Quan Jing Wang·2026-01-29 09:30Core Viewpoint - Sunshine Nuohuo (688621.SH) has officially terminated its plan to acquire 100% equity of Langyan Life Sciences through the issuance of shares and convertible bonds, marking the second failed attempt since 2022 [1] Group 1: Acquisition Attempts - The first acquisition attempt in 2022 was priced at 1.611 billion yuan, while the second attempt in 2025 was reduced to 1.2 billion yuan, a 25.5% decrease [2][3] - The core products of Langyan Life Sciences, including Valsartan and Entecavir, faced significant price reductions due to centralized procurement policies, leading to a decline in revenue from 617 million yuan in 2022 to 465 million yuan in 2023 [3][4] - The performance commitment for the second acquisition required Langyan Life Sciences to achieve a cumulative net profit of at least 404 million yuan from 2025 to 2028 [2][3] Group 2: Regulatory and Market Challenges - The second acquisition faced scrutiny from the Shanghai Stock Exchange regarding the fairness of the valuation and the feasibility of the performance commitments, leading to a series of inquiries [4][6] - Despite a report suggesting opportunities due to a shift in procurement policies, market skepticism regarding the sustainability of Langyan's profitability persisted, contributing to the termination of the deal [6][7] - The independent financial advisor for both acquisition attempts was Guolian Minsheng Securities, which has faced challenges with multiple projects in early 2026, including two other terminated capital operations [6][8] Group 3: Company Performance and Future Outlook - Sunshine Nuohuo stated that its main business operations remain normal and that the termination of the acquisition will not significantly impact its financial status [7] - The company anticipates a revenue of 1.192 billion to 1.371 billion yuan for 2025, representing a year-on-year growth of 10.57% to 27.15% [7]