登录新浪财经APP 搜索【信披】查看更多考评等级 具体而言，公司未遵循收入与成本费用配比的原则，在财务核算中未能将实际发生的销售费用在当期及 时、足额确认。简单来说，就是通过故意推迟确认、或少计与当期收入相关的市场推广、渠道维护等销 售费用，将这些本应立刻体现在利润表中的支出"隐藏"或"转移"，从而人为做高当期利润。 【文/王力 编辑/周远方】 12月19日晚间，一则来自贵州证监局的《行政处罚事先告知书》，揭开了这家曾被誉为"苗药第一股"的 上市药企长达四年的财务造假真相。贵州百灵（002424.SZ）因在2019年至2021年及2023年年报中存在 虚假记载，被监管机构处以1000万元顶格罚款，公司股票将被实施其他风险警示，简称由"贵州百灵"变 更为"ST百灵（维权）"。 这家以银丹心脑通软胶囊、咳速停糖浆等产品闻名的苗药龙头，曾在2017年将其实际控制人姜伟家族推 上贵州首富的宝座，巅峰时期身家高达165亿元。如今，姜伟不仅面临500万元顶格罚款，还将被采取10 年证券市场禁入措施。与此同时，包括总经理牛民在内的10名责任人被处以合计1560万元罚款。 经查实，贵州百灵通过不当核算销售费用的方式，在201 ...

刚刚，"苗药第一股"贵州百灵发布公告，炸响资本市场：因2019-2021年累计虚增利润6.55亿元，2023年又虚减利润4.59亿元， 公司被顶格罚款1000万元。 同时，实控人、原董事长姜伟更是被处以500万元罚款+10年证券市场禁入的重罚，10名相关责任人同步被罚。对时任公司董 事、总经理和董事会秘书牛民给予警告，并处以350万元罚款。 从曾经的"苗药明星企业"到如今的"ST百灵"（公司股票将被实施其他风险警示，12月22日停牌一天后复牌），贵州百灵为何要 冒天下之大不韪财务造假？未来又能否翻身？ 为啥敢造假？ 核心是"拆东墙补西墙"的生存焦虑 财务造假从来不是"一时兴起"，而是企业走投无路后的铤而走险。 贵州百灵的造假逻辑，本质是用虚假财务数据掩盖真实的经营困境，核心原因有三个： 首先是"粉饰业绩"保壳+维稳。 作为上市公司，贵州百灵需要持续的盈利数据来维持股价、安抚投资者，更要避免因业绩连续亏损被"退市"。 从数据上看，2019-2021年它通过少计销售费用虚增利润，2019年虚增利润占当期利润总额的95.73%，2020年更是超过115% ——相当于这两年的"利润"基本都是编出来的。如果不这么操作， ...

登录新浪财经APP 搜索【信披】查看更多考评等级 斑马消费 范建 一边面临高达17亿元的诉讼，另一边被证监会立案调查。贵州百灵实控人、贵州前首富姜伟的这个冬天，寒冷异常。 正如他自己所感受的那样——似乎所有的矛头开始转向他个人。 创业30年，他一手打造出"苗药第一股"贵州百灵，一度在资本市场高歌猛进。而最近几年，上市公司和他频陷非议，已影响投资者们的信心。 作为公司创始人，姜伟和贵州百灵，一损俱损、一荣俱荣。如果能顺利度过这个多事之秋，姜伟或许应该重新考虑调整自己的投资版图。 矛头开始指向个人 最近两三年，贵州百灵（002424.SZ）的投资者们始终战战兢兢，不知道什么时候，就会有一个利空的消息降临。 这不，坏消息又来了。 12月3日盘后，公司披露公告，实控人姜伟已于近日收到证监会的《立案告知书》，他因涉嫌内幕交易、信息披露违法、违反限制性规定转让股票，被立案 调查。 上市公司表示，本次立案是对姜伟个人的调查，与公司日常经营管理和业务活动无关，不会对公司及子公司生产经营活动产生影响。 为安抚内外，姜伟通过贵州百灵官方公众号，发表了一篇公开信。他在信中表示，自己将全力配合证监会的调查，"实践中，经调查确无问题的 ...

斑马消费 范建 一边面临高达17亿元的诉讼，另一边被证监会立案调查。贵州百灵实控人、贵州前首富姜伟的这个冬天，寒冷异常。 正如他自己所感受的那样——似乎所有的矛头开始转向他个人。 创业30年，他一手打造出"苗药第一股"贵州百灵，一度在资本市场高歌猛进。而最近几年，上市公司和他频陷非议，已影响投资者们的信心。 作为公司创始人，姜伟和贵州百灵，一损俱损、一荣俱荣。如果能顺利度过这个多事之秋，姜伟或许应该重新考虑调整自己的投资版图。 矛头开始指向个人 为安抚内外，姜伟通过贵州百灵官方公众号，发表了一篇公开信。他在信中表示，自己将全力配合证监会的调查，"实践中，经调查确无问题的情况亦非少 数。"他希望公司内部保持冷静，不必过度担忧，坚守岗位、专注工作，全力投入2025年最后的冲刺阶段。 受该消息影响，昨日，贵州百灵股票大跌，盘中最大跌幅超过7%，全天收于5.22元/股，下跌6.28%，领跌A股中药板块。 在公开信中，姜伟同时提到，最近几年，对于贵州百灵和其个人的非议不断。2024年上半年，公司被ST处理；2025年，公司完成摘帽，发展重回正轨，自 己作为控股股东，又遭华创证券无理巨额起诉；今天又受到立案调查。"这一切 ...

来源：中钟看药 贵州百灵（维权）今日盘后公告，董事长姜伟因涉嫌内幕交易等行为被证监会立案调查。晚间，公司官 微发布了姜伟以董事长身份致贵州百灵全体同事的一封信。 姜伟在信中说，贵州百灵全体同事："我将全力配合中国证监会的调查工作，并坚信监管部门会依法依 规、客观公正地查明事实，给出公正结论。请各位同事保持冷静，不必过度担忧。" 同时，他恳请同事们坚守岗位、专注工作，以饱满的热情投入2025年最后阶段的冲刺。"时间宝贵，不 容虚度；也请大家明辨信息，不传谣、不信谣。"并称，目前，贵州百灵一切运营井然有序，发展态势 稳健。 信中，姜伟还说，"明年，贵州百灵将迎来成立三十周年。三十年来，在党的领导下，全体百灵人艰苦 奋斗，将一家濒临倒闭的小厂，发展成为年营收超40亿元、位居国内非处方药行业前列的知名制药企 业。三十年间，公司累计为国家纳税超70亿元，提供6000余个就业岗位，直接带动十余万农户脱贫增 收，并积极吸纳返乡人员、留守群体及残疾人就业，切实履行了社会责任。" 来源：中钟看药 贵州百灵（维权）今日盘后公告，董事长姜伟因涉嫌内幕交易等行为被证监会立案调查。晚间，公司官 微发布了姜伟以董事长身份致贵州百灵全体同 ...

【导读】贵州百灵实控人姜伟被立案，涉嫌内幕交易、信披违法等 中国基金报记者 晨曦 又有上市公司实控人被立案！ 12月3日晚间，贵州百灵发布公告称，公司实控人姜伟被证监会立案，涉嫌内幕交易、信息披露违法、违反限制性规定转让股票。 此前， 贵州百灵因涉嫌信息披露违法违规，于2024年11月被证监会立案调查，调查结果尚未公布。 贵州百灵实控人姜伟被立案 12月3日晚间，贵州百灵公告称，公司实际控制人姜伟于近日收到证监会下发的《立案告知书》。按照该告知书，姜伟因涉嫌内幕交易、信 息披露违法、违反限制性规定转让股票，根据《中华人民共和国证券法》《中华人民共和国行政处罚法》等法律法规，证监会决定对其进 行立案。 对此，贵州百灵表示，该次立案系对姜伟个人的调查，与公司日常经营管理和业务活动无关，不会对上市公司及子公司生产经营活动产生 影响。立案调查期间，姜伟将积极配合中国证监会的立案调查工作。公司将持续关注上述事项的进展情况，并严格按照相关法律法规及监 管要求及时履行信息披露义务。 公开信息显示，姜伟出生于1961年，1982年毕业于贵阳中医学院药学系，大学文化，高级工程师，现任贵州百灵董事长。姜伟于1996年 主导安顺制 ...

Core Viewpoint - The actual controller of Guizhou Bailing, Jiang Wei, has been placed under investigation by the China Securities Regulatory Commission (CSRC) for insider trading, information disclosure violations, and illegal stock transfers [4][17]. Group 1: Investigation Details - Jiang Wei received a notice of investigation from the CSRC, which states that he is suspected of insider trading and violating information disclosure regulations [4][17]. - Guizhou Bailing clarified that the investigation pertains to Jiang Wei personally and will not affect the company's daily operations or business activities [4][17]. - The company will continue to monitor the situation and fulfill its information disclosure obligations as required by law [4][18]. Group 2: Background on Jiang Wei - Jiang Wei, born in 1961, graduated from Guizhou University of Traditional Chinese Medicine in 1982 and is currently the chairman of Guizhou Bailing [4][18]. - He has been instrumental in the company's development, leading the launch of several well-known traditional medicine products and overseeing its listing on the Shenzhen Stock Exchange in 2010 [4][18]. Group 3: Regulatory History - Guizhou Bailing has faced multiple regulatory actions in recent years, including corrective measures and warnings from the Guizhou Securities Regulatory Bureau due to issues with financial disclosures and internal controls [5][18]. - The company was previously investigated for information disclosure violations in November 2024, with the results of that investigation still pending [6][19]. Group 4: Legal Disputes - Jiang Wei is involved in a legal dispute with Huachuang Securities regarding a rescue plan and stock pledge disputes, with claims amounting to 1.4 billion yuan and 361 million yuan respectively [21][22]. - The disputes arose from allegations that Jiang Wei failed to fulfill obligations related to stock repurchase and repayment, leading to litigation [21][22]. - As of September 2025, Jiang Wei holds 17.55% of Guizhou Bailing's shares, while Huachuang Securities holds 11.54% through asset management plans [22]. Group 5: Financial Performance - For the first three quarters of 2025, Guizhou Bailing reported revenues of 2.102 billion yuan, a year-on-year decrease of 24.28%, and a net profit attributable to shareholders of 57 million yuan, down 35.6% year-on-year [23]. - As of December 3, 2025, the company's stock price was 5.57 yuan per share, with a total market capitalization of 7.785 billion yuan [24].

Core Insights - Guizhou Bailing reported a revenue of 2.102 billion yuan and a net profit of 56.81 million yuan for the first three quarters of 2025, with a positive operating cash flow of 536 million yuan [1] - The company experienced growth in Q3, with revenues, net profit, and net profit excluding non-recurring items reaching 640 million yuan, 4.98 million yuan, and 7.36 million yuan respectively [1] Group 1: Business Strategy - Guizhou Bailing is enhancing its operational capabilities by deepening product value, strengthening R&D innovation, and improving its marketing system [1] - The company is actively expanding its overseas presence and exploring new investment opportunities to create a "second growth curve" [1] - The company is focusing on its major products, particularly in the cold and cardiovascular categories, which are expected to see increased sales in Q4 [1] Group 2: Product Development - The company is implementing a big product strategy, with the Yindan Xinnaotong soft capsule showing strong growth, covering over 24,000 public medical institutions nationwide and achieving annual sales of 50 million boxes [2] - Guizhou Bailing has established a product cluster under the "Bailing Bird" brand, covering various therapeutic areas and is optimizing its pricing strategy to enhance overall gross margin [2][3] Group 3: Research and Innovation - The company is focusing on major clinical needs such as metabolic diseases and malignant tumors, with multiple research directions yielding results [2] - Recent approvals for clinical trials, including for the treatment of diabetic retinopathy and type 2 diabetes, demonstrate the company's commitment to innovation [2][3] Group 4: Sales and Marketing - Guizhou Bailing is reforming its direct sales model, achieving steady profit growth in regions where the reform has been implemented [3] - The company is enhancing its sales efficiency and cash flow, with a significant increase in operating cash flow during the reporting period [3] - A new marketing system has been established, focusing on different core products and implementing tailored strategies for refined operations and scientific management [3]

Core Viewpoint - Guizhou BaiLing Pharmaceutical Group Co., Ltd. reported strong financial performance for the first three quarters of 2025, with significant growth in revenue and net profit, indicating a positive trend in the company's operational development [1] Financial Performance - The company achieved operating revenue of 2.102 billion yuan and a net profit attributable to shareholders of 56.8144 million yuan in the first three quarters [1] - Operating cash flow increased significantly to 536 million yuan, reflecting a year-on-year growth of 1336.86% [4] Strategic Initiatives - Guizhou BaiLing is focusing on enhancing product value, strengthening research and innovation, and improving its marketing system to drive internal growth [1] - The company is implementing a "big product strategy" to solidify its brand presence, with the "Yindan Xinnaotong" soft capsule showing strong sales performance, covering over 24,000 public medical institutions nationwide [2] Research and Development - The company is advancing research in critical areas such as metabolic diseases and malignant tumors, with multiple projects underway, including clinical trials for diabetes treatments [3] - A key clinical trial for a drug targeting relapsed refractory diffuse large B-cell lymphoma has been successfully completed, with potential market value exceeding 10 billion yuan [3] Sales and Marketing Strategy - Guizhou BaiLing is reforming its direct sales model, having completed reforms in 15 provinces, which has led to improved sales efficiency and profitability [4] - The company is segmenting its marketing center into seven divisions to enhance operational precision and market share [4] International Expansion - The company is exploring international markets by establishing overseas marketing centers and trade companies, with successful product registrations in countries like Turkmenistan, Brazil, and Singapore [5] - Guizhou BaiLing is actively pursuing partnerships in traditional Chinese medicine markets across Central Asia, Southeast Asia, and Portuguese-speaking countries [5] Industry Outlook - Analysts note that the Chinese government's support for traditional medicine and the optimization of approval processes present significant growth opportunities for companies like Guizhou BaiLing, which possess unique products and international capabilities [6]

Group 1: Stock Performance - New Agricultural Co. has seen a significant increase in stock performance, achieving three consecutive daily limit-ups with a closing order amount exceeding 5.19 billion yuan [1] - Other companies with notable closing order amounts include Chengfei Integration at 3.74 billion yuan, Changshan Beiming at 3.14 billion yuan, and Asia-Pacific Pharmaceutical at 2.82 billion yuan [1] - ST Dongyi achieved an impressive eight consecutive limit-ups, while ST Wanfang and Asia-Pacific Pharmaceutical recorded four and three consecutive limit-ups, respectively [1] Group 2: Shipping and Port Sector - Key stocks in the shipping and port sector that reached limit-up include Haixia Co., Haitong Development, and Antong Holdings [2] - Haixia Co. is enhancing its fleet and developing high-end marine tourism destinations, with operations on the Sanya to Xisha tourist route [2] - Haitong Development focuses on domestic coastal and international dry bulk transportation, while Antong Holdings specializes in container multimodal transport services, reporting a 231.49% year-on-year increase in net profit for the first half of 2025 [2] Group 3: Coal Mining and Processing - Notable limit-up stocks in the coal mining sector include Antai Group, Dayou Energy, and Baotailong [3] - Antai Group is a leading player in the Shanxi coke industry, primarily engaged in H-beam and coke production [3] - Dayou Energy is projected to produce 9.68 million tons of commercial coal in 2024, with sales expected to reach 9.53 million tons [3] - Baotailong has reported a total resource reserve of 47.61 million tons across its seven coal mines, with a total production capacity of 4.2 million tons per year [3] Group 4: Innovative Pharmaceuticals - Key stocks in the innovative pharmaceutical sector that reached limit-up include Asia-Pacific Pharmaceutical, Guizhou Bailing, and Luoxin Pharmaceutical [4] - Asia-Pacific Pharmaceutical plans to use funds from a proposed capital increase for new drug research and development, focusing on oncolytic virus drug platforms and complex formulations [4] - Guizhou Bailing is the largest manufacturer of Miao medicine in China, ranking 13th among OTC companies and 29th among traditional Chinese medicine companies [4] - Luoxin Pharmaceutical expects a net profit of 5 to 7.5 million yuan for the first three quarters of 2025, driven by significant sales growth of its core innovative drug [5] Group 5: Institutional Investment - Four stocks saw net purchases exceeding 1 billion yuan, including Changshan Beiming, Xiangnong Xinchuan, Haixia Co., and Yunhan Xincheng, with corresponding amounts of 5.21 billion yuan, 4.83 billion yuan, 1.22 billion yuan, and 1.16 billion yuan [6] - Among stocks traded by institutional investors, Yunhan Xincheng and Zhongdian Xindong had the highest net purchases, amounting to 95.61 million yuan and 47.84 million yuan, respectively [6]