Core Viewpoint - The company Shenqi Pharmaceutical has faced regulatory scrutiny due to financial misconduct, leading to a significant drop in its stock price and raising concerns about its future performance [2][3]. Group 1: Regulatory Issues - Shenqi Pharmaceutical received an administrative regulatory decision from the Shanghai Securities Regulatory Bureau, citing violations related to the misappropriation of sales expenses amounting to 44.838 million yuan through fictitious accounts [2]. - The company has been ordered to rectify its accounting practices, and three executives, including the chairman, received warning letters [2]. - The company claims that the regulatory measures will not affect its normal operations and is currently preparing a rectification report [2]. Group 2: Financial Performance - The company reported a net profit of less than 100 million yuan in recent years, a decline from levels seen before 2019, with revenue continuously decreasing since its peak in 2022 [3][6]. - For the first half of 2025, the company is projected to have revenues of 961 million yuan and a net profit of 32.808 million yuan, representing year-on-year declines of 13.47% and 13.29%, respectively [10]. - The main business segments of the company are pharmaceutical manufacturing and commercial operations, contributing approximately 60% and 40% to revenue, respectively [6]. Group 3: Market Challenges - The company's product line includes older medications, which have faced declining sales due to various healthcare cost control policies, such as payment reforms and price adjustments [6]. - Specific products, such as the sodium cantharidate injections, have seen significant sales in the past but are now categorized closer to auxiliary medications, impacting overall revenue [6].

Core Viewpoint - The company, Shanghai Shenqi Pharmaceutical Investment Management Co., Ltd., has received administrative regulatory measures from the Shanghai Securities Regulatory Bureau due to irregularities in its accounting practices, specifically related to the handling of accounts receivable [1][2]. Group 1: Regulatory Actions - The Shanghai Securities Regulatory Bureau has mandated corrective measures for the company and issued warning letters to key executives, including the chairman and general manager, for their lack of diligence [1]. - The company is required to submit a written rectification report within 30 days and is expected to improve its accounting practices to prevent future occurrences [2]. Group 2: Financial Impact - In the first half of 2025, the company reported a revenue of 961 million yuan, a decrease of 13.47% year-on-year, and a net profit attributable to shareholders of 32.81 million yuan, down 13.29% year-on-year [2]. Group 3: Company Background - Shanghai Shenqi Pharmaceutical was listed on August 20, 1992, and its main business includes the research, production, and sales of pharmaceuticals, with key products being sodium cantharidate vitamin B6 injection and sodium cantharidate injection [2].

| | | 上海神奇制药投资管理股份有限公司 关于股东股票质押的公告 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个别及连带责任。 重要内容提示： 上海神奇制药投资管理股份有限公司（以下简称"公司"或"本公司"） 的股东贵州迈吉斯投资管理有限公司（以下简称"迈吉斯"）持有公司 88,001,946 股，占公司总股本 16.48%；本次质押 45,280,000 股，累计质押股份 76,650,000 股，占公司总股份数 14.35%，占其持有公司股份 87.10%。 公司控股股东贵州神奇控股（集团）有限公司（以下简称"神奇控股"） 及其控股公司迈吉斯合计持有公司 178,663,566 股，占公司总股本 33.45%；累 计质押股份 121,980,000 股，占公司总股份数 22.84%，占其合计持有公司股份 68.27%。 2、本次质押股份不存在被用作重大资产重组业绩补偿等事项的担保或其他 保障用途的情形。 3、控股股东及其控股公司累计质押股份情况 截至公告披露日，神奇控股及迈吉斯累计质押股份情况如下： | | | | | | | ...

Core Viewpoint - The stock price of Shenqi Pharmaceutical (600613.SH) experienced a significant decline, dropping over 5% after the company was implicated in financial fraud by the Shanghai Securities Regulatory Bureau [2][3]. Financial Misconduct - Shenqi Pharmaceutical was found to have misappropriated sales expenses amounting to 44.83 million yuan through a discontinued "basic drug promotion plan" and fabricated accounts receivable by transferring funds through employee personal accounts [4]. - This fraudulent activity led to the company reversing credit impairment provisions of 44.83 million yuan, resulting in discrepancies in the 2023 annual report [5]. Financial Performance - In 2023, Shenqi Pharmaceutical reported a revenue of 2.341 billion yuan, a year-on-year decrease of 2%, while the net profit attributable to shareholders was 57 million yuan, reflecting a year-on-year increase of 17.41% [7]. - For the first half of 2025, the company achieved a revenue of 961 million yuan, a year-on-year decline of 13.47%, and a net profit of 32.81 million yuan, down 13.29% compared to the previous year [8]. Regulatory Actions - The Shanghai Securities Regulatory Bureau imposed corrective administrative measures on Shenqi Pharmaceutical, issuing warning letters to the then Chairman Zhang Taotao, General Manager Feng Bin, and Chief Financial Officer Chen Zhimian due to the irregularities in accounts receivable handling [7]. - The company has committed to rectifying the issues and submitting a corrective report within the stipulated timeframe to prevent future occurrences [7]. Company Background - Founded in 1983, Shenqi Pharmaceutical specializes in the research, production, and sales of pharmaceuticals, with products covering various therapeutic areas including oncology, respiratory, cardiovascular, and gynecological treatments [7].

Core Insights - The stock price of Shenqi Pharmaceutical (600613.SH) dropped over 7% in intraday trading due to receiving an administrative regulatory decision from the Shanghai Securities Regulatory Bureau regarding financial fraud [1][3] - The company misappropriated sales expenses amounting to 44.8383 million yuan through a discontinued "basic drug promotion plan" and created fictitious accounts receivable, leading to discrepancies in the 2023 annual report [1][3] Financial Performance - In 2023, Shenqi Pharmaceutical reported operating revenue of 2.341 billion yuan, a year-on-year decrease of 2%, while net profit attributable to shareholders was 57.007 million yuan, an increase of 17.41% [3] - For the first half of 2025, the company achieved operating revenue of 961 million yuan, a year-on-year decline of 13.47%, and net profit of 32.8081 million yuan, down 13.29% [4] Regulatory Actions - The Shanghai Securities Regulatory Bureau mandated corrective actions for Shenqi Pharmaceutical, issuing warning letters to the then Chairman Zhang Taotao, General Manager Feng Bin, and Chief Financial Officer Chen Zhimian [3] - The company acknowledged the issue stemmed from improper accounting treatment of accounts receivable and committed to rectifying the situation and submitting a corrective report within the stipulated timeframe [3] Company Background - Founded in 1983, Shenqi Pharmaceutical specializes in the research, production, and sales of pharmaceuticals, with products covering various therapeutic areas including oncology, respiratory, cardiovascular, and gynecological treatments [3]

中经记者 晏国文 卢志坤 北京报道 9月26日，神奇制药（600613.SH）披露，收到上海证监局出具的《关于对上海神奇制药投资管理股份 有限公司采取责令改正措施并对ZHANGTAOTAO、冯斌、陈之勉采取出具警示函措施的决定》。 上海证监局对神奇制药采取责令改正的行政监管措施，对ZHANGTAOTAO（时任董事长）、冯斌（时 任总经理）、陈之勉（时任财务总监）采取出具警示函的行政监管措施。 神奇制药方面表示，此次行政监管措施，系由公司应收款项账务处理不规范导致。公司及相关人员收到 决定书后高度重视，将严格按照上海证监局的要求，积极整改并在规定的时间内提交整改报告，汲取教 训规范相关会计处理，杜绝此类事项再次发生。同时，公司董事、监事和高管将以此为鉴，提高履职能 力并勤勉尽责，切实维护公司和全体股东的利益。 （编辑：曹学平 审核：童海华 校对：燕郁霞） 神奇制药存在以下违规事项：2023年，公司利用停止投入的"基药宣传计划"套取销售费用4483.83万 元，通过员工个人账户向公司转账虚构应收款项回款，该应收款项前期已全额计提减值损失，公司以此 转回信用减值准备4483.83万元，导致公司2023年年报披露的信 ...

Core Viewpoint - The company, Shenqi Pharmaceutical, is facing regulatory scrutiny due to financial misconduct, which has led to a significant decline in its financial performance in the first half of 2025. Financial Performance - In the first half of 2025, the company reported a revenue of 961 million yuan, a year-on-year decrease of 13.47% [2] - The net profit attributable to shareholders was 32.81 million yuan, down 13.29% year-on-year [2][3] - The net profit after deducting non-recurring gains and losses was 31.98 million yuan, reflecting a decline of 14.74% year-on-year [2][3] - The net cash flow from operating activities decreased by 61.38%, amounting to 47.47 million yuan, primarily due to reduced sales and slower cash collection [4][3] Business Segments - The pharmaceutical manufacturing segment generated 551 million yuan, a decrease of 17.88%, accounting for 57.35% of total revenue [5] - The pharmaceutical commercial segment reported revenue of 409.74 million yuan, down 6.73%, making up 42.65% of total revenue [5] - The decline in the pharmaceutical manufacturing sector is attributed to falling sales revenue within the industry [4] Regulatory Issues - The company received a corrective order from the Shanghai Securities Regulatory Bureau due to financial misconduct involving the misappropriation of sales expenses totaling 44.84 million yuan [1] - Key executives, including the chairman and general manager, received warning letters for failing to fulfill their responsibilities [1] Market Performance - As of September 26, the company's stock price was 6.39 yuan per share, with a market capitalization of 3.413 billion yuan, indicating stagnant performance throughout the year [5]

Core Viewpoint - The company, Shenqi Pharmaceutical, has been subjected to administrative regulatory measures by the Shanghai Securities Regulatory Bureau due to irregularities in its accounting practices, specifically related to the handling of accounts receivable and the misrepresentation of financial information in its 2023 annual report [1][2]. Group 1: Regulatory Actions - Shenqi Pharmaceutical received a decision from the Shanghai Securities Regulatory Bureau, which includes a directive for corrective measures and warnings issued to key executives for their lack of diligence [1][2]. - The company is required to submit a written rectification report within 30 days and is committed to improving its accounting practices to prevent future occurrences [2]. Group 2: Financial Performance - In the first half of 2025, Shenqi Pharmaceutical reported a decline in both revenue and net profit, with operating income of 961 million yuan, a year-on-year decrease of 13.47%, and a net profit attributable to shareholders of 32.81 million yuan, down 13.29% [3]. - The net cash flow from operating activities decreased by 75.44 million yuan, representing a decline of 61.38%, primarily due to reduced sales and slower collection of receivables [3]. Group 3: Company Overview - Shenqi Pharmaceutical, listed since August 20, 1992, specializes in the research, production, and sales of pharmaceuticals, with key products including anti-tumor drugs and various traditional Chinese medicine formulations [2].

上海神奇制药投资管理股份有限公司（以下简称"公司"）于 2025 年 9 月 26 日收到中国证券监督管理委员会上海监管局（以下简称"上海证监局"）出具 的《关于对上海神奇制药投资管理股份有限公司采取责令改正措施并对 ZHANG TAO TAO、冯斌、陈之勉采取出具警示函措施的决定》（沪证监决〔2025〕179 号）， 以下简称"决定书"），现将内容公告如下： 一、《决定书》的内容 "上海神奇制药投资管理股份有限公司、ZHANG TAO TA0、冯斌、陈之勉: 经 查 ， 上 海 神 奇 制 药 投 资 管 理 股 份 有 限 公 司 ( 统 一 社 会 信 用 代 码:91310000607228626G，以下简称"神奇制药"或"公司")存在以下违规事项： 2023 年，公司利用停止投入的"基药宣传计划"套取销售费用 44,838,280 元，通过员工个人账户向公司转账虚构应收款项回款，该应收款项前期已全额计 提减值损失，公司以此转回信用减值准备 44,838,280 元，导致公司 2023 年年报 披露的信息存在差错。 | 证券代码：A | 股 | 600613 | 股票简称：A | | 股 | 神奇制药 ...

2025年9月26日，上海神奇制药投资管理股份有限公司收到上海证监局《行政监管措施决定书》。经 查，2023年公司利用"基药宣传计划"套取销售费用44,838,280元，通过员工个人账户转账虚构应收款项 回款，转回信用减值准备，致2023年年报信息披露差错。公司时任董事长ZHANGTAOTA0、时任总经 理冯斌、时任财务总监陈之勉履职未勤勉尽责。上海证监局决定对公司责令改正，要求30日内提交整改 报告；对三人出具警示函。公司表示将积极整改，规范会计处理，董事等人员将提高履职能力，本次监 管措施不影响正常经营。 ...