JOINN(SH:603127) 21世纪经济报道·2026-03-30 12:54Core Viewpoint - The article discusses the financial performance of Zhaoyan New Drug (603127.SH) for the year 2025, highlighting a significant drop in revenue but a substantial increase in net profit, alongside shareholder actions that may indicate concerns about the company's governance structure [1][4]. Financial Performance Summary - The company reported total revenue of 1.658 billion CNY for 2025, a year-on-year decrease of 17.87% [2]. - The net profit attributable to shareholders was 298 million CNY, showing a remarkable increase of 302.08% compared to the previous year [2]. - The total operating costs were 1.663 billion CNY, with a significant increase in operating profit to 338 million CNY, reflecting a year-on-year growth of 223.91% [2]. - The company plans to distribute a cash dividend of 1.2 CNY per 10 shares to all shareholders [1]. Shareholder Actions - On March 16, the company announced a "clearance-style" reduction in shareholding, with major shareholders planning to sell all of their 30.7425 million A-shares, accounting for 4.1% of the total share capital [3][4]. - Analysts suggest that this move is primarily motivated by the desire to lock in long-term gains rather than a negative outlook on the company's future value [4][5]. - The simultaneous reduction by the controlling shareholders has raised concerns regarding the stability of the company's governance structure [5].