行政处罚决定书显示，广东证监局经调查认定，嘉应制药存在关联方非经营性资金往来未依法 履行关联交易审议程序及信息披露义务的违法事实。核心违规行为发生在2024年10月至2025年1 月期间，彼时嘉应制药子公司湖南嘉应制药有限公司（以下简称"湖南嘉应"）以"月初转出、月 末转回"的模式，向湖南药聚能医药有限公司（以下简称"药聚能"）提供短期资金拆借。 值得注意的是，药聚能的实际控制人正是嘉应制药董事长李能，构成法定关联方。监管查明， 上述资金拆借单笔发生额介于4万元至5999万元之间，2024年度累计转出1.7亿元，2025年1月再 转出5000万元，累计涉及金额达2.2亿元，占嘉应制药当时最近一期经审计净资产的28.83%，已 达到重大关联交易的披露标准。 嘉应制药：因关联交易及信披违规领总额490万元罚 单，被交易所公开谴责 被立案近半年后，嘉应制药（002198.SZ）的信息披露违法违规迎来最终处理结果，连同罚单落 地的，还有广东证监局出具的警示函、深交所下发的监管函以及公开谴责的处分决定。 11月21日晚间，广东嘉应制药股份有限公司（以下简称"嘉应制药"）披露公告称，公司及董事 长李能等4名核心责任人收到 ...

上述行为违反了本所《股票上市规则（2024年修订）》第1.4条、第2.1.1条、第6.3.6条、第6.3.19条的规 定。公司董事长李能、总经理游永平、时任董事会秘书肖巧霞未能恪尽职守、履行忠实勤勉义务，违反 了本所《股票上市规则（2024年修订）》第1.4条、第2.1.2条、第4.3.1条、第4.3.5条的规定，对上述违 规行为负有主要责任。 具体情况如下，2024年9月至2024年12月，公司与广东共合医药有限公司（以下简称共和医药）开展中 成药交易，相关关联交易涉及金额约875.58万元，占公司最近一期经审计净资产的1.15%。公司总经理 游永平关系密切的家庭成员刘莉民时为共和医药的控股股东，共和医药系公司关联法人。上述关联交易 未按规定履行相关决策程序和信息披露义务。 近日，嘉应制药（002198）发布公告称，公司及相关人员近日收到中国中国证券监督管理委员会广东监 管局《关于对广东嘉应制药股份有限公司、李能、游永平、史俊平、肖巧霞采取出具警示函措施的决 定》（〔2025〕128号）。 ...

Core Viewpoint - Recently, Sunflower Pharmaceutical received a warning letter from the Heilongjiang Securities Regulatory Bureau due to violations related to related party transactions, which have contributed to a significant decline in the company's performance in 2024 [1][3]. Financial Performance - In the first three quarters of 2024, Sunflower Pharmaceutical's revenue decreased by 43.24% to approximately 1.684 billion yuan, while net profit fell by 105.72% to about -33.54 million yuan, and the non-recurring net profit dropped by 117.68% to around -81.39 million yuan [2]. - The third quarter alone saw a revenue decline of 14.9% to about 374 million yuan, with net profit down 214.27% to approximately -115 million yuan, marking the first quarterly loss since the company went public [2][5]. - The company's cash flow from operating activities turned negative in the third quarter, amounting to approximately -130 million yuan, after being positive in the first half of the year [4]. Business Operations - Sunflower Pharmaceutical primarily operates in the pharmaceutical manufacturing sector, focusing on traditional Chinese medicine, chemical drugs, and health products, with key revenue sources including children's medicine and liver protection products [4]. - The company has been facing significant sales declines, attributed to seasonal factors affecting respiratory products and increased costs due to fluctuations in raw material prices [5][6]. Related Party Transactions - The warning letter specifically addressed related party transactions involving a wholly-owned subsidiary and an associated entity, which were not disclosed as required, leading to administrative measures against the company and its executives [1][3]. Research and Development - R&D expenditures have been decreasing, with a 3.51% decline in 2024 to about 124 million yuan, representing 3.67% of revenue, and a 16.78% drop in the first three quarters of 2024 to approximately 66.11 million yuan [7]. - The reduction in R&D investment raises concerns about the company's ability to innovate and sustain growth, especially as it aims to achieve a sales target of 10 billion yuan by 2028 [7]. Marketing and Sales Strategy - Sunflower Pharmaceutical has historically relied on advertising for sales, with sales expenses reaching 1.366 billion yuan in 2023, accounting for about 24% of revenue [8]. - In 2024, the company implemented cost control measures, resulting in a 68.46% reduction in sales expenses to approximately 431 million yuan, which accounted for about 12.76% of revenue [8].

Core Points - Recently, Kew Flower Pharmaceutical announced that it received a warning letter from the Heilongjiang Regulatory Bureau of the China Securities Regulatory Commission and a regulatory letter from the Shenzhen Stock Exchange [1] - The regulatory letter mentioned that in 2024, Kew Flower Pharmaceutical conducted procurement business with Shanghai Haiwei Biotechnology Co., Ltd. for an amount of 32.3836 million yuan, which accounted for 0.68% of the company's most recent audited net assets [1] - Gele Rui (Wuxi) Nutrition Technology Co., Ltd. is an affiliated legal entity of the company, and Shanghai Haiwei is a wholly-owned subsidiary of Gele Rui [1] - The transaction constitutes a related party transaction, and Kew Flower Pharmaceutical failed to follow the required review procedures and information disclosure obligations [1] - The announcement pointed out that the chairman, general manager, and board secretary of Kew Flower Pharmaceutical did not fulfill their due diligence obligations and bear primary responsibility for the violations [1]

Group 1 - The core issue involves Sanqi Interactive Entertainment (三七互娱) receiving an administrative penalty notice from the China Securities Regulatory Commission (CSRC) for multiple violations related to false disclosures in annual reports from 2014 to 2020 [1] - The violations include false records of shareholder holdings, failure to disclose related party transactions, and significant omissions in financial reports for the years 2018 to 2021 [1] - The CSRC plans to impose a fine of 9 million yuan on Sanqi Interactive Entertainment and issue warnings to the responsible individuals [1] Group 2 - The gaming ETF (product code: 159869) tracking the China Animation and Gaming Index has seen a recent decline of 2.81% over the past five days, with a price-to-earnings ratio of 37.37 times and a net inflow of 75.08 million yuan [3] - The food and beverage ETF (product code: 515170) has remained stable with no change in the last five days, a price-to-earnings ratio of 20.77 times, and a net inflow of 28.03 million yuan [3] - The Sci-Tech 50 ETF (product code: 588000) has experienced a decline of 3.06% in the last five days, with a high price-to-earnings ratio of 160.95 times and a net outflow of 1.39 billion yuan [3]

Core Viewpoint - The company received a warning letter from the Heilongjiang Securities Regulatory Bureau for failing to comply with related party transaction disclosure regulations, involving a transaction amount of 32.38 million yuan, which is 0.68% of the company's latest audited net assets [1][2]. Group 1: Regulatory Actions - The Heilongjiang Securities Regulatory Bureau issued a warning letter to the company and its executives, including the chairman and general manager, for not following the required procedures for related party transactions and information disclosure [2]. - The warning letter will be recorded in the securities and futures market integrity archives [2]. Group 2: Related Party Transactions - The company engaged in a procurement transaction with Shanghai Haiwei Biotechnology Co., a wholly-owned subsidiary of its related party, Geluori (Wuxi) Nutrition Technology Co., with a transaction amount of 32.38 million yuan [1]. - The company did not fulfill the necessary review procedures and disclosure obligations for this related party transaction, violating multiple provisions of the Information Disclosure Management Measures for Listed Companies [1].

Group 1 - Baili Technology (603959) received a regulatory warning from the Shanghai Stock Exchange due to violations related to related party transactions [1] - The company made a payment of 9.54 million yuan to Guangdong Pailer Intelligent Nano Technology Co., Ltd. for project progress from February 18 to 25, 2025, which constitutes a related party transaction [2] - The amount of the related party transaction accounted for 6.85% of the company's latest audited net assets, but the company failed to follow the required review procedures and timely disclosure [2] Group 2 - Baili Technology disclosed an estimated amount of 2.79 million yuan for related party transactions for the year 2025, while the actual amount was 4.805 million yuan, indicating inaccurate disclosure [3] - The Shanghai Stock Exchange found that the company did not comply with multiple regulations of the Shanghai Stock Exchange Listing Rules regarding related party transactions [3] - The then Chairman Lei Limeng and the then Secretary of the Board Li Liangyou were held primarily responsible for the company's violations and were issued regulatory warnings [3]

Core Viewpoint - The internal conflict within Reliable Co., Ltd. has intensified, highlighted by the opposition from the founder's ex-wife, Bao Jia, against several board resolutions, raising concerns about the company's management and governance [2][3][10]. Group 1: Board Meeting and Resolutions - On August 21, Reliable Co. held a board meeting where four resolutions were voted on, all of which passed despite Bao Jia's dissent on three of them, particularly regarding the appointment of Wang Xiangting as the new Secretary of the Board and Deputy General Manager [3][4]. - Bao Jia criticized Wang's lack of experience in listed companies and questioned his professional capabilities, suggesting he is more suited for the role of Chairman's Secretary rather than Secretary of the Board [3][4]. Group 2: Regulatory Issues - On August 26, Reliable Co. received a warning letter from the Zhejiang Securities Regulatory Bureau due to violations in disclosing related party transactions, which led to regulatory discussions with founder Jin Liwei and CFO Li Chaonan [7][9]. - The company was found to have failed to timely fulfill the necessary review procedures and disclosure obligations regarding related party transactions amounting to 21.12 million yuan, which constituted 1.54% of the company's latest audited net assets [9]. Group 3: Financial Performance - For the first half of the year, Reliable Co. reported a revenue increase of 5.39% to 549 million yuan and a net profit growth of 21.81% to 28.28 million yuan, with specific segments like adult incontinence products and baby care products showing positive growth [14]. - Despite the recent revenue growth, the company's overall performance has been declining since its listing, with revenues dropping from 1.174 billion yuan in 2019 to 1.079 billion yuan in 2024, and net profits fluctuating significantly, including a loss in 2021 [14]. Group 4: Management Criticism - Bao Jia has publicly criticized Jin Liwei's management decisions, particularly regarding investments in loss-making companies and the handling of the Du Di brand's sales, which have resulted in significant financial losses [10][12]. - Reliable Co. defended its investment strategy as a long-term approach and claimed that the losses from the Du Di brand were part of a broader strategy to enhance channel collaboration and improve operational efficiency [12][14]. Group 5: Market Reaction - Following the news of internal conflicts and regulatory issues, Reliable Co.'s stock closed at 15.85 yuan, down 0.25% on August 26 [17].

Core Viewpoint - The internal conflict within Reliable Co., Ltd. (301009.SZ) has intensified following the divorce of its founders, leading to significant governance issues and operational challenges, as highlighted by the opposition from former owner Bao Jia during board meetings [2][3][19]. Financial Performance - In the first half of 2025, Reliable Co. achieved revenue of 549 million yuan, a year-on-year increase of 5.39%, and a net profit attributable to shareholders of 28.28 million yuan, up 21.81% year-on-year, primarily due to increased sales and improved collections [2]. - The second quarter saw a significant decline in profit, with a 47.88% decrease compared to the previous quarter, attributed to promotional activities impacting profit margins [7][9]. - The company's core business segments, adult incontinence products and infant care products, reported revenues of 287 million yuan and 208 million yuan, respectively, with year-on-year growth rates of 4.62% and 5.6% [9]. Governance Issues - Bao Jia has raised serious concerns regarding the company's governance, citing issues such as internal management failures, improper related-party transactions, and the lack of experienced personnel in key positions [3][11]. - During a recent board meeting, Bao Jia opposed the appointment of the new secretary, questioning the qualifications and professional integrity of the candidate [11][13]. - The company has faced scrutiny over related-party transactions, with allegations of exceeding regulatory limits, prompting investigations by regulatory authorities [15][17]. Strategic Initiatives - To enhance profit margins, Reliable Co. has implemented a "premium pricing" strategy focused on high-margin adult care products, although the impact of this strategy has yet to be significantly reflected in financial results [9]. - The infant care product line, primarily based on OEM production, has been underperforming, with significant losses reported, raising concerns about the strategic direction of this segment [9][10].

Core Viewpoint - The ongoing conflict between the actual controller of Reliable Shares, Jin Liwei, and his ex-wife, Bao Jia, continues to escalate, particularly regarding the appointment of a new secretary and issues related to corporate governance and compliance [1][4]. Group 1: Board Meeting and Voting - Bao Jia opposed three out of four proposals during the board meeting, specifically criticizing the appointment of Wang Xiangting as the new secretary due to concerns over his qualifications and potential risks [1][3]. - Despite Bao Jia's objections and the abstention votes from independent director Jing Naiquan, all related proposals were ultimately approved by the board [1][3]. Group 2: Background of New Secretary - Wang Xiangting was appointed as the new secretary after a series of frequent changes in this position, with the company having a history of rapid turnover in its secretarial roles since its A-share listing in June 2021 [2]. - Prior to joining Reliable Shares, Wang had experience as a secretary in other listed companies, but his recent departure from the industry raised concerns about his familiarity with current regulations [2][3]. Group 3: Concerns Over Qualifications and Performance - Bao Jia expressed doubts about Wang Xiangting's ability to perform effectively, citing his lack of recent experience in the securities field and errors in board documents [3][4]. - Independent director Jing Naiquan also raised concerns about Wang's attention to detail and professionalism, leading to his abstention vote [3]. Group 4: Related Party Transactions and Compliance Issues - Bao Jia highlighted potential violations regarding related party transactions that exceeded regulatory thresholds, which are currently under investigation by the Zhejiang Securities Regulatory Bureau [4][5]. - The company acknowledged the transactions but claimed they were not intentional violations, attributing the issues to misunderstandings regarding the timing of disclosures [5][6]. Group 5: Financial Performance and Governance Challenges - The performance of Reliable Shares has been a point of contention, with Bao Jia criticizing Jin Liwei for making poor investment decisions and the company's overall financial decline since its IPO [6]. - Reliable Shares experienced significant profit reductions post-listing, with a notable loss in 2022, although there has been some recovery in 2023 [6].