接连折戟的跨界布局让王振滔深陷资本困局，奥康国际3年巨亏6.79亿，王振滔及其一致行动人持有的 奥康国际和康华生物大部份股权已质押，筹划转让康华生物控股权，或是王振滔为缓解资金链压力 的"断臂求生"之举。 实际控制人计划转让控制权，昔日500亿市值的知名药企康华生物（300841.SZ），正在迎来命运的重要 转折。 一旦康华生物易主，王振滔的商业帝国将何去何从？ 转让"得意之作"康华生物控制权 康华生物7月13日晚公告称，王振滔正筹划该公司控制权变更，因此事可能导致控股股东、实际控制人 变更，该公司股票自7月14日起停牌。 康华生物是王振滔跨界的商业成果。根据公开信息，2004年4月，王振滔通过奥康集团，与蔡勇、吕明 等为核心的疫苗研发团队，共同成立了康华生物并控股，科研团队则以技术入股。2020年，康华生物在 创业板上市。 康华生物上市不久就登上巅峰。在"疫情+狂犬疫苗"双重概念下，2020年，该公司实现营收10.4亿元， 净利润4.1亿元，股价最高冲至414元，市值超过500亿元。 7月13日，这家由"温州鞋王"奥康国际（603001.SH）创始人王振滔跨界打造的疫苗企业披露，控股股 东、实际控制人王振滔 ...

每经记者｜于垚峰 每经编辑｜董兴生 *ST沐邦（即沐邦高科，SH603398，股价5.17元，市值22.42亿元）2024年年度报告中关于营收确认和差 错更正、在建项目等内容，引发监管层追问。年报显示，公司2024年全年营收2.77亿元，同比减少 83.24%，净利润亏损11.62亿元。 截至2024年末，公司货币资金余额2.61亿元，其中7029.34万元处于冻结状态，而总负债高达25.99亿 元，资产负债率攀升至73.58%。尤为严峻的是，债务结构中，流动负债20.65亿元，远超流动资产7.40 亿元，短期偿债压力较大。 其中，玩具原料销售业务的会计处理变更尤为引人注意——公司将原本按总额法确认的收入改为按净额 法确认，直接导致营收减少4698.98万元。 这一调整的根源在于业务实质的重新认定。回复函显示，*ST沐邦子公司邦宝科技作为潮汕地区ABS塑 料代理商，下游客户多为中小玩具企业，采购模式为"以销定采"，由供应商直接发货给客户，公司并不 实际控制货物，也不承担存货风险。会计师核查后认为，该业务中公司实际扮演代理人角色，按净额法 确认收入更为合理。这一调整不仅影响了年度营收规模，还导致*ST沐邦玩具业 ...

Core Viewpoint - The overdue payment of 180 million yuan from BeiGene to Yifang Biotech highlights the commercialization challenges and financial pressures faced by innovative pharmaceutical companies in China [1][2]. Group 1: Payment Dispute - BeiGene has failed to pay 180 million yuan in milestone payments to Yifang Biotech over two years, with 80 million yuan due after the approval of a lung cancer drug and 100 million yuan after another indication was approved [2]. - Yifang Biotech did not disclose this significant overdue receivable in its regular reports until questioned by the Shanghai Stock Exchange, revealing a hidden debt situation [2]. Group 2: Market Performance - BeiGene's delay in payments is attributed to its own financial arrangements, but the market performance of its drug, Beifuqunib, is concerning, facing stiff competition from established products like Osimertinib [3]. - Sales data indicates that Beifuqunib's annual sales are only about 100-200 million yuan, significantly lower than competitors, despite being included in the national medical insurance catalog [3]. Group 3: Financial Health - BeiGene's financial difficulties are evident, with cash reserves dropping to 472 million yuan by the end of 2024, a decrease of 280 million yuan year-on-year [4]. - The company's current ratio has been below 1 for three consecutive years, indicating declining short-term debt repayment capacity, with current assets of 1.224 billion yuan insufficient to cover current liabilities of 1.848 billion yuan [4]. Group 4: Industry Challenges - The payment dispute reflects a broader survival dilemma for Chinese biotech firms, with Yifang Biotech projected to have revenues of 169 million yuan in 2024 but losses of 240 million yuan, leading to accounts receivable exceeding revenue [5]. - BeiGene holds five marketed drugs, but three are licensed products, and its proprietary product faces patent expiration, indicating a dual financial strain from research and commercialization [5]. Conclusion - The 180 million yuan overdue payment serves as a mirror reflecting the difficulties faced by Chinese innovative pharmaceutical companies in transitioning from research to commercialization, raising questions about the industry's creditworthiness and cash flow challenges under current market pressures [6].