图片系AI生成 年末退市大考临近，A股"保壳"战场硝烟弥漫。一批ST及濒临退市公司密集祭出非常规手段，试图在监管红线前"踩刹车"，掀起新一轮财务与资本操作潮。 从股东兜底代偿、债务豁免，到1元甩卖资产、跨界并购重整，保壳路径花样翻新，背后是大股东对控制权、融资平台和财富安全的奋力一搏，也折射出产 业转型升级背景下地方维稳与上市公司平台价值再发现的复杂博弈。 在注册制深化与"应退尽退"监管基调下，突击财技正面临前所未有的穿透式审查。审计换所难掩瑕疵，立案调查冻结重组，"技术性保壳"的裸泳者终将在退 潮中现形。 从兜底代偿到1元甩卖，花式保壳层出不穷 年末保壳冲刺进入白热化，一些"戴帽"公司以及游走在保壳边缘的公司密集推出非常规操作，试图在退市红线前"踩刹车"。 兜底代偿成为修复历史污点的快捷方式。12月29日，ST路通公告第一大股东吴世春代偿原实控人资金占用本息合计1022.54万元。这笔款项覆盖了此前未入 账的869万元本金及利息，直接清除公司申请撤销其他风险警示（ST）的核心障碍。 回溯历史，2021年9月至2022年7月，公司实际控制人及其关联方累计发生资金占用1.55亿元。最终，因未能在一个月内解决资金 ...

Core Viewpoint - The control transfer of Yiming Pharmaceutical has been completed, with the new owner being Yao Jinbo, the founder of 58.com, marking it as his first A-share listed company [2][3]. Group 1: Company Overview - Yiming Pharmaceutical, with a market value of just over 2 billion, has been relatively unnoticed until now [2]. - The company was listed at the end of 2016, focusing on chronic medications for diabetes and cardiovascular diseases, including products like Yiming Aotianping and Yiming Weidongling [3]. Group 2: Financial Performance - Yiming Pharmaceutical's revenue has stagnated, with 2020 revenue at 600 million and projected revenue of 650 million in 2024, showing a decline of 7.4% in Q1 2025 [3][5]. - The net profit has remained stable at around 30-40 million, with R&D expenses projected to be over 15 million in 2024, indicating limited growth potential for a pharmaceutical company [5]. Group 3: Acquisition Insights - Yao Jinbo's acquisition price of 15.10 CNY per share represents a 24% premium over the last closing price and a 30% premium over the 20-day average price prior to suspension, indicating a strong commitment [2]. - The financials reveal that Yiming Pharmaceutical has a clean balance sheet, with 320 million in cash, 170 million in accounts receivable, and total liabilities under 300 million, suggesting it is a clean shell for potential future operations [6][9]. Group 4: Future Expectations - The share transfer agreement includes performance commitments from the previous controlling shareholder, ensuring revenue of no less than 600 million and net profit of no less than 30 million from 2025 to 2027, which may guide Yao's future plans for the company [11].