老牌中药企业ST香雪，9226万元诉讼压顶

Core Viewpoint - ST Xiangxue has been facing significant financial challenges, including ongoing lawsuits and a history of losses, leading to a pre-restructuring process initiated due to its inability to meet debt obligations [1][5][7]. Financial Performance - The company's revenue has declined from over 3 billion yuan in 2020 to over 1.8 billion yuan in 2024 [2]. - The net profit attributable to shareholders has been negative for four consecutive years, with losses of -677 million yuan, -530 million yuan, -389 million yuan, and -859 million yuan from 2021 to 2024 [2]. - The cumulative non-recurring net profit from 2017 to 2024 is approximately -2.511 billion yuan, with only one profitable year in 2020 [2]. 2025 Performance Forecast - For 2025, the company expects a net profit loss between 635 million yuan and 934 million yuan, compared to a loss of 859 million yuan in the previous year [2]. - The anticipated non-recurring net profit loss for 2025 is projected to be between 612 million yuan and 899 million yuan [2]. Factors Affecting Performance - The company faces significant financial burdens, including short-term and long-term borrowings amounting to approximately 250 million yuan in financial expenses [3]. - Fixed asset depreciation and amortization are expected to impact around 200 million yuan [3]. - Asset impairment tests are projected to require approximately 130 million yuan for inventory, construction in progress, fixed assets, and development expenditures [3]. - Legal and overdue interest expenses are estimated to be around 220 million yuan [4]. - Non-recurring gains and losses are expected to influence net profit by about 30 million yuan [5]. Pre-restructuring Process - In January 2025, the company received a notice from creditor Guangdong Jinglong Construction Group, leading to a pre-restructuring application due to its inability to repay debts [5]. - The pre-restructuring period was initially set for three months but has been extended multiple times, with the latest extension to January 11, 2026 [5]. Regulatory Issues - The company has faced administrative penalties for information disclosure violations, resulting in a fine of 6 million yuan and warnings to its actual controller [7]. - The stock was suspended for one day due to these violations and has been placed under risk warnings, changing its name to ST Xiangxue [7]. Market Performance - As of February 6, ST Xiangxue's stock price was 9.50 yuan per share, with a total market capitalization of 6.282 billion yuan [8].