以下文章来源于证券之星 ，作者刘凤茹 证券之星 . 证券之星始创于1996年，是国内领先的金融信息及综合服务平台。关注证券之星，即时获取有价值的财 经资讯。 在A股IPO之路折戟后，安徽济人药业股份有限公司(以下简称"济人药业")将资本市场的新目标锁定 北交所。这家成立于2001年的中药企业，凭借"药信""信之"两大自主品牌，在中成药、中药饮片及 中药配方颗粒领域深耕多年，核心产品疏风解毒胶囊更是曾入选多项国家级诊疗方案。 证券之星通过翻阅招股书后发现，济人药业的冲刺之路暗藏隐忧：应收账款与存货高企挤压现金 流，毛利率连续下滑削弱盈利能力，实控人家族高度控盘引发公司治理争议。多重挑战之下，济人 药业的北交所之旅能否破局前行，值得市场关注。 01 现金流承压，应收账款与存货高企成"枷锁" 公开资料显示，济人药业成立于2001年4月19日，主营业务中药的研发、生产和销售，产品线涵盖中 成药、中药饮片及中药配方颗粒等领域，公司拥有"药信"、"信之" 两个自主品牌，中成药主要产品 包括疏风解毒胶囊、蒲地蓝消炎片、通便灵胶囊、盆炎净片等。 作为衡量企业经营质量的核心指标，营收与利润的表现往往是市场关注的焦点。2022- ...

Core Viewpoint - Anhui Jiren Pharmaceutical Co., Ltd. has had its IPO application accepted by the Beijing Stock Exchange, following a previous unsuccessful attempt to list on the Shanghai Stock Exchange due to unanswered inquiries [1][9]. Financial Performance - The company reported revenues of 1.025 billion yuan, 1.134 billion yuan, 1.23 billion yuan, and 837 million yuan for the years 2022 to 2025, with a decline in revenue and profit of 6.05% and 15.45% respectively in the first half of 2025 compared to the previous year [2][10]. - The revenue from traditional Chinese medicine (TCM) decoction pieces accounted for the highest proportion of income, increasing from 43.96% in 2022 to 66.61% in 2025 [2][10]. Product Dependency - The company heavily relies on its core product, the Shufeng Jiedu Capsule, which accounted for 95% of its revenue, with sales declining from 503 million yuan in 2022 to 136 million yuan in the first half of 2025 [4][12]. - The average price of the core product has also decreased, indicating a downward trend in both sales volume and pricing [4][12]. Cost Structure - The company incurred significant sales expenses, totaling 862 million yuan from 2022 to 2025, with academic promotion costs making up 72.6% of these expenses [5][13]. - Research and development (R&D) investment has been low, with only 92 million yuan spent over three and a half years, leading to a low R&D expense ratio of 2.27% in 2024 [5][13]. Ownership and Dividend Policy - The company is controlled by the family of the actual controller, Zhu Yuexin, who holds 87.06% of the shares, with the family collectively owning 99.12% [6][15]. - Despite financial pressures, the company has maintained a policy of increasing cash dividends, distributing a total of 68 million yuan over the reporting period [6][15].

新京报贝壳财经讯（记者黄鑫宇）12月26日晚，北交所官网显示，安徽济人药业股份有限公司（即"济 人药业"，874919）IPO申请获北交所受理。 2023年3月，济人药业曾向上交所主板提交IPO申报，但2025年2月主动撤回。随后济人药业便启动了北 交所上市辅导、申报新三板挂牌等相关工作。不到一年，济人药业IPO申请被北交所受理。 2023年、2024年，济人药业实现营业收入分别约为11.34亿元、12.30亿元，实现归母净利润分别约为 1.31亿元、1.32亿元。 本次IPO，济人药业选择的是北交所第一套上市标准，即预计市值不低于2亿元，最近两年净利润均不 低于1500万元且加权平均净资产收益率平均不低于8%，或者最近一年净利润不低于2500万元且加权平 均净资产收益率不低于8%。 济人药业拟募资金额约为5.26亿元，主要用于"年产450吨中药配方颗粒项目""年产8000吨中药饮片项 目""研发中心建设项目""营销网络建设项目"及"补充流动资金"。 济人药业是一家中药药企，主要产品包括中成药、中药饮片、中药配方颗粒三大类。已被录入甲型 H1N1流感、人感染H7N9禽流感、新冠病毒感染等疾病中成药诊疗方案的疏 ...

Core Viewpoint - Jiren Pharmaceutical is advancing its IPO process after transitioning from the Shanghai Stock Exchange to the Beijing Stock Exchange, with a focus on its core product, Shufeng Jiedu Capsule, which is included in treatment plans for various viral infections [1][2]. Company Overview - Jiren Pharmaceutical, established in April 2001, has developed into a modern Chinese medicine manufacturer integrating standardized planting of medicinal materials, production, and sales of traditional Chinese medicine [6]. - The company has ventured into the financial sector by holding a 0.18% stake in Bozhou Yaodu Rural Commercial Bank since 2018 [6]. Product Information - Shufeng Jiedu Capsule is a proprietary product of Jiren Pharmaceutical, primarily used for treating upper respiratory infections and various viral diseases [2]. - The market share of Shufeng Jiedu Capsule is currently 4.24%, ranking third among cold medicine brands, following Yiling Pharmaceutical's Lianhua Qingwen Granules and Haitai Pharmaceutical's Sijikang Antiviral Mixture [3][2]. Financial Performance - Jiren Pharmaceutical reported revenues of approximately CNY 1.134 billion and CNY 1.230 billion for 2023 and 2024, respectively, with net profits of CNY 131 million and CNY 132 million [6]. - Sales revenue for Shufeng Jiedu Capsule is projected to decline, with expected revenues of CNY 475 million in 2023 and CNY 377 million in 2024 [3][4]. Regulatory Scrutiny - The National Equities Exchange and Quotations (NEEQ) has raised concerns regarding the high academic promotion costs for Shufeng Jiedu Capsule despite its long-standing inclusion in medical insurance, as well as the effectiveness of measures to isolate commercial bribery risks between the company and its promoters [1][5]. - Jiren Pharmaceutical has engaged 299 and 273 promoters for academic promotion in 2023 and 2024, respectively, and has conducted visits to over 590,000 and 536,000 individuals in relevant medical departments [5].

IPO Pipeline Overview - As of August 10, there are 299 companies in the IPO pipeline, with 29 on the Shanghai Main Board, 36 on the Sci-Tech Innovation Board, 26 on the Shenzhen Main Board, 29 on the ChiNext, and 179 on the Beijing Stock Exchange [1][2]. Newly Listed Companies - From August 4 to August 10, three companies were newly listed: - Hansan (Nanjing) Technology Co., Ltd. on the ChiNext with a closing price of 82.89 CNY per share, a rise of 186.72%, and a trading volume of 2.048 billion CNY [4][5]. - Yangzhou Tianfulong Group Co., Ltd. on the Shanghai Main Board with a closing price of 56.80 CNY per share, a rise of 140.68%, and a trading volume of 1.971 billion CNY [5]. - Jiangsu Youli Intelligent Equipment Co., Ltd. on the Beijing Stock Exchange with a closing price of 83.22 CNY per share, a rise of 246.89%, and a trading volume of 732 million CNY [5]. New Counseling Record Companies - Eight companies were newly recorded for counseling from August 4 to August 10, including: - Beijing Jichuang Beifang Technology Co., Ltd., focusing on integrated circuit design [6][7]. - Yao Mazi Food Co., Ltd., specializing in seasoning products [8]. - Changde New Material Technology Co., Ltd., engaged in resource utilization and new materials [8]. - Anhui Jiren Pharmaceutical Co., Ltd., focusing on modern traditional Chinese medicine [8]. - Dongguan Yuanli Optoelectronics Co., Ltd., specializing in LCD backlight modules [8]. - Zhongdao Optoelectronic Equipment Co., Ltd., focusing on detection equipment for displays and solar cells [8]. - Tianbo Intelligent Technology (Shandong) Co., Ltd., producing various automotive sensors [9]. - Zhongxing Micro Technology Co., Ltd., providing video technology solutions based on AI and big data [9]. Approval Status of Companies - Three companies successfully passed the review process from August 4 to August 10: - Zhongcheng Zhixin Engineering Consulting Group Co., Ltd. on the Beijing Stock Exchange [10]. - Suzhou Fengbei Biotechnology Co., Ltd. on the Shanghai Main Board [10]. - Zhuhai Nante Metal Technology Co., Ltd. on the Beijing Stock Exchange [10]. - The review for Jiejia Robot Co., Ltd. was canceled [10]. Registration Approval - Two companies received registration approval from August 4 to August 10: - Guangzhou Bibete Pharmaceutical Co., Ltd., focusing on innovative drug development [16][17]. - Daming Electronics Co., Ltd., specializing in automotive electronic components [18]. Termination of Review - Only one company, Wenduoli Sunshade Materials (Dezhou) Co., Ltd., withdrew its IPO application during this period [20][21].