市场环境变化，688621，终止重大资产重组！

Core Viewpoint - Sunshine Nuohuo has terminated the acquisition of 100% equity in Jiangsu Langyan Life Technology Co., Ltd. due to changes in the market environment, as announced on January 27 [1][5]. Group 1: Acquisition Details - The company had previously planned to acquire Langyan Life through the issuance of shares and convertible bonds, along with raising supporting funds from no more than 35 specific investors [1][5]. - The transaction was expected to constitute a major asset restructuring and related party transaction but would not qualify as a restructuring listing [1][5]. Group 2: Company Strategy and Operations - Sunshine Nuohuo focuses on a dual-driven model of "CRO services + self-developed new drugs," providing a comprehensive one-stop solution for drug development and clinical services [3][9]. - The company aims to enhance its capabilities in drug research and development, leveraging its strengths in R&D and Langyan Life's production and sales advantages to create new profit growth points [4][10]. Group 3: Financial Performance - Langyan Life has completed the development and production of drugs in several important fields, with projected net profits of 36.71 million yuan and 53.88 million yuan for 2023 and 2024, respectively, indicating rapid growth [3][9]. - Sunshine Nuohuo's revenue forecast for 2025 is between 1.192 billion yuan and 1.371 billion yuan, representing a year-on-year growth of 10.57% to 27.15% [5][11]. The expected net profit for the same year is projected to be between 191 million yuan and 229 million yuan, with a year-on-year growth of 7.69% to 29.23% [5][11].