Yatai pharm(SZ:002370) Chang Jiang Shang Bao·2025-10-14 23:34Core Viewpoint - Asia-Pacific Pharmaceutical (002370.SZ) is undergoing a significant ownership change, with a new controlling shareholder, Starry Holdings, leading the company towards a transformation into new drug development due to ongoing poor performance in its main business [1][3]. Ownership Change - The current controlling shareholder, Fubon Group, is transferring 14.61% of its shares to Starry Holdings for a total price of 900 million yuan, making Starry Holdings the new controlling shareholder [1][3]. - Following the transfer, Starry Holdings will increase its stake to 22.38% after a private placement to raise up to 700 million yuan [1][4]. Financial Performance - In the first half of 2025, Asia-Pacific Pharmaceutical reported revenue of 152 million yuan, a year-on-year decline of 31.48%, and a non-recurring net loss of 48.86 million yuan, marking six and a half years of continuous non-recurring net losses [2][7]. - The company has not distributed dividends during this period, indicating ongoing financial struggles [2][7]. Market Reaction - Following the announcement of the ownership change, Asia-Pacific Pharmaceutical's stock price hit the daily limit, closing at 6.24 yuan per share, reflecting a 10.05% increase [6]. Future Plans - The new management under CEO Qiu Zhongxun aims to pivot the company towards new drug research and development, focusing on innovative drug platforms and complex formulations [7][8]. - The company plans to utilize the funds raised from the private placement entirely for new drug development projects, including various cancer treatments and long-acting formulations [7][8]. Commitments from Fubon Group - Fubon Group has committed that by 2025, the company's main business revenue will not be less than 360 million yuan, with a non-recurring net profit loss cap of 70 million yuan [1][9]. - Additional commitments include maintaining accounts receivable below 140 million yuan and ensuring a recovery rate of over 70% for accounts receivable by April 2026 [9].