ESG解读｜反垄断处罚金额近2亿，仙琚制药ESG合规承诺成“表面功夫”

Core Viewpoint - The article discusses the significant administrative penalties imposed on Xianju Pharmaceutical for participating in a price-fixing agreement regarding the raw material Dexamethasone Sodium Phosphate, highlighting the implications for corporate governance and compliance standards in the pharmaceutical industry [2][3][4]. Group 1: Penalty Details - The State Administration for Market Regulation imposed a total fine of 362 million yuan on four companies involved in the price-fixing agreement, with Xianju Pharmaceutical facing the highest penalty of 195 million yuan, which includes the confiscation of illegal gains and an 8% fine based on 2023 sales [2][3]. - The price of Dexamethasone Sodium Phosphate increased from 8,000 yuan per kilogram to 13,800 yuan per kilogram, marking a 62.5% rise due to the collusion among the companies [3]. Group 2: Corporate Governance and Compliance - The price-fixing behavior reflects a significant gap in Xianju Pharmaceutical's internal governance and compliance measures, contradicting their stated commitment to fair competition and ethical business practices [4][8]. - The company’s ESG report emphasizes integrity and compliance, yet the actions taken during the price-fixing period indicate a failure to uphold these standards, raising concerns about the effectiveness of their ethical framework [4][8]. Group 3: Information Disclosure Issues - Xianju Pharmaceutical faced criticism for the delayed disclosure of the penalty information, which was only briefly mentioned in the annual report, leading to investor concerns about transparency and the potential impact on investment decisions [9][10]. - The company disclosed the penalty details on page 182 of the annual report, making it difficult for investors to locate this critical information, which raises questions about the company's commitment to transparent communication [10][12]. Group 4: Investor Reactions - During an earnings call, investors raised numerous questions regarding the penalty and the company's disclosure practices, indicating significant concern over the implications for profitability and stock performance [15]. - The company's responses to investor inquiries about the penalty's impact were deemed insufficient, failing to address concerns about profit, stock price decline, and potential insider information leaks [15].