Core Viewpoint - The company, Guangdong Zhaoqing Xinghuo Biotechnology Co., Ltd. (Xinghuo Technology), has received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, particularly focusing on its cash flow from investment activities, which has shown continuous outflows over the past three years [1][2]. Investment Activities - The net cash flow from investment activities for the years 2022 to 2024 was -789 million, -859 million, and -864 million yuan respectively, indicating a consistent cash outflow [1]. - The cash payments for investments during the same period were 1.579 billion, 2.412 billion, and 1.8 billion yuan [1]. Major Investment Projects - The company has detailed its major investment projects, including the acquisition of 99.22% of Ningxia Yipin Biotechnology Co., Ltd. for a total transaction price of 5.376 billion yuan, with 4.585 billion yuan paid through share issuance and 791.6384 million yuan in cash [3][4]. - The decision to use self-owned funds for the cash payment of the acquisition was approved by the board of directors, adhering to the company's investment decision-making procedures [4]. Financial Performance - The company reported operating revenues of 1.601 billion, 1.606 billion, and 1.605 billion yuan for the years 2022 to 2024, with net profits attributable to the parent company of 120.579 million, 75.997 million, and 108.141 million yuan respectively [6]. - The net cash flow from operating activities increased from 211.975 million yuan in 2022 to 239.776 million yuan in 2024, indicating improved operational efficiency [19]. Cash Management and Investment Strategy - As of the end of 2024, the company had a cash balance of 1.759 billion yuan, a year-on-year increase of 23.97%, with interest income of 13 million yuan [9]. - The company has established a risk management system and a comprehensive financial management policy to control investment risks, including a clear approval process for investment products [8]. Debt and Financing - The company’s long-term borrowings stood at 1.721 billion yuan and short-term borrowings at 1.008 billion yuan at the end of 2024, with interest expenses of 110 million yuan [9]. - The company has been reducing its bank loan balance over the years, with a total bank borrowing of 3.391 billion yuan at the end of 2024, down from 4.188 billion yuan in 2022 [19]. Acquisition and Goodwill - The company acquired 100% of Sichuan Jiuling Pharmaceutical Technology Co., Ltd. in 2019, resulting in goodwill of 198 million yuan, which has been subject to impairment testing due to declining profitability in subsequent years [20][23].

丨 2025年5月12日星期一丨 近日，美国司法部官网发布公告，吉利德科学与美国政府达成2.02亿美元的和解协议，以解决其向医生 支付回扣的指控。公告指出，吉利德科学在2011年1月至2017年11月期间，为增加其艾滋病药物的销售 额，通过在高档餐厅举办活动，向医生支付讲课费用并为他们提供活动餐费和差旅费的形式，诱导其开 出公司药物的处方。 点评：吉利德科学与美国政府达成2.02亿美元的和解协议，尽管和解避免了进一步法律风险，但此类指 控可能削弱投资者和市场对其合规管理的信心，对公司的声誉和股价可能产生负面影响。短期内，公司 股价可能面临压力，长期来看，若不能有效改善合规体系，可能影响其在全球市场的竞争力和投资者关 系，其品牌形象也可能受损。 NO.4荣昌生物ADC药物获批乳腺癌适应证 NO.1派林生物收到行政监管措施决定书 5月11日，派林生物（000403）发布公告，称公司于近日收到山西证监局出具的《行政监管措施决定 书》，公司违规行为有：一是公司子公司与个别客户及推广商针对部分销售事项签署了附带责任义务条 款的补充协议、备忘录等，但相关协议签署及承诺安排未纳入公司内控管理体系，公司内部对业务及合 同管控 ...