Core Points - The company has completed the registration of its revised Articles of Association and related personnel with the local market supervision authority [1][2][3] - The registration was approved during the company's second extraordinary general meeting held on October 31, 2025 [1] - The revised Articles of Association are consistent with the version published on October 16, 2025 [1]

关于完成工商备案登记的公告 本公司及全体董事会成员保证本公告内容的真实、准确和完整，不存在虚假 记载、误导性陈述或者重大遗漏。 广东嘉应制药股份有限公司（以下简称"公司"）于 2025 年 10 月 31 日召 开公司 2025 年第二次临时股东大会，审议通过了《关于修订<公司章程>并办理 工商变更登记的议案》，具体内容详见 2025 年 11 月 1 日披露在指定信息披露媒 体及巨潮资讯网（www.cninfo.com.cn）的《2025 年第二次临时股东大会决议公 告》（公告编号：2025-060）。 公司于近日完成《公司章程》及相关人员备案等工商备案登记手续，并取得 了梅州市市场监督管理局下发的备案登记许可，本次经审核并备案的《公司章程》 与 2025 年 10 月 16 日公司在指定信息披露媒体及巨潮资讯网（www.cninfo.com.cn） 发布的《公司章程》全文无差异，具体内容详见上述媒体及网站。 证券代码：002198 证券简称：嘉应制药 公告编号：2025-064 广东嘉应制药股份有限公司 特此公告。 广东嘉应制药股份有限公司董事会 2025 年 12 月 2 日 ...

Investment Rating - The industry rating is maintained at "Overweight" [8] Core Views - The market performance of the traditional Chinese medicine (TCM) sector showed a slight increase of 1.29%, which is the smallest among secondary sub-sectors [1] - The price governance of Chinese patent medicines is being actively implemented across multiple regions, aiming to create a unified and competitive drug market [4][5] - The valuation metrics for the TCM sector indicate a PE (ttm) of 27.72X and a PB (lf) of 2.33X, with both metrics showing slight increases compared to the previous week [2] Market Performance - The TCM sector reported a market index of 6501.99 points, reflecting a 1.29% increase over the last week [1] - The overall pharmaceutical and biological sector index rose to 8430.03 points, with a 2.67% increase [1] Valuation Metrics - The TCM sector's PE (ttm) is at 27.72X, up by 0.36X week-on-week, with a one-year maximum of 30.26X and a minimum of 24.72X [2] - The PB (lf) stands at 2.33X, increasing by 0.02X from the previous week, with a one-year maximum of 2.54X and a minimum of 2.17X [2] Supply Chain Insights - The market for TCM raw materials has shown signs of recovery, with a price index of 225.55 points, reflecting a 0.4% increase from the previous week [3] - The market sentiment for TCM raw materials is improving, with increased foot traffic and positive investment sentiment [3] Policy and Regulatory Environment - Multiple regions have initiated price governance for Chinese patent medicines, focusing on high-priced products with significant price discrepancies [4][5] - The ongoing supply-side reforms are expected to reshape competitive factors within the industry, with a shift from channel-driven to value and cost-driven competition [5] Investment Recommendations - The report suggests focusing on three main investment themes: price governance, consumption recovery, and state-owned enterprise reform [11] - Specific recommendations include companies with strong R&D capabilities, unique products, and those less affected by centralized procurement [12]

Group 1 - The Chinese medicine sector experienced a decline of 0.83% on November 28, with Yue Wannianqing leading the drop [1] - The Shanghai Composite Index closed at 3888.6, up 0.34%, while the Shenzhen Component Index closed at 12984.08, up 0.85% [1] - Key stocks in the Chinese medicine sector showed mixed performance, with Tai Long Pharmaceutical rising by 5.37% to a closing price of 8.04 [1] Group 2 - Yue Wannianqing saw a significant drop of 13.71%, closing at 22.84, with a trading volume of 296,100 shares [2] - Other notable declines included Zhongsheng Pharmaceutical, which fell by 10.00% to 23.95, and Te Yi Pharmaceutical, which decreased by 6.41% to 14.01 [2] - The overall net capital flow in the Chinese medicine sector indicated a net outflow of 981 million yuan from main funds, while retail investors contributed a net inflow of 766 million yuan [2]

格隆汇11月28日丨嘉应制药(002198.SZ)在投资者互动平台表示，公司部分产品涉及感冒、咽喉肿痛 类，目前生产依据计划和市场情况有序进行。 ...

Core Viewpoint - The article discusses the ongoing strict regulatory environment for listed companies in China, highlighting recent administrative penalties and investigations against several A-share companies, particularly focusing on issues related to financial misconduct and information disclosure violations [3][4]. Group 1: Regulatory Actions - Multiple A-share companies, including Longbai Group, Dongjiang Environmental Protection, and *ST Chuangxing, have received administrative penalties for various violations, including false financial reporting and undisclosed related-party transactions [3][5]. - Over 10 A-share companies have been penalized or investigated in November alone, with a significant number being ST companies, indicating a heightened regulatory scrutiny [3][4]. Group 2: Specific Cases - Longbai Group's subsidiary was fined 1.49 million yuan due to a safety incident that resulted in casualties and economic losses, while Dongjiang's subsidiary faced penalties for tax evasion amounting to 202.42 million yuan [6][7]. - *ST Chuangxing was found to have false financial records and inadequate disclosure of related-party transactions, leading to a correction order from the Shanghai Securities Regulatory Bureau and warnings issued to its executives [8][9]. Group 3: Other Companies Involved - Companies like Haosai and Jushihua were also investigated for information disclosure violations, with their stock prices dropping significantly following the announcements [10]. - Jia Ying Pharmaceutical faced penalties for failing to disclose 220 million yuan in related-party loans, resulting in warnings and fines totaling 4.9 million yuan [10][11]. - Hengli Tui, which has been delisted, was penalized for financial fraud involving inflated revenue figures, leading to fines of 39.4 million yuan against the company and its executives [13][14].

Core Viewpoint - The article highlights the ongoing strict regulatory environment for listed companies in China's A-share market, with several companies facing administrative penalties or investigations for various violations, including financial misconduct and information disclosure failures [1][2]. Group 1: Regulatory Actions - Multiple A-share companies, including Longbai Group, Dongjiang Environmental Protection, and *ST Chuangxing, have announced administrative penalties due to violations such as false financial reporting and improper disclosure of related party transactions [1][4]. - Over 10 A-share companies have been penalized or investigated in November alone, with a significant number being ST companies, indicating a focused regulatory crackdown [1][2]. Group 2: Specific Company Cases - Longbai Group's subsidiary was fined 1.49 million yuan for a safety incident that resulted in casualties and economic losses, while Dongjiang's subsidiary faced penalties for tax evasion amounting to 202.42 million yuan [2][3]. - *ST Chuangxing was found to have false financial data in its annual reports and was required to submit a written rectification report, with its former chairman facing criminal charges unrelated to the company [4]. - Other companies like Haosai and Jiyuan Pharmaceutical have also been penalized for failing to disclose related party transactions and other regulatory breaches, with fines totaling millions [6][9]. Group 3: Impact on Market Trust - Regulatory officials emphasize the importance of early detection and strict punishment for problematic companies to protect investors and restore market confidence, particularly for ST companies that are given a one-year observation period for rectification [1].

Group 1 - The core viewpoint of the news highlights the strong performance of the Traditional Chinese Medicine (TCM) sector, driven by supportive government policies aimed at innovation and industrial transformation [1][2] - The Shanghai government has issued a document encouraging collaboration among medical institutions, research units, and pharmaceutical companies to create platforms for TCM innovation and industrial transformation [1] - The document supports the development of major TCM varieties and the secondary development of classic varieties, as well as the establishment of mechanisms for collecting and organizing human experience data for drug registration [1] Group 2 - China Galaxy Securities anticipates that policy-driven changes will continue to propel the pharmaceutical industry towards innovation and upgrades, with a focus on finding incremental opportunities in niche markets [2] - The report indicates that domestic innovative drugs are expected to yield results, with several second-generation I/O drugs and ADCs entering phase three clinical trials, which is promising for future developments [2] - The TCM prescription drug market is facing clinical re-evaluation, which may reshape the market landscape and potentially lead to a turning point in TCM gross margins [2] Group 3 - The TCM ETF closely tracks the Zhongzheng TCM Index, which selects listed companies involved in TCM production and sales to reflect the overall performance of TCM concept stocks [2] - As of October 31, 2025, the top ten weighted stocks in the Zhongzheng TCM Index account for 54.92% of the index, including companies like Yunnan Baiyao and Tongrentang [2]

Core Viewpoint - The article discusses the penalties imposed on Jiaying Pharmaceutical for violations related to related party transactions and information disclosure, resulting in a total fine of 4.9 million yuan and various regulatory measures [2][3][4]. Summary by Sections Regulatory Actions - Jiaying Pharmaceutical and its chairman Li Neng, along with three other key personnel, received a total fine of 4.9 million yuan from the Guangdong Securities Regulatory Bureau for failing to disclose related party transactions and not following the necessary review procedures [2][4]. - The company also received a warning and a public reprimand from the Shenzhen Stock Exchange, highlighting the severity of the violations [2][4]. Violations Details - The violations involved non-operational fund transfers between Jiaying Pharmaceutical's subsidiary and a related party, with total amounts reaching 220 million yuan, which constituted 28.83% of the company's latest audited net assets [3][4]. - The highest daily balance of funds transferred to the related party was 89.96 million yuan, accounting for 11.79% of the company's net assets [3]. Penalties Breakdown - The penalties included a warning and a fine of 1.5 million yuan for Jiaying Pharmaceutical, while chairman Li Neng was fined 1.6 million yuan, and other executives received fines ranging from 800,000 to 1 million yuan [4]. - The company has stated that it will enhance compliance awareness and ensure accurate information disclosure moving forward [4]. Previous Violations - This is not the first time Jiaying Pharmaceutical has faced penalties for information disclosure issues, as it previously received a warning in 2021 for failing to timely disclose significant matters [5].

要有效遏制和打击资本市场中的违法违规行为，必须直指资金拆借等问题的核心实质，出台更具针 对性的法律法规，而非仅通过信息披露等侧面手段"旁敲侧击"。唯有如此，方能明确此类行为的违法性 质，并切实强化对违法行为的打击力度。为此，笔者建议： 首先，证券法可增设相应行政处罚条款。可将目前"违规占用""违规拆借""违规提供财务资助"等行 为，明确为法律所禁止的违法行为，并增设处罚条款。要将行政处罚与违法占用（违法拆借、违法资 助）金额、期限、净资产占比挂钩。例如，占用资金超净资产10%的，对责任主体可处以占用金额10% —20%的罚款，或远超信披违法的500万元罚款上限。 其次，要精准区分违法主体责任层级。谁从违法行为中收益最多，谁就应受到最严厉的惩戒。一般 来说，占用资金等行为，主要是由控股股东、实控人、董事长等决策并受益，对其罚款金额应远高于执 行层，要形成"决策者担主责、受益者受重罚"的局面。对执行层面的责任主体，需根据具体履职情况追 责、处罚应与其失职程度匹配。 近日，广东嘉应制药及相关主体接连收到行政处罚、监管警示函与交易所公开谴责三份"罚单"，关 联方资金拆借、违规财务资助等违规行为浮出水面。尽管相关资金最 ...