Xintian Pharma(SZ:002873) Bei Ke Cai Jing·2025-05-28 12:21Core 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].