Changyao Group(SZ:300391) Zheng Quan Zhi Xing·2025-07-17 16:23Core Viewpoint - The company, Changjiang Pharmaceutical Holdings Co., Ltd., has entered a pre-restructuring phase as decided by the Shiyan Intermediate People's Court, which has appointed a temporary administrator for the restructuring process [1][2]. Summary by Sections Pre-restructuring Basic Situation - The Shiyan Intermediate People's Court has initiated pre-restructuring for the company and appointed Shanghai Jintiancheng Law Firm as the temporary administrator [1]. Progress Situation - The pre-restructuring period has been extended by three months until October 20, 2025 [2]. - A series of announcements regarding the restructuring process have been made, including the recruitment of investors and the status of subsidiary restructuring [2]. Creditors' Meeting - The first creditors' meeting was held on time, covering various agenda items including the temporary administrator's report and the verification of creditor claims [3]. - Creditors participated in the meeting through an online voting platform, with a voting deadline set for July 18, 2025 [3]. Financial Condition - As of December 31, 2024, the company's consolidated financial statements show a net asset value of -432.84 million yuan and a net profit of -627.96 million yuan for the year [5]. - The company has experienced a significant decline in revenue, dropping from 1.615 billion yuan in 2022 to 112 million yuan in 2024 [5]. - The company is facing substantial overdue debts, with a total of 1.106 billion yuan in interest-bearing liabilities, and a high percentage of its bank accounts frozen [6][7]. Tax Obligations - The company’s subsidiary, Changjiang Star, has an outstanding tax obligation of 120 million yuan, which may affect its financial operations [7][8]. Information Disclosure - The company is committed to timely information disclosure regarding the restructuring process and has designated specific media outlets for announcements [8].