今年1月27日，津药药业收到天津证监局《行政监管措施决定书》，监管部门查明公司存在两大违规问 题：一是部分外购技术项目采用制式合同，对合作方违约责任约定不明确，合同内容不规范；二是未能 及时识别部分研发项目终止风险，导致预付款收回不及时。上述行为违反了《上市公司治理准则》及 《企业内部控制应用指引》相关规定。依据核查结果，天津证监局对津药药业采取责令改正监管措施， 同时对5名现任及前任高管出具警示函。 针对上述问题，津药药业成立专项整改工作领导小组，统筹推进整改落实，制定了针对性解决方案。在 合同管理方面，公司已完成研发类合同范本梳理，正在推进修订后范本的应用，同时优化完善合同审核 流程，明确业务部门与法务合规部双重审核职责，实现研发相关合同审核全覆盖。在研发项目管理及资 金管控方面，公司已完成研发项目预付款专项清理，截至2025年10月15日，涉事预付款已全部收回；同 时建立健全研发项目风险管控机制，出台《津药药业科研项目管理SMP》，将预付款支付与项目风险评 估挂钩，强化财务动态监控与风险预警。 津药药业表示，针对《决定书》指出的问题，公司已制定有效的整改措施，目前已完成主要整改工作。 为巩固整改成效，建 ...

Core Viewpoint - Guizhou Bailing has undergone significant changes, including a stock name change from "ST Bailing" to "Guizhou Bailing" after successfully turning around its financial performance, but it still faces ongoing regulatory scrutiny from the China Securities Regulatory Commission (CSRC) due to an investigation into information disclosure violations [1][2]. Financial Performance - In 2024, Guizhou Bailing reported a revenue of 3.825 billion yuan, a decrease of 10.26% year-on-year, while net profit reached 33.62 million yuan, an increase of 108.11% compared to the previous year [2][3]. - The company’s non-recurring net profit was -82.44 million yuan, but this figure still represented an increase of 81.33% year-on-year [2]. Regulatory Issues - The company received a notice from the CSRC on November 8, 2024, indicating that it is under investigation for suspected violations of information disclosure laws, with no conclusive opinions or decisions received as of June 26, 2024 [1][2]. - During a performance briefing on May 12, 2024, investors expressed concerns about the ongoing investigation and potential delisting risks, but the company did not provide a direct answer [2]. Market Conditions - The decline in revenue for 2024 was attributed to a significant stockpiling of cold and flu medications by consumers in the previous year, which led to a depletion of demand in 2024, alongside a general decrease in pharmaceutical prices [3]. - The company reported a 17.76% decrease in costs compared to 2023, primarily due to lower prices of key raw materials such as forsythia and honeysuckle, resulting in an improved gross margin [3].