盟科药业定增风波背后：治理分歧、持续亏损与股东减持三重困局

Governance Crisis - The major shareholder, Genie Pharma, opposed the proposed private placement and called for the removal of the founder and chairman, Yuan Zhengyu, along with two other directors, proposing three new directors from BVCF [1] - Concerns were raised regarding the financial strength and integration capabilities of the private placement target, Nanjing Haijing Pharmaceutical, which has total assets of approximately 700 million [1] - Independent director Zhao Yachao cast the only dissenting vote against the private placement, indicating a lack of trust in the current management team [1] Operational Challenges - The company focuses on the development of small molecule drugs for anti-infection, with its only commercial product being the lanzoprazole tablet launched in 2021 [2] - The product faces competition from major players like Pfizer and Merck, leading to weak market performance [2] - Financial data shows the company has been in a long-term loss state, with cumulative losses of approximately 1.22 billion from 2022 to the first half of 2025, and revenue growth slowing from over 40% in 2024 to 10.26% [2] Financial Pressure - The company reduced R&D investment by 30% year-on-year to 116 million in the first half of 2025, citing strict cost control, reflecting a tight cash flow situation [3] - As of the end of the first half of 2025, the company had only 237 million in cash, with negative cash flow from operating activities totaling over 1.1 billion since 2022 [3] - The company's net assets have decreased by 74.19% since its IPO, and the debt-to-asset ratio has surged from 18.91% to 59.45% over three years [3] Market Confidence Erosion - Following the lifting of the lock-up period for initial public offering shares in August 2025, several shareholders, including MicuRx and Best Idea, announced plans to reduce their holdings, causing panic in the secondary market [4] - On September 10, the company's stock price fell by 7.03% in a single day, with investors expressing pessimism about the company's future [4] Conclusion - The private placement dispute reflects deeper issues related to governance, strategic direction, and shareholder trust [5] - The ability to successfully attract strategic investors, balance interests, and rebuild market confidence will determine whether the company can escape the cycle of losses and financing [5]