Xin Jing Bao·2025-11-25 12:26Core Viewpoint - China National Pharmaceutical Group Corporation (Sinopharm) is divesting a 45% stake in Jianjia Medical Investment Management Co., Ltd. for 630 million yuan due to poor performance and strategic refocusing on core business [2][3] Company Summary - Jianjia Medical, previously known as Guokang Medical, was established in 2013 with a registered capital of 1 billion yuan and has 25 medical institutions across 14 provinces, with a total of 8,000 beds [2] - The company has faced operational challenges, including a crisis in June 2023 when staff at a hospital protested against management issues, leading to Sinopharm's gradual exit from management [2] - Financial data indicates Jianjia Medical is projected to generate approximately 1.64 billion yuan in revenue for 2024, with a net loss of 100 million yuan; for the first nine months of 2025, revenue is expected to be 1.12 billion yuan with a net loss of 65 million yuan [3] - As of September 2025, Jianjia Medical's total assets are around 4.95 billion yuan, with liabilities totaling 3.85 billion yuan, resulting in an asset-liability ratio exceeding 77% [3] Industry Summary - The rehabilitation medical sector has seen increased competition, with public hospitals dominating due to resource advantages, while private institutions face challenges such as homogenization and pressure from insurance payments [5] - Sinopharm's divestiture of Jianjia Medical is part of a broader strategy to shed underperforming assets, as evidenced by multiple recent asset sales within the "Sinopharm system" [4] - The potential buyer, likely to be Fosun Pharma, could increase its stake significantly, potentially gaining absolute control over Jianjia Medical if the transfer is completed [5]