Tibet Aim Pharm. (SZ:002826) Chang Jiang Shang Bao·2025-06-04 23:14Core Viewpoint - Yao Jinbo, known for founding 58.com, is set to become the actual controller of A-share company Yiming Pharmaceutical through a significant equity acquisition, raising questions about the company's growth potential and risks associated with its reliance on a single product [3][5][13]. Group 1: Acquisition Details - Yiming Pharmaceutical's major shareholder, Gao Fan, signed a share transfer agreement to sell 23% of the company's equity to Beijing Fuhao, controlled by Yao Jinbo, for 662 million yuan, at a price of 15.10 yuan per share, representing a 24% premium over the last closing price before the announcement [3][10][12]. - Following the announcement, Yiming Pharmaceutical's stock price hit the daily limit, closing at 13.40 yuan per share [10]. - The transaction will result in a change of control, with Beijing Fuhao becoming the new controlling shareholder and Yao Jinbo the actual controller [9][12]. Group 2: Financial Performance and Risks - Yiming Pharmaceutical's profitability has been inconsistent, with projected net profits of 44 million yuan, 15 million yuan, and 46 million yuan from 2022 to 2024, and a significant decline of over 30% in Q1 2024 compared to the previous year [3][14]. - The company heavily relies on a single product, Miglitol tablets, which accounted for 72% of its revenue in 2024, raising concerns about the sustainability of its business model [3][14]. - The company has established a performance guarantee agreement, with Gao Fan committing to ensure that the company's revenue does not fall below 600 million yuan and net profit does not drop below 30 million yuan over the next three years [4][16].