南华生物的保壳危途：业绩暴雷现金流不足2亿元 押注收购CRO明星能否化解退市危机 ｜ 创新药观察

Core Viewpoint - Nanhua Biopharmaceutical Co., Ltd. is implementing a self-rescue plan by planning to acquire 51% of Hunan Huize Biopharmaceutical Technology Co., Ltd. to address delisting risk due to continuous net profit losses and insufficient revenue [2][5][10] Financial Performance - In 2024, Nanhua Biopharmaceutical reported a net profit loss of 19.84 million yuan, with total revenue of only 134.45 million yuan, triggering delisting warnings [2][7] - The company has faced declining revenues, with a 1.71% decrease in 2024 compared to 2023, and a significant drop in cash flow, down 86.79% to 479,000 yuan [7][8] - The first quarter of 2025 showed a further decline in revenue by 13.55% to 22.45 million yuan, with a net loss of 2.1 million yuan [7] Acquisition Details - The acquisition will be conducted through a "pure cash transaction + phased approach" to quickly gain control of Huize Biopharmaceutical and improve financial statements [3][4] - A 90-day exclusivity period has been established, during which Nanhua will conduct due diligence and asset evaluation, with the transaction expected to be completed by December 31, 2025 [3][4] Strategic Rationale - The acquisition aims to enhance Nanhua's biopharmaceutical business and improve profitability and risk resistance [4] - Huize Biopharmaceutical, established in 2014, has completed over 1,000 technical service projects and is recognized as a national-level "little giant" enterprise [4] Integration Risks - Concerns exist regarding Nanhua's cash flow to support the cash transaction and the potential challenges in integrating the two companies post-acquisition [8][9] - The cultural and management differences between the state-controlled Nanhua and the private Huize may lead to prolonged integration periods, affecting performance [9] Market Reaction - Following the acquisition announcement, Nanhua's stock initially surged but later stabilized, reflecting mixed investor sentiment regarding the potential for improved performance versus concerns over cash flow and integration risks [9][10]