北大医药资产腾挪余波

Core Viewpoint - The recent acquisition of a 9.75% stake in Daxin Pharmaceutical by Peking University Pharmaceutical is a strategic move to regain control over a previously divested asset, despite the company's ongoing financial struggles and the associated risks of the transaction [2][4][6]. Group 1: Acquisition Details - Peking University Pharmaceutical acquired the 9.75% stake in Daxin Pharmaceutical for 22 million yuan, with the transaction being completed swiftly on the same day as the auction [3][4]. - The total equity value of Daxin Pharmaceutical is approximately 233 million yuan, with a valuation increase of 28.52% [4]. - The stake was previously pledged as collateral for a debt of approximately 1.32 billion yuan owed by Southwest Synthesis to Peking University Medical Group [5]. Group 2: Financial Performance of Daxin Pharmaceutical - Daxin Pharmaceutical reported a revenue of approximately 269 million yuan in 2024, with a loss of 27.48 million yuan, and a revenue of about 212 million yuan with a net profit of 63,600 yuan in the first eight months of 2025 [6]. - The company's net assets have decreased to approximately 181 million yuan, reflecting a significant decline from 271 million yuan in 2015 [6]. Group 3: Ongoing Legal and Operational Challenges - Peking University Pharmaceutical is involved in an arbitration case with Chongqing Synthesis regarding an asset transfer agreement, which has resulted in a ruling that may lead to increased operational costs due to personnel management issues [7][8]. - The company faces a potential revenue loss of approximately 600 million yuan and a net profit decrease of about 40 million yuan due to the termination of a long-term service contract with Peking University International Hospital [9]. - In the third quarter of 2025, Peking University Pharmaceutical experienced a 47.95% year-on-year decline in revenue, amounting to approximately 274 million yuan [9].