L T L t of the state I silla T a Jand First 6 t 出品 | 搜狐财经 作者 | 王泽红 经过半年多调查取证，"新城系"之间的资金往来谜团，终于揭开了。 近期，新城控股与新城悦服务先后发布公告，曝出双方存在高额往来资金，并披露了这笔关联交易如何规避监管系统、在财报中隐身的幕后操作，同时详述 了前因后果。 但从新城悦服务披露的调查细节看，却本非如此，资金往来主要由时任执行董事杨博策划，并在其助理和3名财务人员协助下完成，目的是解决新城控股的 短期资金需求。 杨博是在新城控股员工的要求下，才操作的违规转账。为规避新城悦服务的SAP系统审批流程，他指示财务管理中心总经理使用定制纸质审批单转账，财务 管理中心员工则负责从SAP系统中删除银行转账记录。 根据新城控股更正后的2024年财报，关联方资金拆借一栏，从上个版本的"不适用"，更正为2023年、2024年分别拆借18亿元、51.7亿元，往来资金高达69.7 亿元。 "不适用"是财务报表中的常用语，意思是无关或未发生，即新城控股未向关联方拆借资金；如今却又凭空冒出69.7亿元往来资金，新城控股解释称是工作人 员疏忽，导致原 ...

Core Viewpoint - Guangdong Jiaying Pharmaceutical (002198) has been penalized by regulatory authorities for violations related to related-party transactions and information disclosure [2][5][8]. Group 1: Regulatory Penalties - Jiaying Pharmaceutical was informed of an administrative penalty, including a fine of 1.5 million yuan and warnings for its chairman and other executives, totaling nearly 5 million yuan in penalties [5][6]. - The company engaged in short-term fund borrowing of 219 million yuan to a related party, Yao Juneng, without following the required approval and disclosure procedures [2][7]. Group 2: Financial Performance - In 2024, Jiaying Pharmaceutical reported a revenue of 376 million yuan, a year-on-year decline of 29.46%, marking the second consecutive year of double-digit revenue decline [7]. - The net profit attributable to shareholders was 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 [7]. Group 3: Corporate Governance Issues - The company has faced multiple regulatory warnings in the past for information disclosure violations, indicating ongoing governance issues [8]. - Frequent changes in senior management have raised concerns, with the current chairman, Li Neng, assuming his role shortly before the company faced these violations [8][10]. Group 4: Market Position and Challenges - Jiaying Pharmaceutical has struggled with weak profitability since its listing, with core products experiencing significant sales declines due to national price adjustments in traditional Chinese medicine [9]. - The company has undergone multiple ownership changes, with the current major shareholder being Dongfang Securities, which acquired shares through debt settlement [10]. Group 5: Future Risks - The company and its second-largest shareholder, Yao Juneng, are facing challenges in a highly competitive market, with potential risks of delisting if regulatory issues persist [11].