Core Viewpoint - The National Market Supervision Administration of China has imposed administrative penalties on four pharmaceutical companies for engaging in a monopoly agreement, resulting in a total fine exceeding 362 million yuan [1][2]. Group 1: Companies Involved - The companies involved in the monopoly agreement are Tianjin Pharmaceutical Industry Co., Ltd. (津药药业), Zhejiang Xianju Pharmaceutical Co., Ltd. (仙琚制药), Jiangsu Lianhuan Pharmaceutical Co., Ltd. (联环药业), and Xi'an Guokang Ruijin Pharmaceutical Co., Ltd. (国康瑞金制药) [1]. - Among these, Lianhuan Pharmaceutical, Tianjin Pharmaceutical, and Xianju Pharmaceutical hold the approval for the injection of dexamethasone phosphate sodium and have undergone consistency evaluation [2]. Group 2: Penalties and Financial Impact - The total fines imposed include 500,000 yuan on the individual responsible, confiscation of illegal gains, and an 8% fine on the previous year's sales for the four companies, amounting to approximately 355 million yuan [2]. - For Lianhuan Pharmaceutical, the penalty represents 2.83% of the company's audited revenue and 72.53% of the net profit attributable to shareholders for the most recent fiscal year [2]. - The penalty will reduce the net profit attributable to shareholders for Lianhuan Pharmaceutical by approximately 61.0382 million yuan for the fiscal year 2025 [2]. Group 3: Market Impact - The companies coordinated to raise the price of dexamethasone phosphate sodium from 8,000 yuan per kilogram to 13,000 yuan between February 2022 and March 2024, significantly restricting market competition and increasing healthcare costs for consumers [1].

Group 1 - The company involved is Tianjin Pharmaceutical Co., Ltd., which is engaged in the production of pharmaceuticals, veterinary drugs, cosmetics, and food additives [1][2] - The company and its representatives are accused of violating the Anti-Monopoly Law by engaging in monopolistic behavior with competitors [2][3] - The investigation was initiated based on a tip-off from the State Administration for Market Regulation, leading to a formal inquiry into the company's practices [2][3] Group 2 - The primary product involved is Dexamethasone Sodium Phosphate, a key raw material for producing Dexamethasone injection, which is used for treating various inflammatory diseases and has been included in COVID-19 treatment protocols [4][6] - The company, along with three other competitors, was found to have a direct competitive relationship in the production and sale of this raw material [6][7] Group 3 - Evidence indicates that the company participated in a price-fixing agreement for Dexamethasone Sodium Phosphate, which included a meeting on November 20, 2021, to discuss price increases and the cessation of price competition [7][8] - The company raised the price of Dexamethasone Sodium Phosphate from 9,000 yuan per kilogram to 13,800 yuan per kilogram in February 2022, following the agreement [7][9] Group 4 - The company reported illegal earnings of 42,764,400 yuan from the price-fixing activities [9] - Following the investigation, the company applied for leniency and began to lower prices in June 2024, indicating a willingness to rectify its actions [10][13] Group 5 - The administrative penalties imposed include the confiscation of illegal earnings and a fine based on the company's sales revenue, with a total penalty amounting to 69,192,350.36 yuan [13][14] - The company's general manager, Liu Xin, was also fined 600,000 yuan for personal responsibility in the monopolistic practices [15]

Core Viewpoint - Four companies engaged in a price-fixing conspiracy for dexamethasone phosphate raw materials, leading to significant price increases and resulting in administrative penalties exceeding 350 million yuan [1][5][15] Group 1: Companies Involved - The companies involved in the price-fixing conspiracy are Tianjin Pharmaceutical Industry Co., Ltd. (津药药业), Xianju Pharmaceutical Co., Ltd. (仙琚制药), Lianhuan Pharmaceutical Co., Ltd. (联环药业), and Xi'an Guokang Ruijin Pharmaceutical Co., Ltd. (西安国康瑞金) [1][5][14] - The main organizer of the conspiracy was identified as an individual named Guo, who facilitated communication and coordination among the companies [5][6] Group 2: Price Changes - The price of dexamethasone phosphate raw materials increased from several thousand yuan per kilogram to over ten thousand yuan, with some companies raising prices as high as 38,000 yuan per kilogram [1][10][14] - Specific price increases included Tianjin Pharmaceutical raising prices from a maximum of 9,000 yuan to 13,800 yuan per kilogram, and Xi'an Guokang Ruijin increasing prices from 7,900 yuan to between 10,000 and 38,000 yuan per kilogram [10][14] Group 3: Administrative Penalties - The total penalties imposed on the companies amounted to over 350 million yuan, with Tianjin Pharmaceutical fined 69.19 million yuan, Xianju Pharmaceutical fined 195.3 million yuan, and Xi'an Guokang Ruijin fined 28.78 million yuan [1][12][13] - Lianhuan Pharmaceutical is expected to face a fine of 61.04 million yuan, with a proposed reduction of 30% due to its cooperation during the investigation [1][11] Group 4: Cooperation and Leniency - Tianjin Pharmaceutical was the first to submit a leniency application, providing crucial evidence and reporting the details of the price-fixing agreement, which led to an 80% reduction in its fine [2][11] - In contrast, Xianju Pharmaceutical and Xi'an Guokang Ruijin did not submit leniency applications, resulting in no reductions in their fines [2][12][14]

Core Viewpoint - Xianju Pharmaceutical is facing an administrative penalty of approximately 200 million yuan for allegedly engaging in a monopoly agreement related to the pricing of Dexamethasone Sodium Phosphate raw materials, as disclosed in its annual report [1][6]. Group 1: Administrative Penalty Details - The Tianjin Municipal Market Supervision Administration has issued a notice indicating that Xianju Pharmaceutical is suspected of reaching and implementing a monopoly agreement by fixing and changing the price of Dexamethasone Sodium Phosphate raw materials [1][6]. - The proposed administrative penalty includes the confiscation of illegal gains amounting to 23.75 million yuan and a fine of 172 million yuan, which is 8% of the company's sales in 2023, totaling approximately 195 million yuan [6]. - Xianju Pharmaceutical has acknowledged the expected liabilities and related losses in its financial statements for 2024, in accordance with the administrative penalty notice [6]. Group 2: Market Context and Impact - Dexamethasone Sodium Phosphate is widely used in clinical treatments for allergic and autoimmune inflammatory diseases, with sales in Chinese public medical institutions reaching nearly 1.2 billion yuan in 2023, reflecting a year-on-year growth of 59.27% [6]. - The sales figure for Dexamethasone Sodium Phosphate was less than 400 million yuan in 2021, indicating significant growth in demand [6]. - Xianju Pharmaceutical's total revenue for 2024 is reported at 4 billion yuan, a decrease of 2.98% year-on-year, with net profit declining by 29.46% to 397 million yuan, attributed partly to the impact of national centralized drug procurement on its products, including Dexamethasone Sodium Phosphate [8]. Group 3: Regulatory Environment - The case is currently in the administrative penalty notification stage, and the Tianjin Municipal Market Supervision Administration has stated that the details will be publicly disclosed after the case is processed [10]. - Previous cases of pharmaceutical companies facing penalties for monopolistic practices highlight a growing regulatory scrutiny in the industry, with significant fines imposed on companies for similar violations [9].

关于太龙电子股份有限公司 申请向特定对象发行股票的 审核问询函的回复 保荐机构（主承销商） （武汉东湖新技术开发区高新大道 446 号天风证券大厦 20 层） 二〇二五年二月 深圳证券交易所： 贵所《关于太龙电子股份有限公司申请向特定对象发行股票的审核问询函》 （审核函〔2024〕020029）（以下简称"审核问询函"）已收悉。太龙电子股份 有限公司（以下简称"太龙股份""发行人"或"公司"）会同天风证券股份有 限公司（以下简称"保荐机构"或"保荐人"）、上海市通力律师事务所（以下 简称"发行人律师"）、华兴会计师事务所（特殊普通合伙）（以下简称"申报 会计师"）等相关方已就审核问询函中提到的问题进行了逐项落实并回复，并对 申请文件进行了相应的补充。现回复如下，请贵所予以审核。 如无特别说明，本问询函回复中的简称与《太龙电子股份有限公司 2024 年 度向特定对象发行 A 股股票募集说明书》中的简称具有相同含义。本问询函回 复中的字体代表以下含义： | 类别 | 字体 | | --- | --- | | 审核问询函所列问题 | 黑体（不加粗） | | 审核问询函问题回复、中介机构核查意见 | 宋体（不加粗） ...