GZBL(SZ:002424) Sou Hu Cai Jing·2025-12-04 23:59Core Viewpoint - The article highlights the challenges faced by Guizhou BaiLing's actual controller, Jiang Wei, including a lawsuit amounting to 1.7 billion yuan and an investigation by the China Securities Regulatory Commission (CSRC) for insider trading and information disclosure violations, which have significantly impacted investor confidence in the company [1][4]. Company Overview - Guizhou BaiLing, known as the "first stock of苗药" (Miao medicine), was founded by Jiang Wei, who has built the company over 30 years and previously enjoyed significant success in the capital market [1][11]. - The company has faced increasing scrutiny and negative sentiment from investors over the past few years, leading to a decline in stock performance and overall investor confidence [3][5]. Recent Developments - On December 3, the company announced that Jiang Wei received a notice from the CSRC regarding an investigation into insider trading and other violations, which the company stated would not affect its daily operations [4]. - Following the announcement, Guizhou BaiLing's stock price fell significantly, with a maximum intraday drop of over 7%, closing at 5.22 yuan per share, a decrease of 6.28%, leading the A-share traditional Chinese medicine sector [5]. Legal Issues - Jiang Wei is currently facing a lawsuit from Huachuang Securities for a total of 1.7 billion yuan related to a financial rescue plan and stock pledge disputes, which has been accepted by a local court [6][10]. - The lawsuit stems from a financial arrangement where Huachuang Securities provided 1.4 billion yuan in funding to Jiang Wei through stock transfers and additional loans, which have not been repaid as agreed [6]. Financial Performance - Guizhou BaiLing's financial performance has been declining, with a record revenue of 4.263 billion yuan in 2023 but a net loss of 415 million yuan, marking the first loss since its listing [13]. - The company reported a revenue of 2.102 billion yuan and a net profit of 56.81 million yuan in the first three quarters of 2023, representing year-on-year declines of 24.28% and 35.60%, respectively [13]. Historical Context - Jiang Wei's wealth peaked in 2017 at 16.5 billion yuan, making him the richest person in Guizhou, but he has since fallen off the list due to the decline in the company's stock price and his financial troubles [12][15]. - The company has faced continuous scrutiny from regulatory bodies, receiving inquiry letters from the exchange for over ten consecutive years, which is uncommon in the A-share market [14].