Shenqi(SH:600613) Zhong Jin Zai Xian·2025-11-25 10:55Core Viewpoint - The unexpected tax payment of approximately 16.67 million yuan by Guizhou Baiqiang Pharmaceutical Co., Ltd., a wholly-owned subsidiary of Shenqi Pharmaceutical, adds pressure to the company's growth and will directly impact its 2025 performance [2][5][11]. Financial Impact - The tax payment and late fees amount to 16.67 million yuan, which represents 33.12% of Shenqi Pharmaceutical's net profit of 50.3 million yuan for the first three quarters of 2025 [5][10]. - The company's revenue for the same period was 1.398 billion yuan, indicating that the tax payment significantly affects profitability [5]. Market Reaction - Despite the negative news, the market reacted relatively calmly, with Shenqi Pharmaceutical's stock price closing at 6.48 yuan, a slight increase of 1.25%, and a market capitalization of 3.46 billion yuan [4]. - On November 25, the stock price rose over 4%, influenced by movements in the flu sector [4]. Internal Control Issues - This incident is not the first time Shenqi Pharmaceutical has faced scrutiny over financial compliance, as it previously received regulatory warnings for fabricating consulting fees to misappropriate funds [6][7]. - The tax payment issue highlights potential weaknesses in the company's internal controls and financial oversight of its subsidiaries [11]. Industry Context - Shenqi Pharmaceutical operates in a challenging environment characterized by policy pressures such as volume-based procurement and medical insurance cost control, which affect the pharmaceutical industry as a whole [9]. - The company's high price-to-earnings ratio of 51.6 suggests that its stock price may have already priced in future growth expectations [8].