Economic Observer reporter Zhang Xiaohui

In less than 72 hours, the chairman and vice chairman of Kunming Pharmaceutical Group (600422. SH) both resigned.

On January 6, 2026, Kunming Pharmaceutical Group announced that due to job adjustments, Wu Wenduo will no longer serve as the company's chairman and will be succeeded by Yu Xiang; On January 8, 2026, Kunming Pharmaceutical Group announced that due to work adjustments, Vice Chairman Li Hongshen submitted a written resignation report. This personnel change has sparked market speculation. Is the resignation of the chairman related to the poor performance of Kunming Pharmaceutical Group in 2025?

According to Wind data, Kunming Pharmaceutical Group's performance declined in the first three quarters of 2025, with revenue of 4.751 billion yuan, a year-on-year decrease of 18%; The net profit attributable to shareholders of the listed company was 269 million yuan, a year-on-year decrease of nearly 40%.

Especially in the third quarter of 2025, Kunming Pharmaceutical Group's performance plummeted, with revenue of 1.4 billion yuan, a year-on-year decrease of 30%; The net profit attributable to shareholders of the listed company was 71.01 million yuan, a year-on-year decrease of 59%; The net profit of shareholders after deducting non recurring gains and losses is -34 million yuan, mainly due to the reform of drug channels and the price reduction of drug procurement.

On the afternoon of January 12, 2026, the staff of the Kunming Pharmaceutical Group's Secretary General's Office denied that the change in chairman was related to performance. The staff member stated that China Resources (full name: "China Resources Limited") has a three-year integration period since taking over Kunming Pharmaceutical Group, which is a normal personnel adjustment.

Less than one year of employment

The actual controller of Kunming Pharmaceutical Group is China Resources, and the controlling shareholder is China Resources Sanjiu Pharmaceutical Co., Ltd. (holding 28.05% of the shares, hereinafter referred to as "China Resources Sanjiu").

Wu Wenduo was born in 1973 and holds Chinese nationality. He graduated with a Bachelor's degree in Biochemistry from Wuhan University. His entire career development path is deeply embedded in the internal rotation and executive team construction of the CR Pharmaceutical sector, and he has a complete experience in the CR system. He is a core executive trained within the CR department. According to his resume, Wu Wenduo has successively served as the General Manager of China Resources Saike Pharmaceutical, Vice President of China Resources Shuanghe, Vice President of China Resources Sanjiu, and General Manager of China Resources Jiangzhong. In September 2024, he became the President of China Resources Sanjiu and also served as a director. In January 2025, he became the Chairman of Kunming Pharmaceutical Group (still retaining the relevant positions of China Resources Sanjiu). He resigned as the Chairman of Kunming Pharmaceutical Group in January 2026 due to work adjustments and continued to serve as a director of the company, a member of the Strategic and ESG Committee of the Board of Directors, and a member of the Nomination Committee.

It is worth noting that Wu Wenduo's term as chairman was originally scheduled to end on January 22, 2028. He was elected as the chairman of Kunming Pharmaceutical Group at the board of directors meeting on January 22, 2025 (11th session of the board of directors) and served for less than a year; The original expiration date of Vice Chairman Li Hongshen's term was also January 22, 2028. This resignation means that Li Hongshen's tenure as Vice Chairman has not yet reached one year. Li Hongshen is a local compound executive in Yunnan, who has worked in financial, tobacco, and pharmaceutical capital platforms. After joining China Resources Sanjiu Holdings Kunming Pharmaceutical Group, he entered the management team and promoted the synergy between local resources and the China Resources system.

On January 12, 2026, a staff member of the Kunming Pharmaceutical Group's Secretary General's Office stated, "We previously announced a 3-year integration period, and now the time has come to collaborate and empower with China Resources Sanjiu. This is a time point in the company's growth period, and the new executives have financial backgrounds

New Chairman Yu Xiang

Kunyao Group announced in the announcement that the new chairman is Yu Xiang.

Yu Xiang was born in 1980 and holds a Master's degree in Business Administration. He has served as the Deputy General Manager of the OTC Business Unit, Deputy General Manager (in charge of work) of the Big Health Business Unit, and General Manager of the Professional Brand Business Unit of China Resources Sanjiu Pharmaceutical Trading Co., Ltd., Executive Director of Ausnutria (China) Pharmaceutical Co., Ltd., Executive Director of China Resources Sanjiu (Tangshan) Pharmaceutical Co., Ltd., and Chairman of Sanjiu Sanofi (Shenzhen) Health Industry Co., Ltd. He is currently the Vice President of China Resources Sanjiu, Director of Tianshili Pharmaceutical Group Co., Ltd., and Chairman of Kunming Pharmaceutical Group.

The drug channel issue of Kunyao Group's flagship product, Xuesaitong, has attracted investors' attention.

On January 8, 2026, an investor asked a listed company on the Shanghai Stock Exchange's e-Interactive platform, "I want to buy some of your company's Xuesaitong soft capsules from our largest local chain pharmacy. I am quite familiar with Kunyao, a century old brand, but I don't have your company's products. I feel that your company's channel layout is incomplete, and there are still many areas that have not sunk or been laid out. Is this a problem of operation, management, or product

As of press time, Kunming Pharmaceutical Group has not yet answered the investor's question.

On January 12, 2026, after the change of chairman, the stock price of Kunming Pharmaceutical Group rose slightly, closing at 12.92 yuan per share, with a total market value of 9.8 billion yuan.