大手笔收购关联方股权，中国医药引监管关注

Core Viewpoint - China National Pharmaceutical Group Corporation (China Pharmaceutical) plans to acquire 100% equity of Jinsui Technology from Xinxing Group for 302 million yuan, despite facing declining revenue and net profit in 2024, raising questions about the effectiveness of this acquisition in alleviating performance pressure [1][3]. Group 1: Acquisition Details - The acquisition involves a related party transaction as Xinxing Group is a wholly-owned subsidiary of China Pharmaceutical's controlling shareholder, General Technology Group [1]. - Jinsui Technology, established in 1993, has shifted to e-commerce services since 2011, focusing on health consumer products and collaborating with brands like Philips and Omron [2]. - The valuation of Jinsui Technology in this acquisition shows a total equity value of 302 million yuan, with an increase of 116 million yuan in net asset value, representing a 62.72% appreciation [1][2]. Group 2: Financial Performance - In 2024, China Pharmaceutical reported a revenue of 34.148 billion yuan, a decrease of 12.04% year-on-year, and a net profit of 535 million yuan, down 48.91% [3][4]. - The decline in revenue is attributed to a reduction in temporary medical supplies business, which had previously surged during the pandemic [3]. - The pharmaceutical industrial segment, a core business for China Pharmaceutical, saw a revenue drop of 10.10% in 2024, despite a 30% increase in new product sales [4]. Group 3: Debt and Financial Concerns - Jinsui Technology has an outstanding loan principal of 205 million yuan owed to Xinxing Group, raising concerns about the financial implications of the acquisition [2][6]. - China Pharmaceutical has faced issues with previous acquisitions, including significant asset impairment losses and ongoing litigation related to unmet performance commitments from acquired companies [5][6].