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].

Core Viewpoint - Heilongjiang Province's Public Resource Trading Center has published the credit evaluation results for pharmaceutical pricing and procurement, highlighting that China National Pharmaceutical Group Guorui Pharmaceutical Co., Ltd. has been rated as "seriously untrustworthy" due to violations of good faith practices [1][2]. Group 1: Company Information - China National Pharmaceutical Group Guorui Pharmaceutical Co., Ltd. was originally known as Huainan Sixth Pharmaceutical Factory, established in 1986, and became part of China National Pharmaceutical Group in 1998 [2]. - The company is a significant industrial strategic development base for China National Pharmaceutical Group [2]. Group 2: Products Involved - The serious untrustworthiness rating involves two products: injectable cefoperazone sodium and injectable betahistine hydrochloride [2]. - Injectable betahistine hydrochloride is a key product for the company and is noted as a unique product in the country [2]. Group 3: Evaluation Results - The credit evaluation results indicate that the serious untrustworthiness rating for the company became effective on May 30, 2025 [2].