Core Viewpoint - Guangdong Jiaying Pharmaceutical Co., Ltd. is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure, leading to significant stock price declines and market capitalization loss [1][3]. Financial Performance - As of December 31, 2024, the company reported revenue of 376 million yuan, a year-on-year decrease of 29.46%, and a net profit attributable to shareholders of 20.61 million yuan, down 39.94% year-on-year [4]. Internal Control Issues - The investigation was triggered by major internal control deficiencies, highlighted in the company's self-evaluation report, which received a qualified opinion from Zhonghua Accounting Firm [6]. - From September 2024 to January 2025, Jiaying Pharmaceutical's wholly-owned subsidiary transferred a total of 170 million yuan to related party Hunan Yaojuneng Pharmaceutical Co., Ltd. without board approval, using a "beginning of month transfer, end of month return" method to obscure the transactions [6]. - In the fourth quarter of 2024, the company engaged in related party transactions totaling 10.39 million yuan with its second-largest shareholder and other related parties, failing to follow proper board review and disclosure procedures [6].

Core Viewpoint - The company, Jiaying Pharmaceutical, is facing significant governance and compliance issues, including violations of information disclosure regulations and internal control deficiencies, which have led to regulatory scrutiny and potential legal consequences [1][2][5]. Group 1: Information Disclosure Violations - Jiaying Pharmaceutical has been found to have concealed related party transactions and fund misappropriation, with transactions totaling 10.39 million yuan that were not submitted for board approval or timely disclosed [2]. - From September 2024 to January 2025, the company's subsidiary transferred 235 million yuan to related parties without board approval, violating corporate governance laws [2]. Group 2: Governance Crisis - A wave of resignations among key management personnel, including the board secretary and CFO, has raised concerns about the stability of the company's governance structure [3]. - The second largest shareholder, Yangtianhe, acquired a 7% stake in Jiaying Pharmaceutical for 355 million yuan but subsequently pledged all shares, indicating financial pressure and potential conflicts of interest [3]. Group 3: Financial Performance Concerns - In 2024, the company's revenue declined by 29.46%, with a 41.05% drop in sales of its main product, indicating weakening market competitiveness [4]. - Despite a 197.23% increase in net profit in Q1 2025, the company's operating cash flow turned negative, raising concerns about the quality of earnings and potential revenue recognition issues [4]. Group 4: Regulatory and Investor Impact - The accounting firm issued a report highlighting the company's internal control and disclosure deficiencies, which could lead to penalties, market bans, or even delisting if violations are confirmed [5]. - Legal actions for investor compensation have been initiated, with potential claims for losses incurred by investors who bought shares before May 28, 2025, and sold or held them after [5].

登录新浪财经APP 搜索【信披】查看更多考评等级 来源：@证券市场周刊微博 日前，嘉应制药（维权）（002198.SZ）发布公告，公司因涉嫌信息披露违法违规被中国证监会立案。 这已不是公司第一次受到监管部门处罚。此前在2021年10月、2022年6月公司曾因信息披露违规分别收到中国证监 会和广东证监局的警示函。 公告编号:2025-033 广东嘉应制药股份有限公司 关于收到中国证券监督管理委员会立案告知书的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整,没有虚假 记载、误导性陈述或重大遗漏。 颇为巧合的是，就在公司一季报发布不久的2025年5月20日，公司又发布了财务总监辞职的公告。而截至2025年5月 20日，公司有股东24009户。 此次嘉应制药被立案，如果证监会经过调查，最终对公司实施行政处罚，根据相关司法解释，在2025年5月28日收 盘之前买入公司股票，且在2025年5月28日后卖出或仍持有并曾产生一定浮亏（无论是否解套）的投资者，可通过 法律途径维护自身合法权益，最终索赔条件与获赔金额将以法院认定为准。 相关事宜可关注《证券市场周刊》微信公众号（ID：capitalweek），点击 ...

Core Viewpoint - Guangdong Jiaying Pharmaceutical Co., Ltd. is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure, following recent revelations of significant internal control deficiencies [1][2] Group 1: Internal Control Issues - Jiaying Pharmaceutical disclosed internal control deficiencies related to fund management and information disclosure, as highlighted in an audit report by Zhonghua Accounting Firm [2] - The company’s subsidiary, Jiaying Pharmaceutical (Hunan) Co., Ltd., engaged in non-operational fund transfers totaling 235 million yuan, including 170 million yuan to a related party without board approval [2][3] - The company failed to disclose related party transactions amounting to 10.39 million yuan until April 2025, despite these transactions occurring in 2024 [3] Group 2: Shareholder Influence and Management Changes - The internal control issues are linked to the second largest shareholder, Yangtianhe, which acquired a stake in Jiaying Pharmaceutical less than a year ago [4] - Following the acquisition, there have been multiple management changes, including resignations of key executives such as the deputy general manager and financial director [5] - The frequent changes in management may impact the company's daily operations and governance [7] Group 3: Financial Performance - Jiaying Pharmaceutical's revenue declined significantly in 2023 and 2024, with revenues of 533 million yuan and 376 million yuan, representing year-on-year decreases of 19.11% and 29.46% respectively [6] - Despite the decline, the entry of Yangtianhe has reportedly improved the company's channel distribution, leading to a revenue increase of 28.83% in the first quarter of 2025 [6] - The company achieved a net profit of 15.4 million yuan in Q1 2025, a substantial increase of 197.23% year-on-year, attributed to channel expansion and cost management improvements [6]

Core Viewpoint - Jiangying Pharmaceutical, a long-established pharmaceutical company, is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws [1][4]. Company Overview - Jiangying Pharmaceutical primarily engages in the research, production, and sales of traditional Chinese medicine and was listed on the A-share market in December 2007 [2][11]. - The company has experienced overall poor operating performance since its listing, with a cumulative profit of only 275 million yuan over 18 years and only five cash dividends totaling less than 90 million yuan [2][12]. Financial Performance - In the first quarter of 2023, the company reported a net profit attributable to shareholders of 15.4 million yuan, a nearly twofold increase year-on-year, but still low compared to its historical performance [2][12]. - The company's revenue for the first quarter was 122 million yuan, reflecting a year-on-year growth of 28.83% [12]. - However, the company faced a significant cash flow issue, with a net operating cash flow of -11.83 million yuan, a decline of 193.73% year-on-year [12]. Research and Development - Jiangying Pharmaceutical's R&D expenses have significantly decreased, with only 6.76 million yuan allocated for R&D in 2024 [3][13]. - The company has consistently invested between 10 million and 15 million yuan in R&D from 2015 to 2023, with a notable drop in 2024 [13]. Management Changes - The company's financial director, Shi Junping, resigned after only 10 months in the position, which raises concerns about management stability [5][6]. - Shi's previous experience includes roles in tax planning and accounting, but he had not held any prior positions within Jiangying Pharmaceutical [7][8]. Regulatory Issues - Jiangying Pharmaceutical has a history of regulatory violations, including multiple warnings and penalties from the CSRC for issues related to information disclosure and performance predictions [8][9][10].

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].