Core Viewpoint - Jincheng Pharmaceutical (300233.SZ) is facing multiple challenges, including tax payment issues, stock manipulation by its actual controller Zhao Yeqing, and declining financial performance, raising concerns about the company's future stability and management effectiveness [2][9]. Group 1: Tax Issues - Jincheng Jinsu Pharmaceutical Co., Ltd. and its subsidiary Guangdong Landu Pharmaceutical Co., Ltd. were required to pay a total of 21.5968 million yuan in back taxes and penalties due to tax issues from 2017 to 2018 [3]. - The tax payments have been completed as of the announcement date, and a supplementary agreement was signed to revise tax liability clauses related to the tax recovery [5]. Group 2: Stock Manipulation - Zhao Yeqing, the actual controller of Jincheng Pharmaceutical, was involved in stock manipulation from August 2017 to February 2020, using 104 accounts to trade the company's stock, which led to a fine and a four-year market ban [7][8]. - The manipulation involved significant trading activity, with 1.19 billion shares bought and 1.07 billion shares sold, resulting in a loss of 7.392 million yuan for the involved accounts [8]. Group 3: Financial Performance - Jincheng Pharmaceutical's financial performance has been declining, with a revenue of 35.38 billion yuan in 2023, a growth rate of only 0.93%, and a net profit decrease of 36.09% to 1.75 billion yuan [9]. - In the first three quarters of 2025, the company reported a revenue of 19.32 billion yuan, down 23.19%, and a net profit of 31.5771 million yuan, down 79.1% [9]. - The company experienced a significant decline in its gross margin to 36.23%, a decrease of 3.9 percentage points, and a net margin of 1.74%, down 4.71 percentage points compared to the previous year [9].

12月29日，金城医药（维权）跌0.84%，成交额9197.69万元。两融数据显示，当日金城医药获融资买入 额1051.73万元，融资偿还1590.09万元，融资净买入-538.36万元。截至12月29日，金城医药融资融券余 额合计3.84亿元。 融资方面，金城医药当日融资买入1051.73万元。当前融资余额3.84亿元，占流通市值的7.06%，融资余 额低于近一年40%分位水平，处于较低位。 融券方面，金城医药12月29日融券偿还2900.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00 元；融券余量3900.00股，融券余额5.53万元，低于近一年10%分位水平，处于低位。 资料显示，山东金城医药集团股份有限公司位于山东省淄博市淄川经济开发区双山路1号，成立日期 2004年1月12日，上市日期2011年6月22日，公司主营业务涉及医药中间体、原料药以及终端制剂的研 发、生产和销售。主营业务收入构成为：制剂产品34.59%，其他医药化工产品26.61%，头孢侧链活性 酯系列产品21.88%，生物制药及特色原料药系列产品16.92%。 截至12月20日，金城医药股东户数2.75万，较上期增加2. ...

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！ 12月11日，金城医药（300233.SZ）连发两则公告，宣告实控人赵叶青因操纵公司股票被证监会处以150 万元罚款，并采取4年市场禁入措施。处罚落地当日，这位曾被称为"A股最年轻董事长"的掌舵人辞去 所有职务。 颇具戏剧性的是，这场始于2017年、动用104个账户、累计买入金额超21亿元的股价操纵行为，不仅未 能获利，反而以亏损739万元告终。早在2024年8月，因涉嫌操纵证券市场，证监会决定对赵叶青立案。 2025年12月10日，处罚决定正式落地，整个调查、听证周期历时一年多。 北京京师律师事务所许浩律师表示，此案严格遵循法不溯及既往原则，赵叶青等人的操纵行为发生在 2017 - 2020 年，新《证券法》无法约束其生效前行为，且该行为连续，从整体性和稳定性考虑，适用 行为发生时有效的 2005 年《证券法》更合理。在处罚金额方面，依据 2005 年《证券法》无违法所得处 30 - 300 万罚款，三人合计罚 300 万，赵叶青承担 150 万，若用新法罚款将大幅提高；性质认定上，新 旧法均认定操纵证券市场，但旧法定性条款更贴合本案 ...

Group 1 - The core issue involves the manipulation of Jincheng Pharmaceutical's stock by its actual controller Zhao Yeqing and two others, leading to penalties from the China Securities Regulatory Commission (CSRC) [1][16][20] - Zhao Yeqing, Wang Zhen, and Liu Feng were fined a total of 3 million yuan, with Zhao receiving a 4-year market ban, Wang a 3-year ban, and Liu a 30-month ban [1][20] - During the manipulation period from August 18, 2017, to February 10, 2020, the trio opened 104 accounts, trading a total of 2.134 billion yuan, resulting in a loss of 7.39 million yuan [2][19][20] Group 2 - The stock manipulation involved 595 trading days, with the accounts participating in trading on 502 days, buying 119 million shares for 2.134 billion yuan and selling 107 million shares for 1.87 billion yuan [3][19] - The stock price increased by 21.3% during the first phase of manipulation (August 2017 to June 2018), while the second phase (June 2018 to February 2020) saw a modest increase of 2.02% [4][19] - The company stated that the penalties only affect Zhao Yeqing personally and do not impact the company's operations, which continue to run normally [20][25] Group 3 - Zhao Yeqing resigned from his positions as chairman and director of Jincheng Pharmaceutical on the same day the CSRC announced the penalties, citing personal reasons [2][5][23] - As of December 11, Zhao directly held 722,750 shares, accounting for 1.88% of the total share capital, and indirectly held an additional 1.00% through Jinan Jincheng Industrial Investment Co., Ltd. [8][24] - The company has been facing challenges, with its latest financial report indicating a significant decline in revenue and net profit, marking the worst quarterly performance in eight years [14][31]

董事长赵叶青被罚后辞职 12月12日，金城医药公告，12月10日，公司收到实际控制人赵叶青的通知，其收到中国证监会《行政处 罚决定书》。 长江商报消息 ●长江商报记者 黄聪 从A股最年轻的董事长，到操纵股票被市场禁入，金城医药（300233.SZ）赵叶青自食其果。 12月12日，金城医药公告，公司实际控制人赵叶青收到中国证监会《行政处罚决定书》。决定书显示， 2017年8月18日至2020年2月10日，赵叶青、王震、刘峰3人共同操纵"金城医药"股票。其中，赵叶青是 操纵行为的决策者。 经查，操纵期间共595个交易日，账户组在502天参与交易，累计竞价买入1.19亿股，金额21.34亿元，累 计竞价卖出1.07亿股，金额18.7亿元。然而，经测算，账户组实际亏损739.2万元。 最终，监管部门对赵叶青等人处以300万元罚款，其中赵叶青承担150万元，同时对赵叶青采取四年市场 禁入措施。 12月12日，金城医药公告，赵叶青提交书面辞职报告，其因个人原因辞去公司董事长、董事等相关职 务。 经查明，2017年8月18日至2020年2月10日，赵叶青、王震、刘峰3人共同操纵"金城医药"股票。其中， 赵叶青是操纵行为的决 ...

Core Viewpoint - Jincheng Pharmaceutical's stock has shown a significant increase of 41.23% year-to-date, despite recent declines in the last five, twenty, and sixty trading days [1][2]. Company Overview - Jincheng Pharmaceutical, established on January 12, 2004, and listed on June 22, 2011, is located in Zibo City, Shandong Province. The company specializes in the research, production, and sales of pharmaceutical intermediates, active pharmaceutical ingredients, and finished formulations [2]. - The revenue composition of Jincheng Pharmaceutical includes: 34.59% from formulation products, 26.61% from other pharmaceutical chemical products, 21.88% from cephalosporin side chain active esters, and 16.92% from biopharmaceuticals and specialty APIs [2]. Financial Performance - For the period from January to September 2025, Jincheng Pharmaceutical reported revenue of 1.932 billion yuan, a year-on-year decrease of 23.19%, and a net profit attributable to shareholders of 31.577 million yuan, down 79.10% year-on-year [2]. - The company has distributed a total of 933 million yuan in dividends since its A-share listing, with 323 million yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, Jincheng Pharmaceutical had 26,700 shareholders, an increase of 0.46% from the previous period, with an average of 13,903 circulating shares per shareholder, a decrease of 0.46% [2][3]. - Notable shareholders include the fourth-largest shareholder, Fortune Precision Medical Flexible Allocation Mixed A, holding 4.961 million shares, and the eighth-largest shareholder, Hong Kong Central Clearing Limited, holding 3.336 million shares, which decreased by 2.135 million shares from the previous period [3].

Core Viewpoint - Jincheng Pharmaceutical experienced a decline of 1.40% on November 17, with a trading volume of 153 million yuan, indicating a challenging market environment for the company [1]. Financing Summary - On November 17, Jincheng Pharmaceutical had a financing buy-in amount of 26.78 million yuan and a financing repayment of 17.89 million yuan, resulting in a net financing buy of 8.88 million yuan. The total financing and margin balance reached 460 million yuan, accounting for 6.80% of the circulating market value, which is above the 70th percentile of the past year [1]. - The company’s financing balance of 460 million yuan is considered high, reflecting significant investor interest [1]. Short Selling Summary - On the same day, Jincheng Pharmaceutical repaid 500 shares in short selling and sold 12,000 shares, amounting to 211,200 yuan at the closing price. The short selling balance stood at 56,320 yuan, which is above the 50th percentile of the past year, indicating a relatively high level of short selling activity [1]. Company Overview - Jincheng Pharmaceutical, established on January 12, 2004, and listed on June 22, 2011, is located in Zibo City, Shandong Province. The company specializes in the research, production, and sales of pharmaceutical intermediates, active pharmaceutical ingredients, and finished formulations [1]. - The revenue composition of Jincheng Pharmaceutical includes 34.59% from formulation products, 26.61% from other pharmaceutical and chemical products, 21.88% from cephalosporin side-chain active esters, and 16.92% from biopharmaceuticals and specialty active ingredients [1]. Shareholder Information - As of November 10, the number of shareholders for Jincheng Pharmaceutical reached 26,700, an increase of 0.46% from the previous period. The average circulating shares per person decreased by 0.46% to 13,903 shares [2]. - The company has distributed a total of 933 million yuan in dividends since its A-share listing, with 323 million yuan distributed over the past three years [3]. Institutional Holdings - As of September 30, 2025, the fourth largest circulating shareholder is the Fuguo Precision Medical Flexible Allocation Mixed Fund, holding 4.96 million shares as a new shareholder. The Hong Kong Central Clearing Limited is the eighth largest shareholder, holding 3.34 million shares, a decrease of 2.14 million shares from the previous period. The ninth largest shareholder is the Xingquan Light Asset Mixed Fund, holding 3 million shares as a new shareholder [3].

Summary of Key Points Core Viewpoint - Jin Cheng Pharmaceutical experienced a 2.31% increase in stock price on October 15, with a trading volume of 169 million yuan, indicating a mixed sentiment in the market regarding the company's performance and financing activities [1]. Financing and Trading Activity - On October 15, Jin Cheng Pharmaceutical had a financing buy amount of 24.40 million yuan and a financing repayment of 25.56 million yuan, resulting in a net financing buy of -1.16 million yuan [1]. - The total financing and margin trading balance for Jin Cheng Pharmaceutical reached 463 million yuan, accounting for 6.82% of its circulating market value, which is above the 80th percentile of the past year, indicating a high level of financing activity [1]. - The company repaid 5,100 shares in margin trading on the same day, with a margin balance of 529,000 yuan, which is below the 40th percentile of the past year, suggesting a lower level of short selling activity [1]. Company Financial Performance - For the first half of 2025, Jin Cheng Pharmaceutical reported a revenue of 1.36 billion yuan, a year-on-year decrease of 22.65%, and a net profit attributable to shareholders of 43.38 million yuan, down 66.78% year-on-year [2]. - Since its A-share listing, the company has distributed a total of 933 million yuan in dividends, with 323 million yuan distributed over the past three years [3]. Shareholder Information - As of October 10, the number of shareholders for Jin Cheng Pharmaceutical was 25,700, a decrease of 8.92% from the previous period, while the average circulating shares per person increased by 9.79% to 14,452 shares [2]. - As of June 30, 2025, Hong Kong Central Clearing Limited was the third-largest circulating shareholder, holding 5.47 million shares, a decrease of 525,100 shares from the previous period [3].

Core Viewpoint - Jincheng Pharmaceutical experienced a 2.22% increase in stock price on October 10, with a trading volume of 253 million yuan, indicating a potential recovery in market interest [1] Financing Summary - On October 10, Jincheng Pharmaceutical had a financing buy-in amount of 32.99 million yuan and a financing repayment of 38.84 million yuan, resulting in a net financing outflow of 5.85 million yuan [1] - The total financing and securities lending balance reached 457 million yuan, accounting for 6.32% of the circulating market value, which is above the 80th percentile of the past year, indicating a high level of financing [1] - The company had no shares repaid in securities lending on October 10, with 1,700 shares sold, amounting to 32,000 yuan at the closing price, and a securities lending balance of 574,600 yuan, also above the 50th percentile of the past year [1] Business Performance - As of September 20, the number of shareholders for Jincheng Pharmaceutical was 28,200, a decrease of 17.31% from the previous period, while the average circulating shares per person increased by 20.94% to 13,163 shares [2] - For the first half of 2025, the company reported a revenue of 1.36 billion yuan, a year-on-year decrease of 22.65%, and a net profit attributable to shareholders of 43.38 million yuan, down 66.78% year-on-year [2] Dividend Information - Since its A-share listing, Jincheng Pharmaceutical has distributed a total of 933 million yuan in dividends, with 323 million yuan distributed over the past three years [3] Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited was the third-largest circulating shareholder of Jincheng Pharmaceutical, holding 5.4711 million shares, a decrease of 525,100 shares from the previous period [3]

Core Viewpoint - The case of Zhao Yeqing manipulating the securities market has reached a conclusion, resulting in his disqualification from holding any positions in Jincheng Pharmaceutical, which adds uncertainty to the company's already declining performance [1][3]. Company Performance - In the first half of 2025, Jincheng Pharmaceutical reported revenue of 1.36 billion yuan, a year-on-year decrease of 22.65% [1][14]. - The net profit attributable to shareholders was 43.38 million yuan, down 66.78% year-on-year, while the net profit after deducting non-recurring gains and losses was 38.73 million yuan, a decline of 68.12% [1][14]. - The company's revenue for 2023 was 3.538 billion yuan, a slight increase of 0.93%, but the net profit dropped by 36.09% to 158 million yuan [14]. - For 2024, revenue decreased by 4.66% to 3.373 billion yuan, although net profit increased by 12.63% [14]. Market Manipulation Case - Zhao Yeqing, the actual controller and chairman of Jincheng Pharmaceutical, was investigated by the China Securities Regulatory Commission (CSRC) for suspected market manipulation [3][4]. - The CSRC initially proposed confiscating illegal gains totaling 15.4391 million yuan, with Zhao responsible for 7.7196 million yuan, and imposing fines totaling approximately 46.3174 million yuan, with Zhao liable for 23.1587 million yuan [3][4]. - Following Zhao's appeal, the CSRC issued a revised penalty notice, reducing the fine to 3 million yuan, with Zhao responsible for 1.5 million yuan, and maintaining a four-year market ban for him [4][5]. Stock Price and Shareholder Actions - Jincheng Pharmaceutical's stock price experienced significant fluctuations from early 2020 to May 2022, peaking at 43.94 yuan per share, during which time the company frequently announced positive developments [8][12]. - Major shareholders, including Beijing Jingsheng Investment Center, executed substantial sell-offs during high stock price periods, raising questions about potential collusion with Zhao Yeqing [12][13]. - The stock price has since declined significantly, dropping to around 18.84 yuan per share, approximately 40% of its peak value in 2022 [12].