医保解约潮、上市首亏损之际，创始人套现1.5亿！漱玉平民：正常操作

Core Viewpoint - The company, Shuyupingmin, is facing a severe crisis marked by a significant loss in its first annual report since going public, the termination of medical insurance agreements, and a notable share sell-off by its founder, raising concerns about its future viability and investor confidence [1][10]. Group 1: Company Performance and Financials - Shuyupingmin reported its first annual loss since its IPO, with a staggering quarterly loss of 176 million yuan, a year-on-year decline of 509.43% [6]. - The company's gross margin has dropped to 27.27%, which is 6 percentage points lower than the industry average, indicating a structural decline in the sales of core products [6]. - The total number of stores decreased by 118 in the past year, with new store openings slowing down to 1,698, a 9.73% reduction from the previous year [6]. - The company's asset-liability ratio surged to 77.16%, with current liabilities reaching 5.595 billion yuan, signaling a critical cash flow situation [7]. Group 2: Regulatory Issues and Market Reactions - The company has faced multiple terminations of medical insurance agreements due to violations, with at least 22 stores in Qingdao losing their insurance qualification this year alone [5]. - A major scandal involving fraudulent insurance claims at one of its stores led to the complete termination of its insurance agreements and criminal investigations, further damaging its reputation [5]. - The founder's decision to sell 3% of her shares for approximately 150 million yuan amid these crises has been interpreted as a lack of confidence in the company's future [10]. - The market has reacted negatively to the company's performance and regulatory issues, with significant share sell-offs from major stakeholders, including Alibaba Health, which sold 4.64 million shares [10].