Dongcheng Biochem(SZ:002675) Hua Xia Shi Bao·2025-09-18 12:19Core Viewpoint - Dongcheng Pharmaceutical's decision to spin off its subsidiary, Lanacheng, for a Hong Kong listing is interpreted as a "passive self-rescue" amid ongoing performance pressure and significant financial liabilities [2][14]. Financial Performance - The company has experienced a continuous decline in revenue from 2022 to 2024, with decreases of 8.41%, 8.58%, and 12.42% respectively; net profit attributable to shareholders also fell by 31.75% and 12.35% in 2023 and 2024 [4]. - In the first half of 2025, the company reported revenue of 1.384 billion yuan, a year-on-year decrease of 2.60%, and a net profit of 88.65 million yuan, down 20.70% [7]. Business Segmentation - The traditional raw material drug business remains the largest revenue source but has seen its proportion drop below 50% for the first time in 2024; in the first half of 2025, revenue from raw material drugs fell by 7.02% [4][5]. - The nuclear medicine segment, while showing a slight revenue increase of 0.78% to 503 million yuan in the first half of 2025, has experienced a decline in gross margin from 72.95% to 67.27% [5]. Subsidiary Overview - Lanacheng, the subsidiary being spun off, focuses on innovative radioactive diagnostic and therapeutic drugs but has not generated any revenue since its establishment; it recorded net losses of 38 million yuan, 99 million yuan, and 180 million yuan from 2022 to 2024 [11]. - The company has a significant R&D expenditure, reaching 431 million yuan in 2024, with 86.62% allocated to nuclear medicine research [11]. Goodwill and Risks - Dongcheng Pharmaceutical faces substantial goodwill risks, with a goodwill balance of 2.499 billion yuan, accounting for 55.7% of net assets; this goodwill primarily stems from previous acquisitions in the nuclear medicine sector [15]. - The company has a history of goodwill impairment related to past acquisitions, indicating ongoing risks associated with its growth strategy [16].