PKU HealthCare (SZ:000788) 3 6 Ke·2025-11-11 02:31Core Viewpoint - The recent criminal detention of Xu Xiren, the chairman and president of Beijing University Pharmaceutical (000788.SZ), has plunged the company and its controlling entity, Southwest Synthetic Pharmaceutical Group, into a public relations crisis [1][2]. Group 1: Company Background and Leadership Changes - Xu Xiren acquired control of Beijing University Pharmaceutical in December 2024 for a symbolic price of 1 yuan, alongside taking over significant debts amounting to 2.392 billion yuan [6]. - Following Xu's takeover, the company's stock price dropped approximately 15% within five trading days, indicating investor skepticism [6]. - The management team underwent significant changes, with multiple high-level executives resigning or being dismissed shortly after Xu's arrival, raising concerns among employees about the stability of the company [9][10]. Group 2: Employee Sentiment and Internal Issues - Employees initially welcomed Xu's leadership but began expressing dissatisfaction due to the removal of benefits and bonuses that were previously provided [8][11]. - The company faced labor disputes, with over ten cases pending since March, reflecting growing unrest among current and retired employees regarding welfare issues [10][11]. - Historical employee placement issues remained unresolved, leading to increased tensions within the workforce, particularly after Xu's controversial decisions regarding employee training and compensation [12][14]. Group 3: Financial and Operational Impact - The company reported a significant increase in net profit of 211% in 2024, but the subsequent leadership changes have raised concerns about future performance [8]. - The "de-BNU" strategy initiated by Xu, which included severing ties with major clients like Peking University International Hospital, is projected to result in a revenue decline of approximately 600 million yuan, representing about 29.13% of the company's recent audited revenue [32]. - In the third quarter, the company experienced a 47.95% year-on-year decline in revenue, further highlighting the operational challenges faced under the new leadership [32].