瑞康医药溢价交易遭质疑，80后高管留置风波升级

Core Viewpoint - The recent detention of a senior executive at Ruikang Pharmaceutical has raised concerns about the company's governance and financial practices, particularly in light of a controversial acquisition that occurred earlier this year [2][3][4]. Group 1: Executive Detention and Governance - Ruikang Pharmaceutical's board secretary and vice president, Li Zhe, has been detained by the Jinan Municipal Supervisory Committee, but the company claims that its governance structure remains intact and operations are unaffected [2][3]. - The responsibilities of the board secretary are temporarily assumed by Wang Xiuting, the securities affairs representative [2]. Group 2: Controversial Acquisition - On the same day as the detention announcement, Ruikang disclosed its share buyback progress, indicating an attempt to convey stability to the market [2]. - In February 2025, Ruikang announced a contentious acquisition of 76.01% of Zhejiang Hengjiu Medical Equipment Co. for 151 million yuan, despite the target company reporting zero revenue and a loss of 6.81 million yuan in the first eight months of 2024 [4][5]. - The acquisition price represents nearly a tenfold premium over the target company's book value of 18.2186 million yuan as of August 31, 2024, raising questions about the valuation and the motivations behind the deal [5][6]. Group 3: Financial Performance and Challenges - Ruikang's financial performance has been deteriorating, with revenue dropping from 27.23 billion yuan in 2020 to 7.966 billion yuan in 2024, a decline of over 70% [8]. - The company has reported losses for four consecutive years, totaling 1.496 billion yuan, with a single-year loss of 128 million yuan in 2024 [8][9]. - The first quarter of 2025 showed a further revenue decline of 12.98% year-on-year, with a net profit decrease of 44.75% [9]. Group 4: Strategic Response and Market Concerns - In response to ongoing challenges, Ruikang announced a comprehensive reform plan in February 2025, focusing on building a full industry chain in traditional Chinese medicine and expanding its medical device product lines [9]. - However, market skepticism remains due to the company's history of frequent related-party transactions and the significant capital requirements for its strategic transformation, which may not be sustainable given its recent financial performance [9].