金城医药董事长操纵股价亏738万遭禁入，家族化治理走到尽头？

Core Viewpoint - The recent penalty imposed by the China Securities Regulatory Commission (CSRC) on Jincheng Pharmaceutical highlights severe internal governance issues, leading to a significant drop in the company's stock price and revealing deep-rooted management problems [1][2]. Group 1: Governance Crisis - The actual controller, Zhao Yeqing, manipulated the company's stock using 104 accounts, resulting in a total trading volume exceeding 40 billion yuan from August 2017 to February 2020, ultimately incurring a loss of 7.38 million yuan [1][6]. - Over a span of 595 trading days, Zhao's accounts traded Jincheng Pharmaceutical stock on 502 days, with an average holding ratio of 5.68%, peaking at 9.04% of circulating shares, significantly impacting stock prices [2][7]. - The manipulation included 214 days of matched trading, with 36 days where the matched trading volume exceeded 20% of total market volume, and on one extreme day, it reached 45.65% [2][7]. Group 2: Operational Challenges - Jincheng Pharmaceutical's main business, cephalosporin side-chain intermediates, previously accounted for over 40% of revenue but has faced stagnation since 2021 due to global capacity expansion and price declines [3][8]. - Financial data indicates that the company's revenue for 2024 is projected at 3.373 billion yuan, a year-on-year decrease of 4.66%, with a further decline in 2025 where the first three quarters show a 23.19% drop to 1.932 billion yuan [3][8]. - The cephalosporin intermediate segment saw a revenue decline of 32.2%, while the formulation segment's revenue decreased by 29.04% due to centralized procurement price cuts, leading to a non-recurring net profit of only around 20 million yuan, down over 80% year-on-year [3][8]. Group 3: Transition Pain - Zhao Yeqing's forced departure marks the end of nearly two decades of family governance at Jincheng Pharmaceutical, which was founded by his father, Zhao Hongfu, in 2004 [4][9]. - The family has historically held over 20% of voting rights, controlling strategic and personnel decisions, but issues with this governance model have become apparent over time [5][9]. - In 2024, the company promoted two internal technical staff to vice president positions, marking the first time non-family members have entered the core management team, indicating a shift towards necessary governance reform [5][9].