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 [2][11]. Group 1: Restructuring and Acquisition - The company intends to acquire the asset group held by Tibet Future Biopharmaceutical Co., Ltd., Xuchang Future Pharmaceutical Co., Ltd., and Hefei Future Drug Development Co., Ltd. for a cash consideration not exceeding 480 million yuan [2][6]. - Following the announcement, Nanjing Pharmaceutical's stock surged by 20%, reaching a closing price of 16.98 yuan per share on August 27 [6]. - The acquisition is expected to significantly impact the company's cash reserves, as the transaction price could exceed 87% of its cash balance of 550 million yuan [9][12]. Group 2: Financial Performance - Nanjing Pharmaceutical has reported a decline in net profit for four consecutive years, with losses of approximately 162 million yuan, 79 million yuan, 11 million yuan, and 357 million yuan from 2021 to 2024 [11]. - The company's revenue for the same period was approximately 744 million yuan, 699 million yuan, 720 million yuan, and 263 million yuan, indicating a downward trend in financial performance [11]. - The company attributes its losses to industry policy changes, increased market competition, and a decrease in sales prices for core products [12]. Group 3: Product Pipeline and Market Strategy - The acquisition includes products such as "Multiple Trace Element Injection (I)" and "Multiple Trace Element Injection (II)," which are classified as Category B in the national medical insurance [7][8]. - The company aims to enhance its product pipeline and align with its "health management" strategy by acquiring these assets, which are expected to provide immediate revenue and profit growth opportunities [8][12]. - Nanjing Pharmaceutical plans to leverage the established sales channels and academic promotion systems of the acquired assets to expand market access for its products, particularly in the pediatric flu medication segment [12].