销售费用率常年超四成，新天药业卷入行贿风波

Core Viewpoint - New Tian Pharmaceutical (002873) is embroiled in a bribery scandal, with allegations of bribing over 100 doctors across 37 medical institutions in Sichuan province, as reported in a notification from the Sichuan Provincial Health Commission [1][3][4]. Group 1: Allegations and Violations - The company is accused of multiple violations, including collecting false case data and conducting entertainment activities for doctors to promote its products [3][4]. - Allegations include the use of the Sunflower Alliance App to distribute survey projects to doctors, with an estimated bribe amount of approximately 72,600 yuan involving 55 doctors from 15 hospitals [3]. - The company reportedly organized 19 entertainment events for doctors in early 2025, involving 41 hospitals, to promote its products [3][4]. Group 2: Financial Performance - New Tian Pharmaceutical has experienced declining financial performance, with revenues of approximately 10.88 billion yuan, 9.54 billion yuan, and 8.58 billion yuan from 2022 to 2024, alongside net profits of 1.12 billion yuan, 810 million yuan, and 520 million yuan during the same period [9]. - The company’s sales expenses have been high, with sales expense rates exceeding 40% from 2022 to 2024, despite a downward trend in total sales expenses [6][9]. - In the first quarter of this year, the company reported a net profit decline of over 70%, with revenues of approximately 1.93 billion yuan, reflecting an 8.93% year-on-year increase [9]. Group 3: Industry Context - The pharmaceutical industry is facing challenges related to commercial bribery, often hidden within sales expenses, due to the high level of information asymmetry and reliance on doctors for product recommendations [7][8]. - Regulatory scrutiny is increasing, and if the allegations against New Tian Pharmaceutical are substantiated, it could lead to severe penalties and damage to the company's reputation [4][8].