SPG(SH:600529) Chang Jiang Shang Bao·2026-01-14 23:45Core Viewpoint - China National Pharmaceutical Group (国药集团) is steadily advancing its acquisition of Shandong Pharmaceutical Glass (山东药玻), a leading company in the domestic pharmaceutical glass industry, through a private placement plan to raise up to 3.235 billion yuan [1][2]. Group 1: Acquisition Details - Shandong Pharmaceutical Glass plans to issue up to 1.99 million shares at a price of 16.25 yuan per share, raising no more than 3.235 billion yuan, with China International Pharmaceutical Co. and its subsidiary subscribing to the shares [3][6]. - Following the completion of this issuance, China International will become the controlling shareholder of Shandong Pharmaceutical Glass, with the actual controller changing to China National Pharmaceutical Group [3][6]. - The previous plan for indirect restructuring through Shandong Luzhong Investment was abandoned due to various factors, leading to a direct capital injection approach [2][3]. Group 2: Financial Performance - In the first three quarters of 2025, Shandong Pharmaceutical Glass reported revenue of 3.401 billion yuan, a year-on-year decrease of 11.1%, and a net profit attributable to shareholders of 542 million yuan, down 24.7% [5][6]. - Despite the decline in performance, the company's gross profit margin improved to 33.08%, an increase of 0.98 percentage points year-on-year [5][6]. Group 3: Strategic Implications - The acquisition aims to enhance the research and innovation capabilities of Shandong Pharmaceutical Glass, allowing for increased investment in new technologies and products, thereby strengthening its market position [1][6]. - The partnership with China National Pharmaceutical Group will facilitate better resource accumulation in pharmaceutical research, industrial manufacturing, and global network layout, contributing to the development of China's biopharmaceutical and innovative drug sectors [4][6]. - Shandong Pharmaceutical Glass is recognized as a national manufacturing champion, actively engaging in key research and development projects, and has accumulated a total of 291 authorized patents, including 40 invention patents [6][7].