7-day cumulative increase exceeds 93%! JinYao Pharmaceutical: Currently, the price of the company's steroid hormone raw materials has no impact on the company's operating performance.

On April 7th, Jinyao Pharmaceutical (600488.SH) announced that the company’s stock price has experienced a cumulative deviation of 100% in daily closing prices over 10 consecutive trading days. According to the relevant provisions of the “Shanghai Stock Exchange Trading Rules,” this constitutes a serious abnormal fluctuation in stock trading. Specifically, the company’s stock price hit the daily limit for seven consecutive trading days from March 26, 2026, to April 7, during which the stock price increased by a total of 93.69%.

In response to the abnormal stock fluctuations, the company conducted a comprehensive self-inspection. First, the company’s production and operation activities are normal, with no significant changes in daily operations, and no major adjustments in market environment or industry policies. Production costs and sales conditions have not experienced large fluctuations, and internal production and operational order remain normal. Second, after self-inspection and written inquiries verified with the company’s controlling shareholders and indirect controlling shareholders, as of the date of this announcement, the company and its controlling shareholders do not have any major information that should be disclosed but has not been disclosed, nor are there any major matters involving the company currently under planning. Additionally, the company has noted that the market has listed it as an innovative drug concept and is speculating on it, but the company’s current research and development mainly focuses on generic drugs, with no ongoing innovative drug projects, and the related speculation involves obvious misinterpretation. Meanwhile, the company has observed market discussions about the prices of hormone raw materials; currently, the prices of steroid hormone raw materials remain generally stable, having no impact on the company’s operating performance.

The company has also highlighted several risks. In terms of secondary market trading, the turnover rate of the company’s stock has continued to increase, reaching 16.15% in the most recent trading day. The “pump and dump” effect and market irrational speculation are evident, posing significant trading risks. As of April 7, 2026, the company’s latest price-to-earnings ratio (P/E) is 513.94 times, while the industry’s rolling P/E ratio is 29.26 times. The relevant indicators of the company are seriously deviating from the industry’s reasonable valuation level, showing signs of a bubble. The company has a small circulating market cap, and after speculation, there is a risk of rapid decline in stock price at any time. Regarding operating performance, the company’s most recent quarterly results showed a significant decline, with no major changes in fundamentals, and the stock price increase has significantly deviated from the company’s actual business performance. In the first three quarters of 2025, the company achieved operating revenue of 2.23B yuan, a year-on-year decrease of 13.24%, and net profit attributable to shareholders of the listed company of 69.54 million yuan, down 62.75% year-on-year. The company reminds investors to be aware of related risks, make rational decisions, and invest cautiously.