经济观察报记者 张晓晖 2025年12月3日，贵州百灵（002424）（002424.SZ，下称"贵州百灵"）实际控制人、董事长姜伟发出了 一封公开信。他在信中写道： "最近几年，贵州百灵和我个人非议不断。2024年上半年，公司股票被ST处理；2025年公司完成摘帽， 各方面发展重回正轨，我作为公司控股股东却又遭到华创证券无理巨额起诉；今天，我个人又受到中国 证监会的立案调查。这一切都让我有一个强烈的感觉：似乎矛头开始转向了我个人。" 经济观察报从姜伟的代理律师（就职于通商律师事务所）处了解到，姜伟在公开信中提及的华创证券巨 额诉讼案，诉争金额达到20亿元，原本通知是12月3日在贵阳市中级人民法院开庭，由于姜伟提出反 诉，此案延期。 姜伟出生于1961年，山东栖霞人，1982年毕业于贵阳中医学院药学系（现贵州中医药大学），1996收购 了贵州安顺制药厂，也就是贵州百灵的前身。从濒临倒闭的安顺制药厂改革起步，姜伟带领企业员工历 经30余年，将企业逐步发展为产值规模年逾40亿元、税收贡献总金额70多亿元、员工人数近7000人以及 市值一度高达500亿元的苗药龙头上市公司贵州百灵。 姜伟家族曾在2015年至2017 ...

A股 1、12月4日晚间，环保监测设备龙头ST先河公告称，公司股票交易将于12月5日停牌一天，于12月8日开市起复牌。公司股票自12月8日开市起撤销其他风 险警示，证券简称由"ST先河"变更为"先河环保"，证券代码仍为"300137"，撤销其他风险警示后，公司股票交易的日涨跌幅限制不变，仍为20%。 2、上交所官网最新数据显示，2025年11月份，A股新增投资者开户数达到238.14万户，环比增长3.1%。 3、Wind数据显示，截至12月3日，今年以来外资机构已累计调研A股上市公司逾9000次，持续释放看好中国资产的积极信号。其中，以Point72资产管理 公司、高盛为代表的知名外资机构调研频次位居前列。 4、贵州百灵企业集团制药股份有限公司发布公告称，公司实际控制人姜伟因涉嫌内幕交易、信息披露违法、违反限制性规定转让股票，中国证监会决定 对其进行立案。 5、 牧原食品股份有限公司近日发布公告称，公司正在进行申请境外上市外资股（H股）发行并在香港联交所主板挂牌上市的相关工作，于11月28日向香 港联交所更新递交了本次发行并上市的申请，并于同日在香港联交所网站刊登了相关申请资料。牧原股份曾于2025年5月27 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 作者丨杜涛 出品丨牛刀商业评论 因涉嫌内幕交易、信息披露违法等，贵州百灵（维权）实控人姜伟收到证监会《立案告知书》，这场始于六年前的 18 亿纾困纠纷，终于从 "企业债务争 议" 升级为 "个人合规危机"。 一边是华创证券指控姜伟未履行回购义务，索要 17.61 亿元本金及违约金，一边是姜伟反诉对方 "无理起诉""谋求控制权"，双方各执一词的 "罗生门" 尚 未落幕，上市公司股价已应声大跌 6.28%，总市值缩水至 73 亿元。 这场纠纷远非 "纾困反被套" 的简单戏码，而是折射出民企纾困机制的漏洞、上市公司控制权博弈的暗涌，以及 "苗药第一股" 在业绩颓势下的生存焦虑。 姜伟的麻烦，本质是民营上市公司在资本运作与合规经营失衡下的缩影，其背后的问题远比个人命运更值得行业深思。 0 1 纾困变"困局" 2019 年，华创证券 18 亿纾困资金注入贵州百灵时，本是一场 "雪中送炭" 的资本合作。 姜伟缓解股权质押压力，券商通过纾困基金获取合理收益，上市公司稳定控制权。但六年过去，这场合作沦为对簿公堂的闹剧，核心症结在于纾困机制的 "先天不足" 与 "执行变形"。 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 斑马消费 范建 一边面临高达17亿元的诉讼，另一边被证监会立案调查。贵州百灵实控人、贵州前首富姜伟的这个冬天，寒冷异常。 正如他自己所感受的那样——似乎所有的矛头开始转向他个人。 创业30年，他一手打造出"苗药第一股"贵州百灵，一度在资本市场高歌猛进。而最近几年，上市公司和他频陷非议，已影响投资者们的信心。 作为公司创始人，姜伟和贵州百灵，一损俱损、一荣俱荣。如果能顺利度过这个多事之秋，姜伟或许应该重新考虑调整自己的投资版图。 矛头开始指向个人 最近两三年，贵州百灵（002424.SZ）的投资者们始终战战兢兢，不知道什么时候，就会有一个利空的消息降临。 这不，坏消息又来了。 12月3日盘后，公司披露公告，实控人姜伟已于近日收到证监会的《立案告知书》，他因涉嫌内幕交易、信息披露违法、违反限制性规定转让股票，被立案 调查。 上市公司表示，本次立案是对姜伟个人的调查，与公司日常经营管理和业务活动无关，不会对公司及子公司生产经营活动产生影响。 为安抚内外，姜伟通过贵州百灵官方公众号，发表了一篇公开信。他在信中表示，自己将全力配合证监会的调查，"实践中，经调查确无问题的 ...

Core Viewpoint - Guizhou Bailing's actual controller, Jiang Wei, is under investigation by the China Securities Regulatory Commission (CSRC) for insider trading and information disclosure violations, which raises concerns about the company's governance and financial health [1][2]. Group 1: Investigation and Regulatory Actions - Jiang Wei, the actual controller of Guizhou Bailing, has been notified of the CSRC's investigation due to allegations of insider trading and violations related to stock transfers [2]. - The investigation is focused solely on Jiang Wei and does not pertain to the company's daily operations or business activities [1]. - Guizhou Bailing has faced multiple regulatory actions in recent years, including being ordered to rectify significant internal control deficiencies and being investigated for information disclosure violations [1][3]. Group 2: Financial Performance - Guizhou Bailing reported a loss of 415 million yuan in 2023, with a decline in revenue and net profit in the first three quarters of 2025, achieving approximately 2.1 billion yuan in revenue and 57 million yuan in net profit, both down year-on-year [1][6]. - The company's sales expenses are notably high, amounting to 1.854 billion yuan in 2024, which constituted 48.47% of its revenue [1][6]. - Over the period from 2020 to 2024, Guizhou Bailing's total sales expenses exceeded 8.1 billion yuan, significantly impacting profitability [6][7]. Group 3: Sales and R&D Expenses - In 2023 and 2024, Guizhou Bailing's sales expenses were 2.311 billion yuan and 1.554 billion yuan, respectively, while R&D expenses were only 42 million yuan and 23 million yuan, indicating a disproportionate allocation of resources [7]. - The ratio of sales expenses to R&D expenses was 55.02 times in 2023 and 80.61 times in 2024, highlighting a concerning trend in the company's investment strategy [7]. - The company has not distributed cash dividends for five consecutive years from 2020 to 2024, and no dividends were declared in the first three quarters of 2025 [7].

Core Viewpoint - Guizhou Bailing, known as the "first stock of苗药," is facing multiple crises including continuous performance pressure, internal control issues, and debt disputes, following the investigation of its actual controller for insider trading [5][6]. Group 1: Investigation and Management Response - The actual controller, Jiang Wei, has been investigated for insider trading and violations of information disclosure regulations, leading to a formal investigation by the China Securities Regulatory Commission [6][8]. - Guizhou Bailing stated that the investigation pertains to Jiang Wei personally and will not affect the company's daily operations or business activities [8]. - Jiang Wei reassured employees in a letter, urging them to remain calm and focused on their work despite the ongoing investigation [11]. Group 2: Legal Disputes and Financial Implications - A legal dispute has arisen between Guizhou Bailing and Huachuang Securities, with the latter suing Jiang Wei and related parties over a financial rescue plan and stock pledge disputes, amounting to a total of 1.761 billion yuan [12][16]. - Jiang Wei has counter-sued, demanding Huachuang Securities fulfill its obligations and compensate for alleged damages caused by malicious reporting [15][16]. Group 3: Financial Performance - Guizhou Bailing's financial performance has been declining, with a 15.29% year-on-year drop in revenue to 2.815 billion yuan in 2023, marking the worst performance since its listing, and a net loss of 187 million yuan [19]. - For the first three quarters of 2025, the company reported a revenue of 2.102 billion yuan, down 24.28% year-on-year, and a net profit attributable to shareholders of 56.81 million yuan, down 35.6% [20]. - The company's sales expenses have been excessively high, reaching 1.238 billion yuan in 2022, nearly ten times its R&D investment, which has decreased significantly in 2024 [21].

Core Viewpoint - The article highlights the challenges faced by Guizhou BaiLing's actual controller, Jiang Wei, including a lawsuit amounting to 1.7 billion yuan and an investigation by the China Securities Regulatory Commission (CSRC) for insider trading and information disclosure violations, which have significantly impacted investor confidence in the company [1][4]. Company Overview - Guizhou BaiLing, known as the "first stock of苗药" (Miao medicine), was founded by Jiang Wei, who has built the company over 30 years and previously enjoyed significant success in the capital market [1][11]. - The company has faced increasing scrutiny and negative sentiment from investors over the past few years, leading to a decline in stock performance and overall investor confidence [3][5]. Recent Developments - On December 3, the company announced that Jiang Wei received a notice from the CSRC regarding an investigation into insider trading and other violations, which the company stated would not affect its daily operations [4]. - Following the announcement, Guizhou BaiLing's stock price fell significantly, with a maximum intraday drop of over 7%, closing at 5.22 yuan per share, a decrease of 6.28%, leading the A-share traditional Chinese medicine sector [5]. Legal Issues - Jiang Wei is currently facing a lawsuit from Huachuang Securities for a total of 1.7 billion yuan related to a financial rescue plan and stock pledge disputes, which has been accepted by a local court [6][10]. - The lawsuit stems from a financial arrangement where Huachuang Securities provided 1.4 billion yuan in funding to Jiang Wei through stock transfers and additional loans, which have not been repaid as agreed [6]. Financial Performance - Guizhou BaiLing's financial performance has been declining, with a record revenue of 4.263 billion yuan in 2023 but a net loss of 415 million yuan, marking the first loss since its listing [13]. - The company reported a revenue of 2.102 billion yuan and a net profit of 56.81 million yuan in the first three quarters of 2023, representing year-on-year declines of 24.28% and 35.60%, respectively [13]. Historical Context - Jiang Wei's wealth peaked in 2017 at 16.5 billion yuan, making him the richest person in Guizhou, but he has since fallen off the list due to the decline in the company's stock price and his financial troubles [12][15]. - The company has faced continuous scrutiny from regulatory bodies, receiving inquiry letters from the exchange for over ten consecutive years, which is uncommon in the A-share market [14].

Key Points - Company Grinda plans to invest 80 million yuan to subscribe for 1.91% of Muxi's initial public offering shares [1] - Fuyong Technology clarifies that its products do not possess AI capabilities [1] - Bohui Paper Industry intends to invest 1.7 billion yuan to establish a project with an annual production capacity of 320,000 tons of chemical pulp [1] - Jinggong Technology has won the bid for the Wuhan Qingshan high-performance carbon fiber production base project [1] - Yonghe Intelligent Control plans to transfer 100% equity and debt of its wholly-owned subsidiary Chengdu Shanshui [2] - Zhigang Home plans to repurchase shares with an investment of 80 million to 110 million yuan [2] - Meikailong's shareholder Hangzhou Haoyue intends to reduce its holdings by no more than 131 million shares [2] - International Medical plans to raise no more than 1.008 billion yuan through a private placement [2] - Guizhou Bailin's actual controller Jiang Wei has received a notice of investigation from the Securities Regulatory Commission [2]

针对此次调查，在12月3日晚贵州百灵微信号发布的《姜伟董事长致贵州百灵全体同事的一封信》中， 姜伟表示："最近几年，贵州百灵和我个人非议不断。2024年上半年，公司股票被ST处理；2025年公司 完成摘帽，各方面发展重回正轨，我作为公司控股股东却又遭到华创证券无理巨额起诉；今天，我个人 又受到中国证监会的立案调查。这一切都让我有一个强烈的感觉：似乎矛头开始转向了我个人。" 中国经济网北京12月4日讯 12月4日，贵州百灵（002424）企业集团制药股份有限公司（以下简称"贵州 百灵）披露公告，公司实际控制人姜伟近日收到中国证监会下发的《立案告知书》，姜伟因涉嫌内幕交 易、信息披露违法、违反限制性规定转让股票被立案调查。 ...

Core Viewpoint - Guizhou BaiLing's stock price dropped significantly following the announcement of its actual controller, Jiang Wei, being investigated by the China Securities Regulatory Commission (CSRC) for insider trading and information disclosure violations, adding to the company's existing performance challenges [1][2]. Group 1: Investigation and Leadership Impact - Jiang Wei, the core figure of Guizhou BaiLing, is under investigation, which may lead to a leadership vacuum and raise market suspicions about the company's stability, potentially affecting investor confidence and causing stock price declines [3]. - Jiang Wei expressed his commitment to cooperate with the investigation and highlighted ongoing personal and corporate challenges, including a significant lawsuit from Huachuang Securities and the potential for the company's stock to be classified as ST (special treatment) in the first half of 2024 [2]. Group 2: Legal Disputes - A legal dispute with Huachuang Securities involves a claim of 1.761 billion yuan, stemming from a failed rescue cooperation initiated in 2020, where Guizhou BaiLing sought financial support due to high debt levels and stock pledge rates [4]. - Jiang Wei has counter-sued Huachuang Securities, accusing them of failing to exit the agreement as promised and seeking damages for stock price losses due to alleged malicious reporting [5]. Group 3: Financial Performance - Guizhou BaiLing's financial performance has deteriorated, with a reported revenue of 2.102 billion yuan for the first three quarters of the year, a 24.28% decrease year-on-year, and a net profit of 56.81 million yuan, down 35.60% [7]. - The company has only achieved 52.55% of its annual revenue target of 4 billion yuan and less than half of its net profit goal of 120 million yuan, attributing the decline to high reliance on specific product categories and external market pressures [6][7]. Group 4: Strategic Measures - The company is implementing self-rescue measures, including a shift from a large-package marketing model to a direct sales model, and is conducting phase III clinical trials for its diabetes-related product [8].