Core Viewpoint - Guangzhou Xiangxue Pharmaceutical Co., Ltd. (hereinafter referred to as "Xiangxue Pharmaceutical" or "ST Xiangxue") is facing significant legal challenges, ongoing financial losses, and regulatory scrutiny, raising questions about its future viability and potential for recovery [1][6][9]. Legal Issues - Xiangxue Pharmaceutical has been involved in over 140 lawsuits, including disputes related to projects, construction, operations, and loans [3][10]. - A recent court ruling mandates Xiangxue Pharmaceutical to repay a total of 121 million yuan (approximately 18 million USD) to Hubei Qingsong Yuetian Pharmaceutical Co., Ltd., including principal and interest payments [1][5]. Financial Performance - The company has experienced continuous financial losses, with net losses of 5.30 billion yuan (approximately 800 million USD) in 2022, 3.89 billion yuan (approximately 570 million USD) in 2023, and projected losses of 8.59 billion yuan (approximately 1.3 billion USD) in 2024 [5]. - In Q1 2024, Xiangxue Pharmaceutical reported a revenue of 421 million yuan (approximately 60 million USD), a year-on-year decline of 25.99%, with a net loss of 877.3 million yuan (approximately 130 million USD) [5]. Regulatory Scrutiny - The company and its actual controller, Wang Yonghui, are under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws [7][8]. - Xiangxue Pharmaceutical has been penalized for failing to disclose significant losses related to the demolition of properties and for not reporting non-operating fund occupation by related parties, leading to fines totaling 20.65 million yuan (approximately 3 million USD) [9]. Strategic Direction - Despite its challenges, Xiangxue Pharmaceutical is attempting to pivot from traditional Chinese medicine to the biopharmaceutical sector, focusing on innovative drug development, particularly in oncology [9][10]. - The company has introduced several new drug projects, including TCR-T cell therapy, which has been recognized as a breakthrough treatment [9].

Core Viewpoint - ST Xiangxue is facing significant financial pressure due to a court ruling requiring repayment of over 1.21 billion yuan to Hubei Qingsong Yuyao Co., which is part of a larger issue involving numerous lawsuits and debts [2][3] Group 1: Financial Obligations - ST Xiangxue is required to repay two loans totaling 121.2 million yuan, with the first loan of 81.2 million yuan accruing interest at 14.6% and the second loan of 40 million yuan at 3.1% starting from December 2024 [3] - The company also faces additional costs including 600,000 yuan in legal fees and 800,000 yuan in case acceptance fees [3] - The company has pledged shares worth 60 million yuan as collateral for the first loan, giving the lender priority in repayment if obligations are not met [3] Group 2: Financial Performance - ST Xiangxue is projected to incur a net loss of 859 million yuan in 2024, primarily due to high financial expenses and previous legal costs totaling 92 million yuan [4] - The company reported a net cash flow from operating activities of -82.46 million yuan in the first quarter, a year-on-year decline of 419.44% [4] - As of the end of Q1 2025, the company's debt ratio reached 81.75%, with short-term loans of 1.374 billion yuan and long-term loans of 201 million yuan, while cash reserves were only 57.52 million yuan [4] Group 3: Legal and Operational Challenges - ST Xiangxue is entangled in over 143 lawsuits, with 103 related to operational issues, indicating severe legal challenges [5] - The company has been selling off subsidiaries to alleviate debt, but remains heavily indebted despite these efforts [5] - ST Xiangxue entered a pre-restructuring process due to a 66 million yuan debt claim, highlighting its inability to meet financial obligations [6] Group 4: Regulatory Issues - The company and its controlling shareholder are under investigation for information disclosure violations, with penalties including a fine of 6 million yuan and a 5-year market ban for the shareholder [7] - The investigation has led to a change in the company's stock designation to "ST Xiangxue," reflecting its financial distress [7] Group 5: Restructuring Efforts - ST Xiangxue has appointed a legal team to manage its pre-restructuring phase, aiming to facilitate communication with creditors and potential investors [8] - The approval of the pre-restructuring does not guarantee a successful restructuring process, and the company still faces the risk of bankruptcy if restructuring fails [8]

Core Viewpoint - ST Xiangxue is facing significant financial challenges, including a court ruling requiring repayment of loans totaling 1.2 billion yuan, amidst ongoing legal disputes and declining revenues [1][2][3] Group 1: Financial Obligations - ST Xiangxue is required to repay two loans to Hubei Qingsong Yuyao Co., with a total principal of 1.2 billion yuan and accumulated interest nearing 20 million yuan [1] - The first loan of 812 million yuan has an interest rate of 14.6%, while the second loan of 400 million yuan has an interest rate of 3.1% [1][2] - The company has pledged shares worth 600 million yuan as collateral for the loans, giving the lender priority in repayment if obligations are not met [2] Group 2: Legal Issues - The company is currently involved in 143 lawsuits and arbitration cases, with 103 related to operational matters [2][3] - A recent court decision has allowed the company to enter a pre-restructuring phase, which lasts for three months, but does not guarantee formal restructuring [3] Group 3: Financial Performance - In 2024, ST Xiangxue reported a revenue of 1.859 billion yuan, a decline of 19.16% year-on-year, and an increased net loss of 859 million yuan compared to a loss of 389 million yuan in 2023 [2][3] - The first quarter of 2025 showed a revenue of 421 million yuan, down 25.99% year-on-year, with a net loss of 877 million yuan, worsening from a loss of 356 million yuan in the same period last year [3] - The company’s cash flow from operating activities was negative 824 million yuan, a decline of 419.44% year-on-year [3]

证券代码:300147 证券简称: ST 香雪 公告编号:2025—030 广州市香雪制药股份有限公司 （公告编号:2024—060）。近日公司收到了湖北省武汉市江 汉区人民法院出具的《民事判决书》（2024）鄂 0103 民初 15837 号，情况如下： 一、判决情况 北青松逾越医药有限公司偿还借款本金 8,120 万元，并支付借款利息（截至 20 利率 14.6%的标准计算至实际清偿之日止）； 北青松逾越医药有限公司偿还借款本金 4,000 万元，并支付借款利息（以 4,00 清偿之日止）； 北青松逾越医药有限公司支付律师费 60 万元； 义务，则原告湖北青松逾越医药有限公司对被告广州市香雪制药股份有限公司 提供质押的其持有的第三人湖北天济药业有限公司 6,000 万元股份（质权登记 编号 420112202200000090）实现质押权所得价款享有优先受偿权； 如果未按本判决指定的期间履行给付金钱义务，应当依照《中华人民共和 国民事诉讼法》第二百六十四条规定，加倍支付迟延履行期间的债务利息。 案件受理费 804,199 元，由被告广州市香雪制药股份有限公司负担。 二、对公司的影响 公司在与湖北青松逾越医 ...

证券代码:300147 证券简称: ST 香雪 公告编号:2025—030 广州市香雪制药股份有限公司 关于涉及重大诉讼案进展的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 广州市香雪制药股份有限公司（以下简称"公司"）与湖北青松逾越医药有 限公司因借贷纠纷的诉讼事项，已于 2024 年 12 月 14 日在巨潮网披露了《关于 累计诉讼事项的公告》（公告编号:2024—060）。近日公司收到了湖北省武汉市江 汉区人民法院出具的《民事判决书》（2024）鄂 0103 民初 15837 号，情况如下： 一、判决情况 1、被告广州市香雪制药股份有限公司于本判决生效之日起十日内向原告湖 北青松逾越医药有限公司偿还借款本金 8,120 万元，并支付借款利息（截至 20 23 年 12 月 28 日利息 13,124,240 元，此后利息以 8,120 万元为基数，按照年 利率 14.6%的标准计算至实际清偿之日止）； 2、被告广州市香雪制药股份有限公司于本判决生效之日起十日内向原告湖 北青松逾越医药有限公司偿还借款本金 4,000 万元，并支付借款利息（以 4, ...

Group 1 - The cell immunotherapy concept index rose by 1.25%, ranking 6th among concept sectors, with 29 stocks increasing in value [1][2] - Notable gainers included Ruizhi Pharmaceutical with a 20% limit up, Hainan Haiyao at limit up, and Shutaishen, Guanhao Biological, and Fosun Pharma with increases of 15.02%, 8.88%, and 5.23% respectively [1][6] - The sector experienced a net outflow of 266 million yuan, with 20 stocks seeing net inflows, and 8 stocks receiving over 10 million yuan in net inflows, led by Hainan Haiyao with a net inflow of 144 million yuan [2][3] Group 2 - Hainan Haiyao, Anke Bio, and Dongcheng Pharmaceutical had the highest net inflow ratios at 35.56%, 5.52%, and 5.27% respectively [3][4] - The top stocks by net inflow included Hainan Haiyao, Fosun Pharma, Ruizhi Pharmaceutical, and Zhaoyan New Drug, with net inflows of 144 million yuan, 54.52 million yuan, 34.78 million yuan, and 31.86 million yuan respectively [2][3] - Stocks with significant declines included Xue Rong Biological, Saifutian, and Jinchang Protein, with decreases of 4.23%, 2.74%, and 2.61% respectively [1][5]

Group 1 - Lingyun Optics' actual controller promises not to reduce shareholdings for 12 months starting from July 7, 2025 [1] - Chengdi Xiangjiang's subsidiary signed a contract with China Mobile for a data center project worth 1.632 billion yuan, with a 92-day construction period starting April 30, 2025 [1] - Dingyang Technology launched a high-end arbitrary waveform generator with a maximum output frequency of 5 GHz, catering to communication, industrial, and research testing needs [2][3] Group 2 - Heng Rui Medicine completed a share repurchase plan, buying back 12.9051 million shares for 601 million yuan, representing 0.20% of total shares [4][5] - ST Xiangxue received approval for clinical trials of TAEST1901 injection for treating advanced gastric cancer [5] - Yuyue Medical's subsidiary received EU MDR certification for its AED product, valid until May 11, 2030 [6][7] Group 3 - HNA Holding reported a 10.33% year-on-year increase in passenger revenue kilometers for April [8] - Springhui Zhikong's subsidiary terminated its listing on the National Equities Exchange and Quotations [9] - Delin Hai's shareholder plans to reduce holdings by up to 3%, equating to 3.39 million shares [10] Group 4 - Weiye Co. announced that two shareholders plan to reduce their holdings by up to 2% [12] - Green Alliance Technology's major shareholder intends to reduce holdings by up to 3% [14] - Luzhou Development Group increased its stake in Luzhou Tianhua by 1.02%, acquiring 15.9557 million shares [16] Group 5 - Hualan Pharmaceutical's subsidiary plans to acquire a 42.82% stake in Sanjing Qianhe for 23.446 million yuan [17] - Ganfeng Lithium's directors and executives plan to invest 30.8 million yuan in Shenzhen Yichu [19] - Zhonghong Medical's subsidiary is expected to be selected for a centralized procurement project [20] Group 6 - Jinkai Biotechnology's Blue Zone Fund plans to reduce holdings by up to 3% [21] - Hangxin Technology's former controlling shareholder intends to reduce holdings by up to 3% [22] - Galaxy Magnet's director plans to reduce holdings by up to 0.79% [23] Group 7 - Zhuoyue Technology's controlling shareholder's shares will be auctioned due to judicial proceedings [24] - Xinwufeng is forming a joint venture with France's Coplison Group with a registered capital of 80 million yuan [25] - Zhongcheng Co. is planning to issue shares to acquire 100% of a clean energy company, leading to a temporary stock suspension [26][27]

证券代码：300147 证券简称：ST 香雪 公告编号：2025-029 广州市香雪制药股份有限公司 关于 TAEST1901 注射液获得药物临床试验批准的公告 二、药品的研发情况 香雪生命科学已建立 TCR-T 完整的技术平台及工艺，具有完整的自主知识产 权，TAEST1901 注射液是香雪生命科学研发管线的第二个产品，TAEST1901 针对的 靶点是 HLA-A*02:01 及 AFP 抗原肽组成的复合物，使用慢病毒转导自体 T 细胞， 表达 AFP 抗原特异性的 TCR。 2022 年 4 月，国家药品监督管理局批准 TAEST1901 注射液的新药临床注册申 请，申请适应症为用于治疗组织基因型为 HLA-A*02:01，肿瘤抗原 AFP 表达为阳 性的晚期肝癌或其它晚期肿瘤。目前，TAEST1901 注射液正在进行首个适应症晚 期肝癌的 I 期临床试验。 1 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 广州市香雪制药股份有限公司（以下简称"公司"）子公司香雪生命科学技 术（广东）有限公司（以下简称"香雪生命科学"）收到国家药品监督管理局签 发的《 ...

证券代码:300147 证券简称:ST 香雪 公告编号:2025—028 广州市香雪制药股份有限公司 关于临时管理人公开选聘中介机构结果的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 2025 年 4 月 11 日，广州市中级人民法院（以下简称"广州中院"）作出（2 025）粤 01 破申 54 号《决定书》《指定临时管理人决定书》，决定对广州市香 雪制药股份有限公司（以下简称"公司"）进行预重整，并指定北京市金杜(广 州)律师事务所(主办机构)、广东东方昆仑律师事务所作为联合体担任公司预重 整期间的临时管理人（以下简称"临时管理人"）。 为尽快开展资产调查、债务核查等工作，充分识别公司是否具备重整价值与 重整可能，依据《广州市中级人民法院关于破产重整案件审理指引（试行）》第 三十二条，临时管理人通过公开选聘方式确定公司预重整案（以下简称"本案"） 审计机构、评估机构及财务顾问机构（以下合称"中介机构"）。具体内容详见 2025 年 4 月 18 日巨潮网披露的《关于临时管理人公开选聘审计、评估及财务顾 问机构的公告》（公告编号:2025—013）。 ...

Core Viewpoint - ST Xiangxue (300147.SZ) reported a decline in revenue and profit for 2024, indicating a low point in business operations, but there are positive aspects in business management, new drug development, and corporate governance that may signal future growth opportunities for investors [1][2]. Business Operations - The company's largest revenue segment, traditional Chinese medicine materials, saw a year-on-year revenue increase of 25.69%, reaching 936 million yuan, contributing 280 million yuan in gross profit [1]. - ST Xiangxue has established a comprehensive industrial chain in the traditional Chinese medicine sector, including production and sales, with cultivation bases in regions such as Ningxia, Sichuan, Yunnan, and Guangdong [1]. New Drug Development - The company is advancing its first-class new drug TAEST16001 injection, which has entered the phase II clinical trial and was presented at the ASCO annual meeting [2]. - TAEST16001 is the first TCR-T cell therapy drug in China to receive IND approval, targeting advanced esophageal cancer and non-small cell lung cancer [2]. - The drug has shown a best response rate of 50% and a median progression-free survival of 5.9 months, indicating significant clinical efficacy and manageable safety [2]. Corporate Restructuring - In April, the company entered a pre-restructuring process, with a temporary administrator appointed to manage debt claims and conduct audits and evaluations [3]. - The restructuring plan aims to improve the company's asset-liability structure and enhance its operational and profitability capabilities, facilitating a return to sustainable and high-quality development [3].