连亏四年，南新制药豪赌重组

Core Viewpoint - Nanjing Pharmaceutical (688189) has faced continuous losses for four consecutive years since its IPO, prompting the company to seek new profit growth through a planned restructuring [1][7]. Group 1: Restructuring and Acquisition - The company plans to acquire a group of assets from Future Medicine through a cash transaction, with an estimated total price not exceeding 480 million yuan [1][5]. - Following the announcement, Nanjing Pharmaceutical's stock surged by 20%, reaching a closing price of 16.98 yuan per share on August 27 [3]. - The acquisition includes products such as "Multiple Trace Element Injection (I)" and "Multiple Trace Element Injection (II)", which are listed under the national medical insurance category [3][4]. Group 2: Financial Implications - The total transaction price is expected to account for over 87% of the company's cash reserves, which stood at 550 million yuan as of the end of the first quarter [5]. - The company may need to consider debt financing, equity financing, or other fundraising methods to support the acquisition due to the significant financial pressure [5]. - The acquisition is seen as a potential self-rescue measure, as the products involved have already established market sales, which could provide immediate revenue and profit growth [8][9]. Group 3: Historical Performance - Nanjing Pharmaceutical has reported a decline in net profit for four consecutive years since its IPO, with revenues of approximately 744 million yuan, 699 million yuan, 720 million yuan, and 263 million yuan from 2021 to 2024, respectively [7]. - The company has faced challenges due to industry policy changes and increased market competition, leading to adjustments in sales strategies and price reductions for core products [8].