拟2.37亿元控股世之源，净利连亏的申联生物押宝创新药

Core Viewpoint - The company, Shenlian Bio (688098), plans to acquire a controlling stake in Yangzhou Shizhiyuan Biotechnology Co., Ltd. to expand into the innovative drug business, focusing on both "human pharmaceuticals" and "animal health" as dual main businesses despite facing consecutive net profit losses [1][4]. Group 1: Acquisition Details - Shenlian Bio intends to use 237 million yuan of its own and self-raised funds, including bank acquisition loans, to gain control of Shizhiyuan through its wholly-owned subsidiary, Shanghai Bentianc Bio-Pharmaceutical Co., Ltd. [1][3] - The acquisition involves a payment of 31.44 million yuan for a stake in Shizhiyuan and an additional investment of 206 million yuan for new registered capital, resulting in Shenlian Bio holding 40.65% of Shizhiyuan's equity [3]. - After the transaction, Shenlian Bio and its action-in-concert partner will collectively hold 51% of Shizhiyuan, allowing the company to control 51% of the voting rights [3]. Group 2: Business Transition - Shizhiyuan focuses on the research and commercialization of innovative drugs, holding three in-development drugs targeting viral infections and allergic immunity [4]. - The acquisition marks a significant shift for Shenlian Bio from the veterinary biological products sector to a dual focus on human pharmaceuticals and animal health, aiming for synergistic development [4]. - Post-acquisition, the company plans to enhance collaboration in biopharmaceutical technology platforms and production processes, aiming for resource sharing and expansion into therapeutic biological products [4]. Group 3: Financial Performance and Risks - Shenlian Bio anticipates a net profit loss of approximately 20 million yuan for 2025, indicating a reduction in losses compared to the previous year, but still projecting two consecutive years of net profit losses [6]. - The company has experienced a decline in net profit for four consecutive years from 2021 to 2024, reflecting ongoing financial pressure [6]. - Shizhiyuan has not yet achieved profitability, with projected net losses for 2024 and 2025, which may increase Shenlian Bio's consolidated losses until the new drug pipelines become commercially viable [6].