situation - From 2017 - 2025 H1, among 135 domestic bond default entities, real estate and comprehensive industries had the most default entities, with 15 each. In terms of enterprise nature, 94 were private enterprises, indicating that private enterprises are the high - incidence areas of bond defaults [11] - Among the 135 entities, 41 were involved in financial fraud. In terms of industry distribution, public utilities and non - ferrous metals had more entities, with 5 and 4 respectively. In terms of enterprise nature, 32 were private enterprises, 5 were state - owned enterprises, and 2 were Sino - foreign joint - ventures, and no central enterprises defaulted due to financial fraud [14] 3.3 Main Types and Identification Paths of Financial Fraud of Default Entities 3.3.1 Fictitious Transactions, Inflated Revenues or Profits - Examples include Huaxun Ark, which fabricated self - networking and radar businesses from 2015 - 2020 to inflate revenues and profits, and Tongjitang, which inflated revenues and profits through its subsidiaries' fictitious transactions [18][22] - Identification paths include paying attention to asset account fluctuations, profit statement abnormalities, the reconciliation between the profit statement and the cash flow statement, and cross - verification of upstream and downstream information disclosure data [23][24][25] 3.3.2 Inflated Assets - **"High Deposits and High Loans", Inflated Monetary Funds**: Examples are Kangmei Pharmaceutical, which forged and altered large - scale time deposits, and Luowa Technology, which had non - standard accounting and an unexplained "high deposits and high loans" situation. Identification paths include focusing on the scale, authenticity, debt structure, cost and return of monetary funds, and the restriction of monetary fund rights [26][30][34] - **Overestimated Fair Value of Investment Real Estate**: For example, Taihe Group overestimated the fair value of its investment real estate. The identification path is to pay attention to the ratio of annual rental income to the book value of investment real estate and the ratio of the book value of investment real estate to land area [35][37] - **Huge Goodwill Leading to Impairment Risk**: For example, Zhonghong Co., Ltd. had huge goodwill after an acquisition, and its bonds defaulted. Identification paths include paying attention to performance commitments or gambling agreements, and the proportion of goodwill and the performance trend of the target [38][41][42] 3.3.3 Major Shareholders or Actual Controllers Embezzling Issuer Funds - For example, Tongjitang provided non - operating funds to its controlling shareholder and related parties without due procedures. Identification paths include paying attention to the ratios of prepayments, accounts receivable, and other receivables to net assets, checking the actual controllers of counterparties, and the cost of related - party capital lending [43][44] 3.3.4 Other Concerns for Identifying Financial Fraud - The type of audit opinion is an intuitive evidence of financial information quality. Reasons for non - standard audit opinions, key audit matters, and frequent changes of accounting firms need special attention [45][46] - Continuous credit rating downgrades can intuitively reflect the marginal changes in the issuer's operating environment. Before the bonds of default entities with financial fraud defaulted, there were continuous downgrades of China Bond Credit Ratings [47] - The reliability of quarterly and semi - annual reports is relatively weak because their audits are not mandatory, and the authenticity and reliability of financial information in mid - year reports without the guarantee of audit institutions may be questionable [48] 3.4 Main Concerns for Identifying Financial Fraud through Accounting Items - **Balance Sheet**: Different items such as monetary funds, accounts receivable, prepaid accounts, inventory, other receivables, other current assets, long - term equity investments, investment real estate, goodwill, and deferred income tax assets have their own characteristics and identification paths [50] - **Income Statement**: Items such as operating revenues and costs, R & D expenses, financial expenses, fair value changes in gains and losses, and non - operating revenues and expenses also have corresponding characteristics and identification paths [51]

Group 1 - The company has completed the implementation of the capital reserve transfer to increase share capital as part of its restructuring plan, with 4.145 billion shares registered and 6.5 billion yuan of restructuring funds paid in full [1] - The company is executing a compensation of 2.459 billion yuan to over 50,000 investors due to a securities false statement case, with compensation methods including cash, stocks, and trust income rights [2] - The company has initiated litigation against the former management and related responsible parties, with the case currently under court review [3] Group 2 - The company reported a revenue of 3.96 billion yuan and a net profit attributable to shareholders of 13 million yuan for the first three quarters of 2025, representing a year-on-year increase of 160.84% [4] - The company emphasizes traditional Chinese medicine as its core business, operating eight production bases and a "smart pharmacy" model, with over 600 intellectual property rights accumulated by mid-2025 [5]

Core Viewpoint - Guangzhou Pharmaceutical Group Co., Ltd. has disclosed significant anti-corruption results in a recent annual report, highlighting the company's commitment to integrity and governance [1] Group 1: Anti-Corruption Measures - The report details 17 cases of corruption over the past year, with a total amount involved of approximately 170 million yuan [1] - Internal sources indicate that these cases have been communicated internally as warnings to staff [1] Group 2: Disciplinary Actions - In 2025, the disciplinary inspection and supervision agencies of Guangzhou Pharmaceutical Group and its subsidiaries investigated 30 individuals and imposed 42 party disciplinary and administrative penalties [1] - The 17 typical cases involved key personnel from major subsidiaries, including Zhongyi Pharmaceutical, Wanglaoji Pharmaceutical, Baiyunshan Pharmaceutical Factory, He Jigong Pharmaceutical Factory, and Huanhong Traditional Chinese Medicine [1]

Group 1 - The Chinese medicine sector increased by 1.29% on February 4, with Jichuan Pharmaceutical leading the gains [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] - Jichuan Pharmaceutical's stock price rose by 4.20% to 26.77, with a trading volume of 66,300 shares and a transaction value of 175 million yuan [1] Group 2 - The main capital inflow in the Chinese medicine sector was 70.6751 million yuan, while retail investors saw a net inflow of 60.3046 million yuan [2] - The stock of Pianzai Shou had a significant main capital inflow of 70.3361 million yuan, but retail investors experienced a net outflow of 64.7957 million yuan [3] - The stock of Kangmei Pharmaceutical had a main capital inflow of 35.8772 million yuan, with a net outflow of 9.4529 million yuan from retail investors [3]

Core Viewpoint - The penetration rate of directors and officers liability insurance (D&O insurance) among A-share listed companies has historically exceeded 32% by the end of 2025, with a significant increase in the number of companies disclosing their D&O insurance purchase plans [1][3]. Group 1: Market Trends - The overall penetration rate of D&O insurance among A-share listed companies has seen a historical increase, with 643 companies disclosing their purchase plans in the past year, marking a nearly 20% year-on-year growth [1]. - The implementation of the new Company Law in July 2024 has restructured the capital market's awareness of executive liability risks, transitioning D&O insurance from an optional to a necessary component for companies [3][11]. Group 2: Risk and Pricing Dynamics - There is a paradox in the market where the risk of liability claims is increasing, yet the average premium rates for D&O insurance have dropped below 0.5%, leading to a situation of "high risk, low price" [4][22]. - The average premium rates have decreased significantly since 2023, driven by increased competition among insurance companies and a lag in the disclosure of claims data [22][24]. Group 3: Legal and Regulatory Changes - The new Company Law has expanded the scope of liability for directors, allowing external creditors to directly pursue claims against executives, which has heightened the need for D&O insurance [17]. - The introduction of the "presumption of fault" principle in securities law has increased the litigation pressure on executives, making D&O insurance a critical tool for legal defense [17][18]. Group 4: Corporate Behavior and Insurance Adoption - Different ownership structures show varying levels of D&O insurance adoption, with state-owned enterprises exhibiting the highest penetration rate at 52%, followed by foreign enterprises at 41%, and private enterprises at 33% [13]. - The lack of D&O insurance is becoming a barrier for companies in recruiting independent directors, as the heightened legal responsibilities make it difficult to attract talent without adequate insurance coverage [15]. Group 5: Future Outlook - The report predicts that D&O insurance premiums are likely to rise in the future as the judicial practices of the new Company Law evolve and more claims cases are exposed [32]. - Companies are encouraged to consider higher coverage limits for D&O insurance, as current limits may be insufficient in the face of potential large-scale claims [28][30].