香雪制药预重整期间再次延长，“重生”之路迷雾重重

Core Viewpoint - Guangzhou Xiangxue Pharmaceutical Co., Ltd. (referred to as "Xiangxue Pharmaceutical") has received an extension for its pre-restructuring period until January 11, 2026, marking the second extension of this period, with ongoing uncertainty regarding its entry into formal restructuring procedures [1][3]. Group 1: Pre-restructuring Process - On January 27, 2023, Xiangxue Pharmaceutical was notified by creditor Guangdong Jinglong Construction Group Co., Ltd. about its inability to repay debts, leading to a request for pre-restructuring [2]. - The Guangzhou Intermediate People's Court held a hearing on February 12, 2023, regarding the pre-restructuring of Xiangxue Pharmaceutical [2]. - The court approved the pre-restructuring on April 11, 2023, designating temporary management and extending the pre-restructuring period multiple times, with the latest extension to October 11, 2025 [2]. Group 2: Financial Performance and Debt Situation - Xiangxue Pharmaceutical has faced significant financial losses, with net profits declining from over 66 million yuan in 2016 to a loss of 677 million yuan in 2021, attributed to increased market competition and insufficient marketing efforts [4]. - The company reported losses of 530 million yuan, 389 million yuan, and 859 million yuan for the years 2022 to 2024, respectively, with a revenue drop of 25.40% in the first half of this year [4]. - As of the end of 2024, the total liabilities of Xiangxue Pharmaceutical reached 6.06 billion yuan, with a debt-to-asset ratio of 80.82% [5]. Group 3: Legal and Regulatory Issues - In August 2023, Xiangxue Pharmaceutical and its actual controller were penalized for information disclosure violations, resulting in fines totaling 16 million yuan [6][7]. - The company has been involved in numerous lawsuits, with the total amount in litigation reaching approximately 223 million yuan, which is 21.18% of its latest audited net assets [5]. - The company has warned that if the court accepts the restructuring application, it may face delisting risks if the restructuring fails [8].