炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 问题出在谁身上？ 作者 | 付影 谢美浴 编辑丨高岩 来源 | 野马财经 作为贵州"苗药第一股"的贵州百灵（维权）（002424.SZ）与省内唯一券商华创证券，双方因纾困结 缘，本该是一场共渡难关的合作，却在6年后双方各执一词并"对簿公堂"。 12月2日，华创证券在官微发布一则情况说明称，针对媒体对贵州百灵两大股东之间的民事纠纷进行报 道，该起纠纷已经进入司法审理阶段。早在8月份，华创证券母公司华创云信就公告称，华创证券已起 诉贵州百灵控股股东姜伟及其一致行动人姜勇、张锦芬等，涉案金额包括纾困计划本金14亿和股票质押 融资本金3.61亿元及固定收益、违约金等费用。 头图库 彼时华创证券及其管理的纾困基金就明确作出表态：不谋求对贵州百灵的控制权，也不会协助任何第三 方谋求该公司的控制权，三方一致同意建立战略合作伙伴关系，期望实现互惠共赢的良好局面。 上述两期纾困计划分别于2022年7月、2024年3月到期，股票质押于2024年8月到期。 而贵州百灵实控人姜伟则向监管机构发出一份长达数十页的控诉材料，详细披露了其与华创证券及其核 心管理层以 ...

Group 1 - Huachuang Securities has filed a lawsuit against major shareholders of Guizhou Bailing, involving a total amount exceeding 1.7 billion yuan [2][5] - The dispute originated from a rescue plan initiated in 2019, where Huachuang Securities provided 1.4 billion yuan in funding in exchange for 11.54% equity in Guizhou Bailing [5] - Huachuang Securities has requested repayment of the principal amount of 1.4 billion yuan and 361 million yuan from stock pledge loans, along with associated fees and penalties [5] Group 2 - Guizhou Bailing, established in 1999, is a pharmaceutical company known for its products like Yindan Xinnaotong soft capsules and Xiaoer Chaigui antipyretic granules [6] - The company successfully removed its "ST" designation after rectifying internal control deficiencies, but it still faces an ongoing investigation by the China Securities Regulatory Commission (CSRC) for alleged information disclosure violations [6][7] - For 2024, Guizhou Bailing reported revenue of 3.825 billion yuan and a net profit of 33.62 million yuan, but its core business remains under pressure with a significant decline in performance in the first quarter [7]

Group 1 - Huachuang Securities has filed a lawsuit against major shareholders of Guizhou Bailing, involving a total amount exceeding 1.7 billion yuan [2] - The dispute originates from a rescue plan initiated in 2019, where Huachuang Securities provided 1.4 billion yuan in funding and acquired 11.54% equity in Guizhou Bailing [4] - Huachuang Securities has repeatedly urged the shareholders to fulfill their obligations, but they have failed to repay the principal and interest [4] Group 2 - Guizhou Bailing has successfully removed its "ST" designation after rectifying internal control deficiencies, but it still faces an ongoing investigation by the China Securities Regulatory Commission [6] - For the year 2024, Guizhou Bailing reported revenue of 3.825 billion yuan and a net profit of 33.62 million yuan, indicating a turnaround from previous losses [7] - Despite the recovery, the company's core business profitability remains weak, with a significant decline in performance in the first quarter of the year [7] Group 3 - As of August 14, Guizhou Bailing's stock price was 6 yuan per share, corresponding to a total market capitalization of 8.386 billion yuan [8]

Core Viewpoint - Huachuang Securities has filed a lawsuit against the major shareholder of Guizhou Bailing, involving a total amount exceeding 1.7 billion yuan due to a failure to fulfill obligations related to a financial rescue plan and stock pledge disputes [2]. Summary by Sections Legal Dispute - The dispute originates from a financial rescue plan initiated in 2019, where Huachuang Securities provided 1.4 billion yuan in funding to Jiang Wei and others in exchange for an 11.54% equity stake in Guizhou Bailing [5]. - Huachuang Securities also lent Jiang Wei 361 million yuan against a stock pledge of 110 million shares of Guizhou Bailing [5]. - The rescue plan is set to expire in July 2022 and March 2024, while the stock pledge matures in August 2024 [5]. - Despite multiple reminders from Huachuang Securities, Jiang Wei and others have not repaid the principal or provided viable solutions [5]. - The lawsuit seeks repayment of the principal amount of 1.4 billion yuan, along with fixed returns, penalties, and other related costs [5]. Company Background - Guizhou Bailing, established in 1999, is a pharmaceutical company known for its products like Yindan Xinnaotong soft capsules and Xiaoer Cha Gui Tui Re granules [7]. - The company was previously under a risk warning label due to a negative internal control audit report but has since rectified the issues and removed the warning [7]. - However, Guizhou Bailing is still under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure laws [7]. Financial Performance - In 2024, Guizhou Bailing reported revenues of 3.825 billion yuan and a net profit attributable to shareholders of 33.62 million yuan, marking a return to profitability [8]. - Despite this, the company's net profit excluding non-recurring items remains a loss of 82.44 million yuan, indicating ongoing challenges in core business profitability [8]. - In the first quarter of the year, the company's performance declined significantly, with revenues dropping over 40% and net profits down more than 50% year-on-year [8]. Market Position - As of August 14, Guizhou Bailing's stock price was 6 yuan per share, giving it a total market capitalization of 8.386 billion yuan [9].