9月23日，津药药业股份有限公司（简称"津药药业"）发布公告称，公司董事会于近日收到年薪最高高 管杨晓燕的书面辞职申请。今年上半年，公司归母净利润同比下滑65.28%，反垄断罚款超过6900万 元，甚至超过了上半年净利润。面对业绩、监管处罚等多重困境，杨晓燕的辞职是否标志着津药药业已 启动了管理层调整？ 年薪最高高管辞职 公告显示，因工作调整原因，杨晓燕辞去副总经理职务，并将不再担任公司及控股子公司任何职务。 资料显示，杨晓燕出生于1982年，拥有北京交通大学企业管理专业管理学硕士学位。作为一名"80后"女 性高管，她的职业履历涵盖多家知名企业。在加入津药药业前，杨晓燕担任石药集团副总裁职务；2023 年9月22日，正式出任津药药业副总经理。 据津药药业2024年年报，杨晓燕年薪达197.6万元，是公司薪酬最高的高管。对比公司整体薪酬情况， 津药药业2024年员工人均薪酬为19.91万元，同比增长11.62%。公司管理层薪酬总额为804.12万元，同 比上一年增长6.14%。杨晓燕的薪酬远高于公司人均水平，也高于管理层平均薪酬。杨晓燕的离职，或 许是津药药业管理层调整的"信号"。 进入2025年，公司业绩面临 ...

Core Viewpoint - Tianjin Pharmaceutical Co., Ltd. (referred to as "Tian Pharmaceutical") is facing significant challenges, including a 65.28% decline in net profit and over 69 million yuan in antitrust fines, leading to speculation about potential management restructuring following the resignation of its highest-paid executive, Yang Xiaoyan [1][2]. Group 1: Management Changes - Yang Xiaoyan, the highest-paid executive with an annual salary of 1.976 million yuan, has resigned from her position as Deputy General Manager due to work adjustments [1]. - Yang's departure may signal a broader management restructuring within Tian Pharmaceutical, especially given the company's current challenges [1]. Group 2: Financial Performance - In 2024, Tian Pharmaceutical reported revenue of 3.215 billion yuan, a decrease of 15.0% year-on-year, while net profit was 133 million yuan, an increase of 14.01% [2]. - The significant drop in sales expenses, which fell by 45.76% to 570 million yuan, was a key factor supporting profit, with promotional activity costs decreasing by 54.23% [2]. - For the first half of 2025, the company achieved approximately 1.588 billion yuan in revenue, down 11.81% year-on-year, and net profit of 49.3 million yuan, down 65.28% [2]. Group 3: Regulatory Issues - Tian Pharmaceutical has faced multiple antitrust penalties, including a recent fine of 69.19 million yuan, which constitutes 51.85% of its 2024 net profit [3][4]. - The company has been penalized four times in recent years for antitrust violations, indicating ongoing compliance issues [4]. - Despite previous commitments to improve compliance and operational integrity, the company has not disclosed specific corrective measures taken [5]. Group 4: Future Challenges - The company is under pressure to find new profit growth points after exhausting the potential for reducing sales expenses [5]. - There are concerns about whether the management changes will focus on performance improvement or compliance rebuilding [5]. - The recent fines have intensified cash flow pressures, raising questions about potential asset disposals or equity financing to alleviate financial strain [5].