Yatai pharm(SZ:002370) Tai Mei Ti A P P·2025-09-30 06:55Core Viewpoint - Asia-Pacific Pharmaceutical (002370.SZ) is planning a change in control, with its major shareholder, Ningbo Fubon Holding Group, and associated parties notifying the company of this development. This is not the first time the company has considered a change in ownership, as it previously changed hands in 2021 due to financial issues stemming from a 900 million yuan acquisition that led to financial fraud allegations [1][2][4]. Group 1: Company Background and Previous Ownership Changes - Asia-Pacific Pharmaceutical was established in 1989 and went public in 2010, with a product portfolio that includes chemical drug formulations, raw materials, and drug research and development [1]. - In 2015, the company acquired 100% of Shanghai New Gaofeng for 900 million yuan, aiming to enter the high-growth pharmaceutical research service sector. However, this acquisition resulted in significant losses and financial fraud revelations [2][3]. - Following the financial scandal, the original controlling shareholders faced severe financial difficulties, leading to the acquisition of control by the "Fubon Group" through judicial auction in 2021 [3]. Group 2: Financial Performance and Current Challenges - Since the financial scandal in 2019, Asia-Pacific Pharmaceutical has reported cumulative losses exceeding 2.7 billion yuan over six and a half years, with continuous pressure on its core business [4][5]. - The company's revenue from 2019 to 2024 showed a declining trend, with total revenues of 709 million yuan, 515 million yuan, 315 million yuan, 373 million yuan, 421 million yuan, and 405 million yuan respectively. The net profit attributable to shareholders has been negative for six consecutive years [4]. - In the first half of 2025, the company reported approximately 152 million yuan in revenue, a year-on-year decrease of 31.48%, while the net profit attributable to shareholders was approximately 105 million yuan, a year-on-year increase of 1820.97%. However, the non-recurring net profit was negative, indicating core business struggles [4][5]. Group 3: Market Perception and Future Outlook - Despite weak fundamentals, Asia-Pacific Pharmaceutical's stock price surged by 85.9% in 2025, driven by overall market trends in the innovative drug sector and expectations of mergers and acquisitions in the pharmaceutical industry [6]. - The ongoing risks of delisting due to negative net profits and declining revenues highlight the urgency for the company to implement effective operational improvements under new control [5][6].