兽药龙头0元抛售光伏资产，*ST绿康跨界败局背后的风险警示

Core Viewpoint - The recent announcement by *ST Lvkang to "sell three wholly-owned subsidiaries for 0 yuan" has raised concerns from the Shenzhen Stock Exchange, highlighting the company's deepening operational crisis and strategic missteps [1][2]. Group 1: Asset Acquisition and Disposal - In January 2023, *ST Lvkang acquired Lvkang Yushan for 95 million yuan, viewing it as a key step into the photovoltaic film sector. However, less than two years later, this and two other subsidiaries were sold for 0 yuan to an affiliated party, Jiangxi Raoxin New Energy [2]. - The acquisition of Lvkang Yushan was based on a valuation of 95.7 million yuan, despite its book value being only 1.6035 million yuan, indicating a nearly 60-fold premium. The company claimed it had a technological advantage and stable orders as a core supplier for JinkoSolar [2]. - Following the acquisition, Lvkang Yushan reported continuous losses, with a projected loss of 203 million yuan in 2024, leading to a total book value of the three subsidiaries being negative 100 million yuan [2][3]. Group 2: Financial Performance and Strategic Failures - Originally focused on veterinary medicine, *ST Lvkang's performance declined, prompting a high-profile pivot to the photovoltaic film sector in 2023, including a 290 million yuan investment in a new production project [3]. - The company's net profit attributable to shareholders showed a downward trend with losses of 122 million yuan in 2022, 222 million yuan in 2023, and an expected 445 million yuan in 2024, totaling nearly 700 million yuan in losses [3]. - The rapid expansion in the photovoltaic sector led to oversupply, and the company failed to adapt, resulting in negative net assets and a warning of delisting risk [3]. Group 3: Related Party Transactions and Shareholder Impact - The 0 yuan transaction with Raoxin New Energy, controlled by the company's major shareholder, has been interpreted as an asset stripping maneuver to offload burdens and avoid delisting [4]. - Although the company claims that the transaction does not harm minority shareholders, the transfer of significant loss-making assets raises questions about whether it genuinely resolves underlying issues or merely conceals risks off-balance sheet [4]. Group 4: Future Challenges and Lessons - Even after shedding photovoltaic assets, *ST Lvkang faces ongoing challenges, including a shrinking core business, insufficient profitability, and tight cash flow [5]. - The company has warned of risks related to changes in its main business structure and potential underperformance in profitability following the transaction [5]. - The case of *ST Lvkang serves as a cautionary tale for companies considering cross-industry ventures, emphasizing the need for careful assessment of industry cycles and internal capabilities to avoid resource misallocation and financial crises [5].