Zhu Baoguo Retires as Chairman of Joincare and Livzon; Lin Nanqi and Liu Daping Succeed

On the evening of September 11, Joincare Pharmaceutical Group (600380. SH) and Livzon Pharmaceutical Group (000513. SZ, 01513. HK) both announced the resignation of chairman Zhu Baoguo.

A Joincare announcement said Zhu applied to resign as chairman, director, chairman of the board's strategy and risk management committee, chairman of the board's sustainability committee, legal representative and from all positions at the company's controlled subsidiaries, citing retirement. After resigning, he will hold no position at the company but will remain its ultimate controller. A Livzon announcement said Zhu applied to resign as chairman, non-executive director, chairman of the board's strategy committee, chairman of the board's environmental, social and governance committee and from all positions at the company's controlled subsidiaries, also citing retirement. Joincare is Livzon's controlling shareholder, and Zhu is the ultimate controller of both.

Zhu Baoguo is 64. A chemical engineer by training, he entered the health food industry in the 1990s and launched the Tai Tai Oral Liquid brand in 1993. In 2001, Shenzhen Tai Tai Pharmaceutical Co. , Ltd. was listed on the Shanghai Stock Exchange. In 2002, Tai Tai Pharmaceutical acquired Livzon Pharmaceutical Group. In 2003, Tai Tai Pharmaceutical changed its name to Joincare. Joincare's business covers chemical preparations, biological products, chemical APIs and intermediates, traditional Chinese medicine preparations, diagnostic reagents and equipment, and health foods.

In 2025, Joincare's revenue and net profit attributable to shareholders of the listed company were RMB 15.217 billion and RMB 1.336 billion, respectively. Livzon's 2025 revenue and net profit attributable to shareholders of the listed company were RMB 12.020 billion and RMB 2.023 billion, respectively. As of September 11, 2026, Livzon's market value was RMB 23.636 billion and Joincare's was RMB 16.904 billion.

In the first half of 2026, Joincare recorded operating revenue of RMB 6.583 billion, down 16.66% year on year, and net profit attributable to shareholders of the listed company of RMB 648 million, down 17.49%. Over the same period, Livzon recorded operating revenue of approximately RMB 5.000 billion, down 20.28%, and net profit attributable to shareholders of the listed company of RMB 932 million, down 27.23%.

Livzon's performance was affected by multiple factors. In the chemical preparations segment, sales revenue of the ilaprazole sodium series and menotropin for injection declined due to medical insurance price cuts, sales of leuprorelin for injection fell considerably in the Guangdong alliance region, and revenue from the psychiatric product fluvoxamine maleate tablets declined after the 11th batch of national centralized procurement took effect in 2026. In the APIs and intermediates segment, total domestic sales edged down amid the bottom of the domestic industry cycle and structural adjustment. In the traditional Chinese medicine preparations and diagnostics segments, revenue from antiviral granules and respiratory-related diagnostic products fell year on year after a first-quarter decline in visits for influenza and respiratory diseases.

Livzon's management said at an August results meeting that after the medical insurance price cuts and centralized procurement impacts concentrated in 2026, the affected products will gradually enter a relatively stable pricing system after 2026, and that the company's major products face no additional centralized procurement execution pressure in 2027.

Joincare's board has elected company director and president Lin Nanqi as chairman of its ninth board. Lin Nanqi is 44. He previously served as workshop manager, production director and deputy general manager of Livzon Group Xinbeijiang Pharmaceutical Co. ; general manager and chairman of Jiaozuo Joincare Biological Products Co. ; general manager and director of Shenzhen Haibin Pharmaceutical Co. ; and executive director of Shenzhen Tai Tai Pharmaceutical Co. and vice president and executive vice president of Joincare. He currently holds 1.291 million Joincare shares.

The company's board agreed to elect executive director Liu Daping as chairman of its 12th board. Liu Daping is 39. He previously served as production director of Shenzhen Haibin Pharmaceutical Co. , executive deputy general manager of Shenzhen Tai Tai Pharmaceutical Co. , and deputy director of the production management center of Joincare Pharmaceutical Group Co. , overseeing Shenzhen Tai Tai Pharmaceutical Co. and Joincare Haibin Pharmaceutical Co. Liu Daping served as a vice president of the company from January 2024 to February 2026, became president in February 2026, and became an executive director in May 2026.