反垄断罚单冲击业绩 多重经营风险待解 2025年4月30日，天津市市场监督管理委员会出具《行政处罚决定书》，认定津药药业因地塞米松磷酸 钠原料药实施垄断行为，责令其停止违法行为，并罚没款项合计6919.24万元。该笔巨额支出直接计入 当期营业外支出，成为净利润大幅缩水的关键因素，也暴露出公司在反垄断合规内控体系上存在的重大 缺陷，为后续经营埋下合规隐患。 面对业绩压力，公司虽在业务层面采取应对措施，但效果仍待观察。销售端，公司调整外销布局，将原 料药非美业务逐步交由津药药业（新加坡）有限公司负责，试图利用新加坡地理与外汇优势应对美国关 税波动，但新布局的市场开拓与渠道整合尚需时间；成本端，公司通过纸包材集采等措施实现降本增效 近4000万元，但在营收收缩背景下，成本节降对利润的提振作用有限。 此外，公司仍面临多重潜在风险，原材料方面，大宗原料与能源价格波动、供应中断风险持续存在；环 保方面，子公司津药和平被纳入天津市碳排放权交易管理，需按要求推进减排，同时VOCs治理政策趋 严增加环保投入；安全生产方面，生产中使用的甲醇、丙酮等危险化学品若管控不当，可能引发安全事 故；汇率方面，公司60%以上甾体激素原料药出 ...

Group 1 - The State Administration for Market Regulation (SAMR) and Zhejiang Provincial Market Regulation Bureau conducted an anti-monopoly compliance training for public utility operators and industry associations, with participation from 885 companies including China Mobile Zhejiang and State Energy Group Zhejiang Electric Power [1] - The training covered the latest regulations and specific details related to public enterprises, helping companies understand compliance boundaries and analyze real case violations [1] - The Zhejiang Provincial Market Regulation Bureau plans to supervise public utility companies and industry associations to identify and rectify potential anti-monopoly risks, improve compliance systems, and enhance regulatory enforcement [1] Group 2 - The public utility sector, including water, electricity, gas, heating, and postal services, is critical to the economy and society, but risks of monopolistic practices that harm small businesses still exist [2] - Since April, the Zhejiang Provincial Market Regulation Bureau has initiated a special action for anti-monopoly law enforcement in the public utility sector, focusing on issues like collusion, designated transactions, and unreasonable trading conditions [2] - The special action aims to prevent monopolistic practices and protect the legitimate rights of small enterprises by addressing natural monopolies and their extension into competitive sectors [2]

Core Viewpoint - The Market Regulation Administration is promoting antitrust compliance in the water supply industry to enhance awareness and ensure healthy industry development [1] Group 1: Antitrust Compliance - The antitrust compliance seminar aims to educate water supply operators about the antitrust legal framework and its importance [1] - The seminar includes a comprehensive review of antitrust cases in the water supply sector and analyzes common monopolistic issues [1] - The administration encourages operators to proactively identify and assess potential antitrust risks to foster a fair market environment [1] Group 2: Industry Impact - The water supply service is directly linked to public welfare, making compliance with antitrust laws crucial for protecting consumer rights [1] - The Market Regulation Administration emphasizes the need for operators to prevent the extension of monopolistic advantages into competitive sectors [1] - The initiative aims to create a more vibrant and equitable market landscape within the water supply industry [1]

Regulatory Actions - The China Securities Regulatory Commission (CSRC) issued three penalties, including a fine of 5 million yuan against the former chairman of Yan'an Bikan for financial fraud [21] - The Financial Regulatory Bureau is drafting new regulations to ensure transparency in asset management products of banks and insurance institutions [28] Market Monitoring - The Shanghai Stock Exchange is closely monitoring stocks with delisting risk and those with significant abnormal fluctuations, including *ST Jinguang and Zhongyida [13][14] - The Shenzhen Stock Exchange is also focusing on stocks with abnormal price movements, continuing to monitor *ST Yushun and others [14] Corporate Debt and Financial Health - China Construction Bank announced that the bondholder meeting for "23 Karamay MTN001" was not valid due to insufficient voting rights [5] - CIFI Group plans to offer a debt restructuring proposal with four options for bondholders, reflecting the company's current operational challenges [6] - Yixing Transportation Energy Group reported new borrowings exceeding 20% of its net assets, indicating financial strain [7] - Pan Hai Holdings announced a delay in the repayment of a $146.045 million private placement note until November 2025 [8] Industry Developments - The coal mining sector is experiencing increased production, with auction prices for coal significantly reduced, indicating supply pressure [33] - The Ministry of Public Security and other departments released a management method for national online identity authentication services, effective July 15, 2025 [34] - The State Council is pushing for a shift in food safety governance towards preventive measures and stricter regulations [35] Real Estate Market - The top 100 real estate companies in China have seen a 13% decrease in total land reserve value compared to the previous year, with 96% of these companies reporting a decline [37]

智通财经5月5日电，仙琚制药(002332.SZ)公告称，公司于2025年4月30日收到天津市市场监督管理委员 会的《行政处罚决定书》，因公司与具有竞争关系的其他经营者以垄断协议形式固定、变更地塞米松磷 酸钠原料药价格，排除限制了该原料药销售领域的竞争。公司被没收违法所得2374.67万元，并处2023 年销售额8%的罚款1.71亿元，合计被罚没1.95亿元。公司主要负责人张宇松被罚款60万元。公司确认本 次处罚不触及重大违法强制退市情形，对公司当期财务报表造成一定负面影响，但尚不影响正常经营和 发展。公司已制定反垄断合规管理指引和员工合规手册，并开展全面风险排查和专项培训，以强化反垄 断合规管理。 仙琚制药：收到行政处罚决定书 被罚没1.95亿元 ...