Core Viewpoint - New Tian Pharmaceutical (002873.SZ) is increasing its investment in Shanghai Huilun Pharmaceutical Co., Ltd. (Huilun Pharmaceutical), a company controlled by its actual controller, Dong Dalun, through a capital increase and share transfer, despite previous failed attempts to fully acquire it [1][2]. Investment Details - The company plans to invest 40 million yuan, which will bring its total investment in Huilun Pharmaceutical to 360 million yuan, increasing its shareholding to 15.4567% [2][3]. - The investment will be executed through a capital increase of 20 million yuan for 235,294 shares and a share transfer of 20 million yuan for the same number of shares from a shareholder [3][4]. Financial Performance - New Tian Pharmaceutical reported a revenue of 358 million yuan in the first half of 2025, a decrease of 18.88% year-on-year, and a net profit of 5.77 million yuan, down 80.99% year-on-year, marking two and a half years of continuous decline [2][10]. - Huilun Pharmaceutical has shown significant revenue fluctuations, with revenues of 414 million yuan, 998 million yuan, 768 million yuan, and 391 million yuan from 2022 to the first half of 2025, and net profits of -264 million yuan, 30.83 million yuan, 6.53 million yuan, and -19.29 million yuan in the same period [8][10]. Strategic Rationale - The investment aims to enhance New Tian Pharmaceutical's competitiveness in the small molecule drug sector, particularly in areas such as oncology and cardiovascular diseases, as Huilun Pharmaceutical has developed several promising chemical drug pipelines [8][10]. - The pre-investment valuation of Huilun Pharmaceutical is 3.36 billion yuan, which represents a 2.95 times increase compared to the initial investment valuation five years ago [10].
新天药业六年3.6亿投资实控人资产 标的半年亏1929万估值33.6亿增2.95倍