Ji Yao Holding(SZ:300108) IPO日报·2025-05-28 13:27Core Viewpoint - *ST Jiyao has been decided to be delisted from the Shenzhen Stock Exchange due to triggering mandatory delisting rules after its stock price fell below 1 yuan for 20 consecutive trading days, with delisting scheduled for May 29, 2025 [1][3]. Group 1: Company Background and Transition - The company, originally known as Tonghua Shuanglong Chemical Co., Ltd., transitioned to the pharmaceutical sector in 2014 through the acquisition of Jinbao Pharmaceutical, establishing a dual business model of "chemicals + pharmaceuticals" [3]. - In 2017, the company was renamed Jiyao Holdings and began an aggressive acquisition strategy, acquiring over ten companies within three years, covering eight major sectors including pharmaceutical manufacturing, commerce, and research [3]. Group 2: Financial Performance and Risks - The company has faced significant goodwill risks due to its cross-industry expansions, leading to a cumulative goodwill impairment of over 1.5 billion yuan from 2019 to 2024, which directly contributed to net profit losses [3]. - Since 2019, *ST Jiyao has reported losses for six consecutive years, with a total net profit loss exceeding 3.2 billion yuan from 2019 to 2023 [3]. - In 2024, the company's revenue declined by 3.69%, and losses expanded to 439 million yuan [3]. Group 3: Market Context - As of 2025, a total of 11 companies have been delisted from the A-share market, with *ST Jiyao being one of them, reflecting a similar number of delistings compared to the same period last year [4].