2.6亿补偿悬空、陕西友帮停产止血，康惠制药“无缝切入”AI新叙事

Core Viewpoint - The company, Kanghui Pharmaceutical, has undergone a change in control and has decided to halt the production of its subsidiary, Shaanxi Youbang, which has been characterized by heavy assets, low output, and significant losses [2][3]. Group 1: Control Change and Immediate Actions - Kanghui Pharmaceutical announced the formal takeover by Li Hongming and Wang Xuefang, with Yuehe Zhichuang becoming the new controlling shareholder [2]. - The previous controlling shareholder, Kanghui Holdings, voluntarily relinquished its voting rights on 10% of its shares [2]. - The decision to stop production at Shaanxi Youbang was made after failed attempts to improve profitability through product restructuring [2][3]. Group 2: Acquisition Background and Financial Performance - The acquisition of Shaanxi Youbang in 2020 was controversial due to the target company's prior production halts and ongoing losses, totaling nearly 15 million yuan from 2018 to 2020 [3]. - The acquisition was made at a 161% premium, with expectations of future profitability that were not met, leading to significant losses in subsequent years [3][4]. - From 2021 to 2023, Shaanxi Youbang accumulated losses of 73.64 million yuan, triggering a performance compensation clause of 269 million yuan [5][6]. Group 3: Operational Challenges and Future Outlook - Shaanxi Youbang faced operational difficulties, including management inefficiencies and production delays, which contributed to its inability to meet performance targets [4][6]. - The company attempted to adjust its product structure and improve operations but failed to achieve effective production, leading to continued financial losses [6][7]. - As of mid-2025, Shaanxi Youbang reported total assets of 324 million yuan and liabilities of 440 million yuan, indicating a severe financial distress situation [7]. Group 4: Strategic Shift and New Directions - Following the control change, Kanghui Pharmaceutical is focusing on reducing financial burdens by divesting from loss-making assets like Shaanxi Youbang [10]. - The new management is exploring opportunities in artificial intelligence, indicating a strategic pivot away from traditional pharmaceutical operations [10]. - The company has registered a new subsidiary in Beijing to develop AI-related software, reflecting its intent to integrate AI with its pharmaceutical business [10].