Xintian Pharma(SZ:002873) Xin Lang Zheng Quan·2025-05-28 10:27Core Viewpoint - New Tian Pharmaceutical is facing serious allegations of commercial bribery, including falsifying survey data and paying doctors for participation in various schemes, which has led to an investigation by health authorities in Sichuan Province [1][4]. Group 1: Allegations and Investigations - A whistleblower letter has circulated online, accusing New Tian Pharmaceutical of bribing over 100 doctors across 37 medical institutions through various means, including fake surveys and excessive payments for educational content [1][2]. - The Sichuan Provincial Health Commission issued a notice on May 15, requiring an investigation into the alleged misconduct involving the listed medical institutions [1]. Group 2: Financial Performance - In 2024, New Tian Pharmaceutical reported a revenue of 860 million yuan, a year-on-year decrease of 10.11%, and a net profit attributable to shareholders of 52 million yuan, down 35.3% [3]. - The company's sales expenses from 2022 to 2024 were 532 million yuan, 438 million yuan, and 372 million yuan, with sales expense ratios of 48.93%, 45.86%, and 43.34%, respectively, indicating a higher expense ratio compared to industry averages [3]. Group 3: Sales Expense Anomalies - Despite a significant reduction in market development and promotion expenses from 304 million yuan in 2023 to 126 million yuan in 2024, employee compensation surged from approximately 58.59 million yuan to 195 million yuan, an increase of over 230% [3]. - The number of sales personnel decreased from 1,206 in 2023 to 1,049 in 2024, raising questions about the rationale behind the increased compensation amidst a reduction in workforce [3][4]. Group 4: Company Response - On May 28, New Tian Pharmaceutical's securities department acknowledged the allegations and stated that the company is cooperating with the investigation, asserting that the information circulating may be inaccurate [4].