GZBL(SZ:002424) Huan Qiu Wang·2025-09-24 00:53Core Viewpoint - Huachuang Yuxin (600155.SH) announced a lawsuit against Guizhou Bailing (002424.SZ) major shareholder Jiang Wei and his associates, involving a total amount of 1.761 billion yuan, which has attracted significant attention in the capital market [1] Company Overview - Guizhou Bailing, originally Anshun Pharmaceutical Factory, transformed from a loss-making entity to a leading national herbal medicine company under Jiang Wei's leadership, achieving a production value increase from 2 million to 10 million yuan in the same year [1] - The company went public in June 2010 and is known as the "first stock of herbal medicine," holding 167 approved drug licenses and 11% of the national herbal medicine licenses by 2018 [1] Financial Performance - Guizhou Bailing's stock price has declined significantly since 2017, with its market value shrinking to approximately 12 billion yuan by the end of 2018 [1] - From 2019 to 2021, Guizhou Bailing experienced a continuous decline in net profit, with decreases of 48.27%, 46.11%, and 18.49% respectively [2] - R&D investment dropped by 30% during the same period, contributing to a loss of market share and a more than 75% decline in net profit compared to its peak in 2018 [2] Debt and Legal Issues - The lawsuit stems from a 2019 financial support plan where Huachuang Securities provided 1.4 billion yuan to Jiang Wei, acquiring 11.54% equity in Guizhou Bailing [2] - Jiang Wei has reportedly paid approximately 2.1 billion yuan in interest and a total of 4.2 billion yuan in principal and interest by the second quarter of 2025 [3] - The lawsuit seeks repayment of the principal amount of 1.4 billion yuan and related costs due to insufficient stock value to recover the funds [3] Strategic Developments - Guizhou Bailing is expanding into international markets, establishing a company in Macau for overseas trade and registering products in various countries [4] - The company projects a revenue of 4 billion yuan and a net profit of 120 million yuan by 2025, aiming to enhance profitability through product integration [4] Market Performance - Since hitting a low in June 2024, Guizhou Bailing's stock has rebounded strongly, with an increase of nearly 90% from its previous low [5]