嘉应制药信披违规突遭立案，养天和入股后内控问题频出

Core Viewpoint - Guangdong Jiaying Pharmaceutical Co., Ltd. is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure, following recent revelations of significant internal control deficiencies [1][2] Group 1: Internal Control Issues - Jiaying Pharmaceutical disclosed internal control deficiencies related to fund management and information disclosure, as highlighted in an audit report by Zhonghua Accounting Firm [2] - The company’s subsidiary, Jiaying Pharmaceutical (Hunan) Co., Ltd., engaged in non-operational fund transfers totaling 235 million yuan, including 170 million yuan to a related party without board approval [2][3] - The company failed to disclose related party transactions amounting to 10.39 million yuan until April 2025, despite these transactions occurring in 2024 [3] Group 2: Shareholder Influence and Management Changes - The internal control issues are linked to the second largest shareholder, Yangtianhe, which acquired a stake in Jiaying Pharmaceutical less than a year ago [4] - Following the acquisition, there have been multiple management changes, including resignations of key executives such as the deputy general manager and financial director [5] - The frequent changes in management may impact the company's daily operations and governance [7] Group 3: Financial Performance - Jiaying Pharmaceutical's revenue declined significantly in 2023 and 2024, with revenues of 533 million yuan and 376 million yuan, representing year-on-year decreases of 19.11% and 29.46% respectively [6] - Despite the decline, the entry of Yangtianhe has reportedly improved the company's channel distribution, leading to a revenue increase of 28.83% in the first quarter of 2025 [6] - The company achieved a net profit of 15.4 million yuan in Q1 2025, a substantial increase of 197.23% year-on-year, attributed to channel expansion and cost management improvements [6]