Xintian Pharma(SZ:002873) Chang Jiang Shang Bao·2025-08-26 07:29Core Viewpoint - New Tian Pharmaceutical (002873.SZ) is increasing its investment in Shanghai Huilun Pharmaceutical Co., Ltd. through a plan to use 40 million yuan for equity investment, despite previous failed attempts to gain full control of Huilun Pharmaceutical [1][2]. Investment Details - After this investment, New Tian's total investment in Huilun will reach 360 million yuan, increasing its shareholding to 15.4567% [2][7]. - The investment will be executed through a combination of capital increase and share acquisition, with 20 million yuan allocated for capital increase and another 20 million yuan for share purchase from a shareholder [3][7]. - Other investors, including Yantai Tianzi Huilai Venture Capital and Beijing Jinhui Feng Investment Management, will also participate in this round of funding, contributing a total of 72 million yuan at a price of 8.5 yuan per share [3]. Historical Context - New Tian has made multiple investments in Huilun since early 2020, with the most recent failed attempt at a full acquisition in March 2024 [1][6]. - The company has previously invested 20 million yuan for a 1.98% stake, followed by additional investments that increased its stake to 14.5971% before this latest round [4][7]. Financial Performance - New Tian's revenue and net profit have been declining for two and a half years, with a reported revenue of 358 million yuan in the first half of 2025, down 18.88% year-on-year, and a net profit of 5.77 million yuan, down 80.99% [2][9]. - Huilun's financial performance has also been volatile, with a net loss of 19.29 million yuan in the first half of 2025 and a significant drop in revenue and profit in recent years [2][8][9]. Strategic Rationale - New Tian aims to enhance its competitiveness in the small molecule drug sector through this investment, focusing on areas such as oncology and cardiovascular diseases [2][8]. - The investment is seen as a strategic move to position New Tian as a leading comprehensive pharmaceutical enterprise, despite the challenges faced by both companies [8][9].