突遭立案调查！老牌中成药企嘉应制药的“三维危机”：研发萎缩、集采重创与高管“出走”

Core Viewpoint - The investigation by the China Securities Regulatory Commission (CSRC) into Jiaying Pharmaceutical highlights severe governance issues within the company, exacerbated by a significant decline in revenue from its core products and ongoing management turmoil [2][3][15]. Governance and Management Issues - Jiaying Pharmaceutical is under investigation for information disclosure violations, which are seen as a culmination of long-standing governance deficiencies [3][15]. - The company has experienced a rapid turnover of key executives, including the resignation of the financial director and board secretary, raising concerns about internal governance stability [4][5]. - A lack of timely disclosure regarding related party transactions and internal control weaknesses has been identified as potential triggers for the investigation [3][5]. Financial Performance - Jiaying Pharmaceutical reported a revenue of 376.17 million yuan in 2024, a decrease of 29.46% year-on-year, marking two consecutive years of double-digit declines [6][7]. - The net profit attributable to shareholders fell to 20.61 million yuan, down 39.94% from the previous year, with a net profit margin dropping from 6.44% in 2023 to 5.48% in 2024 [6][7]. - The company's core products, particularly the Jieguzhili Pian/Capsule, saw a revenue decline of 41.05%, significantly impacting overall performance [9][10]. Market and Product Dynamics - The ongoing pressure from national traditional Chinese medicine procurement policies has led to a dual impact of declining prices and sales volumes for Jiaying Pharmaceutical's key products [9][10]. - The company’s revenue structure is imbalanced, with major products underperforming and insufficient growth from secondary products, leading to a "main force slowdown, new force insufficiency" scenario [9][10]. Research and Development Concerns - Jiaying Pharmaceutical's R&D expenditure decreased by 33.09% in 2024, raising concerns about its long-term competitiveness and innovation capabilities [14][15]. - The reduction in R&D personnel from 42 to 30 indicates a shrinking focus on innovation, which is critical in the increasingly competitive pharmaceutical industry [14][15]. Recent Developments - In the first quarter of 2025, Jiaying Pharmaceutical reported a revenue increase of 28.83% year-on-year, attributed to expanded sales channels, although this was not accompanied by improved cash flow [11][12]. - Despite a temporary recovery in performance, the ongoing decline in R&D investment poses risks to the company's future growth and sustainability [14][15].