这场持续595个交易日中，赵叶青控制的账户组竟然有502天都在交易金城医药股票。账户组平均持股比 例达到5.68%，最高时占流通股的9.04%，足以对股价形成实质性影响。 而操纵手法中最露骨的部分是自买自卖。在214个交易日中，这些账户之间进行对倒交易，其中36天对 倒成交量占市场总成交量超过20%，最极端的一天，这一比例高达45.65%。 这些数字背后是一个令人不安的现实：一家上市公司的实际控制人，竟然在近三年时间里，通过104个 账户持续操纵自家股价。 证监会一纸罚单落下，这家医药公司股价应声下跌，内部治理的深层隐患也随之浮出水面。 证监会查明，2017年8月至2020年2月，赵叶青联合两人利用104个证券账户买卖自家公司股票，累计交 易金额超过40亿元。 这场持续近三年的操纵行为，最终以账户组亏损738.2万元告终。更令人诧异的是，这其中有214个交易 日存在账户间对倒交易，最高一日对倒成交量占比竟达到45.65%。 12月11日，金城医药（维权）发布两份公告，披露了董事长赵叶青因操纵证券市场被处罚的消息：罚款 150万元，市场禁入4年，同日辞去所有职务。 01 治理危机 实控人操纵自家股票却反亏738 ...

Group 1: Company Performance - Jin Cheng Pharmaceutical reported a significant decline in operating performance, with total revenue of 1.932 billion yuan in the first three quarters of 2025, a year-on-year decrease of 23.19% [6] - The net profit attributable to the parent company was 31.58 million yuan, down 79.1% year-on-year, while the net profit after deducting non-recurring gains and losses was 21.91 million yuan, a decrease of 84.17% [6] - The third quarter performance was particularly poor, with revenue of 572 million yuan, a year-on-year decline of 24.44%, and a net loss of 11.81 million yuan, marking a 157.7% year-on-year decline [7] Group 2: Reasons for Performance Decline - The decline in performance is attributed to two main factors: the impact of centralized procurement on traditional antibiotic business, leading to significant price reductions, and increased production costs due to rising raw material prices and decreased production efficiency [7][9] - The gross margin decreased from approximately 45.96% in the same period of 2024 to 36.23% in the first three quarters of 2025, a significant drop of 9.73 percentage points [10] - The net margin fell from about 5.58% in 2024 to 1.74% in the first three quarters of 2025, a year-on-year decline of 73.02%, indicating ineffective cost control amid declining revenues [10] Group 3: Core Business and Market Challenges - Jin Cheng Pharmaceutical's core business is antibiotic raw materials, which are characterized by low profit margins, necessitating a shift towards high-end transformation for performance improvement [14] - The revenue from the antibiotic business decreased by approximately 30% year-on-year, primarily due to the ongoing tightening of centralized procurement policies, which significantly reduced the prices of core products [16] - The company is also facing increased environmental costs due to stricter regulations in the pharmaceutical industry, further compressing profit margins [18] Group 4: New Business Initiatives - In response to the decline in traditional business, Jin Cheng Pharmaceutical is expanding into the women's health sector, aiming to commercialize overseas innovative drugs in China [19] - The company has achieved a breakthrough with Progestin Cream in the South Korean market, receiving an import license from the Korean Ministry of Food and Drug Safety [19] - A strategic partnership with Theramex was established to commercialize Bbijuva, a hormone replacement therapy capsule, in China, which is the first and only FDA-approved combination therapy of its kind [20] Group 5: Financial Risks - The company faces significant financial risks, including a high accounts receivable ratio of 213.38%, indicating poor collection efficiency [13] - The cash flow from operating activities was 184 million yuan, down 8.57% year-on-year, reflecting tightening cash flow conditions [13] - The ratio of cash and cash equivalents to current liabilities is 98.49%, nearing the 100% warning line, indicating pressure on short-term debt repayment capabilities [22]

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！ 12月11日，金城医药（300233.SZ）连发两则公告，宣告实控人赵叶青因操纵公司股票被证监会处以150 万元罚款，并采取4年市场禁入措施。处罚落地当日，这位曾被称为"A股最年轻董事长"的掌舵人辞去 所有职务。 颇具戏剧性的是，这场始于2017年、动用104个账户、累计买入金额超21亿元的股价操纵行为，不仅未 能获利，反而以亏损739万元告终。早在2024年8月，因涉嫌操纵证券市场，证监会决定对赵叶青立案。 2025年12月10日，处罚决定正式落地，整个调查、听证周期历时一年多。 北京京师律师事务所许浩律师表示，此案严格遵循法不溯及既往原则，赵叶青等人的操纵行为发生在 2017 - 2020 年，新《证券法》无法约束其生效前行为，且该行为连续，从整体性和稳定性考虑，适用 行为发生时有效的 2005 年《证券法》更合理。在处罚金额方面，依据 2005 年《证券法》无违法所得处 30 - 300 万罚款，三人合计罚 300 万，赵叶青承担 150 万，若用新法罚款将大幅提高；性质认定上，新 旧法均认定操纵证券市场，但旧法定性条款更贴合本案 ...

Group 1 - The core issue involves the manipulation of Jincheng Pharmaceutical's stock by its actual controller Zhao Yeqing and two others, leading to penalties from the China Securities Regulatory Commission (CSRC) [1][16][20] - Zhao Yeqing, Wang Zhen, and Liu Feng were fined a total of 3 million yuan, with Zhao receiving a 4-year market ban, Wang a 3-year ban, and Liu a 30-month ban [1][20] - During the manipulation period from August 18, 2017, to February 10, 2020, the trio opened 104 accounts, trading a total of 2.134 billion yuan, resulting in a loss of 7.39 million yuan [2][19][20] Group 2 - The stock manipulation involved 595 trading days, with the accounts participating in trading on 502 days, buying 119 million shares for 2.134 billion yuan and selling 107 million shares for 1.87 billion yuan [3][19] - The stock price increased by 21.3% during the first phase of manipulation (August 2017 to June 2018), while the second phase (June 2018 to February 2020) saw a modest increase of 2.02% [4][19] - The company stated that the penalties only affect Zhao Yeqing personally and do not impact the company's operations, which continue to run normally [20][25] Group 3 - Zhao Yeqing resigned from his positions as chairman and director of Jincheng Pharmaceutical on the same day the CSRC announced the penalties, citing personal reasons [2][5][23] - As of December 11, Zhao directly held 722,750 shares, accounting for 1.88% of the total share capital, and indirectly held an additional 1.00% through Jinan Jincheng Industrial Investment Co., Ltd. [8][24] - The company has been facing challenges, with its latest financial report indicating a significant decline in revenue and net profit, marking the worst quarterly performance in eight years [14][31]

董事长赵叶青被罚后辞职 12月12日，金城医药公告，12月10日，公司收到实际控制人赵叶青的通知，其收到中国证监会《行政处 罚决定书》。 长江商报消息 ●长江商报记者 黄聪 从A股最年轻的董事长，到操纵股票被市场禁入，金城医药（300233.SZ）赵叶青自食其果。 12月12日，金城医药公告，公司实际控制人赵叶青收到中国证监会《行政处罚决定书》。决定书显示， 2017年8月18日至2020年2月10日，赵叶青、王震、刘峰3人共同操纵"金城医药"股票。其中，赵叶青是 操纵行为的决策者。 经查，操纵期间共595个交易日，账户组在502天参与交易，累计竞价买入1.19亿股，金额21.34亿元，累 计竞价卖出1.07亿股，金额18.7亿元。然而，经测算，账户组实际亏损739.2万元。 最终，监管部门对赵叶青等人处以300万元罚款，其中赵叶青承担150万元，同时对赵叶青采取四年市场 禁入措施。 12月12日，金城医药公告，赵叶青提交书面辞职报告，其因个人原因辞去公司董事长、董事等相关职 务。 经查明，2017年8月18日至2020年2月10日，赵叶青、王震、刘峰3人共同操纵"金城医药"股票。其中， 赵叶青是操纵行为的决 ...

21亿资金疯狂砸入，本想操纵股价收割股民，结果不仅没捞到一分钱，反而血亏739万，还丢了董事长 职位、遭4年市场禁入，这荒诞又解气的一幕，就发生在金城医药原董事长赵叶青身上。 小李实在没想到，身为上市公司掌舵人，竟会耗尽心机用百余个账户暗箱操作，靠"对倒"交易扭曲股 价，把普通投资者当韭菜。 他这番操作到底坑了多少无辜股民？明明手握资金和持股优势，为何精心策划的操纵大计最终会彻底翻 车？这背后不仅是一场违背市场规则的闹剧，更藏着资本市场最该警惕的风险。 荒诞闹剧 小李认为，资本市场从不缺投机者，但像金城医药实控人赵叶青这样"赔了夫人又折兵"的操纵者，令人 唏嘘。 12月11日，随着两份公告落地，这起隐藏近三年的股价操纵案终于尘埃落定。 当事人赵叶青不仅收到中国证监会行政处罚书，还同步递交辞职报告，从一手打造的上市公司董事长位 置上黯然离场。 没人能想到，这场动用百余个账户、横跨近600个交易日的操纵行动，最终会以"亏损"收场。 据监管查明，2017年至2020年间，赵叶青牵头，联合王震、刘峰两人构建包含104个账户的庞大交易网 络，在595个交易日里有502天都在频繁操作。 三人凭借资金和持股优势，一边在二级 ...

Core Viewpoint - The investigation into Jincheng Pharmaceutical's actual controller, Zhao Yeqing, concluded with his resignation and a formal penalty from the China Securities Regulatory Commission (CSRC) for stock manipulation, resulting in a fine of 1.5 million yuan and a four-year market ban [1][7]. Group 1: Investigation and Penalty - Zhao Yeqing, along with Wang Zhen and Liu Feng, was found to have manipulated Jincheng Pharmaceutical's stock from August 2017 to February 2020, using 104 accounts over nearly 600 trading days [3][5]. - The manipulation involved significant trading activity, with the account group holding an average of 18.58 million shares, representing 5.68% of the company's circulating shares, and reaching a peak of 32.09 million shares, or 9.04% [5][6]. - Despite the extensive manipulation, the group incurred a total loss of approximately 7.39 million yuan, with total buying and selling amounts of about 2.134 billion yuan and 1.870 billion yuan, respectively [7]. Group 2: Impact on Stock Price - During the manipulation period, the account group demonstrated a strong buying intent, accounting for 17.29% of the market's buying volume and 23.02% of the market's trading volume at certain times, leading to a stock price increase of 21.30% compared to a 2.90% rise in the ChiNext Index [5][6]. - The manipulation included 214 days of trading between accounts controlled by the same individuals, with some days seeing transaction volumes exceeding 30% of the market's total [6]. Group 3: Resignation and Company Position - On the same day as the penalty announcement, Zhao Yeqing resigned from all positions within Jincheng Pharmaceutical, holding 2.88% of the company's shares at the time [8][9]. - The company emphasized that the administrative penalty only pertains to Zhao Yeqing personally and does not affect the company as a whole, indicating no major violations that would lead to forced delisting [9].

12月11日，山东金城医药集团股份有限公司（300233.SZ）连发两则公告，揭开实控人带头操纵股价案的终局：董事长赵叶青因主导长达近三年的股票操 纵行为，被证监会罚款150万元并实施4年市场禁入，当日其已正式辞去公司所有职务。 据证监会查明，2017年8月18日至2020年2月10日期间，赵叶青作为决策者，与王震（主要实施者）、刘峰（次要实施者）共同操纵了"金城医药"股票。 根据公告，赵叶青、王震、刘峰三人控制使用104个证券账户，通过集中资金优势、持股优势连续买卖，在自己实际控制的账户之间进行交易等手段操 纵"金城医药"股票，影响"金城医药"股票交易价格和交易量。 操纵期间共595个交易日，账户组在502天参与交易，累计竞价买入1.19亿股，金额21.34亿元，累计竞价卖出1.07亿股，金额18.70亿元。尽管实施了操纵行 为，账户组最终亏损约739.2万元。 具体而言，账户组期初持有"金城医药"8300股，期末持有1177.63万股。操纵期间，账户组日均持有"金城医药"1858.33万股，占流通股本的5.68%，最高持 股3209.48万股，占流通股本的9.04%。账户组累计竞价买入约1.19亿股，卖出 ...

据中国证券监督管理委员会消息，中国证监会对赵叶青、王震、刘峰三人操纵山东金城医药集团股份有 限公司股票的行为进行立案调查，并作出行政处罚决定。调查显示，三人在2017年8月18日至2020年2月 10日期间，通过控制104个账户进行买卖，影响股票交易价格和交易量，被认定为操纵证券市场行为。 最终，证监会决定对赵叶青处以150万元罚款并实施4年市场禁入措施，对王震处以120万元罚款并实施3 年市场禁入措施，对刘峰处以30万元罚款。 ...

wumiancaijing.com / 最热的泛财经新闻，都在这儿了。 重要提醒！！！为防失联，请"星标"我们！进入无冕财经公众号，点击右上角"..."，再""，以便您及时接收每篇推送~ 本文由无冕财经（wumiancaijing）整理发布 资讯整理：小冕 编辑：陈涧 设计：岚昇 飞天茅台批价跌破1499元 分析称短期内或仍将下滑 12月12日，据第三方平台今日酒价披露的批发参考价显示，2025年飞天原箱较前一日下跌15元，报1495元/瓶； 2025年 飞天茅台散瓶较前一日下跌15元，报1485元/瓶。 这是飞天茅台的价格首次低于1499元的官方指导价。 ▲图片来自今日酒价。 据今日酒价年初披露的数据，2025年飞天茅台散瓶及原箱的批发参考价均超2200元/瓶。但其价格此后不断下滑。6月22 日跌至1900元以下，6月25日再破1800元，虽7月7日短暂反弹至1880元，但8月29日再度失守1800元，10月底跌破1700 元，11月末跌破1600元。 本轮价格下跌中，电商平台的表现尤为引人注目。 11月初，随着各大电商平台启动促销活动，部分平台的53度飞天茅台补贴后价格已出现低于市场批发价的情况，拼多多 ...