布局北方市场 云南白药抛6.6亿元并购

Core Viewpoint - Yunnan Baiyao plans to acquire 100% equity of Juyatang Pharmaceutical for a total consideration of 660 million yuan, aiming to expand its market presence and enhance product offerings in the traditional Chinese medicine sector [1][4]. Group 1: Acquisition Details - Yunnan Baiyao's wholly-owned subsidiary, Yunnan Baiyao Group Traditional Chinese Medicine Resources Co., will purchase Juyatang's equity, with the transaction price structured as follows: 231 million yuan for 35% from Ma Xinhong, 132 million yuan for 20% from Ma Zhanjiang, 112 million yuan for 17% from Zhang Shuang, and 92.4 million yuan each for 14% from both Shi Yuexin and Shi Guang [3][4]. - Juyatang specializes in the production and sales of traditional Chinese medicine pieces and has a comprehensive product line with 1,567 varieties of medicinal pieces and 240 registered formula granules [3][4]. Group 2: Strategic Rationale - The acquisition is expected to complement Yunnan Baiyao's existing market coverage, particularly as Juyatang's sales are primarily in northern regions, enhancing the company's national market strategy [4]. - Juyatang's established online sales model and extensive B2B customer base, with 100,000 registered users and 53,000 cumulative trading customers, are anticipated to provide significant strategic synergies for Yunnan Baiyao [3][4]. Group 3: Financial Performance and Commitments - Juyatang's projected revenue for 2024 is approximately 632 million yuan, with a net profit of about 69.33 million yuan, while the performance commitments for 2025-2027 are lower than the 2024 net profit [5][6]. - The commitments for net profit during 2025-2027 are set at approximately 66 million yuan, 59.7 million yuan, and 63.9 million yuan, respectively, indicating a decline compared to the 2024 figures [6]. Group 4: Company Performance Overview - In 2024, Yunnan Baiyao achieved a revenue of 40.033 billion yuan, marking a 2.36% year-on-year increase, with a net profit of 4.749 billion yuan, up 16.02% [8]. - The pharmaceutical commercial segment remains the primary revenue driver, contributing 24.607 billion yuan, although it only grew by 0.48% year-on-year [8].