Core Viewpoint - Sunshine Nuohuo has announced a significant asset restructuring plan to acquire 100% equity of Jiangsu Langyan Life Science Technology Co., Ltd, aiming to enhance its capabilities in the pharmaceutical industry through resource integration and strengthen its full-chain layout for sustainable development [1][2]. Group 1: Acquisition Details - The acquisition will be executed through the issuance of shares and convertible bonds, focusing on integrating high-difficulty generic drug and innovative drug research, production, and sales [1]. - Langyan Life is a comprehensive pharmaceutical enterprise with established production capacity and channel resources in high-end chemical drugs and raw materials, covering critical clinical areas such as cardiovascular and anti-infection [1]. Group 2: Strategic Synergy - The collaboration between Sunshine Nuohuo's R&D strengths and Langyan Life's production capabilities is expected to create a synergistic effect, accelerating the technological upgrade of existing production capacity and providing a conversion platform for self-researched pipelines [2]. - Sunshine Nuohuo's innovative drug projects can quickly transition from laboratory to market using Langyan Life's production lines, while Langyan Life's mature products can benefit from Sunshine Nuohuo's R&D resources for process optimization and new indication development [2]. Group 3: Industry Context - The acquisition is positioned as a response to increasing policy changes in the pharmaceutical industry, which have heightened the need for industry chain division and integration [2]. - By pursuing vertical integration, Sunshine Nuohuo aims to enhance cost control across R&D, production, and sales, reducing reliance on external capacity and improving risk resilience amid the normalization of centralized procurement [2]. Group 4: Strategic Upgrade - This acquisition is a key move in Sunshine Nuohuo's strategic upgrade, reinforcing its "CRO + innovative R&D + pharmaceutical industry" layout, maintaining the professionalism of R&D services while enhancing the effectiveness of industrial transformation [3]. - The ongoing integration is expected to become a crucial support for optimizing the company's revenue structure [3].

Core Viewpoint - The company Sunlight Nuohe (688621) has resumed trading on May 13 after announcing a restructuring plan, which includes acquiring 100% of Jiangsu Langyan Life Science Technology Co., Ltd. However, the market reacted negatively, with the stock price dropping by 3.63% on the announcement day, indicating investor skepticism about the deal [1][5]. Summary by Relevant Sections Acquisition Details - Sunlight Nuohe plans to acquire 100% equity of Langyan Life from its controlling shareholder Li Qian and issue shares to no more than 35 specific investors to raise matching funds [4][5]. - This is the second attempt by Sunlight Nuohe to acquire Langyan Life, with the first attempt having failed due to market conditions and regulatory inquiries [7][8]. Financial Performance - Langyan Life's financial performance has deteriorated, with projected revenues and net profits for 2023-2024 falling below those of 2022. Specifically, revenues are expected to be approximately 4.65 billion and 4.31 billion, with net profits of about 361.71 million and 543.86 million, respectively [8]. - Sunlight Nuohe's own financials show a decline in performance, with a projected first drop in earnings since its listing in 2024. The company reported a significant year-on-year decline in net profit of nearly 60% in Q1 2024 [9]. Market Reaction - Following the announcement of the restructuring plan, Sunlight Nuohe's stock price fell sharply, indicating a lack of confidence from investors regarding the acquisition [5][9]. - The stock closed at 44.3 yuan per share, with a total market capitalization of 4.962 billion yuan and a trading volume of 377 million yuan on the day of the announcement [5].