“骨折价”出清坏账，南新制药业绩亏损、转型困境待解

Core Viewpoint - Nanjing Pharmaceutical is attempting to alleviate operational pressure by transferring part of its accounts receivable through public listing, amidst ongoing losses and challenges in transformation and internal control [1][3]. Group 1: Financial Operations - The company plans to transfer accounts receivable totaling 48.98 million yuan, with a book value of 2.99 million yuan after accounting for bad debt provisions of 45.98 million yuan [2]. - Nanjing Pharmaceutical has been in a continuous loss state since its IPO in 2020, with revenues declining from 1.03 billion yuan in 2020 to 263 million yuan in 2024, and a net profit loss of 357 million yuan in 2024 [3][4]. Group 2: Product Challenges - The core product, Peramivir Sodium Injection, which accounted for 73.5% of revenue in 2020, has faced increased competition after its market protection period expired in 2018, leading to a 43.51% price reduction in 2023 [4]. - The company has not disclosed sales revenue for Peramivir since 2020, indicating a significant decline in its market position [4]. Group 3: Acquisition Attempts - Nanjing Pharmaceutical attempted to acquire assets from Future Pharmaceuticals for up to 480 million yuan to diversify its product line, but the deal was terminated due to disagreements on key terms [6][7]. Group 4: Financial and Regulatory Challenges - The company faces increasing financial pressure, with total assets of 1.034 billion yuan and liabilities of 233 million yuan, resulting in a debt ratio of 22.57% [8]. - Nanjing Pharmaceutical is under investigation by the China Securities Regulatory Commission for alleged violations in annual report disclosures, further complicating its financial situation [8].