今年上半年亏损持续扩大，陷退市危机，双成药业多线自救前景难料

Core Viewpoint - Hainan Shuangcheng Pharmaceutical Co., Ltd. (referred to as "Shuangcheng Pharmaceutical") reported a significant decline in revenue and an expanded net loss for the first half of 2025, raising concerns about its potential delisting if it fails to turn around its financial performance by the end of the year [1][5]. Financial Performance - For the first half of 2025, Shuangcheng Pharmaceutical achieved operating revenue of 84.12 million yuan, a year-on-year decrease of 11.35% [1]. - The net loss attributable to shareholders was 18.47 million yuan, worsening from previous losses [1]. - Revenue has been consistently declining over the past three years, with figures of 275 million yuan, 236 million yuan, and 174 million yuan for 2022, 2023, and 2024 respectively, reflecting year-on-year declines of 14.22%, 14.18%, and 26.16% [3]. Industry Challenges - The pharmaceutical industry is facing increased scrutiny and regulatory measures, impacting Shuangcheng Pharmaceutical's operations in the peptide market [2]. - Rising costs of raw materials due to stricter environmental regulations have further pressured the company's production costs [2]. Strategic Moves - Shuangcheng Pharmaceutical attempted a strategic shift by planning a major asset restructuring to acquire shares in Ningbo Aura Semiconductor Co., Ltd. (referred to as "Aura"), aiming to transition into the semiconductor industry [6][7]. - The stock price surged significantly following the announcement of this acquisition, reaching a peak of 40.98 yuan per share, a cumulative increase of 685% [7]. Failed Transformation - The acquisition of Aura was ultimately terminated due to disagreements on transaction terms and expectations among the parties involved [8]. - The failure of this transformation effort has compounded the company's operational challenges and financial instability [11]. Current Strategies - Shuangcheng Pharmaceutical is focusing on cost control and enhancing its sales strategies to mitigate the risk of delisting [9][10]. - The company is working to expand its export business and improve its product quality while maintaining existing customer orders [9]. - Despite these efforts, doubts remain about the effectiveness of these strategies given the ongoing pressures in the pharmaceutical industry and limited resources for research and market expansion [11].