“救火式”赴港上市，悦康药业难掩业绩崩塌

Core Viewpoint - Yuekang Pharmaceutical is facing a significant decline in performance, prompting the company to initiate an H-share listing to diversify its financing channels and enhance its international brand image amidst ongoing financial difficulties [1][4]. Company Operations - Yuekang Pharmaceutical, established in 2001 and headquartered in Beijing, operates as a pharmaceutical group involved in new drug research and development, production, distribution, and international trade, with nine core R&D platforms [2][9]. - The company went public on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 24, 2020, raising 2.192 billion yuan for various projects, but has struggled with project progress and has had to adjust its plans multiple times [3][10]. Financial Performance - The company has experienced a continuous decline in net profit over the past three years, with decreases of 38.53% in 2022, 44.87% in 2023, and 33.05% in 2024 [5][12]. - In the first three quarters of 2025, Yuekang reported total revenue of 1.759 billion yuan, a year-on-year decrease of 41.20%, and a net loss of 148 million yuan compared to a profit of 210 million yuan in the same period the previous year [7][14]. Recent Developments - The company announced plans to issue H-shares and list on the Hong Kong Stock Exchange, which requires approval from shareholders and regulatory bodies [2][9]. - Yuekang's cash flow situation has worsened, with a net cash flow from operating activities of 168 million yuan, down 60.9% year-on-year, and a net increase in cash and cash equivalents of -256 million yuan, a drop of 338.24% [10]. Market Challenges - Yuekang's core product, Ginkgo biloba extract injection, faced controversy over pricing practices, leading to a significant revenue drop of 36% in Q4 2024 and a net loss of 86.01 million yuan [4][11]. - The company has incurred high marketing expenses, totaling 7.373 billion yuan from 2021 to 2024, with 97% of this amount attributed to market promotion [14]. Shareholder Issues - The controlling shareholder, the Yu family, has faced difficulties, including the judicial auction of 26.5 million shares, which sold for 486 million yuan [8][15].