董事长被刑拘、“去北大化”阵痛未消，北大医药陷入“多事之秋”

Core Viewpoint - The recent criminal detention of Xu Xiren, the chairman and actual controller of Peking University Pharmaceutical (000788), has led to a significant decline in the company's stock price and raised concerns about its operational stability and future prospects [1][4][9]. Group 1: Impact of Leadership Changes - Xu Xiren has been detained for criminal investigation, which has resulted in a 6.97% drop in the company's stock price on October 30, closing at 5.74 yuan per share [4][9]. - The company has appointed Chen Yuezhong and Yu Mengchuan to temporarily assume Xu's responsibilities, but this transition may lead to a "power vacuum" affecting strategic decision-making and daily management [6][10]. - The company had previously indicated on October 25 that Xu was unable to perform his duties due to personal reasons, which foreshadowed the current situation [4][5]. Group 2: Loss of Major Client - Peking University Pharmaceutical has lost its largest client, Peking University International Hospital, which accounted for 48.71% of its total sales in 2024, amounting to 1 billion yuan [7][8]. - The termination of the long-term service contract with this client is expected to result in a revenue decrease of approximately 600 million yuan from June 2023 to the end of 2025, representing 29.13% of the company's most recent audited revenue [8][9]. - The company anticipates a further revenue decline of about 1.03 billion yuan starting in 2026, which would account for 49.85% of its latest audited revenue [8]. Group 3: Financial Performance - The company reported a 19.76% year-on-year decline in revenue for the first three quarters of 2025, totaling approximately 1.23 billion yuan, while net profit increased by 4.31% to 136 million yuan [9]. - In the third quarter alone, revenue fell by 47.95% year-on-year to about 274 million yuan, with net profit decreasing by 18.04% to approximately 35.7 million yuan [9]. - Ongoing disruptions caused by retired employees protesting over benefits have further impacted the company's operational environment [9]. Group 4: Strategic Changes and Future Outlook - The company is in the process of rebranding to eliminate the "Peking University" label, which is expected to affect its brand value and market trust [10]. - The management is advised to enhance internal governance, stabilize operations, and explore new partnerships to mitigate reliance on a single client or resource [10].