最高4.8亿元豪赌重组，净利连亏四年的南新制药“背水一战”

Core Viewpoint - Nanjing Pharmaceutical (688189) has faced continuous losses for four consecutive years since its IPO, prompting the company to plan a restructuring to seek new profit growth points [1][10] Group 1: Restructuring and Acquisition - The company intends to acquire a group of assets from Future Pharmaceuticals for a cash consideration not exceeding 480 million yuan, which represents over 87% of its cash reserves of 550 million yuan [1][7] - Following the announcement of the acquisition, Nanjing Pharmaceutical's stock surged by 20%, closing at 16.98 yuan per share on August 27, with a total trading volume of 418 million yuan [5] - The acquisition includes existing products "Multi-trace Element Injection (I)" and "Multi-trace Element Injection (II)", which are classified as Category B in the national medical insurance scheme, as well as related research and production technology [6][12] Group 2: Financial Performance - The company has reported a decline in net profit for four consecutive years, with net losses of approximately 162 million yuan in 2021, 79 million yuan in 2022, 11 million yuan in 2023, and 357 million yuan in 2024 [11] - Revenue figures for the years 2021 to 2024 were approximately 744 million yuan, 699 million yuan, 720 million yuan, and 263 million yuan respectively, indicating a significant drop in revenue in 2024 [11] - The company attributes its losses to industry policy changes, increased market competition, and a decrease in flu cases affecting sales [11] Group 3: Strategic Implications - The acquisition is seen as a self-rescue measure to enhance the company's revenue and profitability, with the potential to leverage established sales channels and academic promotion systems from Future Pharmaceuticals [12] - The company aims to optimize its product layout in the "anti-infection—chronic disease—nutritional support" segment, aligning with its "big health" development strategy [6][12]