证券代码：300878 证券简称：维康药业 公告编号：2025-040 浙江维康药业股份有限公司 1、审议通过《关于公司 2025 年第三季度报告的议案》 经审议，董事会认为：公司《2025 年第三季度报告》的编制程序符合法律、 行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了公司的实际 情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 具体内容详见公司同日在巨潮资讯网（http://www.cninfo.com.cn）披露的《公 司 2025 年第三季度报告》。 表决结果：同意：7 票；反对：0 票；弃权：0 票。 三、备查文件 1、浙江维康药业股份有限公司第四届董事会第七次会议决议。 第四届董事会第七次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 浙江维康药业股份有限公司（以下简称"公司"）第四届董事会第七次会议 通知于 2025 年 10 月 23 日以电子邮件、专人送达或电话方式送达全体董事，本 次会议于 2025 年 10 月 28 日在浙江省丽水经济开发区遂松路 2 号研发大楼会议 室以现场结合 ...

Core Points - The company reported a third-quarter revenue of 36.74 million yuan, representing a decline of 50.25% [1] - The net profit for the third quarter was a loss of 59.63 million yuan [1] - For the first three quarters, the total revenue was 151 million yuan, down 59.20% year-on-year [1] - The net profit for the first three quarters showed a loss of 124 million yuan [1]

Financial Performance - The company's revenue for the third quarter was ¥36,747,869.47, a decrease of 50.25% compared to the same period last year[5] - The net profit attributable to shareholders was -¥59,634,910.76, representing a decline of 299.41% year-over-year[5] - The basic and diluted earnings per share were both -¥0.4119, down 300.64% from the previous year[5] - The company reported a significant decrease in sales revenue, down 59.20% year-over-year, primarily due to a reduction in the scope of consolidation[9] - Total operating revenue for the current period was ¥151,317,754.30, a decrease of 59.3% compared to ¥370,849,453.15 in the previous period[19] - The net profit for the current period was a loss of ¥123,825,528.73, compared to a profit of ¥46,205,071.06 in the previous period[20] - Basic and diluted earnings per share for the current period were both -0.8554, compared to 0.3046 in the previous period[21] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,488,003,292.41, a decrease of 9.94% from the end of the previous year[5] - Total current assets decreased from 616,482,282.11 to 533,014,005.98, a decline of approximately 13.5%[17] - Total assets decreased from 1,652,323,039.56 to 1,488,003,292.41, a decline of approximately 10.0%[17] - Total liabilities decreased significantly, with short-term borrowings reduced to zero from ¥10,008,861.11[9] - Total liabilities decreased from 240,381,545.98 to 228,006,590.93, a decrease of about 5.1%[17] - The total liabilities decreased to ¥458,370,823.65 from ¥478,498,028.63, reflecting a reduction of 4.2%[18] - The total equity attributable to shareholders decreased to ¥1,013,924,966.40 from ¥1,157,666,559.71, a decline of 12.4%[18] Cash Flow - The company's cash flow from operating activities showed a net increase of 222.01% year-to-date, totaling ¥42,981,468.28[5] - Cash inflow from operating activities totaled ¥211,358,666.73, a decrease of 42.4% from ¥366,200,480.17 in the previous period[22] - The net cash flow from operating activities was $42,981,468.28, a significant improvement compared to a net outflow of $35,228,627.08 in the previous period[23] - Total cash outflow from operating activities amounted to $168,377,198.45, while cash inflow from investment activities was $44,675,315.68, leading to a net cash flow from investment activities of $5,959,212.76[23] - Cash inflow from financing activities was $11,000,000.00, with total cash outflow from financing activities reaching $50,589,730.41, resulting in a net cash flow from financing activities of -$39,589,730.41[23] - The company experienced a net increase in cash and cash equivalents of $9,350,950.63 during the period[23] Shareholder Information - Total number of common shareholders at the end of the reporting period is 10,593[12] - Liu Zhongliang holds 60.89% of shares, amounting to 88,160,400 shares, with 31,000,000 shares pledged[12] Operational Efficiency - The cash flow from operating activities showed a positive trend, indicating improved operational efficiency[23] - The company has no new product launches or significant market expansion strategies mentioned in the report[15] Expenses - Total operating costs for the current period were ¥250,194,085.06, down 39.6% from ¥414,716,527.66 in the previous period[19] - Research and development expenses decreased to ¥7,664,570.90, down 37.5% from ¥12,180,680.93 in the previous period[20] - Financial expenses increased to ¥4,627,729.91 from ¥1,969,365.21, marking a rise of 134.5%[20] Future Outlook - The company plans to implement new accounting standards starting in 2025, which may impact financial reporting[24] - The company did not undergo an audit for the third quarter financial report[24]

Group 1 - The core viewpoint is that the A-share listed chain pharmacy sector is expected to expand, with Kangbaijia Pharmaceutical Group initiating its IPO guidance [1][2] - Kangbaijia operates over 2,000 stores, primarily concentrated in Fujian, Zhejiang, and Jiangxi, with Fujian being its main base [1][2] - The IPO guidance is planned to be completed between March and May 2026, indicating a potential application for IPO next year if all goes well [2] Group 2 - The chain pharmacy industry has faced challenges, including a slowdown in consumer growth, leading to a significant reduction in retail pharmacies, with over 14,000 stores closing in Q4 2024 [2] - Major chain pharmacies have experienced substantial profit declines, exemplified by Laobaixing's net profit dropping over 20% year-on-year in the first half of 2025 [2] - Despite industry challenges, Kangbaijia continues to expand through acquisitions, recently acquiring 100% stakes in two companies for a total of 100 million yuan, thereby increasing its market presence in Zhejiang [3]

Core Viewpoint - The Zhejiang Securities Regulatory Bureau has issued administrative regulatory measures against Minsheng Securities for violations during its continuous supervision of Weikang Pharmaceutical's IPO process, highlighting deficiencies in internal controls and due diligence [2][3]. Group 1: Regulatory Actions - Minsheng Securities failed to adequately address the abnormal delays in construction projects and conducted insufficient verification procedures [2]. - The regulatory measures include a warning letter issued to Minsheng Securities, with representatives Ren Shaozhong and Zhong Desong held primarily responsible for the violations [3]. - The China Securities Regulatory Commission (CSRC) has initiated an investigation into Weikang Pharmaceutical and its actual controller Liu Zhongliang for suspected violations of information disclosure laws [3]. Group 2: Financial Penalties - Weikang Pharmaceutical has been fined 5 million yuan and ordered to rectify its actions, while Liu Zhongliang has been fined 7 million yuan for his involvement in the misconduct [4]. Group 3: Company Performance - Weikang Pharmaceutical, which went public in August 2020, has experienced a decline in performance, reporting losses for two consecutive years in 2023 and 2024 [5]. Group 4: Corporate Changes - Guolian Securities has received approval to acquire Minsheng Securities, with the integration of investment banking operations and client migration announced at the end of September [6]. - As of September 23, 2025, various investment banking projects of Minsheng Securities will be transferred to Guolian Minsheng [6].

Core Viewpoint - Minsheng Securities has faced regulatory penalties twice this year due to violations in its investment banking business, leading to a decline in revenue and gross margin in the first half of the year [2][10]. Regulatory Actions - On October 21, Minsheng Securities and two sponsoring representatives received a warning letter from the Zhejiang Regulatory Bureau related to their sponsorship of Weikang Pharmaceutical's IPO, highlighting failures in continuous supervision and information disclosure [2][4]. - In July, Weikang Pharmaceutical was fined 5 million yuan for failing to disclose related party non-operating fund occupation and inaccuracies in its convertible bond prospectus, with total penalties for responsible individuals amounting to 9.6 million yuan [2][4]. Business Performance - In the first half of 2025, Minsheng Securities reported operating revenue of 1.88 billion yuan, a year-on-year increase of 15.02%, while net profit attributable to shareholders was 562 million yuan, up 67.95% [10]. - However, the investment banking segment's revenue decreased by 36.36% to 343 million yuan, with gross margin dropping from 27.14% to 8.14%, attributed to reduced business scale due to market conditions [10]. Corporate Changes - In February, Guolian Securities acquired Minsheng Securities, rebranding it as Guolian Minsheng, and is currently integrating the investment banking operations [3][8]. - Following the acquisition, Minsheng Securities' existing projects and operations are being transferred to Guolian Minsheng's underwriting and sponsorship subsidiary [8][9]. Compliance Issues - The warning letter from the Zhejiang Regulatory Bureau indicated that Minsheng Securities failed to adequately monitor Weikang Pharmaceutical's construction project delays and had deficiencies in internal controls during the continuous supervision process [4][6]. - Minsheng Securities' reports often concluded with "no issues found," despite ongoing compliance problems at Weikang Pharmaceutical, which has faced multiple regulatory penalties since its IPO in 2020 [5][7].

正推进投行业务整合的民生证券，突遭监管处罚。 根据浙江证监局最新披露，民生证券及2名保代，在维康药业IPO持续督导中存在违规行为，被该局出 具警示函。此次涉及的维康药业，数月前因关联方非经营性资金占用等问题被罚。而在今年4月，该公 司投行也曾收到罚单。 今年以来，证券业延续严监管态势，多家券商投行业务失责受罚。据第一财经初步统计，中信证券、中 金公司、东海证券等券商也已被罚，部分券商还领到千万级罚单，且有保代被采取禁业措施。 民生证券及两保代被罚 披露显示，民生证券此次被罚，涉及两方面违规：一是未充分关注维康药业在建工程延期异常情况，核 查程序不充分；二是出具维康药业2023年度持续督导文件过程中，核查结论不谨慎，投行业务内部控制 存在缺陷。 浙江证监局认为，任绍忠、钟德颂作为保荐代表人，对上述违规行为负有主要责任，因此对民生证券和 2人出具警示函。 中国证券业协会官网显示，任绍忠已于去年4月初完成离职注销后，转往在其他券商任职；钟德颂目前 的登记信息为国联民生承销保荐保代。 东海证券因金洲慈航重组旧案，领到了监管千万级罚单。该公司7月初公告，因在金洲慈航（退市前名 为*ST金洲）2015年重大资产重组项目中 ...

（原标题：持续督导监管强度加大，又有券商保代因旧案被警示） 21世纪经济报道记者 孙永乐 正处于投行业务整合关键期，却因对保荐上市公司督导不到位的"旧案"，民生证券及两名保荐代表人被 警示。 10月21日，浙江证监局官网披露，经查，民生证券作为维康药业（300878.SZ）首次公开发行股票的持 续督导机构，在持续督导履职过程中存在以下违规行为： 一是未充分关注在建工程延期异常情况，核查程序不充分。二是在出具维康药业2023年度持续督导文件 过程中，核查结论不够谨慎，投行业务内部控制存在缺陷。 浙江证监局表示，民生证券的上述行为违反了相关规定，任绍忠、钟德颂作为保荐代表人对上述违规行 为负有主要责任，并对民生证券及任绍忠、钟德颂采取出具警示函的行政监管措施。 值得注意的是，民生证券投行业务正处于关键整合期，在9月下旬，国联民生（601456.SH）投行业务 整合工作宣告完成。 民生证券此次被警示，与保荐上市公司维康药业的资金占用行为直接相关。此前监管罚单显示，维康药 业时任董事长、实际控制人刘忠良以支付工程设备款名义转移上市公司资金至个人账户，累计占用资金 超过1.5亿元，最高年份占比净资产超10%，却从未在财 ...

证券业延续严监管态势，多家券商因投行业务失责受罚。 正推进投行业务整合的民生证券，突遭监管处罚。 根据浙江证监局最新披露，民生证券及2名保代，在维康药业IPO持续督导中存在违规行为，被该局出 具警示函。此次涉及的维康药业，数月前因关联方非经营性资金占用等问题被罚。而在今年4月，该公 司投行也曾收到罚单。 今年以来，证券业延续严监管态势，多家券商投行业务失责受罚。据第一财经初步统计，中信证券、中 金公司、东海证券等券商也已被罚，部分券商还领到千万级罚单，且有保代被采取禁业措施。 民生证券及两保代被罚 而连吃罚单的民生证券，在被国联集团纳入麾下后，当前正在进行投行业务整合。 该公司9月下旬披露，国联民生完成对民生证券的收购之后，将国联民生承销保荐公司确定为投行业务 的开展主体。自9月23日起，民生证券在三大交易所及股转系统的股权类在审项目等，迁移并入国联民 生承销保荐。 民生证券此次被罚涉及的上市公司维康药业，也在数月前吃了罚单。 去年年底，因涉嫌信披违规，维康药业及实际控制人刘忠良被证监会立案，今年6月底处罚落地。经 查，维康药业存在两大违规行为：涉及未按规定披露关联方非经营性资金占用；可转债募集说明书不准 确 ...

Core Viewpoint - Zhejiang Securities Regulatory Bureau issued regulatory warnings to Minsheng Securities and two sponsoring representatives due to violations during the continuous supervision of Zhejiang Weikang Pharmaceutical's IPO process [1] Group 1: Violations Identified - Minsheng Securities failed to adequately monitor the abnormal delays in construction projects, indicating insufficient verification procedures [1] - The conclusions drawn in the continuous supervision documents for Weikang Pharmaceutical's 2023 annual report were not cautious enough, revealing deficiencies in internal controls within the investment banking operations [1] Group 2: Regulatory Framework - The actions of Minsheng Securities violated Article 5, Paragraph 1 of the "Administrative Measures for Sponsoring Business of Securities Issuance and Listing" (CSRC Order No. 170) [1] - The sponsoring representatives, Ren Shaozhong and Zhong Desong, bear primary responsibility for the aforementioned violations [1]