The General Manager acts as the Chairman of the Board, and Pian Zihuang changes his position: Lin Weiqi, 57, resigns as a Director due to work adjustments | Pian Zihuang

In less than two years, "traditional Chinese medicine Maomao" Pian Zaihuang will change its chairman again.

On the evening of July 24th, Zhangzhou Pianzaihuang Pharmaceutical Co., Ltd. announced that the board of directors had recently received a resignation report from Chairman Lin Weiqi. Lin Weiqi resigned from his positions as Chairman, Director, and member of a special committee under the board of directors due to work adjustments.

The official announcement of Lin Weiqi's appointment as Chairman of Pian Zihuang was made on December 9, 2021. According to official information, Lin Weiqi was born in July 1966 and is a member of the Communist Party of China. He holds a bachelor's degree in literature and has served as a teacher in the English Department of Zhangzhou Normal University in Fujian Province and a cadre in the Education Bureau of Dongshan County in Fujian Province. From March 2014 to November 2021, he served as a member of the Party Committee and Deputy Director of the State owned Assets Supervision and Administration Commission of Zhangzhou City in Fujian Province.

In 2021, Pien Tze Huang changed his coach twice. Before Lin Weiqi, the chairman of Pian Zihuang was Pan Jie, and before Pan Jie, the chairman of Pian Zihuang was Liu Jianshun. On the evening of April 7, 2021, Pian Zihuang announced that Liu Jianshun had applied to the board of directors for early retirement due to personal health reasons, resigning from his positions as a director, chairman, and member of a special committee under the board of directors.

It is worth mentioning that, according to the WeChat official account of Zhangzhou Commission for Discipline Inspection on May 11, Pan Jie, the secretary of the Party Committee and chairman of the board of directors of Zhangzhou Jiulongjiang Group Co., Ltd., is suspected of serious violations of discipline and is currently under the discipline review and supervision investigation of the Commission for Discipline Inspection of Zhangzhou. In addition, according to the Guanbamin WeChat official account on June 20th, recently, designated by the Discipline Inspection Commission and Supervision Commission of Zhangzhou City, Fujian Province, the Discipline Inspection Commission and Supervision Commission of Zhao'an County conducted a case review and investigation into the serious violations of discipline and law by Yang Puquan, former vice chairman of Fujian Pianzaihuang Cosmetics Co., Ltd.

After Lin Weiqi, who will serve as the chairman of Pian Zihuang? According to the announcement by Pian Zihuang, upon the joint recommendation of more than half of the board of directors, Huang Jinming, the director and general manager, will perform the duties of chairman and preside over the daily work of the board of directors until the new chairman is elected.

According to the 2022 annual report, Huang Jinming was born in March 1966. Since July 1987, he has served as a cadre of Zhangzhou Pharmaceutical Factory, the head of Zhangzhou Import and Export Company, the business department manager of Zhanglong Industrial Co., Ltd., and the deputy general manager of Pian Zihuang. From July 2019 to present, he has served as the deputy secretary, director, and general manager of the Party Committee of Pian Zihuang.

Lin Weiqi's full year as chairman was only one year in 2022. In terms of performance, last year's revenue was 8.694 billion yuan, a year-on-year increase of 8.38%; The net profit attributable to the parent company was 2.472 billion yuan, a year-on-year increase of 1.66%. According to Wind data, the revenue growth rate of Pian Zihuang hit the lowest in nearly five years, falling below 10% for the first time, and the net profit growth rate was the slowest since 2010.

In the first quarter of 2023, Pian Zihuang's revenue was 2.63 billion yuan, a year-on-year increase of 11.98%; The net profit attributable to the parent company was RMB 770 million, a year-on-year increase of 11.66%. According to the performance report previously released by Pian Zihuang, the total operating revenue in the first half of this year was 5.045 billion yuan, a year-on-year increase of 14.08%; The net profit attributable to shareholders of the listed company was 1.53 billion yuan, a year-on-year increase of 16.43%. Pian Zihuang is expected to release his mid year 2023 report on August 19th.

In May of this year, Pian Zaihuang announced that due to the increase in the main raw materials and labor costs of its products, the retail price of its leading product, Pian Zaihuang tablets, in the domestic market will be raised from 590 yuan/tablet to 760 yuan/tablet, and the supply price will correspondingly increase by about 170 yuan/tablet; The overseas market supply price has correspondingly increased by about $35 per capsule. The announcement at that time mentioned that the price increase may cause a change in the sales of the Pian Zai Huang series products. Referring to past price adjustments, the company's operating situation generally shows a steady growth, but due to complex market factors, it cannot be ruled out that there may be a decrease in sales volume.

As of the close on July 24th, Pian Tze Huang was trading at 277.53 yuan per share, a decrease of 1.25%, with a market value of 167.44 billion yuan.