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].

Core Viewpoint - Tianjin Pharmaceutical Industry (津药药业) reported significant pressure on its operating performance in the first half of 2025, with a net profit attributable to shareholders dropping by 65.28% year-on-year to 49.30 million yuan, primarily due to revenue contraction and a substantial antitrust fine [1][2]. Financial Performance - The company achieved operating revenue of 1.588 billion yuan, a decrease of 11.81% from 1.801 billion yuan in the same period last year, indicating challenges in market demand and sales capabilities [2]. - Total profit for the period was 100 million yuan, down 48.45% year-on-year, while the net profit attributable to shareholders was only 49.30 million yuan, a decline of 65.28% compared to 142 million yuan last year, highlighting a significant deterioration in profitability [2]. - Basic and diluted earnings per share were both 0.045 yuan, a decrease of 65.38% from 0.130 yuan in the previous year, which directly weakened shareholder returns [2]. Antitrust Fine Impact - On April 30, 2025, the Tianjin Market Supervision Administration issued an administrative penalty against the company for monopolistic behavior related to dexamethasone phosphate raw materials, resulting in a fine of 69.19 million yuan, which significantly impacted net profit [3]. - This fine was recorded as an extraordinary expense, revealing major deficiencies in the company's antitrust compliance and internal control systems, posing future compliance risks [3]. Operational Challenges - In response to performance pressures, the company has made adjustments in its sales strategy, transferring non-U.S. raw material business to Tianjin Pharmaceutical (Singapore) Co., Ltd. to leverage geographical and foreign exchange advantages, although market development and channel integration will take time [3]. - Cost-saving measures, such as collective procurement of packaging materials, have been implemented to achieve nearly 40 million yuan in cost reductions, but the impact on profit is limited due to revenue contraction [3]. Potential Risks - The company faces multiple potential risks, including fluctuations in raw material and energy prices, supply chain disruptions, and increased environmental compliance costs due to stricter VOCs regulations [4]. - Safety risks associated with hazardous chemicals used in production, as well as exchange rate fluctuations affecting export profits, particularly since over 60% of steroid hormone raw materials are exported, further complicate the operational landscape [4].

Core Viewpoint - The research team at the Tianjin Institute of Industrial Biotechnology has discovered an efficient biosynthetic pathway for progesterone in plants, marking a significant advancement in the synthesis technology of third-generation steroid hormones in China [1][2]. Group 1: Research Breakthrough - The team successfully constructed artificial herbal cells capable of producing steroid hormones, utilizing a more efficient "plant route" compared to the traditional "animal route" [1]. - The new method allows for the direct synthesis of steroid hormones from cholesterol-like substances in the endoplasmic reticulum, bypassing the complex mitochondrial transport steps required in the "animal route" [1]. Group 2: Economic Impact - Steroid hormones such as progesterone and hydrocortisone represent the second largest category of chemical drugs after antibiotics, with global annual sales exceeding $100 billion [1]. - The production yield of steroid hormones using the new method exceeds gram-level per liter, achieving over a tenfold increase compared to the "animal route" [1]. Group 3: Environmental Considerations - Traditional production methods rely on plant resources and can lead to environmental pollution, while the new approach offers a more efficient and environmentally friendly alternative for producing steroid hormone drugs [1][2]. Group 4: Broader Implications - This breakthrough provides new insights into the exploration of life's evolution and lays an important foundation for the efficient and environmentally friendly production of steroid hormone drugs based on heterologous biomimetic synthesis technology [2].

Core Viewpoint - Tianyao Pharmaceutical (600488) reported a significant decline in revenue for 2024, with total revenue of 3.215 billion yuan, a decrease of 15% year-on-year, while net profit attributable to shareholders increased by 14.01% to 133 million yuan due to a substantial reduction in sales expenses [1][2] Financial Performance - The company's sales expenses dropped from 1.051 billion yuan in 2023 to 570 million yuan in 2024, nearly halving, attributed to optimized sales models and improved efficiency in expense usage [1] - The gross profit margin was 45.45%, a decrease of 2.11% year-on-year, and operating cash flow decreased by 214 million yuan to 569 million yuan [2] - The weighted return on equity increased by 0.5 percentage points to 4.45% [2] Business Segment Performance - Revenue from core business segments declined, with steroid hormones generating 1.732 billion yuan (down 16.89%), amino acids at 296 million yuan (down 19.32%), and other formulations at 1.161 billion yuan (down 10.67%) [2] Executive Compensation - Despite the revenue decline, executive compensation increased significantly, with two executives earning over 1 million yuan; the vice president's salary rose to 1.976 million yuan, an increase of 1.638 million yuan, and the CEO's salary increased to 1.4346 million yuan, up by 1.284 million yuan [2] Shareholder Activity - In the fourth quarter of 2024, northbound funds significantly reduced their holdings in Tianyao Pharmaceutical, with a total of 15.6944 million shares, a decrease of 2.1127 million shares, representing an 11.86% decline [3]