实控人违占资金超1.5亿 维康药业将收千万罚单

Core Viewpoint - The investigation into Weikang Pharmaceutical (300878) revealed a four-year-long financial misconduct involving the misappropriation of funds by the actual controller, Liu Zhongliang, leading to significant penalties and ongoing operational challenges for the company [1][2]. Group 1: Financial Misconduct - Weikang Pharmaceutical received a penalty exceeding 14 million yuan due to undisclosed related-party fund misappropriation and false statements in convertible bond prospectuses [1]. - From 2020 to mid-2023, Liu Zhongliang transferred over 150 million yuan from the company to personal accounts under the guise of engineering equipment payments, with the highest annual misappropriation exceeding 10% of net assets [2]. - The scale of fund misappropriation increased from 78.11 million yuan in 2020 to 151 million yuan in 2023, with corresponding percentages of net assets being 5.64%, 6.35%, 10.43%, and 10.24% [2]. Group 2: Operational Performance - Weikang Pharmaceutical has experienced a continuous decline in performance since its IPO, with net profits dropping from 108 million yuan in 2020 to a loss of 147 million yuan in 2024 [3]. - The company's revenue in the first quarter of 2025 fell by 65.10% year-on-year to 69.77 million yuan, with losses expanding to 9.85 million yuan [3]. - The gross margin decreased significantly from 72.41% in 2020 to 42.23% in 2024, reflecting a 30 percentage point drop over five years [3]. Group 3: Strategic Changes - In response to ongoing challenges, Weikang Pharmaceutical divested its retail pharmaceutical business in September 2024 to focus on traditional Chinese medicine research and health products [4]. - Despite the recognition of its flagship product, Yinhuang Diban, as the top cold medicine in retail for 2024, the company has not been able to reverse its declining performance [4]. Group 4: Investor Rights and Compensation - Following the administrative penalties, investors who purchased Weikang Pharmaceutical shares between March 31, 2021, and December 27, 2024, may claim compensation for losses incurred [5]. - As of June 2025, Weikang Pharmaceutical's stock price was 17.04 yuan, with a market capitalization of 2.47 billion yuan, reflecting a significant decline in investor confidence [5].