Core Viewpoint - The company expects a negative net profit for the fiscal year 2025, with a projected range for net profit attributable to shareholders between -285 million yuan and -190 million yuan, compared to -249 million yuan in the same period last year [1] Financial Performance - The expected net profit range for 2025 is between -286 million yuan and -191 million yuan, with the previous year's figure being -286 million yuan [1] - The company reported a net profit of -249 million yuan in the same period last year [1] Industry Context - The heparin drug industry is experiencing intensified competition, leading to a decline in revenue from the company's core heparin preparation products [1] - Factors such as centralized procurement and fluctuations in raw material prices are contributing to a low gross margin, which is a primary reason for the company's anticipated losses [1]

Financial Projections - The company expects a net profit in the range of -28,500 to -19,000 thousand CNY for 2025, representing a year-on-year decline of 14.24% to 23.84%[4] - The net profit after deducting non-recurring gains and losses is projected to be between -28,600 and -19,100 thousand CNY, with a slight increase of 0.12% to 33.30% compared to the previous year[4] - The financial data in the earnings forecast is preliminary and has not been audited by the accounting firm, with final figures to be disclosed in the 2025 annual report[8] Market Conditions - The main reason for the loss is the intensified competition in the heparin drug industry, leading to a decline in revenue from core heparin products and low gross margins due to centralized procurement and raw material price fluctuations[6] Sales and Expenses - Sales expenses are expected to decrease significantly in 2025 due to adjustments in sales strategies and optimization of sales team configurations following the implementation of centralized procurement policies[7] - The company has made provisions for credit and asset impairment based on preliminary assessments of the recoverability of accounts receivable and other receivables[7]

Group 1 - The core point of the article is that Changshan Pharmaceutical announced the release of 56,206,500 shares from pledge by its controlling shareholder, Gao Shuhua [2] Group 2 - The announcement was made on January 23, indicating a significant change in the shareholding structure [2] - The release of shares from pledge may reflect the controlling shareholder's confidence in the company's future performance [2] - This action could potentially impact the stock's liquidity and investor sentiment towards Changshan Pharmaceutical [2]

证券代码：300255 证券简称：常山药业 公告编号：2026-3 河北常山生化药业股份有限公司 注：上表"已质押股份限售和冻结数量"、"未质押股份限售和冻结数量"中限 售股指首发后限售股。 三、备查文件 关于控股股东部分股票解除质押的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 河北常山生化药业股份有限公司（以下简称"公司"）近日接到控股股东高 树华先生函告，获悉高树华先生将其所持有本公司的部分股票解除质押，累计解 除质押股份数超过公司总股本的 5%，具体事项如下： 一、本次累计解除质押基本情况 | 股东名称 | 是否为控股股东 或第一大股东及 | 本次解除质押 | 占其所持 | 占公司总 | 起始日 | 解除日期 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 其一致行动人 | 股份数量（股） | 股份比例 | 股本比例 | | | | | | | 5,000,000 | 1.78% | 0.54% | 2025 年 1 月 7 日 | 2025 年 7 月 28 日 | ...

Core Viewpoint - Changshan Pharmaceutical (300255) will disclose the number of shareholders as of December 31, 2025, in its annual report [1] Group 1 - The company responded to investor inquiries on an interactive platform [1]

Core Viewpoint - A recent announcement from the National Medical Insurance Administration has highlighted compliance and operational risks for Hebei Changshan Biochemical Pharmaceutical Co., Ltd. due to its involvement in a commercial bribery case related to its product "Wanmai Ning" [1][5]. Group 1: Company Risks - The case reveals that Changshan Pharmaceutical's sales growth model for its key product "Wanmai Ning" (Dalteparin Sodium Injection) relies on non-compliant commercial practices, raising concerns about its sustainability [3][7]. - Financial data indicates that Changshan Pharmaceutical is facing significant losses, with a net profit loss exceeding 44 million yuan in the first three quarters of 2025, a staggering 714% year-on-year decline, and an estimated annual net loss of 1.24 billion yuan for 2023 [3][7]. - The company’s future growth prospects, particularly for its GLP-1 class diabetes/weight loss drug "Aibenna", are highly uncertain due to regulatory hurdles and intense competition from established products like Semaglutide [3][7]. Group 2: Industry Implications - The National Medical Insurance Administration's announcement underscores that commercial bribery has inflated drug prices, which do not contribute to legitimate profits or innovation, but rather distort competition and increase burdens on patients and insurance funds [4][8]. - The enforcement of the price procurement credit evaluation system signals a shift in the pharmaceutical industry towards prioritizing drug quality, clinical efficacy, and genuine innovation costs, moving away from reliance on high marketing expenses and gray market practices [4][8]. - For investors, assessing pharmaceutical companies' investment value now requires a focus on their compliance systems, channel management capabilities, and risk isolation mechanisms with agents, as compliance has become a critical survival factor in the industry [4][8].

Core Viewpoint - The article highlights a case of commercial bribery involving Shanghai Haiyilai Consulting Management Partnership, which engaged in unethical practices to promote a specific drug, leading to administrative penalties and potential impacts on the involved companies' reputations and operations [2][3][4][5] Group 1: Company Actions and Penalties - Shanghai Haiyilai Consulting Management Partnership was found to have paid improper benefits to a clinical doctor to influence prescription behavior for the drug "Dahansuan Sodium Injection" [2] - The company received a total service income of 868,677 yuan from Shanghai Hongjian Pharmaceutical Co., and was fined 300,000 yuan by the Shanghai Putuo District Market Supervision Administration for commercial bribery [3] - The sales promotion director of Haiyilai promised the doctor a "benefit fee" for increased prescriptions, resulting in a total transfer of 35,046 yuan over four transactions [2][3] Group 2: Implications for Related Companies - The case has implications for Hebei Changshan Biochemical Pharmaceutical Co., which is linked to the drug involved and is a publicly listed company in China [3] - The annual sales of "Dahansuan Sodium Injection" exceed 170 million yuan, with a reported 26.68% year-on-year increase in sales volume, although revenue remained stable due to price declines [3] - The National Healthcare Security Administration has established a credit evaluation system since 2020 to assess pharmaceutical companies involved in commercial bribery, which may affect Changshan Pharmaceutical's credit rating in drug procurement [4][5]

Core Viewpoint - The investigation into commercial bribery involving the drug Wanmai Ning has led to the initiation of a credit evaluation for Changshan Pharmaceutical, highlighting ongoing issues of corruption in the pharmaceutical industry and the impact on market practices [1][2][5]. Group 1: Investigation and Findings - The Shanghai Municipal Market Supervision Administration discovered that Shanghai Haiyilai Consulting Management Partnership engaged in commercial bribery to promote the sales of Wanmai Ning [1]. - Between January and December 2023, a total of approximately 35,000 yuan was paid in bribes to doctors, resulting in the issuance of around 18,300 prescriptions for Wanmai Ning [1][2]. - Shanghai Haiyilai earned approximately 868,700 yuan from its marketing and information services related to Wanmai Ning during the same period [1]. Group 2: Regulatory Actions and Implications - The Shanghai Municipal Market Supervision Administration imposed a fine of 300,000 yuan on Shanghai Haiyilai for its commercial bribery practices [2]. - The National Healthcare Security Administration has established a credit evaluation system for pricing and procurement, which may affect companies with negative records, including Changshan Pharmaceutical [2][3]. - Following the investigation, the Shanghai Pharmaceutical Affairs Office will initiate a credit evaluation for Hebei Changshan Biochemical Pharmaceutical Company, which is linked to Changshan Pharmaceutical [3]. Group 3: Company Performance and Market Impact - Changshan Pharmaceutical's stock price fell by 2.02% to 57.79 yuan per share, with a market capitalization of 53.1 billion yuan as of January 12 [5]. - The company has experienced significant revenue declines, with a reported 10% drop in revenue for the first three quarters of 2025 compared to the previous year, attributed to centralized procurement and falling prices of heparin raw materials [9]. - The company’s revenue from heparin products accounted for approximately 60% of its total income in 2023, indicating a heavy reliance on this segment [7].

Core Insights - The case involves commercial bribery linked to the pharmaceutical industry, specifically between Haiyilai Company and Hongjian Pharmaceutical Company regarding the promotion of a drug called Danheparin Sodium Injection [1][2][4] Group 1: Company Actions - Haiyilai Company signed a one-year information service agreement with Hongjian Pharmaceutical Company to promote Danheparin Sodium Injection in Shanghai [1] - During the period from January to December 2023, Haiyilai's sales promotion director made four personal WeChat transfers totaling 35,046 yuan to a doctor to incentivize the prescription of the drug [2] - The total revenue generated by Haiyilai from the marketing and information services for Danheparin Sodium in 2023 was 868,677 yuan [2] Group 2: Regulatory Response - The Shanghai Putuo District Market Supervision Administration imposed a fine of 300,000 yuan on Haiyilai Company for commercial bribery [2] - The National Medical Insurance Administration emphasized that such bribery undermines fair competition and increases the burden on the healthcare system [4] - The case has prompted a credit evaluation process for the involved companies, including Hongjian Pharmaceutical and its supplier, Hebei Changshan Biochemical Pharmaceutical Company [2][4] Group 3: Industry Context - Hebei Changshan Biochemical Pharmaceutical Company, also known as Changshan Pharmaceutical, is a publicly listed company specializing in cardiovascular drugs and has a complete heparin product supply chain [3] - Danheparin Sodium Injection, a key product for Changshan Pharmaceutical, generated over 170 million yuan in sales annually and is used for treating various cardiovascular conditions [3] - The company plans to increase the promotion of Danheparin Sodium Injection, with a projected sales volume growth of 26.68% in 2024, although revenue is expected to remain stable due to price declines [3]

Core Viewpoint - The article discusses a case of commercial bribery involving Shanghai Haiyilai Enterprise Consulting Management Partnership and Shanghai Hongjian Pharmaceutical Co., highlighting the unethical practices in pharmaceutical marketing and the regulatory response to such actions [1][2][3]. Group 1: Case Details - In January 2023, Shanghai Haiyilai signed a one-year information service agreement with Hongjian Pharmaceutical to promote the drug "Dahansuan Sodium Injection" in Shanghai [1]. - The company promised to increase the sales of the drug in exchange for bribes paid to doctors for prescribing the medication [1][2]. - A total of 35,046 yuan was paid in bribes to a doctor who prescribed 18,275 units of the drug during the year [2]. Group 2: Regulatory Actions - The Shanghai Putuo District Market Supervision Administration issued an administrative penalty of 300,000 yuan to the company for violating the Anti-Unfair Competition Law [2]. - The case illustrates the broader issue of pharmaceutical commercial bribery, which distorts fair competition and increases healthcare costs [3]. - The National Medical Insurance Administration has implemented a credit evaluation system to penalize companies involved in bribery and unfair practices [3]. Group 3: Industry Implications - The article emphasizes that pharmaceutical commercial bribery undermines the integrity of medical practices and leads to inflated drug prices, harming patients and healthcare funds [3]. - The Shanghai Drug Administration is initiating credit evaluations for involved companies, including the production company Hebei Changshan Biochemical Pharmaceutical Co., to address these unethical practices [4].