嘉应制药被立案信披违规屡教不改 上市18年仅分红5次累计不足9000万

Core Viewpoint - Jiangying Pharmaceutical, a long-established pharmaceutical company, is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws [1][4]. Company Overview - Jiangying Pharmaceutical primarily engages in the research, production, and sales of traditional Chinese medicine and was listed on the A-share market in December 2007 [2][11]. - The company has experienced overall poor operating performance since its listing, with a cumulative profit of only 275 million yuan over 18 years and only five cash dividends totaling less than 90 million yuan [2][12]. Financial Performance - In the first quarter of 2023, the company reported a net profit attributable to shareholders of 15.4 million yuan, a nearly twofold increase year-on-year, but still low compared to its historical performance [2][12]. - The company's revenue for the first quarter was 122 million yuan, reflecting a year-on-year growth of 28.83% [12]. - However, the company faced a significant cash flow issue, with a net operating cash flow of -11.83 million yuan, a decline of 193.73% year-on-year [12]. Research and Development - Jiangying Pharmaceutical's R&D expenses have significantly decreased, with only 6.76 million yuan allocated for R&D in 2024 [3][13]. - The company has consistently invested between 10 million and 15 million yuan in R&D from 2015 to 2023, with a notable drop in 2024 [13]. Management Changes - The company's financial director, Shi Junping, resigned after only 10 months in the position, which raises concerns about management stability [5][6]. - Shi's previous experience includes roles in tax planning and accounting, but he had not held any prior positions within Jiangying Pharmaceutical [7][8]. Regulatory Issues - Jiangying Pharmaceutical has a history of regulatory violations, including multiple warnings and penalties from the CSRC for issues related to information disclosure and performance predictions [8][9][10].