GUANGJI PHARMA.(SZ:000952) Jing Ji Guan Cha Bao·2026-02-12 08:32Core Viewpoint - Guangji Pharmaceutical (000952.SZ) has proposed a private placement plan to raise up to 600 million yuan, seeking support from its controlling shareholder, Changjiang Industrial Investment Group, amid a projected loss of 399 million to 518 million yuan for 2025 [1][5]. Group 1: Private Placement Details - The private placement will involve a cash subscription by Changjiang Industrial Group, which holds 25.26% of Guangji Pharmaceutical's shares [2]. - The issuance price is set at 6.32 yuan per share, not lower than 80% of the average trading price over the previous 20 trading days [2]. - The number of shares to be issued will not exceed 94,936,708, representing up to 30% of the company's total shares prior to the issuance [2]. Group 2: Company Background and Market Context - Guangji Pharmaceutical specializes in Vitamin B2, B6, and pharmaceutical formulations, being a major global supplier of Vitamin B2, with applications in pharmaceuticals, feed additives, and food additives [3]. - The company has faced continuous net profit losses for three years, with losses increasing from 140 million yuan in 2023 to an expected 399 million to 518 million yuan in 2025, primarily due to low market prices for Vitamin B2 [5][6]. - The demand for vitamins is expected to rise due to improving living standards and health awareness, supported by government policies promoting high-quality vitamin production [3]. Group 3: Financial Health and Future Outlook - As of September 30, 2025, the company's debt-to-asset ratio was 62.67%, indicating high debt financing costs [4]. - The company has been experiencing operational losses due to low production line utilization and declining product prices, leading to asset impairment [6][7]. - Market analysts predict a mild growth phase for Vitamin B2 starting in 2026, with potential stabilization of prices and improved production efficiency due to technological upgrades [7].