Core Viewpoint - A recent whistleblower letter has reignited discussions on corruption in the medical industry, particularly involving Guizhou Xintian Pharmaceutical's Chengdu branch, which is accused of bribing over a hundred doctors across more than 30 medical institutions [1][3]. Group 1: Company Overview - Guizhou Xintian Pharmaceutical, established in August 1995 and listed on the Shenzhen Stock Exchange in May 2017, focuses on the research, production, and sales of traditional Chinese medicine, particularly for urological and gynecological diseases [1]. - In 2023, Xintian Pharmaceutical ranked second in hospital sales and eighth in pharmacy sales for gynecological traditional Chinese medicine, with a comprehensive ranking of second [1]. Group 2: Financial Performance - Despite a reform in its sales and production system initiated at the end of 2022, Xintian Pharmaceutical's sales expenses remain high, amounting to 372 million yuan in 2024, which is 43.34% of its revenue [2][4]. - The company's sales expenses decreased by over 15% year-on-year for two consecutive years, yet they still represented a significant portion of total revenue, with 2022 sales expenses at 532 million yuan (48.93% of revenue) and 2023 at 438 million yuan (45.86% of revenue) [4]. - Revenue for 2023 and 2024 was reported at 954 million yuan and 858 million yuan, respectively, reflecting year-on-year declines of 12.29% and 10.11% [6]. Group 3: Compliance and Regulatory Issues - The Sichuan Provincial Health Commission has mandated investigations into the allegations against Xintian Pharmaceutical, requiring reports on any violations of health laws by May 25, 2025 [3]. - The company is accused of using various covert methods for bribery, including fake case collections and excessive speaker fees for medical seminars [3][5]. - Xintian Pharmaceutical has stated that it is cooperating with investigations and claims that its operations are compliant [3]. Group 4: Industry Context - The pharmaceutical industry is under increasing scrutiny for high sales expenses, which are often linked to risks of commercial bribery and compliance issues [5]. - The industry is experiencing a push towards compliance, with regulatory bodies intensifying efforts to combat corruption, including a report indicating that over 52,000 cases were filed in the medical sector [7]. - Analysts suggest that the ongoing anti-corruption efforts will compel pharmaceutical companies to adopt more compliant marketing strategies and digital methods for market activities [8].

当前，新天药业（002873）(002873.SZ)陷入商业贿赂漩涡。 5月27日，网上流传一份四川省卫健委下发的《关于对举报材料进行核查的通知》。通知显示，四川省 卫健委近期收到举报信，反映贵阳新天药业股份有限公司成都分公司存在商业贿赂行为，涉及37家医疗 机构的超百名医生。 5月27日，有媒体致电四川省卫健委医疗应急处，对方工作人员表示此事正在调查中。 同日，长江商报记者向新天药业发去采访函，截至记者发稿尚未收到回复。 5月28日，新天药业证券部工作人员回应媒体采访时表示，已经关注到网传的相关内容。根据业务部门 的初步了解，公司运营合规，相关信息存在内容不实，公司正在积极配合相关部门的调查工作，公司舆 情预案已经启动。 长江商报记者发现，2023年和2024年，新天药业销售费用分别为4.38亿元和3.72亿元，同比分别下降 17.79%和15.06%，分别为同期营业收入约46%和43%。 2024年，新天药业销售费用中，职工薪酬及福利达1.95亿元，较上年同期5858.99万元大幅增长约 232%。然而，2024年年末，新天药业销售人员为1049人，同比下降约13%。 自称举报相关信息内容不实 5月27日 ...

Core Viewpoint - The company is facing allegations of bribery involving multiple doctors, which has led to a decline in its stock price and raised concerns about its reputation and financial performance [1]. Company Overview - Guizhou Xintian Pharmaceutical Co., Ltd. was established in August 1995 and focuses on the research, development, production, and sales of traditional Chinese medicine, primarily targeting gynecological and urological diseases, among other areas [1]. - The company was listed on the Shenzhen Stock Exchange's SME board in May 2017 [1]. Financial Performance - In 2024, the company's revenue is approximately 858 million yuan, representing a year-on-year decrease of 10.11%, while the net profit attributable to shareholders is about 52.32 million yuan, down 35.3% year-on-year [3]. - The company has experienced a decline in performance for two consecutive years starting from 2023 [3]. Sales and Marketing Strategy - The company's sales expenses as a percentage of revenue have been significant, recorded at 48.93%, 45.86%, and 43.34% for the years 2022 to 2024, respectively [4]. - There is a downward trend in sales expenses, attributed to reforms in the marketing system initiated in 2022, aimed at reducing costs and increasing efficiency [4]. - The marketing reforms include adjustments in organizational structure, team building, systematic training for product managers, and enhanced management of marketing strategies [4]. Product Portfolio - The company has several key products, including Kuntai Capsules, Ku Shen Gel, Ning Mi Tai Capsules, and Xia Ku Cao Oral Liquid, which are unique in the domestic market and included in the national medical insurance catalog, achieving a market scale exceeding 100 million yuan for individual products [2].

数据显示，2024年，公司营业收入为8.6亿元，同比下降10.11%；归母净利润为0.52亿元，同比下降 35.3%。 费用方面，2022年-2024年公司销售费用分别为5.32亿元、4.38亿元、3.72亿元，销售费用率分别为 48.93%、45.86%、43.34%。同期申万中药分类下的企业销售费用率中位数分别为33.02%、33.39%、 33.33%；算数平均值分别为31.89%、32.22%、31.41%，新天药业销售费用率高于行业整体水平约10个 百分点。 据2024年年报显示，报告期内公司销售费用中的市场开发与推广费显著减少，由2023年的3.04亿元降低 至1.26亿元，但职工薪酬及福利由去年同期的5858.99万元大幅增至2024年的1.95亿元，同比增超 230%。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 近日，一则关于新天药业的举报信在网络中广泛流传。 举报信揭露，新天药业通过"向日葵联盟"APP伪造问卷调查（每例300元）、朵儿互联网医院支付高额 科普文章费用（单篇500元），组织虚假学术会议、超标支付讲课费（单场最高5000元）等方式向医生 行贿，并 ...

Group 1 - The core issue involves allegations against Xintian Pharmaceutical (002873) related to commercial bribery involving doctors from over 30 medical institutions in Sichuan Province [1] - The allegations include practices such as providing benefits to prescribing doctors through false cases and academic events, as well as cash incentives for increased prescriptions [1] - The company’s main products, including Kuntai Capsule, are positioned in the women's health market and have achieved significant sales, with Kuntai Capsule ranking first in the market for menopausal Chinese medicine in 2023 [2] Group 2 - In 2024, Xintian Pharmaceutical reported revenue of 858 million yuan and a net profit of 52 million yuan, with sales expenses accounting for 43% of revenue and R&D expenses at 4.6% [2] - The company’s gynecological products contribute approximately 71% to its total revenue [2] - The actual controller of the company, Dong Dalun, has a long history in the pharmaceutical industry, having held various positions since 1984 [3] Group 3 - As of May 28, Xintian Pharmaceutical's stock closed at 8.85 yuan, reflecting a decline of 2.43% amid the bribery allegations [4]

证券代码：002873 证券简称：新天药业 公告编号：2025-030 贵阳新天药业股份有限公司 2024年度权益分派实施公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 贵阳新天药业股份有限公司（以下简称"公司"或"本公司"）通过回购专 用证券账户持有的公司股份8,806,030股不享有参与利润分配的权利。因此，本次 权益分派以公司股权登记日总股本剔除回购专户上已回购股份8,806,030股后的 股本为基数进行。 一、股东大会审议利润分配方案情况 1、公司2024年度利润分配方案为：以未来实施利润分配方案时股权登记日 的总股本（不含公司回购专户中的股份）为基数，向全体股东每10股派发现金红 利人民币0.60元（含税），不送红股，不以资本公积转增股本。公司在未来实施 利润分配方案的股权登记日前总股本发生变动的，维持每股分配金额不变的原 则，相应调整分配总额，具体分配总额以实际派发金额为准。 上述利润分配方案已获公司于2025年5月19日召开的2024年年度股东大会审 议通过，具体内容详见公司指定信息披露媒体《证券时报》、巨潮资讯网 （http: ...

北京德恒律师事务所 法律意见 北京市西城区金融街 19 号富凯大厦 B 座 12 层 电话:010-52682888 传真:010-52682999 邮编:100033 关于贵阳新天药业股份有限公司 北京德恒律师事务所 2024 年度股东大会的法律意见 北京德恒律师事务所 关于 贵阳新天药业股份有限公司 2024 年度股东大会的法律意见 德恒 01G20170272-34 号 在本法律意见中，本所律师仅对本次股东大会的召集、召开程序、出席会议人 员资格、召集人资格及会议表决程序、表决结果是否符合《公司法》《股东会规则》 等法律、法规、规范性文件及《公司章程》的规定发表意见，不对会议审议的议案 内容以及该等议案所表述的事实或数据的真实性及准确性发表意见。 本所及经办律师依据《证券法》《律师事务所从事证券法律业务管理办法》和 《律师事务所证券法律业务执业规则》等规定及本法律意见出具日以前已经发生或 者存在的事实，严格履行了法定职责，遵循了勤勉尽责和诚实信用原则，进行了充 分的核查验证，保证本法律意见所认定的事实真实、准确、完整，所发表的结论性 意见合法、准确，不存在虚假记载、误导性陈述或者重大遗漏，并承担相应法律 ...

贵阳新天药业股份有限公司 证券代码：002873 证券简称：新天药业 公告编号：2025-029 2024年年度股东大会决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 5、会议召开方式：本次股东大会采用现场表决与网络投票相结合的方式召 开。 6、会议主持人：董事长董大伦先生。 1.本次股东大会未出现否决议案的情形。 2.本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开情况 1、会议通知：贵阳新天药业股份有限公司（以下简称"公司"）董事会于 2025年4月25日在《证券时报》和巨潮资讯网分别刊登了《关于召开2024年年度 股东大会的通知》（公告编号：2025-026）。 2、会议召开日期和时间： 现场会议时间：2025 年 5 月 19 日（星期一）下午 15:30 开始。 网络投票时间：2025 年 5 月 19 日。其中，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 5 月 19 日上午 9:15-9:25 和 9:30-11:30，下午 13:00-15:00；通过深圳证券交易所互联网投票系统投票的 ...

Group 1: Product Development - The company has two innovative drugs in development for cardiovascular diseases: XTBXH539 for acute ischemic stroke and XTHQT736 for chronic coronary syndrome, both showing clinical potential [2] - These candidates aim to provide neuroprotection and improve heart function, with a focus on reducing cardiac remodeling [2] Group 2: Automation and Smart Manufacturing - Since 2021, the company has integrated smart manufacturing into its operations, completing multiple automated production line upgrades [3] - A modern intelligent production capacity center has been established, enhancing supply chain efficiency and production quality [3] - The company plans to fully implement artificial intelligence in production by 2030, aligning with national smart manufacturing initiatives [3] Group 3: Investment and Financial Strategy - The company plans to invest CNY 250 million in building a pharmaceutical production line, primarily funded through self-owned capital and bank loans [4] - This investment is aimed at enhancing the company's competitive position and expanding its business scale, including contract manufacturing opportunities [4] - The company has terminated its share issuance for asset acquisition as of July 26, 2024, focusing on internal growth strategies [4]

证券代码：002873 证券简称：新天药业 公告编号：2025-028 贵阳新天药业股份有限公司 关于参加"2025年贵州辖区上市公司投资者集体接待 日活动暨2024年度业绩说明会"的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 欢迎广大投资者积极参与本次年度业绩说明会。 贵阳新天药业股份有限公司（以下简称"公司"）已于 2025 年 4 月 25 日披 露了 2024 年年度报告及其摘要，为加强公司与投资者的交流互动，便于广大投 资者进一步了解公司 2024 年度经营情况等关切问题，公司将参加由贵州证监局 指导、贵州证券业协会联合深圳市全景网络有限公司举办的"2025 年贵州辖区 上市公司投资者集体接待日暨 2024 年度业绩说明会"并征集相关问题，具体安 排如下： 一、业绩说明会的安排 召开时间：2025 年 5 月 12 日 15:40-17:40 召开方式：网络远程方式 出席本次活动人员有：公司董事长、总经理董大伦先生；公司董事、副总经 理、董事会秘书王光平先生；公司独立董事官峰先生；公司财务总监曾志辉女士。 参与方式：投资者可登录 http: ...