TJPC(SH:600488) Xin Jing Bao·2025-09-24 09:57Core Viewpoint - Tianjin Pharmaceutical Co., Ltd. (referred to as "Tian Pharmaceutical") is facing significant challenges, including a 65.28% decline in net profit and over 69 million yuan in antitrust fines, leading to speculation about potential management restructuring following the resignation of its highest-paid executive, Yang Xiaoyan [2][3][4]. Group 1: Management Changes - Yang Xiaoyan, the highest-paid executive with an annual salary of 1.976 million yuan, has resigned from her position as Deputy General Manager due to work adjustments, raising questions about possible management changes within the company [2][3]. - Yang's salary is significantly higher than the average employee salary of 199,100 yuan and the total management salary of 8.0412 million yuan, which increased by 6.14% year-on-year [2][3]. Group 2: Financial Performance - In 2024, Tian Pharmaceutical reported a revenue of 3.215 billion yuan, a decrease of 15.0% year-on-year, while net profit was 133 million yuan, an increase of 14.01% [3]. - The company's sales expenses saw a dramatic decline of 45.76% to 570 million yuan, with promotional activity costs dropping by 54.23% and market planning service fees decreasing by 60.03% [3]. - For the first half of 2025, the company achieved approximately 1.588 billion yuan in revenue, down 11.81% year-on-year, with a net profit of 49.304 million yuan, reflecting a 65.28% decrease [3]. Group 3: Regulatory Issues - Tian Pharmaceutical has been fined over 69 million yuan due to antitrust violations, which accounted for 51.85% of its 2024 net profit [4][5]. - The company has faced multiple antitrust penalties in recent years, indicating ongoing compliance issues and raising concerns about its operational integrity [5][6]. - The latest fine is part of a broader investigation into price-fixing practices that significantly inflated the price of certain raw materials [4][5]. Group 4: Future Challenges - The company is under pressure to find new profit growth points after exhausting cost-cutting measures, and there are concerns about potential further regulatory scrutiny due to compliance failures [6]. - Questions remain regarding whether the company will implement substantial reforms beyond verbal commitments to improve compliance and regain investor trust [6]. - The recent fine has intensified cash flow pressures, prompting speculation about potential asset disposals or equity financing to alleviate financial strain [6].