000788，长期合同终止，子公司或关停并转

Core Viewpoint - The termination of the long-term service contract between Beijing Beida Pharmaceutical's wholly-owned subsidiary and Peking University International Hospital may lead to significant operational challenges and potential closure or transformation of the subsidiary [2][3][5]. Summary by Sections Contract Termination - The long-term service contract between Beijing Beida Pharmaceutical's subsidiary, Beijing Beida Medicine Co., Ltd., and Peking University International Hospital will end in May 2025, which is expected to impact the company's operations significantly [5][8]. Financial Impact - The termination is projected to result in a revenue decrease of approximately 600 million yuan (about 29.13% of the latest audited revenue) and a net profit decrease of around 40 million yuan (about 28.99% of the latest audited net profit) starting from June 2025 [5]. - From 2026 onwards, the company may face a revenue reduction of about 1.027 billion yuan (approximately 49.85% of the latest audited revenue) and a net profit decrease of around 68.69 million yuan (approximately 49.78% of the latest audited net profit) [7]. Operational Challenges - The company is currently exploring new directions for the subsidiary's transformation to mitigate the impact of the contract termination, but there is uncertainty regarding the success of this transformation [8]. - If the subsidiary fails to find an effective transformation direction, it may face closure or significant operational challenges [8]. Strategic Adjustments - In response to industry trends, the company plans to strategically adjust its production and manufacturing system, focusing on establishing a manufacturing subsidiary to enhance operational efficiency and core competitiveness [10]. - The company is also initiating a name change process to gradually achieve a "de-Peking University" status, reflecting the change in its actual controlling shareholder [11]. Business Overview - Beijing Beida Pharmaceutical primarily engages in the research, production, and sales of chemical drug formulations, pharmaceutical distribution, and medical services [12]. Market Position - As of August 11, the company's stock price was 6.93 yuan per share, with a total market capitalization of 4.1 billion yuan [13].