Core Viewpoint - The company Weikang Pharmaceutical (300878.SZ) has been penalized 16 million yuan due to non-operational fund occupation by its actual controller and violations in information disclosure [2][3][6]. Group 1: Regulatory Actions and Penalties - The China Securities Regulatory Commission (CSRC) has initiated an investigation into Weikang Pharmaceutical and its actual controller Liu Zhongliang for suspected violations of information disclosure [3]. - The CSRC found that from 2020 to 2023, Liu Zhongliang organized and directed the company to transfer funds under the guise of paying for engineering equipment, which were ultimately transferred to his personal accounts, constituting non-operational fund occupation [3][5]. - The total penalties include 5 million yuan for Weikang Pharmaceutical, 7 million yuan for Liu Zhongliang, and 4 million yuan for five other executives, totaling 16 million yuan [6]. Group 2: Financial Performance and Issues - Weikang Pharmaceutical has experienced a decline in performance since its listing in August 2020, with consecutive losses in 2023 and 2024 [4][10]. - The net profits from 2021 to 2023 were 97 million yuan, 49 million yuan, and a loss of 9 million yuan, respectively [9]. - In 2024, the company reported a loss of 147 million yuan, with a particularly poor performance in the fourth quarter, where revenue was negative 20 million yuan [10][11]. Group 3: Operational Challenges - The company attributes its declining performance to several factors, including reduced demand for prescription drugs due to changes in medical insurance policies and market conditions, increased competition leading to lower gross margins, and a shift in product promotion strategies [10]. - In 2024, Weikang Pharmaceutical's sales expenses were 201 million yuan, accounting for 57.26% of its revenue, while R&D expenses were only 14 million yuan, representing 4% of revenue, a decrease of 66.85% year-on-year [10]. Group 4: Corporate Governance Changes - Due to the fund occupation issues, two executives left their positions, with Liu Zhongliang resigning as chairman and director in May 2024 [7].

Core Viewpoint - The investigation into Weikang Pharmaceutical (300878) revealed a four-year-long financial misconduct involving the misappropriation of funds by the actual controller, Liu Zhongliang, leading to significant penalties and ongoing operational challenges for the company [1][2]. Group 1: Financial Misconduct - Weikang Pharmaceutical received a penalty exceeding 14 million yuan due to undisclosed related-party fund misappropriation and false statements in convertible bond prospectuses [1]. - From 2020 to mid-2023, Liu Zhongliang transferred over 150 million yuan from the company to personal accounts under the guise of engineering equipment payments, with the highest annual misappropriation exceeding 10% of net assets [2]. - The scale of fund misappropriation increased from 78.11 million yuan in 2020 to 151 million yuan in 2023, with corresponding percentages of net assets being 5.64%, 6.35%, 10.43%, and 10.24% [2]. Group 2: Operational Performance - Weikang Pharmaceutical has experienced a continuous decline in performance since its IPO, with net profits dropping from 108 million yuan in 2020 to a loss of 147 million yuan in 2024 [3]. - The company's revenue in the first quarter of 2025 fell by 65.10% year-on-year to 69.77 million yuan, with losses expanding to 9.85 million yuan [3]. - The gross margin decreased significantly from 72.41% in 2020 to 42.23% in 2024, reflecting a 30 percentage point drop over five years [3]. Group 3: Strategic Changes - In response to ongoing challenges, Weikang Pharmaceutical divested its retail pharmaceutical business in September 2024 to focus on traditional Chinese medicine research and health products [4]. - Despite the recognition of its flagship product, Yinhuang Diban, as the top cold medicine in retail for 2024, the company has not been able to reverse its declining performance [4]. Group 4: Investor Rights and Compensation - Following the administrative penalties, investors who purchased Weikang Pharmaceutical shares between March 31, 2021, and December 27, 2024, may claim compensation for losses incurred [5]. - As of June 2025, Weikang Pharmaceutical's stock price was 17.04 yuan, with a market capitalization of 2.47 billion yuan, reflecting a significant decline in investor confidence [5].

Core Viewpoint - Zhejiang Weikang Pharmaceutical Co., Ltd. has been fined 16 million yuan for years of financial fraud and disclosure violations, revealing a systemic chain of illegal activities by its actual controller Liu Zhongliang [1] Group 1: Financial Misconduct - From 2020 to June 2023, Liu Zhongliang misappropriated company funds through fictitious engineering payments, with the total amount rising from 78.11 million yuan to 151 million yuan, peaking at 10.43% of net assets [2] - Of the misappropriated funds, 56.29 million yuan was used to repay personal loans, while 85.39 million yuan was directly occupied, leading to long-term inflation of company assets and concealment of receivables [2] Group 2: Misrepresentation in Bond Issuance - In December 2022, Weikang Pharmaceutical falsely claimed in its prospectus for a 680 million yuan convertible bond that there was no fund misappropriation by the actual controller, despite the undisclosed amount reaching 147 million yuan at that time [3] - The issuance of the convertible bond was ultimately terminated in February 2024 [3] Group 3: Regulatory Actions and Governance Issues - Liu Zhongliang received a total fine of 7 million yuan for his dual roles as actual controller and direct responsible person, while the company was fined 5 million yuan and five senior executives were fined a total of 4 million yuan [3] - Despite Liu Zhongliang stepping down as chairman in May 2024, he retained control of the company through a 36.82% shareholding, indicating a lack of effective governance mechanisms in the family-run business [3]

Core Viewpoint - Weikang Pharmaceutical faces administrative penalties from the Zhejiang Securities Regulatory Bureau for information disclosure violations, including non-disclosure of related party non-operating fund occupation and inaccuracies in convertible bond prospectus [1][2][5] Group 1: Administrative Penalties - The Zhejiang Securities Regulatory Bureau plans to impose a total fine exceeding 14 million yuan on Weikang Pharmaceutical and its responsible individuals, including a 5 million yuan fine on the company and a 7 million yuan fine on its actual controller Liu Zhongliang [1][5] - Liu Zhongliang, who served as the chairman from March 2015 until May 2024, has retired and is no longer involved in the company [1][2] Group 2: Fund Misappropriation - Liu Zhongliang directed Weikang Pharmaceutical to transfer funds under the guise of paying for engineering equipment, which were ultimately transferred to his personal account, constituting non-operating fund occupation [2][3] - From 2018 to 2020, Liu Zhongliang borrowed 56.29 million yuan from the company to support a friend's new drug development, which was used for various personal and business expenses [2][3] Group 3: Financial Performance - Weikang Pharmaceutical's net profit has declined since its IPO in 2020, with losses reported in 2023 and the first quarter of 2025, showing a significant drop in revenue and profitability [6][7] - The company's gross margin has decreased from 72.41% in 2020 to 50.39% in 2023, attributed to a decline in high-margin prescription drug sales and increased costs [7] Group 4: Future Outlook - Liu Zhongliang expressed optimism about the company's future, focusing on the development and production of traditional Chinese medicine products, believing that difficulties are temporary and new growth will emerge in two to three years [7]

证券代码：300878 证券简称：维康药业 公告编号：2025-025 浙江维康药业股份有限公司 关于公司及相关当事人收到中国证券监督管理委员 会浙江证监局《行政处罚事先告知书》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。 浙江维康药业股份有限公司（以下简称"公司"）及公司实际控制人刘忠良 先生于 2024 年 12 月 27 日收到中国证券监督管理委员会（以下简称"中国证监 会"）下发的《中国证券监督管理委员会立案告知书》（编号：证监立案字 01120240040 号、编号：证监立案字 01120240041 号），因涉嫌信息披露违法违 规，根据《中华人民共和国证券法》《中华人民共和国行政处罚法》等法律法规， 中国证监会决定对公司及公司实际控制人刘忠良先生立案。具体内容详见公司于 2024 年 12 月 30 日披露的《关于公司及实际控制人收到中国证券监督管理委员 会《立案告知书》的公告》（公告编号：2024-089）。 2025 年 6 月 27 日公司收到中国证券监督管理委员会浙江监管局的《行政处 罚事先告知书》（浙处罚字[2025]9 号）， ...

Core Viewpoint - Vikon Pharmaceutical has been recognized for its innovative patent in traditional Chinese medicine, showcasing its technological strength and market potential in the healthcare industry [4]. Group 1: Patent and Recognition - Vikon Pharmaceutical's patent for "a sustained-release heat-resistant pill matrix and the silver-yellow pill containing this matrix" won the "25th China Patent Excellent Award," indicating national-level recognition of the company's technological capabilities in modernizing traditional Chinese medicine [4]. - The core product, Silver Yellow Pill, has demonstrated significant advantages in treating acute and chronic throat inflammation, tonsillitis, and upper respiratory infections, leading to its recognition in various industry awards [2][4]. Group 2: Research and Development - The company has established multiple research platforms, including provincial high-tech enterprise R&D centers and expert workstations, enhancing its competitiveness in pharmaceutical research and development [2]. - The completion of Phase II clinical trials for Silver Yellow Pill targeting recurrent oral ulcers indicates ongoing efforts to expand its application scenarios, potentially driving future market growth [2]. Group 3: Market Strategy and Growth - Vikon Pharmaceutical is leveraging the advantages of its production location in Longquan, known for its "Chinese Ganoderma first town," to create a pollution-free and additive-free product line, enhancing its market appeal [3]. - The application of low-temperature physical ultra-micro wall-breaking technology has improved the bioavailability of its Ganoderma spore powder products, contributing to a competitive edge in the market [3]. - The company is actively engaging with capital markets, as evidenced by a recent visit from a securities firm, indicating potential for further collaboration in capital operations and industrial upgrades [3].

Mergers and Acquisitions - Cixing Co., Ltd. plans to acquire 75% of Shenyang Shunyi Technology Co., Ltd. through a combination of issuing shares and cash payments, while also raising supporting funds from no more than 35 qualified investors [1] - United Optoelectronics intends to purchase 100% of Changyi Optoelectronics from 12 shareholders via share issuance and will also raise supporting funds [2] - Inte Group's subsidiary, Inte Pharmaceutical, successfully acquired 100% equity of Zhejiang Huadong Pharmaceutical Group Co., Ltd. for 369 million yuan and signed a transaction contract with the transferor [3] Shareholding Changes - Guokang Biochemical announced that shareholders plan to collectively reduce their holdings by no more than 6% of the company's total shares, with specific plans from two major shareholders to reduce by 3% each [4] - Ruilian New Materials reported that a major shareholder, Guofu Yongyu, plans to reduce its holdings by up to 3.33%, equivalent to 573,110 shares [5] - Hongxin Technology disclosed that two major shareholders, Baiqiang and Taizhou Qixin, plan to reduce their holdings by 2.62% and 2.12% respectively [6] Risk Matters - Sinovac Biotech highlighted the high-tech, high-risk, and high-value characteristics of its innovative drugs, emphasizing the uncertainties involved in the research and approval processes [7] - Zhongheng Design noted that the revenue from its low-altitude economy and commercial aerospace projects is minimal compared to its consolidated financial statements, despite winning several contracts in these sectors [8] Restructuring - *ST Xinyan announced that it received a notice from a creditor applying for the company's restructuring and pre-restructuring procedures [10]

Core Insights - Weikang Pharmaceutical (维康药业) has been recognized for its strong R&D capabilities and excellent products in the traditional Chinese medicine industry, receiving the "2025 Hongding List VIP Cooperation Enterprise" award at the 2025 Health Industry Pharmaceutical Conference [1] - The company's flagship product, Yinhuang Diban (银黄滴丸), has been included in the "Top 10,000+ Pharmacy Star Products" list, highlighting its market acceptance and clinical efficacy [1] - Weikang is focusing on the secondary development of Yinhuang Diban, with a Phase II clinical trial for recurrent oral ulcers successfully completed and discussions for Phase III trials ongoing [1] Product Development - Yinhuang Diban is composed of honeysuckle and Scutellaria baicalensis extracts, known for its safety and effectiveness in treating various throat and respiratory conditions [1] - The product has received multiple industry accolades, including the top position in the "China Pharmaceutical Brand List" for adult cold medications and a prestigious patent award [1] - The company is also developing a second growth engine centered around broken-spore Ganoderma lucidum powder, leveraging its production advantages from the "Hometown of Chinese Ganoderma" in Longquan, Zhejiang [4] Market Strategy - Weikang is implementing a dual-channel strategy, optimizing both online and offline sales channels, including e-commerce platforms and health product counters [4] - The company plans to expand its product line to include high-value items such as Ganoderma lucidum oil and slices, aiming to tap into the market potential of the Ganoderma series [4] - The company’s mission of "Maintaining Life, Committed to Health" drives its continuous R&D efforts and deepens its presence in the traditional Chinese medicine health sector [4] Future Outlook - The company is expected to enhance its market competitiveness through R&D innovation, technological upgrades, and channel optimization in the growing traditional Chinese medicine health industry [5] - With the iterative upgrades of core products and accelerated commercialization of new products, Weikang is poised to expand its market share and strengthen its profit growth drivers [5]

证券代码：300878 证券简称：维康药业 公告编号：2025-024 浙江维康药业股份有限公司 2024 年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。 特别提示： 1、浙江维康药业股份有限公司（以下简称"公司"）回购专用证券账户中 的股份 2,739,026 股不参与本次权益分派。公司 2024 年年度权益分派方案为：以 公司现有总股本 144,790,322 股剔除已回购股份 2,739,026 股后的 142,051,296 股 为基数，向全体股东每 10 股派 1.40 元（含税）人民币，实际派发现金分红总额 为 19,887,181.44 元（含税）人民币。 2、本次权益分派实施后，按公司总股本（含回购股份）144,790,322 股折算 的每 10 股现金分红金额以及据此计算的除权除息参考价的相关参数和公式计算 如下： 按总股本（含回购股份）折算的每 10 股现金红利（含税）=现金分红总额/ 总股本*10 股=19,887,181.44/144,790,322*10=1.373515 元（保留六位小数，最后 一位直接截取， ...

浙江维康药业股份有限公司 2024 年度股东大会的 法律意见书 浙江省杭州市杭大路 1 号黄龙世纪广场 A 座 11 楼 310007 电话：0571-87901111 传真：0571-87901500 浙江天册律师事务所 关于 法律意见书 浙江天册律师事务所 关于浙江维康药业股份有限公司 2024 年度股东大会的 法律意见书 编号：TCYJS2025H0793 号 致：浙江维康药业股份有限公司 浙江天册律师事务所（以下简称"本所"）接受浙江维康药业股份有限公司（以 下简称"维康药业"或"公司"）的委托，指派本所律师参加公司 2024 年度股东 大会，并根据《中华人民共和国证券法》（以下简称"《证券法》"）、《中华人 民共和国公司法》（以下简称"《公司法》"）和《上市公司股东会规则》（以下 简称"《股东会规则》"）等法律、法规和有关规范性文件，以及《浙江维康药业 股份有限公司章程》（以下简称"《公司章程》"）的有关规定，出具本法律意见书。 在本法律意见书中，本所律师仅对本次股东大会召集、召开程序、出席人员的 资格、召集人的资格、表决程序及表决结果的合法有效性发表意见，不对会议所审 议的议案内容和该等议案中所表 ...