153 pharmaceutical companies listed as "dishonest" One Pin Hong, Tong Ren Tang, and other publicly traded companies "hit a landmine" Severe dishonesty cases surge fourfold

A governance storm targeting commercial bribery and unfair pricing behaviors in the pharmaceutical industry is advancing deeper into the sector with stricter quantitative standards.

Recently, the National Healthcare Security Administration officially announced the results of the 16th round of pharmaceutical price and procurement credit evaluations. This nationwide list of dishonest pharmaceutical companies, valid until January 1, 2026, includes 153 companies. Among them, based on the 2025 edition of the discretion standards applicable from Q3 2025, 52 companies are rated as “particularly serious dishonesty,” and 37 as “serious dishonesty.” Additionally, among companies previously rated under the 2020 standards, 10 maintain the “particularly serious” level, and 54 remain at the “serious” level.

The rapid expansion of the list size is particularly noteworthy. Compared to the 70 companies listed in the previous round, this time the number has more than doubled, reaching a new high; “particularly serious dishonest” companies increased from 15 to 62, more than quadrupling, with 45 new additions; “seriously dishonest” companies rose from 55 to 91, 1.65 times the previous number.

Behind this surge in numbers are not only statistical factors related to the transition period between old and new standards but also reflect the regulatory authorities’ firm intention to reshape industry rules with a stricter red line. “The expansion and concentration of the 16th credit evaluation list mark a new stage of ‘penetrative governance’ in China’s pharmaceutical regulation. This is both a challenge and an opportunity for industry cleansing and revaluation—only companies that internalize compliance as an organizational capability can gain long-term competitive advantages in an era of strict regulation,” said Bai Wenxi, Vice Chairman of the China Enterprise Capital Alliance, in an interview with Huaxia Times.

(Screen capture from the National Healthcare Security Administration website)

Healthcare Credit Evaluation 2.0: Lower Thresholds,

Stricter Penalties, with Correction Opportunities

The release of this list coincides with the transition period between the 2020 and 2025 edition of the credit evaluation discretion standards.

The pharmaceutical price and procurement credit evaluation system was established by the National Healthcare Security Administration on August 28, 2020. The release of the 153 companies’ dishonesty list aligns with the transition period between the 2025 version of the “Discretion Standards for Pharmaceutical Price and Procurement Credit Evaluation” and the 2020 standards. From Q3 2025 onward, dishonesty levels are assessed according to the 2025 standards, while companies previously rated under the 2020 standards will continue to have their dishonesty levels published within the validity period until the original dishonesty ratings are cleared.

This marks a critical point in the policy iteration of the system. The core adjustment in the 2025 version involves further tightening evaluation standards and strengthening penalties, increasing the cost of violations to enhance deterrence, and clearly defining compliance red lines for the pharmaceutical industry.

From the changes, the new standards significantly lower the thresholds for dishonesty recognition. Regarding commercial bribery, the threshold for “particularly serious dishonesty” in bribery amounts has been lowered from over 2 million yuan to over 1 million yuan; “serious dishonesty” remains between 500,000 and 1 million yuan. In tax-related violations, “particularly serious dishonesty” is adjusted from over 10 million yuan to over 2.5 million yuan; “serious dishonesty” from 1 million to 10 million yuan is adjusted to 500,000 to 2.5 million yuan; and “dishonest” from 100,000 to 1 million yuan is adjusted to 50,000 to 500,000 yuan.

Additionally, the new regulations specify circumstances for maximum-level ratings. If a company engages in bribery of healthcare department staff or collusion in centralized procurement, it will be directly rated at the highest dishonesty level.

Penalties are also tiered according to dishonesty levels. Based on the credit rating of pharmaceutical companies, relevant departments can take measures such as warnings, risk alerts, disclosure of dishonesty information, or restrictions and suspensions of the company’s involvement in bidding, listing, or distribution of involved or all medicines and medical supplies. For example, companies rated as “seriously dishonest” may have their product listing and distribution qualifications canceled; those rated as “particularly serious dishonest” may have all their products’ listing and distribution qualifications canceled within the province (and nationwide for involved products).

It is worth noting that while the regulatory sword remains sharp, the system also retains flexibility for correction. Companies like China National Pharmaceutical Group Guorui Pharmaceutical, Jiangxi Renxiang Pharmaceutical, Anguo Putian, and traditional Chinese medicine decoction pieces, which have actively corrected their dishonesty behaviors, have had their dishonesty ratings cleared, providing positive guidance for the industry.

The “Compliance Cost” for Listed Companies Behind Dishonesty Lists

Among the dishonesty list, the most nerve-wracking for capital markets is undoubtedly the frequent appearance of multiple listed companies’ related entities. Some are already mired in performance issues, some are suffering from regional market contraction, and others, while not yet reflected in financial statements, have already planted concerns over brand reputation.

Among these listed companies, four are evaluated across multiple provinces, including Guangzhou Yipinhong Pharmaceutical Co., Ltd. (referred to as “Yipinhong Pharmaceutical”). This company, jointly rated by eight provinces including Beijing, Tianjin, and Henan, is classified as “seriously dishonest.” Its parent company is the A-share listed company Yipinhong.

Notably, Yipinhong Pharmaceutical is not new to the public eye. In July 2024, the company was ordered to return 266 million yuan in losses after breaching regulations in the seventh batch of national drug procurement for its bid on salbutamol bromide injection. This amount exceeded Yipinhong’s net profit for 2023 and directly caused a net loss of 540 million yuan in 2024—the first annual loss since its listing in 2017. In August, the National Organization Drug Procurement Office canceled its procurement qualification in 8 provinces and suspended its participation in national procurement for six months.

As the main revenue contributor of Yipinhong, the operation of its subsidiary Yipinhong Pharmaceutical directly impacts the parent company’s financial health. As of June 2025, the subsidiary’s total assets were 2.019 billion yuan, with net assets of 805 million yuan; in the first half of 2025, revenue was 403 million yuan, with a net profit of 83.73 million yuan. Meanwhile, the parent company Yipinhong’s revenue was 584 million yuan, with a net loss of 77.77 million yuan. It is clear that Yipinhong Pharmaceutical contributed nearly 70% of the parent company’s revenue and was a crucial source of profit. The suspension of procurement qualification due to dishonesty is undoubtedly a heavy weight on performance. Huaxia Times contacted Yipinhong for comment but had not received a reply by press time.

According to Yipinhong’s 2025 earnings forecast, the company expects a net profit attributable to shareholders of -310 million to -442 million yuan, a reduction in loss compared to previous years, but its non-recurring net profit is also expected to be a loss of 336 million to 475 million yuan, representing a 16.35% to 64.26% increase in loss year-on-year. The earnings explanation cites declining product sales and gross margins, increased depreciation from new projects, and government subsidies and asset impairment provisions as main factors.

Similarly, Shijiang Pharmaceutical Group was also affected. In August 2024, its wholly owned subsidiary Shijiazhuang Shiyao Co., Ltd. was listed as “seriously dishonest” for violations in the procurement of salbutamol bromide injection (based on the 2020 standards). As the core operating entity in mainland China, the company operates across more than ten provinces, with its core product being intravenous infusion solutions. The procurement failure not only risks regional market access restrictions but also has begun to show financial chain reactions.

On February 16, Shijiang Pharmaceutical Group forecasted a 45%-60% decrease in profit for 2025 compared to 1.061 billion HKD in the previous year—one reason being the reduced sales of salbutamol bromide ampoules, which no longer participate in national procurement. The business structure shows that in the first three quarters of 2025, high-margin non-PVC soft bag infusions revenue dropped by 38.7%, and ampoule injections revenue fell by 50.6%, illustrating the significant impact of dishonesty on core business.

In addition to Yipinhong and Shijiang Pharmaceutical, Zhendong Pharmaceutical’s wholly owned subsidiary Shanxi Zhendong Authentic Medicinal Materials Development Co., Ltd., and Guizhou Jinqiao Pharmaceutical Co., Ltd., in which Shandong Shandong Shandong Shandong Shandong Shandong Shandong Shandong Shandong Shandong Shandong Shandong Shandong Shandong Shandong Shandong Shandong Shandong Shandong Shandong Shandong Shandong Shandong Shandong Shandong Shandong Shandong Shandong Shandong Shandong Shandong Shandong Shandong Shandong Shandong Shandong Shandong Shandong Shandong Shandong Shandong Shandong Shandong Shandong Shandong Shandong Shandong Shandong Shandong Shandong Shandong Shandong Shandong Shandong Shandong Shandong Shandong Shandong Shandong Shandong Shandong Shandong Shandong Shandong Shandong Shandong Shandong Shandong Shandong Shandong Shandong Shandong Shandong Shandong Shandong Shandong Shandong Shandong Shandong Shandong Shandong Shandong Shandong Shandong Shandong 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