12月30日，康恩贝发布公告称，公司召开第十一届董事会第十四次（临时）会议，全体董事一致同意选 举应徐颉先生任公司第十一届董事会董事长；同意选举应徐颉先生为代表公司执行公司事务的董事，并 担任公司法定代表人，任期均自本次董事会审议通过之日起至第十一届董事会任期届满之日止。 资料显示，应徐颉，中国籍，男，1973年生，沈阳药科大学本科学历，副主任药师，中共党员。曾任浙 江英特药业有限责任公司总经理、董事长，浙江英特集团股份有限公司总经理、董事长、党委书记。现 任浙江省国际贸易集团有限公司副总经理、党委委员，浙江康恩贝制药股份有限公司第十一届董事会董 事长、党委书记。公告显示，应徐颉现未持有康恩贝公司股份。 康恩贝成立于1969年，前身为兰溪市云山制药厂，经过多年的发展，现已成为浙江省规模最大的中药企 业之一，并在中国中药行业中名列前茅。 康恩贝于2004年在上海证券交易所上市。2017 年，康恩贝大品牌大品种工程正式启动，此时公司共有 康恩贝、前列康、珍视明和天保宁等四个驰名商标。2021年和 2023 年，公司分别转让珍视明 42%股权 和 7.84%的股权，将获取资金聚焦用于中药大健康核心业务发展，加大中药 ...

近日，康恩贝一则公告引发市场关注：公司董事长、法定代表人姜毅申请辞职，其任期至此提前两年多 画上句号。12月16日，康恩贝再就此事发布公告，强调姜毅离职系工作调整。 这并非康恩贝近年来的首次高层震动，自2020年浙江省国际贸易集团有限公司成为实际控制人以来，这 家老牌药企的核心管理层进入了持续调整的周期，引发市场关注。 12月17日，康恩贝有关负责人回应南都湾财社记者称，新董事人选还在"走流程中"，同时提到从专业度 上而言，继任者"有更深厚的医学专业背景"。 工作调整： 降本背后： 主营业务面临"成长的烦恼" 事实上，今年4月，姜毅已因"工作调整"辞去康恩贝总裁职务，保留董事长一职，周璠接任总裁一职。 姜毅的离场只是康恩贝近年人事频繁更迭的缩影。 自浙江国贸2020年取得控制权以来，康恩贝的管理层进入动态调整期。2024年7月，执掌康恩贝数十载 的创始人胡季强，未获新一届董事会提名，退出董事会，显示康恩贝彻底进入浙江国贸时代。此后，浙 在任董事长一年半即辞职 公开资料显示，姜毅本科毕业于浙江农业大学，后获美国得克萨斯大学阿灵顿商学院工商管理硕士学 位。他的职业生涯深度绑定浙江国贸，进入康恩贝前，他作为浙江国贸 ...

Group 1 - The core point of the article discusses the frequent changes in top management at companies like Kang En Bei, questioning the effectiveness of such changes in boosting performance during challenging times [1][6] - Kang En Bei has recently experienced a wave of executive turnover, with the resignation of Chairman Jiang Yi and board member Jiang Qian, both of whom were expected to serve until August 2027 [2][3] - The company has a history of management changes, with significant shifts occurring since the entry of Zhejiang Guomao Group in 2020, leading to concerns about the stability of its strategic direction [8][9] Group 2 - Kang En Bei's financial performance has stagnated, with revenue figures from 2020 to 2024 showing minimal growth, and the latest quarterly report indicating a slight year-on-year revenue increase of 1.27% [10][11] - The company's revenue breakdown for the first three quarters of 2025 shows that the traditional Chinese medicine segment remains the largest contributor, but sales of key products have not recovered, and the health consumer goods segment is still underperforming [10] - The stock price of Kang En Bei has been in decline, with a reported market value of 11.69 billion yuan, down approximately 80% from its peak [11]

Core Viewpoint - ST HuLuWa faces significant governance issues and financial challenges, including delayed performance disclosures and high executive turnover, which have led to regulatory penalties and a decline in revenue from key product lines [1][2][3]. Governance and Compliance Issues - The company was penalized by the Shanghai Stock Exchange for failing to disclose a performance warning within the required timeframe, with a projected loss of 250 million to 280 million yuan for the 2024 fiscal year [1]. - High executive turnover has been a persistent issue, with the resignation of long-term chairman and general manager Liu Jingping and the brief tenure of his successor Zhang Mingrui [2][3]. - Previous compliance failures included warnings issued to the former vice president for insider trading, highlighting significant internal control weaknesses [3]. Financial Performance and Challenges - ST HuLuWa's revenue from digestive system drugs fell by 56.94% year-on-year, while sales expenses remained high, indicating pressure from both pricing strategies and cost fluctuations in raw materials [1][6]. - The company's sales expenses reached 611 million yuan in 2024, accounting for 43% of its revenue, significantly higher than many industry peers [9]. Market Dynamics and Competition - The pediatric medication market is undergoing significant changes, with public hospitals increasing their market share to 50.1% in 2024, while retail pharmacy shares have fluctuated [6]. - Competitors like Kuihua Pharmaceutical and Jichuan Pharmaceutical are rapidly expanding their market presence through unique products and strategic acquisitions [1][8]. R&D and Innovation - ST HuLuWa has 116 projects in development, including several innovative traditional Chinese medicine products, but faces challenges in maintaining sustainable R&D investment [8][9]. - The company reported a 77.79% increase in R&D expenses in 2024, but this trend reversed sharply in the first quarter of 2025, raising concerns about the continuity of its innovation pipeline [9].