贵州百灵公告称，公司近日收到国家知识产权局出具的《专利申请受理通知书》。受理的专利申请号为 202610042695.2，发明创造名称是"一种治疗糖尿病或其并发症的中药制剂"。该申请基于公司糖宁通络 项目多年研究形成的专利技术，若获授权，将为项目提供更严密知识产权保护。不过，此次申请处于受 理环节，存在无法通过审查并获授权的风险，且目前不会对公司经营产生重大影响。 ...

Core Viewpoint - Guizhou Securities Regulatory Bureau has intensified its crackdown on financial fraud, with significant penalties imposed on companies and individuals involved in fraudulent activities, aiming to purify the capital market environment and enhance regulatory effectiveness [1][2][5]. Group 1: Regulatory Actions - In 2025, Guizhou Securities Regulatory Bureau conducted inspections on 111 companies, implementing 31 administrative regulatory measures and 63 daily regulatory measures [1]. - Two financial fraud cases were severely punished, with a total of 1.94 billion yuan in penalties proposed against two listed companies and 20 responsible individuals, including 10-year market bans for four individuals [1][2]. - The bureau has adopted a "zero tolerance" policy towards financial fraud, emphasizing comprehensive punitive measures against violators [1]. Group 2: Specific Cases of Financial Fraud - The Guizhou Bailin financial fraud case involved the company underreporting sales expenses, leading to a cumulative profit inflation of 655 million yuan from 2019 to 2021, with a proposed fine of 25.6 million yuan and a 10-year market ban for the chairman [1][2]. - The *ST Gaohong case involved fraudulent activities that inflated revenue and profits, resulting in a proposed fine of 160 million yuan and market bans for three individuals [2]. Group 3: Strengthening Daily Supervision - The bureau has enhanced daily supervision across various sectors, focusing on issues such as insider trading, financial misreporting, and improper information disclosure [2][3]. - Specific measures included inspections of 10 companies, with 4 administrative and 10 daily regulatory actions taken [2]. Group 4: Oversight of Intermediary Institutions - Increased scrutiny on intermediary institutions, including underwriters and audit firms, to ensure compliance and accountability in financial reporting [3][4]. - The bureau has conducted inspections on 28 securities and futures institutions, implementing 1 administrative and 29 daily regulatory measures to ensure proper operations [4]. Group 5: Future Regulatory Focus - The bureau plans to continue enhancing regulatory effectiveness, focusing on major fraud cases and ensuring investor protection while promoting high-quality market development [5].

Core Viewpoint - Guizhou BaiLing Pharmaceutical Group Co., Ltd. is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, following the issuance of a notice of investigation [1][5] Summary by Sections Investigation Details - The company has received a notice of investigation from the CSRC and is currently being investigated for potential violations of information disclosure regulations [1][5] - A lawyer from Shanghai Baiyue Law Firm indicated that affected investors may have the right to file lawsuits for compensation once the CSRC's investigation concludes [1][5] Compensation Conditions - Investors who traded Guizhou BaiLing stock (002424) during specific periods and incurred losses may qualify for preliminary compensation registration: - Those who bought shares between April 30, 2020, and April 30, 2024, and held or sold at a loss after April 30, 2024 [2][6] - Those who bought shares between April 23, 2022, and April 30, 2024, and held or sold at a loss after April 30, 2024 [2][6] - The final compensation conditions will be determined by the formal administrative penalty decision from the CSRC and the effective ruling from the people's court [2][6] Required Documentation for Compensation - To initiate the compensation process, investors typically need to prepare the following documents: - Original transaction statements for Guizhou BaiLing stock, stamped by the brokerage firm [3][6] - A copy of the investor's ID (or business license for institutional investors) [4][7] - A confirmation of the securities account information from the brokerage [4][7]

Core Viewpoint - The article discusses the financial fraud case of Guizhou BaiLing, highlighting the importance of analyzing financial statements and identifying potential fraud signals beyond just the numbers reported in financial statements [4][8]. Financial Fraud Case Analysis - Guizhou BaiLing was found to have false disclosures in its annual reports for 2019, 2020, 2021, and 2023, with a total of 655 million yuan in sales expenses understated from 2019 to 2021, leading to inflated profits, and an additional 459 million yuan in sales expenses overstated in 2023, resulting in reduced profits [4][6]. - The methods used by Guizhou BaiLing involved adjusting sales expenses to manipulate current profits, which raises questions about the reliability of financial data [4][5]. Comparative Analysis with Peers - Guizhou BaiLing's core characteristics include being primarily engaged in traditional Chinese medicine manufacturing and OTC products, with key competitors being Jiangzhong Pharmaceutical, Kang En Bei, and Jichuan Pharmaceutical [4][5]. - Sales expenses for Guizhou BaiLing increased from 7.8 million yuan in 2017 to 12.9 million yuan in 2021, with a sales expense ratio rising from 30.2% to 41.4% during the same period, indicating a trend but not necessarily an anomaly [6][7]. Fraud Signal Analysis Framework - The analysis framework for identifying financial fraud includes three dimensions: business abnormal signals, financial abnormal signals, and governance warning signals [9][10]. - Governance warning signals are particularly emphasized, with a focus on abnormal behaviors of controlling shareholders and management, as well as market anomalies [11][12]. Governance Warning Signals - Abnormal behavior of controlling shareholders, such as high share pledges or legal disputes, can indicate potential financial manipulation pressures [13][19]. - The case of Guizhou BaiLing highlights the controlling shareholder's financial distress, which led to a "rescue fund" agreement to stabilize the company, raising concerns about potential financial reporting manipulation [19][20]. Market Abnormal Signals - Market abnormal signals include rumors, internal control failures, regulatory inquiries, and accounting errors, all of which were present in Guizhou BaiLing's case [21][29]. - Guizhou BaiLing received multiple inquiries from the Shenzhen Stock Exchange regarding financial data anomalies and internal control issues, which serve as critical warning signs [29][30]. Conclusion - The Guizhou BaiLing case illustrates that financial fraud signals can be detected through careful analysis of governance and market behaviors, emphasizing the need for vigilance in financial reporting [33][34].

证券代码：002424 证券简称：ST 百灵 公告编号：2025-057 贵州百灵企业集团制药股份有限公司 股票交易异常波动公告 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。 针对公司股票交易异常波动，公司董事会对公司、控股股东及实 际控制人就相关事项进行了核实，现就有关情况说明如下： 1、公司未发现前期披露的信息存在需要更正、补充之处； 2、公司未发现近期公共传媒报道可能或已对公司股票交易价格 产生较大影响的未公开重大信息； 3、公司目前的经营情况及内外部经营环境未发生重大变化； 4、经核查，公司、控股股东和实际控制人不存在关于本公司的 应披露而未披露的重大事项，或处于筹划阶段的重大事项，股票异常 波动期间，公司控股股东、实际控制人未买卖公司股票； 5、公司不存在导致股票交易严重异常波动的未披露事项。 三、是否存在应披露而未披露信息的说明 公司董事会确认，公司目前没有任何根据《深圳证券交易所股票 上市规则》等有关规定应予以披露而未披露的事项或与该事项有关的 筹划、商谈、意向、协议等；董事会也未获悉本公司有根据《深圳证 券交易所股票上市规则》等有关规定应予以 ...

证券代码：002424 证券简称：ST 百灵 公告编号：2025-056 贵州百灵企业集团制药股份有限公司 关于 2025 年第三次临时股东会决议的公告 特别提示： 1、本次股东会未出现否决提案的情形。 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。 2、本次股东会未涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1、召开时间： 现场会议召开时间：2025年12月30日（星期二）上午十时 网络投票时间：通过深圳证券交易所交易系统进行网络投票的具 体时间为 2025 年 12 月 30 日（现场股东会召开当日）的交易时间， 即 9:15—9:25,9:30—11:30 和 13:00—15:00。通过深圳证券交易所 互联网投票系统进行网络投票的开始时间为 2025 年 12 月 30 日（现 场股东会召开当日）9:15，结束时间为 2025 年 12 月 30 日（现场股 东会结束当日）15:00。 2、召开地点：贵州省安顺市经济技术开发区西航路 212 号贵州 百灵企业集团制药股份有限公司会议室 3、召开方式：现场投票和网络投票相 ...

贵州北斗星律师事务所(以下简称"本所")接受贵州百灵企业集团制 药股份有限公司（以下简称"公司"）委托，指派本所律师郑锡国、张妮 出席了公司于 2025 年 12 月 30 日上午 10：00 在贵州省安顺市经济技术开 发区西航路 212 号贵州百灵企业集团制药股份有限公司会议室召开的公司 2025 年第三次临时股东会（以下简称"本次股东会"）。现根据《中华人 民共和国公司法》、《中华人民共和国证券法》等有关法律、法规及规章 和《贵州百灵企业集团制药股份有限公司章程》（以下简称（"公司章程"）、 《贵州百灵企业集团制药股份有限公司股东大会议事规则》（以下简称"议 本所律师仅就本次股东会的召集和召开程序、出席会议人员的资格、 本次股东会的表决程序、表决结果等事项发表法律意见，不对本次股东会 提案的内容以及提案中所涉事实和数据的真实性、准确性等问题发表意见。 本法律意见书仅供公司为本次股东会之目的使用，不得用于其他任何 目的或用途。本所同意公司可以将本法律意见书作为本次股东会公告材料， 随其他需公告的信息一起向公众披露，本所依法对其中发表的法律意见承 1/10 贵州北斗星律师事务所法律意见书 关于贵州百灵企业集团 ...

Market Overview - The Chinese medicine sector experienced a decline of 0.32% on December 30, with *ST Changyao leading the drop [1] - The Shanghai Composite Index closed at 3965.12, down 0.0%, while the Shenzhen Component Index closed at 13604.07, up 0.49% [1] Stock Performance - Notable gainers in the Chinese medicine sector included: - Taiji Group (600129) with a closing price of 18.25, up 2.07% [1] - Wanbangde (002082) at 13.89, up 1.98% [1] - Fangsheng Pharmaceutical (603998) at 11.29, up 1.62% [1] - Conversely, *ST Changyao (300391) saw a significant drop of 19.49%, closing at 0.95 [2] Trading Volume and Value - The trading volume and value for key stocks were as follows: - Taiji Group: 87,200 shares traded, with a transaction value of 159 million [1] - Wanbangde: 164,400 shares traded, with a transaction value of 227 million [1] - Fangsheng Pharmaceutical: 48,000 shares traded, with a transaction value of 53.82 million [1] Capital Flow - The Chinese medicine sector experienced a net outflow of 231 million from institutional investors, while retail investors saw a net inflow of 280 million [2] - The capital flow for specific stocks included: - Wanbangde with a net inflow of 48.79 million from institutional investors [3] - Taiji Group with a net inflow of 18.53 million from institutional investors [3] - *ST Changyao had a net outflow of 19.49% [2]

Core Viewpoint - Guizhou Bailing (002424.SZ) has once again been classified as ST (Special Treatment) due to financial misconduct, marking a continuous cycle of financial fraud, penalties, and regulatory scrutiny, with a total of 11.14 billion yuan manipulated over four years [1][4][28]. Financial Manipulation - The company has been involved in financial manipulation by underreporting and overreporting sales expenses to inflate and deflate profits, respectively, with a total adjustment amounting to 11.14 billion yuan over four years [6][28]. - The financial manipulation details include: - 2019: Underreported sales expenses by 350.12 million yuan, inflating profits by 350.12 million yuan (95.73% of that year's profit) - 2020: Underreported sales expenses by 240.81 million yuan, inflating profits by 240.81 million yuan (115.35% of that year's profit) - 2021: Underreported sales expenses by 63.79 million yuan, inflating profits by 63.79 million yuan (45.04% of that year's profit) - 2023: Overreported sales expenses by 459.41 million yuan, deflating profits by 459.41 million yuan (93.17% of that year's profit) [8][29]. Regulatory Actions - The company faced a historic penalty of 25.6 million yuan from the China Securities Regulatory Commission (CSRC), and its internal control reforms were deemed superficial [9]. - The actual controller, Jiang Wei, has been banned from the market for ten years, significantly impacting the company's strategic stability [9]. Legal Issues - Jiang Wei is embroiled in a legal dispute with Huachuang Securities, which is seeking repayment of 1.7 billion yuan due to unpaid debts related to financial support provided in 2019 [10][32]. - The relationship between Jiang Wei and Huachuang Securities has deteriorated from a supportive partnership to a contentious legal battle [11][32]. Financial Performance - Guizhou Bailing has experienced significant financial decline, with a revenue drop of 10.26% in 2024 to 3.825 billion yuan and a negative net profit of 82.44 million yuan [13][34]. - In the first three quarters of 2025, revenue continued to decline by 24.28%, with a net profit of only 21.21 million yuan, indicating ongoing financial challenges [13][34]. R&D and Sales Issues - The company's R&D investment is significantly below industry standards, with R&D expenses as a percentage of revenue at 0.82%, 1.95%, and 1.59% from 2022 to 2024, compared to an average of 4.17% to 4.86% among peers [35]. - Sales expenses are alarmingly high, with a sales expense ratio of 48.46% in 2024, nearly four times that of a competitor [15][35]. Dependency Risks - Guizhou Bailing has a high dependency on a limited number of customers and suppliers, with the top five customers accounting for nearly 40% of revenue and the top five suppliers for over 45% of purchases [37].

Core Viewpoint - Guizhou BaiLing has been repeatedly penalized and labeled as ST (special treatment) due to ongoing financial misconduct, leading to significant management and operational instability [2][3][7]. Financial Misconduct - The company has been involved in a cycle of financial manipulation, with a total of 1.114 billion yuan adjusted over four years, showcasing a pattern of inflating and deflating profits [5][6]. - The China Securities Regulatory Commission (CSRC) issued a record fine of 25.6 million yuan, indicating severe regulatory scrutiny and the ineffectiveness of the company's internal control reforms [7]. Management Issues - The company's actual controller, Jiang Wei, has been banned from the market for ten years, which poses a significant threat to the company's strategic stability [2][7]. - Jiang Wei is embroiled in a legal dispute with Huachuang Securities, which is seeking repayment of 1.7 billion yuan, further complicating the company's financial situation [10][11]. Financial Performance - Guizhou BaiLing's revenue for 2024 was 3.825 billion yuan, a decline of 10.26% year-on-year, with a net loss of 82.44 million yuan, primarily relying on government subsidies to mitigate losses [13]. - In the first three quarters of 2025, revenue continued to decline by 24.28%, with a net profit of only 21.21 million yuan, indicating ongoing financial challenges [13]. Research and Development - The company's R&D expenditure has been significantly lower than industry peers, with R&D expenses as a percentage of revenue at 0.82%, 1.95%, and 1.59% from 2022 to 2024, compared to an average of 4.17% to 4.86% among 69 listed traditional Chinese medicine companies [14]. - The core R&D project, "Tang Ning Tong Luo," has not yet completed its Phase III clinical trials, raising concerns about its future revenue potential [14]. Sales and Market Dependency - Guizhou BaiLing's sales expenses are alarmingly high, with a sales expense ratio of 48.46% in 2024, nearly four times that of Yunnan Baiyao [14]. - The company relies heavily on a concentrated customer and supplier base, with the top five customers accounting for nearly 40% of revenue and the top five suppliers for over 45% of purchases, which could jeopardize its operational stability [16].