广东嘉应制药股份有限公司 2025 年半年度报告全文 广东嘉应制药股份有限公司 2025 年半年度报告 2025-046 2025 年 8 月 26 日 1 广东嘉应制药股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人李能、主管会计工作负责人曾勇及会计机构负责人(会计主管 人员)曾勇声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中如有涉及未来发展陈述，属于计划事项，均不构成公司对投资者 的实质承诺，敬请广大投资者注意投资风险。 报告期内可能存在行业政策变化、主导产品较为集中、价格下跌、成本控 制、新药开发等风险，详见本报告第三节"管理层讨论与分析"的"十、公司面 对的风险和应对措施"中对公司可能面临风险的相关描述，敬请广大投资者注 意投资风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 二、报告期内在中国证监会指定信息披露载体上公开披露过的所有公司 ...

资金方面，嘉应制药今日主力资金净流出250.78万元，近五日主力资金净流入774.39万元。 嘉应制药股价报6.86元，较前一交易日下跌0.10元，跌幅1.44%。盘中最高触及7.02元，最低下探至6.85 元，成交额0.62亿元。 嘉应制药属于中药板块，公司主要从事中成药及化学药的研发、生产和销售。近年来，公司持续推 进"中药特色+化药创新"的双轮驱动战略，强化产品矩阵布局。 消息面上，嘉应制药近期与多家机构签署研发合作协议，涉及抗组胺药比拉斯汀片剂及JH002、 JH003、JH004等高端仿制药项目。其中，比拉斯汀主要用于过敏性鼻炎和荨麻疹治疗，而JH003、 JH004分别针对高尿酸血症/痛风和心脏衰竭领域，进一步丰富公司产品线。 风险提示：市场有风险，投资需谨慎。 ...

Core Viewpoint - Guangdong Jiaying Pharmaceutical Co., Ltd. is facing administrative penalties from the China Securities Regulatory Commission (CSRC) for failing to timely disclose related party transactions involving 220 million yuan [1][3][4] Group 1: Company Actions and Violations - Jiaying Pharmaceutical's chairman, Li Neng, is the actual controller of Hunan Yaojuneng Pharmaceutical Co., Ltd., which constitutes a related party [3] - From October 2024 to January 2025, Jiaying Pharmaceutical's subsidiary provided short-term loans to the related party, totaling 219.99 million yuan, which accounted for 28.83% of Jiaying Pharmaceutical's latest audited net assets [3][4] - The company did not follow the required procedures for related party transactions and failed to disclose these transactions in a timely manner [3][4] Group 2: Regulatory Response - The CSRC Guangdong Regulatory Bureau has determined that Jiaying Pharmaceutical's actions violate multiple provisions of the Securities Law, including failure to disclose related party transactions [4] - Proposed penalties include a warning and a fine of 1.5 million yuan for Jiaying Pharmaceutical, 1.6 million yuan for Li Neng, 1 million yuan for Yu Yongping, and 800,000 yuan for Shi Junping [5]

Core Viewpoint - The chairman of Jiaying Pharmaceutical, Li Neng, is facing penalties for misappropriating company funds shortly after taking office, highlighting governance issues within the company [1][2][3]. Group 1: Regulatory Actions - Jiaying Pharmaceutical received an administrative penalty notice from the Guangdong Securities Regulatory Bureau, with potential fines amounting to 1.5 million yuan for the company and additional fines for Li Neng and other responsible parties [1][3]. - The investigation revealed that from October 2024 to January 2025, Jiaying Pharmaceutical's subsidiary provided short-term loans to a company controlled by Li Neng, totaling 220 million yuan, which constituted 28.83% of the company's audited net assets at that time [1][3]. Group 2: Company Background - Jiaying Pharmaceutical, established in 2003 and listed in December 2007, specializes in the research, production, and sales of traditional Chinese medicine, with a focus on proprietary and patented products [8]. - The company has experienced frequent changes in its major shareholders over the years, with the most recent change occurring in 2023 when Dongfang Securities became the largest shareholder [8]. Group 3: Financial Performance - The company's financial performance has been lackluster, with net profits showing minimal growth over the past five years, including a net profit of only 15.4 million yuan in the first quarter of 2025, despite a nearly twofold increase compared to the previous year [1][8]. - From 2020 to 2024, Jiaying Pharmaceutical's net profits were 19.84 million yuan, 1.48 million yuan, 43.93 million yuan, 34.32 million yuan, and 20.61 million yuan, indicating overall stagnant performance [8][9].

证券代码：002198 证券简称：嘉应制药 公告编号：2025-043 广东嘉应制药股份有限公司 关于股份回购进展情况的公告 2025年1月3日，公司首次实施了股份回购。根据《深圳证券交易所上市公司 自律监管指引第9号——回购股份》等相关规定，公司在回购期间应当在每个月 的前三个交易日内披露截至上月末的回购进展情况。现将公司截至上月末的回购 进展情况公告如下： 二、股份回购进展情况 截至2025年7月31日，公司通过股票回购专用证券账户以集中竞价方式已累 计回购公司股份9,240,000股，占公司目前总股本的1.8206%，回购的最高成交价 格为7.04元/股，最低成交价格为5.96元/股，成交总金额为62,258,006元（不含交 易费用）。 本次回购股份资金来源为公司自有资金，回购价格未超过回购方案中拟定的 价格上限9.80元/股。本次回购符合相关法律法规及公司既定回购股份方案的要求。 三、其他事项说明 公司将在回购期限内根据市场情况择机作出回购决策并予以实施，同时将根 据回购事项进展情况及时履行信息披露义务，敬请广大投资者注意投资风险。 特此公告。 本公司及董事会保证本公告内容的真实、准确和完整，不存在 ...

Core Viewpoint - Jia Ying Pharmaceutical is facing administrative penalties from the China Securities Regulatory Commission for violations related to information disclosure and improper related-party transactions [3][4] Group 1: Regulatory Actions - The company and its key personnel, including Chairman Li Neng, General Manager You Yongping, and former CFO Shi Junping, received a notice of administrative penalties for failing to disclose related-party transactions properly [3][4] - The Guangdong Regulatory Bureau plans to impose a fine of 1.5 million yuan on Jia Ying Pharmaceutical and varying fines on the individuals involved, with Li Neng facing a fine of 160,000 yuan [4] Group 2: Related-Party Transactions - Between October 2024 and January 2025, Jia Ying Pharmaceutical's subsidiary provided short-term loans to its related party, Hunan Yao Juneng, totaling 220 million yuan, which accounted for 28.83% of the company's audited net assets at that time [3] - The transactions were not conducted in accordance with the required approval procedures and were not disclosed in a timely manner [3] Group 3: Company Background - Jia Ying Pharmaceutical, established in 2003 and listed on the Shenzhen Stock Exchange in 2007, specializes in the research, production, and sales of traditional Chinese medicine [6] - The company has total assets exceeding 1 billion yuan and a market capitalization of nearly 3 billion yuan [6] Group 4: Financial Performance - In 2024, Jia Ying Pharmaceutical reported revenue of 376 million yuan, a year-on-year decrease of 29.46%, and a net profit of 20.61 million yuan, down 39.94% [7] - In the first quarter of 2025, the company saw a revenue increase of 28.83% year-on-year, reaching 122 million yuan, and a net profit increase of 197.23%, totaling 15.40 million yuan [7]

Core Viewpoint - On August 1, 2023, Jiaying Pharmaceutical (002198) received an administrative penalty notice from the Guangdong Regulatory Bureau of the China Securities Regulatory Commission (CSRC) for failing to timely disclose 220 million yuan in related party fund borrowing, resulting in fines for the company and its responsible persons [1][2]. Group 1: Administrative Penalties - Jiaying Pharmaceutical was fined 1.5 million yuan, while its chairman Li Neng was fined 160,000 yuan, general manager You Yongping 100,000 yuan, and former financial director Shi Junping 80,000 yuan, totaling 4.9 million yuan [1][2]. - The violations involved non-operating fund transactions that were not disclosed until the 2024 annual report, constituting a breach of the Securities Law [2]. Group 2: Company Background - Jiaying Pharmaceutical is a traditional Chinese medicine manufacturer established in 2003, with R&D, production, and sales bases in Changsha, Hunan Province, and Meizhou, Guangdong Province [3][4]. - As of August 4, 2025, the company's total market value was 3.517 billion yuan, with a product portfolio that includes 70 approved drug varieties across various therapeutic areas [4].

Core Viewpoint - Guangdong Jiaying Pharmaceutical Co., Ltd. is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, leading to potential administrative penalties [1][2]. Group 1: Investigation and Allegations - The company received a notice of investigation from the CSRC on May 28, 2025, due to suspected violations of information disclosure laws [1]. - The investigation revealed that the company's chairman, Li Neng, is the actual controller of Hunan Yaojuneng Pharmaceutical Co., Ltd., which constitutes a related party to Jiaying Pharmaceutical [2]. - Between October 2024 and January 2025, Jiaying Pharmaceutical's subsidiary provided short-term loans to the related party without following the required disclosure procedures, totaling 21.999 million yuan, which accounted for 28.83% of the company's latest audited net assets [2]. Group 2: Administrative Penalties - The CSRC plans to impose administrative penalties, including a warning and a fine of 1.5 million yuan on Jiaying Pharmaceutical, 1.6 million yuan on Li Neng, 1 million yuan on You Yongping, and 800,000 yuan on Shi Junping [3][4]. - The violations were characterized by a short duration and the company’s timely recovery of non-operating funds, which were disclosed in the 2024 annual report [3]. Group 3: Company Response and Impact - The company believes that the penalties will not lead to significant operational impacts and that it does not fall under the major violations that could trigger mandatory delisting [5]. - Jiaying Pharmaceutical has expressed sincere apologies to investors and committed to enhancing compliance awareness and operational standards [5].

涉嫌信息披露违法违规 嘉应制药 《行政处罚事先告知书》显示，嘉应制药董事长李能是湖南药聚能医药有限公司（下称"药聚能"）的实 际控制人，药聚能构成嘉应制药的关联方。2024年10月至2025年1月期间，因药聚能存在短期资金需 求，嘉应制药的子公司嘉应制药（湖南）有限公司（下称"湖南嘉应"）以月初转出、月末转回的方式， 向药聚能提供短期资金拆借，单笔发生额在4万元至5999万元之间。其中，2024年度合计转出1.7亿元； 2025年1月转出5000万元，并均于当月转回，累计涉及金额为2.2亿元，占嘉应制药当时最近一期经审计 净资产的28.83%。 "上述关联方非经营性资金往来未依法履行关联交易审议程序，也未按规定及时披露。"《行政处罚事先 告知书》称，上述有关违法事实，有嘉应制药相关公告、记账凭证、借款合同、银行回单、相关人员询 问笔录等证据证明。 《行政处罚事先告知书》称，李能作为嘉应制药董事长，组织相关人员向药聚能转账，是对嘉应制药上 述信息披露违法违规行为直接负责的主管人员。游永平作为嘉应制药的总经理及湖南嘉应的总经理，负 责嘉应制药和湖南嘉应的整体运营和管理，未勤勉尽责，是嘉应制药上述信息披露违法违规行 ...

Core Viewpoint - Jia Ying Pharmaceutical has been fined a total of 4.9 million yuan due to violations of information disclosure laws, which has raised concerns about its governance and financial practices [3][5][6]. Group 1: Regulatory Actions - Jia Ying Pharmaceutical and related responsible persons received a total fine of 4.9 million yuan from the China Securities Regulatory Commission (CSRC) [3]. - The company’s subsidiary, Hunan Jia Ying, provided a total of 220 million yuan in short-term loans to a company controlled by its actual controller, Li Neng, without proper disclosure [3][6]. - The fines include 150,000 yuan for the company, 1.6 million yuan for Li Neng, 1 million yuan for the general manager, and 800,000 yuan for the former financial director [3]. Group 2: Financial Performance - Jia Ying Pharmaceutical has experienced a decline in revenue and net profit over the past two years, with 2024 revenue dropping to 376 million yuan, a decrease of 29.46% year-on-year, and net profit falling to 20.61 million yuan, down 39.94% [14]. - The company reported a significant drop in operating cash flow, turning negative at -11.83 million yuan, a year-on-year decline of 193.73% [16]. - Accounts receivable surged by 40.48% to 132 million yuan, indicating potential liquidity issues [17]. Group 3: Management Changes - The company has seen frequent changes in its executive team, with the resignation of key personnel including the secretary and financial director earlier this year [12]. - Li Neng took over as chairman of Jia Ying Pharmaceutical in August 2024, shortly before the financial misconduct occurred [7][8]. Group 4: Market Reaction - Following the announcement of the regulatory penalties, Jia Ying Pharmaceutical's stock rose by 3.12%, with a total market capitalization of 3.527 billion yuan as of August 1 [1]. - Since June 20, the stock has experienced an upward trend, with a cumulative increase of over 16% [1].