巨额融资难解资金饥渴 罗欣药业“甩卖”资产自救

Core Viewpoint - After eight years of backdoor listing, Luoxin Pharmaceutical Group Co., Ltd. is struggling to survive and innovate, facing significant financial challenges and a declining market value [1][2]. Financial Performance - Luoxin Pharmaceutical has accumulated losses exceeding 1.1 billion yuan since its backdoor listing, with a market value that has sharply declined from a peak of 18 billion yuan to current levels [1][2]. - The company reported a cumulative net profit of -1.139 billion yuan from 2020 to the present, indicating poor financial performance [2][7]. - As of the end of Q3 2025, the company's debt-to-asset ratio was 61.65%, with current and quick ratios below industry healthy levels, highlighting significant short-term debt repayment pressure [2]. Asset Disposal - To alleviate liquidity issues, Luoxin Pharmaceutical has resorted to selling assets, including the transfer of 100% equity in Lekang Pharmaceutical for 62.5 million yuan, significantly below its net asset value [3][4]. - This marks the second asset sale in a short period, with previous sales also aimed at improving cash flow, although they provide limited relief for upcoming debt obligations [3][4]. Research and Development - Despite emphasizing a shift towards innovative drugs, Luoxin Pharmaceutical has been reducing R&D expenditures, which fell from 205 million yuan in 2022 to 63 million yuan in the first three quarters of 2025 [5][8]. - The company currently has two innovative drugs in clinical trials and 16 active pharmaceutical ingredients under development, but the reliance on generic drugs remains high, with generics accounting for approximately 98% of its product offerings [6][8]. Market Challenges - The company faces intense competition in the generic drug market, leading to cumulative losses of approximately 2.852 billion yuan from 2022 to 2024 [7]. - Although the innovative drug "Tigecycline" has shown promising sales growth, it is insufficient to fundamentally resolve the company's financial difficulties, as the commercialization of innovative drugs is a capital-intensive and long-term process [7][8].