亚宝药业“甩卖”子公司，接盘方连续两年“零营收”

Core Viewpoint - The company Yabao Pharmaceutical plans to sell 62% of its subsidiary Taiyuan Pharmaceutical to Shanxi Tongxiang Times Technology for approximately RMB 87.19 million, which will result in Taiyuan Pharmaceutical no longer being included in the company's consolidated financial statements [1][5]. Group 1: Transaction Details - The transaction will increase Shanxi Tongxiang's stake in Taiyuan Pharmaceutical to 95%, while Yabao will retain a 5% stake [1]. - The assessment of Taiyuan Pharmaceutical's net asset value was conducted using the asset-based approach, revealing a book value of RMB 54.11 million and an appraisal value of RMB 140.63 million, resulting in an appraisal increment of RMB 86.52 million, or a 159.91% increase [5]. - The transaction is expected to enhance the company's asset structure and operational efficiency, potentially adding approximately RMB 59 million to the company's profit for the fiscal year 2025 [5]. Group 2: Financial Performance of Taiyuan Pharmaceutical - Taiyuan Pharmaceutical has been experiencing poor financial performance, with reported revenues of RMB 9.07 million and a net loss of RMB 15.38 million for 2024, and even lower revenues of RMB 0.39 million with a net loss of RMB 0.61 million for the first eight months of 2025 [6][8]. - The total assets of Taiyuan Pharmaceutical decreased from RMB 104.06 million at the end of 2024 to RMB 92.73 million by August 2025, while net assets also declined from RMB 60.25 million to RMB 54.11 million during the same period [8]. Group 3: Concerns Regarding the Buyer - Shanxi Tongxiang, the buyer, was established less than two years ago and has reported zero revenue, raising concerns about its financial viability [6][10]. - The company has incurred losses of RMB 49,930.99 in 2024 and RMB 236,949.99 in the first eight months of 2025, indicating ongoing financial difficulties [10]. - Despite Yabao's board believing in Shanxi Tongxiang's payment capability, uncertainties remain regarding the timely payment of the transaction amount due to the buyer's lack of operational revenue [10]. Group 4: Broader Context - Yabao Pharmaceutical's recent financial performance has been under pressure, with a reported revenue decline of 19.46% year-on-year for the first three quarters of 2025, totaling RMB 1.71 billion, and a net profit decrease of 8.44% to RMB 215 million [12]. - The company attributes the profit decline to the termination of the SY009 research project and related asset impairment provisions, raising questions about whether the sale of Taiyuan Pharmaceutical is a short-term fix or a strategic move for long-term transformation [12].