罗欣药业低价“甩卖”子公司引争议，“止血”背后藏匿多重风险

Core Viewpoint - The recent announcement by Luoxin Pharmaceutical regarding the transfer of its subsidiary, Lekang Pharmaceutical, for 62.5 million yuan has raised market concerns due to the significantly lower transaction price compared to the company's net asset value of 73.24 million yuan as of September 30, 2025, indicating ongoing operational difficulties and asset shrinkage [1][6]. Group 1: Low-Price Transfer and Concerns - The transfer of Lekang Pharmaceutical, established in 2018 with a registered capital of 420 million yuan, has shown deteriorating performance, with a net loss of 143 million yuan in 2024 and an additional loss of 14.44 million yuan in the first three quarters of 2025 [2][7]. - The initial listing price for the sale was 190 million yuan in November 2024, but due to a lack of qualified buyers, the price was reduced to 62.5 million yuan, a decrease of 67%, raising suspicions of asset undervaluation [2][7]. - The buyer, Jun Kang Biological, established in July 2023 with a registered capital of only 200,000 yuan, has no clear connection to Lekang's pharmaceutical operations, leading to concerns about its ability to manage the acquired business [2][7]. Group 2: Continuous Asset Divestiture - Lekang Pharmaceutical is not the only asset Luoxin Pharmaceutical has sold recently; the company also transferred a 20% stake in Luoxin Anruowei Pharmaceutical in December 2025 and previously sold 70% of Shandong Luoxin Pharmaceutical Modern Logistics for 415 million yuan in 2022, with 26.34 million yuan of the transfer payment still outstanding as of July 2025 [4][9]. - The company has faced continuous losses from 2022 to 2024, with net losses of 1.226 billion yuan, 661 million yuan, and 965 million yuan respectively, and a 46.04% increase in losses in 2024 due to subsidiary disposals and asset impairment losses [4][9]. - The company has acknowledged that the increase in losses is attributed to rising marketing expenses, underperformance of subsidiaries, and impairment provisions for Lekang Pharmaceutical [4][9]. Group 3: Operational and Debt Challenges - Despite achieving profitability in the first three quarters of 2025 with a net profit of 22.93 million yuan, a 108.64% increase year-on-year, Luoxin Pharmaceutical's revenue still declined by 8.37%, indicating insufficient growth momentum [5][10]. - The company's debt levels have risen, with short-term loans increasing from 742 million yuan to 970 million yuan and long-term loans from 133 million yuan to 232 million yuan [5][10]. - To alleviate financial pressure, the company announced a fundraising plan in September 2025 to raise up to 842 million yuan for innovative drug development and working capital, although cash and cash equivalents at the end of the period were only 318 million yuan, indicating tight liquidity [5][10].