Jing Ji Guan Cha Wang·2026-01-12 12:09Core Viewpoint - The recent resignation of the chairman and vice chairman of Kunming Pharmaceutical Group has raised market speculation regarding the connection to the company's poor performance in 2025, with significant declines in revenue and net profit reported [1][2]. Group 1: Management Changes - The chairman, Wu Wendo, resigned on January 6, 2026, and was succeeded by Yu Xiang, while the vice chairman, Li Hongshen, submitted his resignation on January 8, 2026, both citing work adjustments [1]. - Wu Wendo's tenure as chairman was less than a year, having been appointed on January 22, 2025, with his term originally set to end on January 22, 2028 [3]. - Li Hongshen also had a similar tenure, with his term ending on the same date as Wu Wendo's [3]. Group 2: Financial Performance - In the first three quarters of 2025, Kunming Pharmaceutical Group reported a revenue of 4.751 billion yuan, a year-on-year decrease of 18%, and a net profit attributable to shareholders of 269 million yuan, down nearly 40% [1]. - The third quarter of 2025 saw a significant drop in performance, with revenue of 1.4 billion yuan, a 30% decline year-on-year, and a net profit of 71 million yuan, down 59% [1]. - The decline in performance was attributed to changes in drug distribution channels and price reductions from centralized drug procurement [1]. Group 3: New Leadership - Yu Xiang, the new chairman, has a background in management with a master's degree in business administration and has held various positions within the China Resources pharmaceutical sector [3]. - His previous roles include vice president of China Resources Sanjiu and general manager of several subsidiaries, indicating a strong alignment with the company's strategic direction [3]. Group 4: Market Reaction - Following the announcement of the management changes, Kunming Pharmaceutical Group's stock price experienced a slight increase, closing at 12.92 yuan per share, with a total market capitalization of 9.8 billion yuan [5].