跨界入主引发股价“过山车”！康惠制药转型迷雾下，三年亏损困局待破

Core Viewpoint - Kanghui Pharmaceutical has become a focal point in the capital market due to its proposed change in control, stock price volatility, and consecutive years of losses, raising questions about whether the new controlling shareholders can reverse the company's downturn [1] Group 1: Stock Price Movements - From March 17 to 18, Kanghui Pharmaceutical's stock price hit the daily limit up for two consecutive days, fueled by rumors of a "backdoor listing" by Hengchang Pharmaceutical, despite the company quickly denying these claims [2] - Following the announcement of a control change, the stock price surged again upon resumption of trading but subsequently plummeted over 16% in the following two days, interpreted as a typical case of "profit-taking after good news" [2] Group 2: New Controlling Shareholders - The new controlling shareholders, Li Hongming and Wang Xuefang, are associated with Yian Tianxia, a company focused on internet data center services, which has shown stable profit growth over the past three years, reaching 42.37 million yuan in 2023 [3] - However, the lack of direct business correlation between Yian Tianxia and Kanghui Pharmaceutical raises concerns about the challenges of cross-industry management, particularly given the strict regulations and long R&D cycles in the pharmaceutical sector [3] Group 3: Financial Performance - Kanghui Pharmaceutical reported net losses of 63.06 million yuan in 2022 and 26.16 million yuan in 2023, with an expected loss of 85 million yuan in 2024, attributed to increased depreciation from a new production base, rising interest expenses, and integration issues with subsidiaries [3] - The share transfer price of 24.7 yuan per share represents a premium of 36% over the price before suspension, yet the current stock price of 18.12 yuan is below this transfer price, indicating a potential loss of nearly 30% for the new shareholders if performance does not improve [3] Group 4: Conclusion - The stock price fluctuations and performance challenges of Kanghui Pharmaceutical reflect the typical dilemmas faced by traditional pharmaceutical companies during transformation periods, where the new shareholders' internet background offers potential but also highlights the need for a balance between long-term investment and short-term profitability [4]