一年关店118家的连锁药房巨头漱玉平民再度遭遇医保解约。近日，山东省医疗保障局的一纸公告显 示，济南两家漱玉平民药房被正式解除省直医保协议关系。 就在消息公布的前三天，漱玉平民大药房连锁股份有限公司（简称"漱玉平民"）创始人兼总裁秦光霞宣 布减持公司3%股份，套现约1.5亿元。这位与董事长李文杰并肩创业26年的元老，在公司遭遇上市首次 年度亏损之后选择减持，引发市场一片哗然。 就在漱玉平民遭遇上市以来首次年度亏损和医保频频解约的敏感时刻，创始人却选择高位套现，这家曾 经风光上市的医药零售巨头如今"屋漏偏逢连夜雨"，正面临着前所未有的生存和信任危机。 医保违规"常客" 漱玉平民作为一家知名连锁药房，在济南、青岛等地区拥有众多门店，此次山东省医保局解除协议的两 家漱玉平民门店未公布具体事由，对此记者致电漱玉平民，对方工作人员表示"不了解详情"。而记者致 电山东省医疗保障局被告知："如果自动选择解除医保协议的话会在通告中体现，如未标明则可能有不 便告知的原因。" "解除医保协议的原因主要可分为两类，一种是医保部门主动解除，一种是药店主动申请解除。如果是 医保部门主动解除原因可能为医保违规或重大信息变更未报备。"医药 ...

Core Viewpoint - Hanchuan Intelligent (688022.SH) faced regulatory scrutiny due to the failure of its controlling shareholder and actual controller to timely disclose significant equity pledges and associated risks, resulting in a warning letter from the Jiangsu Securities Regulatory Bureau [1][2]. Disclosure Issues - The actual controller, Cai Changwei, pledged 52.43% of his shares to Huaneng Guicheng Trust on July 7, 2023, and Hanchuan Investment pledged 13.1343 million shares (7.47% of total shares) to the same trust [2]. - The company reported a negative net profit in its semi-annual report on August 29, 2024, triggering acceleration clauses in the pledge contract, which could lead to instability in control or changes in the actual controller [2]. - The company delayed disclosing the pledge and associated risks until February 2025, violating the immediate disclosure requirement set by the "Management Measures for Information Disclosure of Listed Companies" [2][3]. Systemic Deficiencies in Disclosure Mechanism - Selective Disclosure: The controlling shareholder and actual controller failed to fulfill their notification obligations, with significant events like share freezes disclosed only in February 2025 [3]. - Delayed Risk Alerts: The negative net profit in the 2024 semi-annual report triggered pledge defaults but did not prompt simultaneous warnings about control risks, violating disclosure regulations [3]. - Internal Control Failures: Major issues such as divorce disputes and property litigation were not proactively disclosed, with the excuse of "personal privacy" until forced by judicial freezes [3]. Performance Decline and Management Turmoil - The company has faced severe operational risks and governance deficiencies, leading to a dramatic decline in performance [4]. - In 2024, revenue dropped to 474 million yuan, a 64.61% decrease year-on-year, only 35% of the peak revenue in 2023 (1.339 billion yuan) [4]. - The net profit attributable to the parent company for 2024 was -1.103 billion yuan, a 1205% increase in loss compared to the previous year, marking the largest loss since its listing [4]. - Asset quality is concerning, with a debt ratio of 78.46% and a current ratio of 0.89, indicating significant liquidity issues [4]. - Management instability has been evident since 2023, with frequent executive changes, including the dismissal of the financial director in November 2024 due to "insufficient capability" [4].