12月19日晚间，据贵州证监局网站消息，近日，贵州证监局对贵州百灵（002424）企业集团制药股份有限公司(以下 简称"贵州百灵")涉嫌定期报告财务数据存在虚假记载作出行政处罚及市场禁入事先告知。 经查，贵州百灵未以权责发生制为基础，按照收入成本费用配比原则确认当期销售费用，导致2019年至2021年期间少 计销售费用，累计虚增利润65472.60万元，2023年多计销售费用，虚减利润45941.10万元。 对贵州百灵多年财务造假，严重违反证券法律法规行为，贵州证监局依法拟对贵州百灵责令改正，给予警告，处以 1000万元罚款；拟对姜伟等10名责任人给予警告，处以罚款合计1560万元，同时拟对姜伟采取10年证券市场禁入措 施。 同日，苗药龙头股贵州百灵发布公告，贵州百灵及相关当事人收到贵州证监局出具的《行政处罚事先告知书》，因贵 州百灵披露的2019年至2021年及2023年年报存在虚假记载，深圳证券交易所将对贵州百灵股票实施其他风险警示。 贵州百灵股票自2025年12月22日开市起停牌一天，并于2025年12月23日开市复牌。自2025年12月23日开市起，贵州百 灵股票简称由"贵州百灵"变更为"ST百灵"， ...

登录新浪财经APP 搜索【信披】查看更多考评等级 作者丨杜涛 出品丨牛刀商业评论 因涉嫌内幕交易、信息披露违法等，贵州百灵（维权）实控人姜伟收到证监会《立案告知书》，这场始于六年前的 18 亿纾困纠纷，终于从 "企业债务争 议" 升级为 "个人合规危机"。 一边是华创证券指控姜伟未履行回购义务，索要 17.61 亿元本金及违约金，一边是姜伟反诉对方 "无理起诉""谋求控制权"，双方各执一词的 "罗生门" 尚 未落幕，上市公司股价已应声大跌 6.28%，总市值缩水至 73 亿元。 这场纠纷远非 "纾困反被套" 的简单戏码，而是折射出民企纾困机制的漏洞、上市公司控制权博弈的暗涌，以及 "苗药第一股" 在业绩颓势下的生存焦虑。 姜伟的麻烦，本质是民营上市公司在资本运作与合规经营失衡下的缩影，其背后的问题远比个人命运更值得行业深思。 0 1 纾困变"困局" 2019 年，华创证券 18 亿纾困资金注入贵州百灵时，本是一场 "雪中送炭" 的资本合作。 姜伟缓解股权质押压力，券商通过纾困基金获取合理收益，上市公司稳定控制权。但六年过去，这场合作沦为对簿公堂的闹剧，核心症结在于纾困机制的 "先天不足" 与 "执行变形"。 ...

Core Viewpoint - Guizhou BaiLing's actual controller Jiang Wei is under investigation by the China Securities Regulatory Commission (CSRC) for insider trading and other violations, raising concerns about the company's governance and financial stability [1][2][5] Group 1: Regulatory Issues - Jiang Wei received a notice from the CSRC regarding the investigation for insider trading and violations of information disclosure regulations [1] - The company has faced ongoing scrutiny, with a negative internal control audit report issued for the 2023 annual report, leading to its stock being marked as "ST BaiLing" due to risk warnings [1][2] - The company is currently under investigation for suspected violations of information disclosure laws [1] Group 2: Financial Performance - In the first three quarters of 2025, Guizhou BaiLing reported revenue of 2.102 billion yuan and a net profit of 57 million yuan, representing declines of 24.28% and 35.60% year-on-year, respectively [6] - The company is experiencing a continuous decline in performance, which raises concerns about its future viability [5] Group 3: Legal Challenges - Jiang Wei is facing a lawsuit from Huachuang Securities totaling approximately 1.761 billion yuan related to a financial rescue plan and stock pledge disputes [6][7] - The lawsuit includes claims for the repayment of principal and interest related to the financial rescue plan and stock pledge loans [7]

Core Viewpoint - The dispute between Guizhou BaiLing and Huachuang Securities, which began as a cooperation to alleviate financial difficulties, has escalated into a legal battle over control and financial obligations, with both parties presenting conflicting claims regarding the management and control of the company [1][3][40]. Group 1: Background of the Dispute - In 2019, Guizhou BaiLing's controlling shareholder Jiang Wei introduced Huachuang Securities as a rescue partner due to high debt and stock pledge rates, leading to a financial arrangement involving 1.4 billion yuan and stock pledges [4][40]. - Huachuang Securities provided 1.4 billion yuan through two asset management plans and acquired 161 million shares, representing 11.54% of Guizhou BaiLing's total shares [5][40]. - The two parties agreed to a strategic partnership, with Huachuang Securities stating it would not seek control over Guizhou BaiLing [7][42]. Group 2: Legal Proceedings and Claims - Huachuang Securities filed a lawsuit against Jiang Wei and others, claiming repayment of the 1.4 billion yuan principal and 361 million yuan from stock pledges, along with interest and penalties [1][3][45]. - Jiang Wei has accused Huachuang Securities of attempting to gain control over Guizhou BaiLing under the guise of financial assistance, leading to regulatory investigations [3][38]. - The legal dispute has reached the courts, with Huachuang Securities asserting its claims while Jiang Wei counters with allegations of misconduct by Huachuang Securities [1][3][48]. Group 3: Financial Implications - As of December 3, Guizhou BaiLing's stock price was 5.57 yuan per share, with a total market capitalization of 7.785 billion yuan, while the shares involved in the dispute were valued at approximately 1.944 billion yuan, exceeding the 1.761 billion yuan in claims [12][46]. - The financial arrangements included additional collateral, such as properties and receivables, to secure the investments made by Huachuang Securities [11][45]. - The ongoing litigation poses significant financial risks for Huachuang Securities, as the outcome will impact its asset quality and risk management practices [35].

Core Viewpoint - Guizhou BaiLing (ST BaiLing) has completed internal control rectification and is applying to remove the risk warning label after a year of efforts, aiming for a turnaround in its financial performance [2][6]. Internal Control and Compliance - The company has made significant improvements in its internal control and compliance systems, establishing a compliance management department and enhancing training for staff to prevent future violations [5][6]. - An audit report confirmed that ST BaiLing maintained effective internal control over financial reporting in all significant aspects [6]. Financial Performance - In 2024, ST BaiLing reported revenue of 3.825 billion yuan, a decrease of 10.26% year-on-year, while net profit attributable to shareholders was 33.62 million yuan, an increase of 108.11% [7]. - Despite appearing to turn a profit, the company's net profit after excluding non-recurring items was -82.44 million yuan, indicating ongoing financial challenges [7]. Market Challenges - The company faced declining demand for its products due to a public health event in late 2023, which led to overstocking of certain medications, resulting in reduced sales in 2024 [7][8]. - In the first quarter of 2025, revenue dropped to 761 million yuan, a decline of 42.93% year-on-year, with a significant decrease in net profit [7][8]. Accounts Receivable and Risk Management - As of the end of the first quarter of 2025, ST BaiLing's accounts receivable reached 1.843 billion yuan, a 15.51% increase from the beginning of the year [8]. - The company is actively managing credit risks by conducting assessments of customers and monitoring receivables to mitigate potential bad debt risks [8].