知名药企，控制权拟易主！

Core Viewpoint - The control of Duori Pharmaceutical is changing hands after a significant decline in revenue and the company's first annual loss since its IPO, with new investors lacking a background in the pharmaceutical industry [2][5]. Control Change - Duori Pharmaceutical's control change is being executed through a share transfer agreement and partial tender offer, with the current controlling shareholder, Tibet Jiakang, transferring 23.68 million shares (29.60% of total shares) at a price of 32.064 yuan per share to new investors [3]. - The new investors, Wang Qingtai, Cui Zihao, and Cao Xiaobing, plan to further acquire 19.44 million shares (24.30% of total shares) [3]. - The new investors have signed a joint action agreement, with Wang Qingtai's opinion taking precedence in decision-making [3]. Financial Performance - Duori Pharmaceutical's revenue has been declining, with 2023 revenue at 334 million yuan, down 16.64% year-on-year, and a net profit of 18.85 million yuan, down 8.05% [7]. - In 2024, the company reported revenue of 241 million yuan, a 28.02% decline, and a net loss of 62.67 million yuan, marking a 432.44% drop [7]. - The decline is closely linked to the performance of its core product, Sodium Acetate Ringer's Injection, which saw sales drop from 465 million yuan in 2021 to 231 million yuan in 2023 [7]. Future Commitments - Tibet Jiakang has made binding performance commitments for Duori Pharmaceutical, requiring revenue of at least 150 million yuan in 2025 and 2026, and 200 million yuan in 2027, with net profit targets set for each year [6]. - If the company fails to meet these targets, Tibet Jiakang will compensate the shortfall in cash [6]. Strategic Moves - To counteract declining core business, Duori Pharmaceutical is seeking new growth avenues, including a 271 million yuan acquisition of a 70% stake in Shanghai Qianlian Biotechnology, which has been underperforming [8]. - The financial performance of Shanghai Qianlian shows revenues of 11.21 million yuan in 2023 and a net loss of 32.53 million yuan, indicating challenges in achieving synergies from the acquisition [8].