CSPC Innovation(SZ:300765) Xin Lang Cai Jing·2025-12-22 07:49Core Viewpoint - The company, formerly known as XinNuoWei, is rebranding as Shiyao Innovation and aims to enter the international capital market after acquiring a majority stake in Jushi Biotech, expanding its business into innovative biopharmaceuticals [2][4]. Group 1: Company Overview - Shiyao Innovation was established in April 2006 with a registered capital of 8.3 million yuan and was spun off from Shiyao Group in March 2019 [5]. - The company has undergone multiple acquisitions, including the purchase of 100% of Shiyao Shengxue for 800 million yuan, resulting in a premium acquisition rate of 121% [5]. - As of July 2023, Shiyao Innovation's total assets reached approximately 205.73 billion yuan, with total liabilities of about 136.88 billion yuan [7]. Group 2: Business Expansion - The acquisition of Jushi Biotech aims to propel Shiyao Innovation into the innovative biopharmaceutical sector, with biopharmaceutical revenue increasing eightfold in the first seven months of 2025 [4][14]. - The company has diversified its product offerings, including biopharmaceuticals, functional raw materials, and health foods, with a significant focus on caffeine production [13]. Group 3: Financial Performance - Revenue from functional raw materials and health foods has been declining, contributing to an overall revenue drop from 28.38 billion yuan in 2022 to 19.81 billion yuan in 2024 [13]. - In contrast, biopharmaceutical revenue has surged, contributing 1.18 billion yuan in the first seven months of 2025, marking a significant recovery [14]. - The company reported a net loss of 3.04 billion yuan in 2024, with a further loss of 2.26 billion yuan in the first seven months of 2025 [23]. Group 4: Shareholder Dynamics - Shiyao Group holds a 75.3% stake in Shiyao Innovation, making it the controlling shareholder [8]. - The company has engaged in significant related-party transactions with Shiyao Group, which has been both a major customer and supplier [18][19]. Group 5: Management Changes - The company has seen changes in its executive leadership, with Yao Bing becoming the new chairman and general manager in 2024 [10][11]. - The CFO, Dai Long, is a relatively young executive, having joined the company in 2016 and taking on the CFO role in 2023 [12].