Shenqi(SH:600613) Xin Lang Zheng Quan·2025-10-11 08:02Group 1 - The company Shenzhou Pharmaceutical has received an administrative regulatory measure from the Shanghai Securities Regulatory Bureau due to financial misconduct involving the misappropriation of sales expenses amounting to 44.838 million yuan in 2023 [1] - The regulatory measures include a "rectification order" and warning letters issued to the company's chairman and two other executives, indicating serious issues with financial reporting and potential violations of the Securities Law [1] - The company claims that the regulatory actions stem from "non-standard accounting treatment of receivables" and asserts that it will actively rectify the situation without affecting normal operations, although market and legal perspectives are skeptical [1] Group 2 - In 2023, the company returned to profit growth under the leadership of Chairman Zhang Taotao, who took over from his father, but overall performance has been declining with revenue dropping since the peak in 2022 [2] - The company's main business segments are pharmaceutical manufacturing and commercial operations, with a revenue split of approximately 60% to 40%, relying heavily on older products that are facing challenges due to policy changes [2] - For the first half of 2025, the company reported revenue of 961 million yuan and a net profit of 32.808 million yuan, both showing declines of approximately 13.47% and 13.29% year-on-year, indicating ongoing struggles [2]