QianJin Pharmaceutical(SH:600479) Chang Jiang Shang Bao·2025-09-24 08:28Core Viewpoint - Qianjin Pharmaceutical (600479.SH) is planning to acquire minority stakes in its subsidiaries to accelerate resource integration amid pressure on its operating performance [1][4]. Group 1: Acquisition Details - The company intends to acquire 28.92% of Hunan Qianjin Xiangjiang Pharmaceutical Co., Ltd. and 68% of Hunan Qianjin Xieli Pharmaceutical Co., Ltd. through a combination of issuing shares and cash payments [1]. - Post-transaction, the company's ownership in Qianjin Xiangjiang Pharmaceutical will increase to 79.92%, and in Qianjin Xieli Pharmaceutical to 100% [1]. - The total valuation for the acquisitions is approximately 623 million yuan, with Qianjin Xiangjiang valued at 1.247 billion yuan and Qianjin Xieli at 387 million yuan [1]. Group 2: Financial Performance of Subsidiaries - Qianjin Xiangjiang is projected to generate revenues of 640 million yuan and 704 million yuan in 2023 and 2024, respectively, with net profits of 105 million yuan and 107 million yuan [3]. - Qianjin Xieli is expected to have revenues of 232 million yuan and 248 million yuan in the same years, with net profits of approximately 39.16 million yuan and 23.84 million yuan [3]. Group 3: Impact on Qianjin Pharmaceutical - The company has faced pressure on its performance, with revenues fluctuating around 3.6 billion yuan from 2020 to 2024 and net profits showing limited growth [4]. - In the first half of 2025, the company reported revenues of 1.818 billion yuan and a net profit of 128 million yuan, reflecting a year-on-year change of -5.52% and +8.5%, respectively [4]. - The acquisition of profitable subsidiaries is expected to improve the company's profitability [4].