5月28日晚，广东嘉应制药（002198）股份有限公司(以下简称"嘉应制药")发布公告，公司收到中国证 券监督管理委员会的《立案告知书》，因涉嫌信息披露违法违规，中国证监会决定对公司立案。 同时，嘉应制药还存在关联方及关联交易未经审议且未披露等情况。2024年，嘉应制药及子公司与养天 和及其实际控制的公司——广东共合医药有限公司(下称"共合医药")发生关联交易金额合计1039.93万 元。但该日常关联交易未履行审议程序和披露，直到今年4月，嘉应制药才对上述关联交易予以补充披 露。 股权变更后高层动荡 嘉应制药出现的这一系列内控问题均与其第二大股东养天和存在一定关联。而养天和入股嘉应制药仅不 足一年时间。 2024年7月，嘉应制药持股5%以上股东陈少彬与养天和签署《股份转让协议》，陈少彬向养天和以每股 10元的价格转让其持有的嘉应制药7%的股份，股份转让价款合计3.55亿元。一个月后，养天和实际控 制人李能被选举为嘉应制药董事长。2024年9月，相关转让股份完成过户登记手续，养天和正式成为嘉 应制药第二大股东。 李能入主董事会后，嘉应制药不仅问题频出，高层也频繁出现变动。 前不久，嘉应制药刚被爆出内部控制存在重 ...

一周前，嘉应制药任职10个月的财务总监史俊平辞职。 嘉应制药主要从事中成药的研发、生产和销售，2007年12月登陆A股市场。上市以来，公司经营业绩整 体上不理想。2023年、2024年，公司营收净利双降，今年一季度，公司实现的归属母公司股东的净利润 （以下简称"归母净利润"）大增近2倍，但也只有1540万元。 长江商报消息 ●长江商报记者 沈右荣 老牌医药企业嘉应制药（002198.SZ）被立案调查了。 5月28日晚间，嘉应制药公告，当日，公司收到中国证监会的《立案告知书》，因公司涉嫌信息披露违 法违规，证监会决定对公司立案。对于具体所涉何事，嘉应制药在公告中没有提及。 Wind数据显示，上市18年来，嘉应制药累计盈利仅2.75亿元，累计仅进行5次现金分红，累计分红额不 到9000万元。 2024年，嘉应制药研发费用仅为675.72万元，销售费用1.37亿元。 嘉应制药靠什么突围？ 信披违规被立案调查 2020年8月，嘉应制药股东承诺12个月内增持不低于5%的股份，在延长12个月后，也仅增持0.16%的股 份，被广东证监局出具警示函，责令整改。当月，控股股东涉及表决权委托事宜，但未并告知嘉应制 药，未予以披露 ...

Core Viewpoint - Guangdong Jiaying Pharmaceutical Co., Ltd. is under investigation by the China Securities Regulatory Commission, leading to a significant drop in its stock price following the announcement of the investigation [1][2]. Group 1: Company Background - Jiaying Pharmaceutical is an established pharmaceutical company known for its research, production, and sales of traditional Chinese medicine, with key products including throat and cold medications [3]. - The company experienced a major shareholder restructuring in 2024 when Hunan Yantianhe Pharmacy acquired 7% of Jiaying's shares for a total of 355 million yuan [1]. Group 2: Recent Developments - The company faced regulatory scrutiny after its independent director, Li Shanwei, was found to have violated disclosure regulations by selling shares during a sensitive period without proper notice [2]. - Jiaying disclosed that it had engaged in non-compliant related party transactions, with a total of approximately 235 million yuan transferred to related parties, including 170 million yuan to a subsidiary of Yantianhe [2][3]. - In the fourth quarter of 2024, Jiaying reported a revenue decline of 25.3%, with total annual revenue falling to 376 million yuan, a year-on-year decrease of 29.46% [3].

此外，独立董事李善伟的违规行为也令人咋舌。2024年12月，李善伟因隐瞒持股信息并在内幕信息敏感 期违规减持股票，被广东证监局采取责令购回违规减持股份的行政监管措施。其行为严重违反了信息披 露相关规定，损害了市场的公平性和投资者的利益。 嘉应制药此前还出现了多名高管职务异动，无疑给公司带来了更大的不确定性。 关联交易不规范是嘉应制药的一大问题。2024年第四季度，公司与养天和大药房股份有限公司及其关联 公司发生多笔关联交易，涉及金额高达1039.94万元，却未及时履行审议程序和披露，直至2025年4月才 补充披露。这种不规范操作严重损害了信息披露的及时性和准确性，让投资者难以及时了解公司的真实 经营状况。 资金管理漏洞同样严重。2024年9月至2025年1月期间，嘉应制药被关联方湖南药聚能医药有限公司非经 营性占用资金2.35亿元，且通过"月初转出、月末前转回"的方式粉饰痕迹，直至2025年1月23日才全部 归还。这种行为不仅违反了资金管理规定，也暴露了公司内部治理的混乱。 每经评论员 杜宇 5月28日晚间，嘉应制药（SZ002198，前收盘价：6.70元，市值：34亿元）公告因涉嫌信息披露违法违 规被证监会 ...

嘉应制药（002198）一字跌停，公司公告涉嫌信息披露违法违规，遭中国证监会立案。 暗盘资金正涌入这些股票，点击速看>>> ...

Group 1 - The overall market liquidity remains tight, with structural market conditions leading to rotations in new consumption and new manufacturing sectors [1][18] - There are left-side investment opportunities in fields such as robotics, intelligent driving, and internet platforms [1][18] - The basic chemical industry is currently undervalued, presenting medium to long-term investment potential [18] Group 2 - The performance of sectors like consumption and pharmaceuticals is expected to be relatively stable, with short-term elasticity likely to be better [18] - The chemical industry is anticipated to see structural opportunities and valuation recovery in 2025, driven by policy stimulus and improving demand [18] - The supply side of the chemical industry is experiencing a slowdown in capital expenditure and new capacity growth, which will take time to digest [18]

Policy Developments - The National Medical Products Administration (NMPA) held a meeting on May 28 to discuss the "Clearing Source" action in the drug distribution sector, emphasizing strict enforcement of regulations and collaboration across departments to ensure drug quality and safety [2]. Drug and Device Approvals - Novartis announced on May 28 that its anti-VEGF monoclonal antibody, Brolucizumab, has been approved by the NMPA for the treatment of diabetic macular edema (DME), allowing for injections every three months after the loading phase [4]. - On the same day, the NMPA accepted the new drug application (NDA) for Rocbrutinib, a fourth-generation BTK inhibitor developed by LuPeng Pharmaceutical, which is intended for adult patients with mantle cell lymphoma (MCL) who have previously received BTK inhibitor treatment [5]. Capital Market Activities - Zhenmai Bio completed a C+ round financing of 280 million yuan on May 28, with participation from multiple investors, aiming to focus on "commercial ecosystem construction" and "global expansion" [7]. Industry Events - On May 27, Anmai Bio announced a global licensing agreement with Juri Biosciences for the development of KLK2 and CD3 T-cell engaging molecules for metastatic prostate cancer, with potential payments up to 210 million USD [9]. - Eli Lilly announced on May 27 that it will acquire SiteOne Therapeutics, a startup focused on developing sodium channel inhibitors for pain management, with a total deal value of up to 1 billion USD [10]. Regulatory and Compliance Issues - ST Longjin announced on May 28 that it received a decision from the Shenzhen Stock Exchange to terminate its stock listing, effective June 27, 2025, due to non-compliance with listing rules [12]. - ST Jiyuan's stock will be delisted on May 29, 2025, after failing to maintain a closing price above 1 yuan for 20 consecutive trading days [14]. - ST Suwu reported on May 28 that it is under investigation by the China Securities Regulatory Commission (CSRC) for information disclosure violations, but its daily operations remain normal [15]. - Jiaying Pharmaceutical announced on May 28 that it is under investigation by the CSRC for suspected information disclosure violations and will cooperate with the regulatory body [16].

Core Viewpoint - The company, Jiaying Pharmaceutical, is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, which may impact its operations and reputation [1]. Group 1: Company Overview - Jiaying Pharmaceutical specializes in the research, production, and sales of traditional Chinese medicine, holding a significant position in the industry with 58 drug varieties across 5 dosage forms [3]. - The company's leading products, Shuangliao Houfeng San and Zhonggan Ling Pian, have been recognized as national protected traditional Chinese medicine varieties and have won the "Guangdong Province Famous Brand Product" title [3]. - Jiaying Pharmaceutical's subsidiary, Jiaying Hunan, produces unique products listed in the national medical insurance directory, including Jieguzhi Qili Pian and Jieguzhi Qili Jiao Nang, both of which have patent authorization [3]. Group 2: Financial Performance - In 2024, Jiaying Pharmaceutical reported total revenue of 376 million yuan, a year-on-year decline of 29.46%, and a net profit attributable to shareholders of 20.61 million yuan, down 39.94% [3]. - Despite the financial challenges, the company has implemented measures such as optimizing production processes and enhancing cost control to maintain stable core business operations [3]. - In Q1 2025, Jiaying Pharmaceutical achieved revenue of 122 million yuan, a year-on-year increase of 28.83%, primarily due to expanded sales channels [3]. - The net profit attributable to shareholders for the same period was 15.40 million yuan, reflecting a significant year-on-year growth of 197.23%, driven by successful partnerships with major retail chains and improved cost management [3]. Group 3: Corporate Governance - During a recent earnings briefing, the company addressed investor concerns regarding its governance, stating that the current Secretary of the Board was recruited from a state-owned enterprise, emphasizing high compliance management standards [4]. - The company has undertaken substantial efforts in compliance and internal control, including appointing dedicated compliance personnel and implementing electronic process management [4]. - Future plans include enhancing compliance systems and culture, ensuring business operations and information disclosures are compliant and scientifically managed [4].

Group 1 - Jia Ying Pharmaceutical is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, having received a notice of case filing on May 28, 2025 [2] - ST United plans to acquire 100% of Run Tian Industrial through a combination of share issuance and cash payment, with the stock set to resume trading on May 29 [3] - Long Gao Co., Ltd. is undergoing a restructuring of its controlling shareholder, Longyan Investment Development Group, which has established a new investment development group with a registered capital of 3 billion yuan [4] Group 2 - San You Chemical's controlling shareholder intends to inject 100 million yuan into its subsidiary, Tangshan San You Silicon Industry, through a private agreement [5] - ST Ji Pharmaceutical's stock will be delisted on May 29, 2025, due to a continuous closing price below 1 yuan for twenty trading days [6] - Hehe Information plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange to enhance its global strategy and brand recognition [8] Group 3 - ST Huaxi has signed a significant contract worth approximately 2.9 billion USD (about 20.84 billion yuan) for a project in Iraq, which represents 80.38% of its latest audited revenue [9] - ST Longjin's stock will enter a delisting preparation period starting June 6, 2025, following a decision by the Shenzhen Stock Exchange [10] - Zhenbao Island's wholly-owned subsidiary intends to acquire a 49% stake in its controlling subsidiary, Guizhou Shennong Valley [11]

Macro Dynamics - The Chinese Foreign Ministry urged the U.S. to ensure the legitimate rights and interests of international students, including Chinese students, amid reports of a halt in student visa issuance [1] - China announced a trial visa exemption policy for Saudi Arabia, Oman, Kuwait, and Bahrain from June 9, 2025, to June 8, 2026, allowing ordinary passport holders from these countries to enter China without a visa for up to 30 days [2] Market Data - From May 1 to 25, the retail sales of passenger cars in China reached 1.358 million units, a year-on-year increase of 16%, with a cumulative retail of 8.23 million units for the year, up 9% [3] - The retail sales of new energy vehicles during the same period were 726,000 units, marking a 31% year-on-year increase, with a penetration rate of 53.5% [3] - From January to April, the total profit of state-owned enterprises was 1.34914 trillion yuan, a year-on-year decrease of 1.7% [4] Company Dynamics - China’s Ministry of Education reported that the number of candidates for the national college entrance examination in 2025 is expected to reach 13.35 million [5] - The first-instance trial of former chairman of Everbright Trust, Yan Guijun, for bribery and abuse of power began, with allegations of illegal loan approvals totaling over 6.39 billion yuan [7] - Stellantis announced Antonio Filosa as the new CEO, effective June 23, 2024, following his extensive experience within the company [15] - Douyin e-commerce plans to reduce freight insurance costs for merchants by 5% to 15% starting June 6, 2024, potentially saving over 1 billion yuan in operating costs for merchants in the coming year [17]