借贷纠纷案败诉，百起官司缠身，香雪制药多重危机待解

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].