在融入中国光大集团体系八年后，央企旗下的医药商业上市公司嘉事堂（002462.SZ）可能即将迎 来又一次重大的所有权变革。 根据嘉事堂发布的《关于筹划控制权变更事项的停牌公告》，公司于2026年1月27日接到股东中国 光大实业（集团）有限责任公司（以下简称"光大实业"）的书面通知。光大实业及其全资子公司中国光 大医疗健康产业有限公司（以下简称"光大医疗"）正在筹划公司的股权转让事宜。该事项可能导致嘉事 堂的控股股东、实际控制人发生变更。 鉴于交易尚存在重大不确定性，为保障公平信息披露，经向深圳证券交易所申请，公司股票自2026 年1月28日（星期三）开市起停牌，预计停牌时间不超过2个交易日。公司表示，停牌期间将根据事项进 展履行信披义务，待确定后将及时公告并申请复牌。 公开资料显示，截至2025年第三季度末，光大医疗、光大实业分别为嘉事堂的第一、第二大股东， 直接持股比例分别为14.36%和14.12%。 据悉，嘉事堂于2010年在深交所上市，2018年进入光大集团体系，被定位为集团在大健康业务板块 的主要平台之一。其主营业务聚焦于医药商业流通领域，目前已构建了覆盖医药批发、零售、物流及医 疗器械供应链的完整 ...

Core Viewpoint - Huarun Pharmaceutical (300110.SZ) faces significant financial challenges due to a large outstanding debt from Guoyao Pharmaceutical, leading to substantial losses and management changes [2][3][5]. Company Overview - Huarun Pharmaceutical is a state-controlled pharmaceutical and health company headquartered in Qingdao, Shandong, with its actual controller being the Xi'an Qujiang New District Management Committee [2]. - The company primarily produces basic infusion solutions, peritoneal dialysis solutions, therapeutic preparations, medical devices, and others [2]. Management Changes - On August 26, 2023, Huarun Pharmaceutical announced that its chairman, Zhang Li, was placed under residential surveillance by the police, unrelated to the company or its business [2]. - Zhang Li resigned from his positions as chairman and legal representative after only four months in office, having taken over from Yang Xiaodong, who resigned in April 2023 [2]. Financial Performance - In the first half of 2025, Huarun Pharmaceutical reported a revenue of 624 million yuan, a year-on-year decrease of 19.13%, and a net profit attributable to shareholders of 37 million yuan, down 49.01% [2]. - The decline in revenue is attributed to intensified market competition in infusion products and the impact of drug pricing policies [2]. Debt Issues - Huarun Pharmaceutical has an outstanding debt of nearly 1.3 billion yuan owed by Guoyao Pharmaceutical, which has been difficult to recover [2][5]. - The company reported a loss of nearly 1.3 billion yuan in its pharmaceutical distribution business, which is not its core operation [2][3]. Other Receivables - As of December 31, 2023, Huarun Pharmaceutical had other receivables totaling 1.41 billion yuan, with 96.06% of this amount being related to a single advance payment, for which a bad debt provision of 70 million yuan was made [3][5]. - The company has been in discussions with Guoyao Pharmaceutical regarding repayment, but the latter is facing liquidity issues and operational irregularities [5][7]. Legal and Operational Issues - Guoyao Pharmaceutical has been involved in multiple lawsuits and has been listed as a party subject to enforcement, raising concerns about its ability to repay debts [5][6]. - The company has faced scrutiny for its operational practices, including allegations of trademark infringement and fraudulent activities [5]. Future Outlook - Huarun Pharmaceutical plans to continue negotiations with Guoyao Pharmaceutical to recover the outstanding debts and has proposed a debt resolution framework involving asset compensation [7]. - The ability to recover these debts is a significant concern for investors, with ongoing inquiries about the company's plans and progress in this regard [7].