当前，高海鑫已接任公司法定代表人，这一安排被部分市场观点解读为推进 "去家族化" 的信号。 作者｜柯柏妮 康缘药业董事长肖伟的提前离任引发行业广泛关注。作为执掌企业近 25 年的核心管理者，其在公司业绩承压阶段的职务变动，使市场对企业后续发展态 势保持高度关注。这家曾在中药领域具有显著竞争力的企业，当前正面临多重挑战。 肖伟提前离任引关注 肖伟的离任日期为今年6月20日，其原定任期至2026年6月25日届满。 对于此次提前离任，公司公告称系"个人原因"，据内部信息显示年龄因素为重要考量，且肖伟后续将聚焦于公司战略规划、研发体系建设及接班人梯队培 养工作。 （转自：明见局） 从政策环境来看，2017年版国家医保药品目录对中药注射剂使用范围作出严格限定，热毒宁注射液被纳入 "限二级及以上医疗机构重症患者使用" 范围， 此后该产品销量呈现明显下滑趋势。 2023 年起，国家医保局深化"腾笼换鸟"机制，中药注射剂被纳入重点监控范畴，行业面临用药安全性方面的广泛讨论。 尽管热毒宁注射液未进入国家集中采购范围，但在地方集采（如江苏省）中价格降幅显著，2024年平均降价幅度达30%，直接影响产品利润空间。 银杏二萜内酯葡胺 ...

Core Viewpoint - The resignation of Xiao Wei as chairman of Kangyuan Pharmaceutical has raised concerns, particularly regarding the company's declining performance and the potential implications for its future direction [2][3][4]. Management Changes - Xiao Wei resigned from his position as chairman due to "personal reasons," but will continue to serve as a director and in other roles within the company [3][4]. - The change in legal representative from Xiao Wei to Gao Haixin occurred a month prior to the resignation announcement, suggesting a planned transition [3][4]. - Gao Haixin, the new legal representative, has a background in engineering but lacks direct experience in pharmaceutical management, raising concerns about potential disconnects in technical and managerial aspects [9] Financial Performance - Kangyuan Pharmaceutical reported a significant decline in both revenue and net profit for 2024, with total revenue of 3.898 billion yuan, down 19.86% year-on-year, and a net profit of 392 million yuan, down 15.58% [5][10]. - The first quarter of 2025 showed continued deterioration, with revenue dropping 35.38% and net profit decreasing by 38.37% compared to the same period in the previous year [8][10]. Product Performance - The company's core products, particularly the heat toxin injection and ginkgo biloba injection, faced significant sales declines, contributing to the overall revenue drop [10][11]. - The heat toxin injection's sales volume decreased by 30.98%, while the ginkgo biloba injection's sales volume nearly halved, leading to increased inventory levels [10][11]. - Other product lines, including capsules and granules, also experienced revenue declines, with only oral liquids and gels showing growth, albeit with reduced profit margins [12]. Industry Context - The Chinese traditional medicine injection market is facing increased regulatory scrutiny, impacting sales and profitability [11][12]. - The government's policies aimed at cost control in healthcare have further pressured the pricing and sales of traditional Chinese medicine injections, leading to significant price reductions and profit erosion [11][12].

Core Views - Jiangsu Kangyuan Pharmaceutical Co., Ltd. announced the resignation of Chairman Xiao Wei due to personal reasons, while he will continue to serve as a board member and committee chair [1][2] - The company has faced significant performance pressure in recent years, with a notable decline in revenue and net profit [3][5] Management Changes - Xiao Wei, the founder and actual controller of Kangyuan Pharmaceutical, has been a pivotal figure since 2000, leading the company through modernization and successful public listing [1][2] - The legal representative has been changed to Gao Haixin, who has been with the company since 2014 and has held various leadership roles [2] Financial Performance - In 2024, Kangyuan Pharmaceutical reported a revenue of 3.898 billion yuan, a year-on-year decrease of 19.86%, and a net profit of 392 million yuan, down 15.58% [3] - This marks the first decline in performance since 2021, attributed to increased market competition and stricter healthcare policies [3] Product and Market Dynamics - The company's core products, including the Heat Poisoning Injection and Ginkgo Biloba Injection, have seen declining sales due to market pressures [3] - New product lines are being developed, but their performance has not compensated for the losses from core products [3] Acquisition and Future Outlook - In 2024, Kangyuan Pharmaceutical completed a 100% acquisition of Zhongxin Pharmaceutical, enhancing its presence in the biopharmaceutical sector [4] - However, the acquisition comes with risks, including significant debt and ongoing financial commitments for research and development [5] - The company reported a continued decline in Q1 2025, with revenue of 878 million yuan, down 35.38%, and net profit of 83.41 million yuan, down 38.37% [5]

智通财经记者 | 黄华 智通财经编辑 | 谢欣 康缘药业于6月20日宣布，董事长肖伟因个人原因请辞，卸任董事长后，他仍担任公司第八届董事会董事、战略委员会主任委员、审计委员会委员。 肖伟是康缘药业的创始人、实控人，自2000年11月起就担任该公司董事长，履职超20年。康缘药业与恒瑞医药、正大天晴、豪森药业并称为江苏连云港四大 药企，是国内最知名的现代中药企业之一。 按照康缘药业2024年度年报信批消息，肖伟的任期应结束在2026年6月25日。这也意味着，肖伟此番请辞较为突然，且他至少提前了一年结束任期。 官网信息显示，康缘药业是集中药研发、生产、销售为一体的大型中药企业，企业累计获批中药新药57个，产品覆盖抗感染、骨科、妇科、心脑血管四大系 列，企业于2002年在上交所上市。 头部公司老董事长的突然辞职，也迅速引发了产业关注。二级市场上，6月23日，康缘药业低开，但在开盘后，公司股价稳定。截至6月23日午市收盘，康缘 药业报14.93元/股，涨1.36%，企业市值约84.53亿元。 据新华网报道，康缘药业的前身是连云港市中药加工厂，公司开发上市的首个中药新药为桂枝茯苓胶囊，主要用来治疗妇科血瘀证；该公司的知名 ...

长江商报消息 ●长江商报记者 沈右荣 66岁的肖伟辞职了！ 6月20日晚间，A股公司康缘药业（600557.SH）官宣了这一消息。 肖伟是康缘药业实际控制人，自2000年开始担任公司董事长，至今已有25年。 康缘药业的前身是连云港中药厂。1991年，肖伟临危受命，接任厂长。34年来，肖伟将这家资不抵债、 濒临倒闭的药厂打造成业内知名的中药现代化企业。 肖伟的成功之道，是研发创新。从桂枝茯苓胶囊到热毒宁注射液，再到银杏二萜内酯葡胺注射液，肖伟 通过研发趟出了一条中药创新破局之路。 2021年，62岁的肖伟当选为中国工程院院士，成为医药卫生学部少有的"企业家类型院士"。 依托颇具创新力的产品，康缘药业登陆了A股市场，并创造了归母净利润连续17年增长的骄人业绩。 然而，近年来，医药市场生态突变，康缘药业核心产品滞销，经营业绩下滑。 肖伟不再担任董事长，康缘药业经营承压，谁能力挽狂澜？ 靠一款自研产品起死回生 在中医药界，肖伟创造了传奇，其成就不输以岭药业的创始人吴以岭。 肖伟与吴以岭是南京中医大学校友。公开信息显示，肖伟是山东潍坊人，1959年10月20日出生于江苏省 南京市。1977年至1981年，肖伟进入南京中 ...

长江商报消息 ●长江商报记者 沈右荣 生物医药领域的商业贿赂依旧存在，相关企业的违法行为也持续被监管。 6月18日，安徽省医药集中采购平台官网发布"关于领取价格招采信用评价评级函的公告显示，A股公司 益佰制药（600594.SH）上榜。 2023年6月，上交所曾向益佰制药下发监管函，询问是否存在利益输送情形。 涉商业贿赂被通报 曾经的质疑得到了佐证，益佰制药的商业贿赂行为真实存在。 6月18日，安徽省医药集中采购平台官网发布《关于领取价格招采信用评价评级函的公告》，该中心按 照国家医保局相关要求，对2024年第一、二季度医药商业贿赂案件进行了信用评级处置,请相关药品企 业至该中心领取《价格招采信用评价评级函》。 公告附表列举了25家企业，包括华润安徽医药有限公司、华润滁州医药有限公司、安徽海王国安医药有 限公司等25家医药企业，益佰制药也是"榜上有名"。 长江商报记者发现，25家被通报涉及商业贿赂的企业中，益佰制药是唯一一家上市主体，另外，上市公 司华润医药、海王生物旗下子孙公司涉及商业贿赂。 此次通报，没有具体说明益佰制药等公司涉及商业贿赂的具体行为。 商业贿赂，市场一直在质疑益佰制药存在这一违法违规行为。 ...

6月20日，康缘药业公告，公司董事长肖伟因个人原因申请辞去公司第八届董事会董事长职务，辞去上 述职务后，肖伟仍将继续担任公司第八届董事会董事、战略委员会主任委员、审计委员会委员职务。 康缘药业称，根据有关规定，肖伟的辞职未导致公司董事会成员低于法定最低人数，其辞职不会影响公 司董事会的正常运行，辞职报告自送达公司董事会之日起生效，公司将尽快完成董事长补选工作。 近年来业绩承压 资料显示，康缘药业为A股知名中药研发生产企业，目前主要产品线聚焦呼吸与感染疾病、心脑血管疾 病、妇科疾病、骨伤科疾病等中医优势领域。其中呼吸与感染疾病产品线的代表品种有金振口服液、热 毒宁注射液等。心脑血管产品线的代表品种有银杏二萜内酯葡胺注射液等。 上市二十余年，康缘药业经历了从传统口服中成药向中药注射剂，再到智能制造的多轮转型，其中注射 剂业务一度成为公司核心增长引擎。2005年推出的热毒宁注射液，凭借原料简单、起效迅速等优势快速 打开市场，并在2013年被纳入《人感染H7N9禽流感诊疗方案(2013年第2版)》，2014年热毒宁注射液销 售额突破12亿元，注射剂业务收入也一度占公司营收的六成以上。 值得注意的是，肖伟除了作为康缘药 ...

Core Insights - The resignation of founder Xiao Wei marks a significant leadership change for Kangyuan Pharmaceutical, which may impact its strategic direction moving forward [5] Company Performance - Kangyuan Pharmaceutical faced substantial challenges in its financial performance, with a 35.38% year-on-year decline in revenue to 878 million yuan in Q1 2025, and a 38.37% drop in net profit [2] - For the full year 2024, the company reported a 19.86% decrease in revenue to 3.898 billion yuan, primarily due to a 17.94% decline in its infection and respiratory segment [2] - Key products, such as the Heat Toxicity Ning Injection and Ginkgo Terpene Lactone Injection, showed poor performance, with sales of Heat Toxicity Ning Injection dropping by 30.98% and Ginkgo Terpene Lactone Injection sales plummeting by 47.86% [2][3] Product Development and Strategy - Despite the challenges, Kangyuan Pharmaceutical is focusing on expanding its product portfolio, with significant growth in gel formulations, which saw an 82.48% increase in revenue [3] - The company completed a 100% acquisition of Zhongxin Pharmaceutical in 2024, gaining six clinical approvals for four innovative drugs targeting weight loss, diabetes, and neurological diseases [3] - Kangyuan is also considering overseas licensing for its products and adjusting its marketing strategies in response to the normalization of traditional Chinese medicine procurement [4] Marketing and Sales - The company has been actively working on academic marketing strategies, with 12 products entering 26 clinical guidelines, indicating a positive trend in its marketing efforts [4] - Sales expenses have remained high, with 2023 sales expenses at 1.937 billion yuan, a 3.7% increase year-on-year, while 2024 expenses slightly decreased to approximately 1.535 billion yuan [4]

Group 1 - The event is themed "Hospitality Shandong, Food in Jining" and aims to enhance the brand influence of "Food in Jining" by exploring the potential of dining consumption and telling the story of Jining's cuisine [2][3] - The "Liangyou·Shengfudi Cup" 2025 Jining Food Competition is jointly organized by the Jining Cultural and Tourism Bureau and other local authorities, following the "Famous Dishes, Famous Chefs, Famous Restaurants" selection [3] - The competition features an innovative "all-region linkage + cultural empowerment + multi-dimensional incentives" system, aiming to deeply explore local culinary resources and create unique food IPs [5] Group 2 - The competition emphasizes fun and aims to enhance the inheritance and innovation of traditional cuisine by showcasing chefs' skills and creativity, including engaging events like "Mom's Specialty Dishes" [7] - The event will integrate cultural tourism resources and expand the "Food +" scene, allowing visitors to experience culinary competitions in various historical and cultural locations [9] - The competition will also incorporate intangible cultural heritage displays, cultural performances, and storytelling, creating an immersive food culture experience for participants and visitors [11]

Core Insights - In 2024, the company expects a decline in both revenue and net profit, with projected figures of 3.898 billion and 392 million respectively, representing year-on-year decreases of 19.86% and 15.58% [1] - The first quarter of 2024 continues to show pressure on performance, with revenue of 878 million, down 35.38% year-on-year, and net profit of 83.41 million, down 38.37% [1] - The decline in first-quarter revenue is primarily attributed to a decrease in sales of the core injection product, Heat Toxicity Ning Injection [1][2] Product Performance - The core injection products have historically driven high growth, with Heat Toxicity Ning Injection sales exceeding 1 billion in 2013, but experiencing significant fluctuations due to policy changes [2] - The 2023 National Medical Insurance Directory allowed for increased sales of Heat Toxicity Ning Injection, reaching 6.077 million units, but sales fell to 4.195 million units in 2024, with inventory levels increasing by 759.11% [2] - Ginkgo Biloba Diterpene Amine Injection has also contributed to revenue growth, but its price dropped significantly after negotiations, limiting its growth potential [3] - The company’s oral liquid product, Jin Zhen Oral Liquid, has shown inconsistent sales performance, with year-on-year changes of 74.81%, -22.67%, and 5.13% from 2022 to 2024 [3] Financial Overview - In the first quarter, the injection product category generated approximately 340 million in revenue, down 36.86% year-on-year [4] - The overall revenue for the company in the first quarter was 867.22 million, with a total revenue decline of 35.79% [7] - The company reported a significant decline in operating cash flow, down 59.9% to 77 million in the first quarter, raising concerns about balancing cash flow health with long-term investments [9] New Product Developments - The company has received approvals for several new traditional Chinese medicine products, but their contribution to overall revenue remains limited, with a 10.34% decline in revenue from granules and powders in 2024 [6] - The company has not disclosed sales figures for the "Scattering Cold and Dampness Granules," a product related to COVID-19 treatment, despite investor inquiries [8]