实控人两年套现26亿元，常山药业15倍暴涨下

Core Viewpoint - The recent share transfer announcement by Changshan Pharmaceutical has attracted market attention, as the company's actual controller, Gao Shuhua, transferred 5.01% of shares for 2.128 billion yuan, amidst a stark contrast between the soaring stock price and the company's ongoing fundamental challenges [2][15]. Share Transfer Details - Gao Shuhua plans to transfer 46 million shares (5.0051% of total shares) to Chongqing Element Private Fund at a price of 46.25 yuan per share, totaling 2.1275 billion yuan, which represents a 20% discount compared to the closing price on the announcement day [3][17]. - Prior to this transfer, 1.55 billion shares of Gao's 280 million shares were pledged, indicating significant financial pressure [3][18]. - This marks Gao's second large-scale share transfer in two years, having previously sold 5.77% of shares at 9.2 yuan per share for 488 million yuan [3][18]. Market Reaction and Strategic Implications - The transaction is believed to be closely related to the company's core product, Aibennapeptide, with market experts suggesting that the discounted share transfer signals Gao's cautious assessment of the company's future and a strategic resource optimization [6][20]. - The introduction of a professional investment institution like Element Fund may aim to leverage its expertise in industry integration and capital operations to accelerate the commercialization of Aibennapeptide [6][20]. Financial Performance Challenges - Changshan Pharmaceutical's core business, primarily in heparin products, has faced significant challenges, with revenues declining from 14.1 billion yuan in 2023 to 6.81 billion yuan in the first three quarters of 2025, representing year-on-year declines of 39.63%, 26.92%, and 13.11% respectively [7][21]. - The company has reported continuous net losses, with losses of 12.4 billion yuan, 2.49 billion yuan, and 0.45 billion yuan during the same periods, with the loss in the first three quarters of 2025 increasing by 714.77% year-on-year [7][21]. Core Product Performance - The main revenue-generating product, low molecular weight heparin, saw a revenue decline of 19.86% in the first half of 2025, with sales volume dropping by 19.17% to 15.36 million units [9][23]. - The heparin raw material business also faced a revenue decline of 19.73% due to intense market competition and price fluctuations [9][23]. Strategic Transition and Future Outlook - The company is pinning its hopes for transformation on Aibennapeptide, a long-acting GLP-1 receptor agonist, which is seen as crucial for reducing reliance on heparin products and enhancing profitability [11][25]. - However, the market landscape is competitive, with established products like Semaglutide and Tirzepatide dominating, making it challenging for Aibennapeptide to gain market traction [12][26]. - The company also faces long-term strategic challenges, as its traditional heparin business is declining while the timeline for Aibennapeptide's market entry remains uncertain [13][27].