Core Viewpoint - The investigation by the China Securities Regulatory Commission (CSRC) into Jiaying Pharmaceutical highlights severe governance issues within the company, exacerbated by a significant decline in revenue from its core products and ongoing management turmoil [2][3][15]. Governance and Management Issues - Jiaying Pharmaceutical is under investigation for information disclosure violations, which are seen as a culmination of long-standing governance deficiencies [3][15]. - The company has experienced a rapid turnover of key executives, including the resignation of the financial director and board secretary, raising concerns about internal governance stability [4][5]. - A lack of timely disclosure regarding related party transactions and internal control weaknesses has been identified as potential triggers for the investigation [3][5]. Financial Performance - Jiaying Pharmaceutical reported a revenue of 376.17 million yuan in 2024, a decrease of 29.46% year-on-year, marking two consecutive years of double-digit declines [6][7]. - The net profit attributable to shareholders fell to 20.61 million yuan, down 39.94% from the previous year, with a net profit margin dropping from 6.44% in 2023 to 5.48% in 2024 [6][7]. - The company's core products, particularly the Jieguzhili Pian/Capsule, saw a revenue decline of 41.05%, significantly impacting overall performance [9][10]. Market and Product Dynamics - The ongoing pressure from national traditional Chinese medicine procurement policies has led to a dual impact of declining prices and sales volumes for Jiaying Pharmaceutical's key products [9][10]. - The company’s revenue structure is imbalanced, with major products underperforming and insufficient growth from secondary products, leading to a "main force slowdown, new force insufficiency" scenario [9][10]. Research and Development Concerns - Jiaying Pharmaceutical's R&D expenditure decreased by 33.09% in 2024, raising concerns about its long-term competitiveness and innovation capabilities [14][15]. - The reduction in R&D personnel from 42 to 30 indicates a shrinking focus on innovation, which is critical in the increasingly competitive pharmaceutical industry [14][15]. Recent Developments - In the first quarter of 2025, Jiaying Pharmaceutical reported a revenue increase of 28.83% year-on-year, attributed to expanded sales channels, although this was not accompanied by improved cash flow [11][12]. - Despite a temporary recovery in performance, the ongoing decline in R&D investment poses risks to the company's future growth and sustainability [14][15].

以下文章来源于深蓝财经 ，作者深蓝财经 深蓝财经 . 影响价值圈层！创立于2011年，关注中国最具价值公司，是新中产的财富顾问。 总体上，实现营业收入约749.93亿元，同比下降0.69%；归母净利润约28.35亿元，同比下降 30.09%；对应实现的扣非净利润约23.56亿元，同比下降35.18%。 净利润为2018年以来的最 差记录。 我们先来看"金戈"的表现。"金戈"即枸橼酸西地那非片，为男科用药，用于治疗勃起功能障碍 (ED)。 作者： 杨波 来源： 深蓝财经 （ID：shenlancaijing） 天啊，"中国伟哥"都卖不动了！ 中国男人，难道都雄起了？！ | 药(产)品 名称 | 所属治疗 领域 | 适用症/功能主治 | 发明专利起止 期限 | 药品注册 分类 | | --- | --- | --- | --- | --- | | 枸橡酸西地 那非片 | 男科用药 | 用于治疗勃起功能障碍 (ED)。 | 2002 年 4月 29 日至 2022 年 4月28日 | 化学药品 | 3月13日晚间，白云山（600332.SH）发布2024年年报，业绩下滑明显。值得注意的是，白云 山旗下著名产品 枸橼 ...