HNPOLY(SZ:300630) Sou Hu Cai Jing·2025-04-21 10:59Core Viewpoint - The Shenzhen Stock Exchange has decided to terminate the listing of ST Puli's stock and convertible bonds due to serious financial fraud issues, marking a significant change in the company's status in the capital market [4][5]. Financial Fraud and Consequences - ST Puli was found to have inflated its profits by a total of 669 million yuan, which accounted for 73.83% of the total reported profits for 2021 and 2022 [5][6]. - The company's core management, including the chairman and general manager, were involved in orchestrating the financial fraud, leading to severe penalties including a total fine of 24.2 million yuan and market bans for key executives [6][7]. Revenue Trends - In 2020, the company reported revenue of 1.189 billion yuan, a year-on-year increase of 25.10%, and a net profit of 407 million yuan, up 35.30% [6]. - Revenue continued to grow in 2021, reaching 1.509 billion yuan (up 26.94%), but net profit only slightly increased to 417 million yuan (up 2.25%) [6]. - In 2022, revenue rose to 1.619 billion yuan (up 7.31%), but net profit fell significantly to 295 million yuan, a decrease of 29.20% [6][7]. - By 2023, revenue dropped to 1.304 billion yuan, a decline of 19.43%, with net profit plummeting to 85.92 million yuan, down 70.87% [7]. Product Performance - The company's major products, particularly cardiovascular drugs, allergy medications, antibiotics, and digestive drugs, experienced significant revenue declines in 2023 [7]. - The overall business environment for ST Puli is deteriorating, with challenges expected to intensify in 2024, despite some products showing temporary growth [7]. Market Implications - The termination of ST Puli's listing serves as a warning to the pharmaceutical industry about the importance of compliance and maintaining core competitiveness to gain market trust [7].