Zhejiang Wecome Pharmaceutical Company Limited(SZ:300878) Sou Hu Cai Jing·2025-08-07 09:29Core Viewpoint - The article highlights serious financial misconduct at Weikang Pharmaceutical, including the misuse of company funds by its actual controller, Liu Zhongliang, and the subsequent impact on the company's financial performance and project timelines [3][4][6]. Financial Misconduct - Liu Zhongliang has occupied company funds totaling 157 million yuan, including 54 million yuan of raised funds, under the guise of paying for engineering equipment [1][4]. - The funds were ultimately transferred to personal accounts controlled by Liu Zhongliang, constituting non-operational fund occupation [3][4]. - The balances of fund occupation by the actual controller from 2020 to mid-2023 were 78.12 million yuan, 89.51 million yuan, 147.28 million yuan, and 151.22 million yuan, representing 5.64%, 6.35%, 10.43%, and 10.24% of net assets respectively [3][4]. Regulatory Actions - The Zhejiang Securities Regulatory Bureau has ordered Weikang Pharmaceutical to rectify the situation, issuing a warning and imposing a fine of 5 million yuan on the company and 7 million yuan on Liu Zhongliang [4][6]. Project Delays - Weikang Pharmaceutical's initial fundraising projects have faced multiple delays, with the first phase of the health industry park originally scheduled for completion in December 2020, now pushed back multiple times to 2025 [6][7]. - The marketing center project has also seen significant delays, with no new investments reported for 2023 and 2024 [7][8]. Financial Performance - The company's financial performance has deteriorated significantly since its IPO, with net profit dropping from 96 million yuan in 2021 to a loss of 147 million yuan in 2024 [9][10]. - Revenue has also declined from 633 million yuan in 2021 to 351 million yuan in 2024, contrasting sharply with pre-IPO growth [9][10]. Dividend Payments - Despite the losses, Weikang Pharmaceutical has continued to distribute dividends, with cash dividends of 35.51 million yuan in 2023 and 19.89 million yuan in 2024, even as the actual controller holds nearly 70% of the company's shares [11].