Core Viewpoint - The company Guizhou Xintian Pharmaceutical (002873.SZ) is embroiled in a bribery scandal involving its Chengdu branch, which allegedly engaged in bribing over 100 doctors across 37 medical institutions in Sichuan province, raising investor concerns [1][2]. Group 1: Allegations of Bribery and Misconduct - The Chengdu branch of Xintian Pharmaceutical is accused of collecting false case studies, conducting fake educational projects, hosting illegal banquets and entertainment activities, and improperly conducting departmental meetings to facilitate "profit transfer" [3]. - Allegations include the distribution of benefits to doctors through a survey project via the Sunflower Alliance App, involving 55 doctors from 15 hospitals, with an estimated total of approximately 72,600 yuan [3]. - The company reportedly organized 19 events in the first four months of 2025, involving 41 hospitals, where doctors were entertained and encouraged to prescribe the company's products [3]. Group 2: Financial Performance - Xintian Pharmaceutical has experienced a decline in performance over the past two years, with revenue dropping from a peak of 1.088 billion yuan in 2022 to 954 million yuan in 2023 and further to 858 million yuan in 2024 [7]. - The net profit also decreased from 110 million yuan in 2022 to 80.87 million yuan in 2023 and 52.32 million yuan in 2024, indicating a continuous shrinkage in earnings [7]. - The company's core product structure is heavily reliant on gynecological products, which accounted for 71.54% of revenue, but these products have seen a revenue decline of 9.21% in 2024 [7]. Group 3: Sales and Marketing Expenses - Sales expenses for Xintian Pharmaceutical remained high, with figures of 532 million yuan in 2022, 438 million yuan in 2023, and 372 million yuan in 2024, reflecting a sales expense ratio of 48.93%, 45.86%, and 43.34% respectively [8]. - In 2024, the company reported significant increases in meeting expenses, which rose to over 11 million yuan, compared to just 2.77 million yuan in the previous year [8]. Group 4: Acquisition and Ownership Issues - The company's planned acquisition of Shanghai Huilun Pharmaceutical, which would have made it a wholly-owned subsidiary, was terminated in July 2022, raising concerns about potential conflicts of interest as the controlling shareholder is linked to Huilun [11]. - The failed acquisition was seen as a missed opportunity for growth, with Huilun valued at 2.574 billion yuan at the time [11]. Group 5: Shareholder Actions - The controlling shareholder, Xintian Zhiyuan, plans to reduce holdings by up to 5.7 million shares, representing 2.42% of the total share capital, citing personal financial needs [12].

新京报贝壳财经讯（记者丁爽）5月28日，针对网传"贵阳新天药业股份有限公司成都分公司被举报贿赂 多位医生"一事，新京报贝壳财经记者拨通新天药业证代公开电话，工作人员对记者表示，"相关事项公 司已经知悉了，已经关注到了，暂时不便接受采访。" 5月28日收盘，新天药业股价报8.88元，跌2.09%。 此前一天，一封《关于贵阳新天药业股份有限公司向医生输送商业贿赂的举报信》以及一份由四川省卫 生健康委员会出具的核查通知在网络流传。核查通知提及，近期接到举报信，反映"部分医疗机构医生 涉嫌收受商业贿赂"等线索，要求相关单位协助核查，对发现违反卫生健康法律法规的行为依法查处。 不过，公司销售费用呈现逐年下降趋势。其在2024年年报中表示，自2022年开始，公司对市场营销体系 进行了改革与调整，结合市场需求和公司战略重点，对架构调整与团队建设、产品经理系统化培训、产 品与市场策略、品牌推广培训、市场协同、员工绩效考核机制等方面进行一定的改革。 公司称，本次营销体系改革主要基于进一步推进规模效应下的市场营销体系"降本增效"，加强营销团队 及产品营销推广的专业化、精细化管理等相关市场策略部署。同时，从结果来看，现阶段销售费用 ...