*ST吉药今日摘牌，昔日明星药企缘何黯然离场？

Core Viewpoint - Jiyuan Holdings Group Co., Ltd. has been announced to be delisted from the Shenzhen Stock Exchange due to its stock price falling below 1 yuan for twenty consecutive trading days, with the delisting effective on May 29, 2025 [1] Group 1: Company Performance and Financials - Jiyuan Holdings, originally a chemical company, transitioned to the pharmaceutical sector in 2014 through the acquisition of Jinbao Pharmaceutical, establishing a dual business model of "chemicals + pharmaceuticals" [3] - The company engaged in aggressive acquisitions, acquiring over ten companies within three years, with its pharmaceutical segment accounting for 70% of total revenue at its peak, leading to a market capitalization exceeding 5 billion yuan [3] - However, the acquired companies' performance deteriorated post-acquisition, with Zhejiang Yalida Gelatin Co., Ltd. reporting a 94% drop in net profit in 2019, and Changchun Puhua Pharmaceutical Co., Ltd. incurring direct losses [3] - Since 2019, Jiyuan Holdings has been in a continuous loss state, accumulating losses exceeding 3.7 billion yuan [4] Group 2: Attempts at Restructuring and Ownership Changes - The company has made several attempts to change ownership in response to its financial struggles, but all efforts have failed [5] - In 2019, an agreement to transfer shares to Jilin Jisheng Asset Management was terminated due to disagreements on key terms [5] - A proposed acquisition of Xiu Zheng Pharmaceutical was also abandoned due to regulatory uncertainties, leading to scrutiny from the Shenzhen Stock Exchange [5][6] - In 2020, a deal to transfer control to Ben Cao Hui Pharmaceutical faced disputes over payment, resulting in legal proceedings [6]