收购换来持续亏损 康惠股份仲裁追讨2.66亿元业绩补偿款

Core Viewpoint - The company, Kanghui Pharmaceutical Co., Ltd., has initiated arbitration against Lai Xinsheng for a remaining performance compensation of 266 million yuan due to unmet profit commitments from a previous acquisition [2][3]. Group 1: Acquisition Background - In September 2020, Kanghui acquired 51% of Shandong Youbang Biochemical Technology Co., Ltd. for 32.64 million yuan, with Lai Xinsheng promising minimum net profits of 5 million, 10 million, and 20 million yuan for the years 2021 to 2023 respectively [3]. - If the cumulative actual net profit from 2021 to 2023 fell below the promised amount of 35 million yuan, Lai Xinsheng was obligated to compensate Kanghui with a cash payment [3][4]. - An audit revealed that Shandong Youbang incurred a cumulative loss of 72.6377 million yuan from 2021 to 2023, resulting in a compensation claim of 269 million yuan from Lai Xinsheng [3][4]. Group 2: Financial Performance and Issues - As of June 2024, Kanghui had received 2.8 million yuan in performance compensation but still awaited 266 million yuan from Lai Xinsheng [4]. - Shandong Youbang was in a state of loss and had ceased operations since 2018 due to relocation requirements from government high-speed rail projects [4][5]. - Kanghui's subsidiary, Shaanxi Youbang, has not generated the expected returns and has been continuously losing money since its consolidation in October 2020 [5][6]. Group 3: Recent Developments - In September 2023, Shaanxi Youbang announced a complete shutdown of its production due to intensified market competition and declining sales margins [6]. - On October 30, 2023, Kanghui disclosed plans to apply for bankruptcy reorganization for Shaanxi Youbang to improve its financial structure and attract strategic investors [6][7]. - As of September 30, 2025, Kanghui reported receivables of 253 million yuan from Shaanxi Youbang, with a provision for bad debts of 121 million yuan, indicating potential unrecoverable debts [7]. Group 4: Overall Company Performance - Kanghui has faced consecutive years of losses, with revenues of 492 million yuan, 673 million yuan, and 562 million yuan from 2022 to 2024, alongside corresponding losses of 63.06 million yuan, 26.16 million yuan, and 89.63 million yuan [8]. - In the first three quarters of 2025, Kanghui's revenue declined by 12% to 356 million yuan, with a net loss of 133 million yuan, exacerbated by provisions for bad debts related to Shaanxi Youbang [9].