9亿并购埋雷，财务造假余波未平 亚太药业成立于1989年，前身为浙江亚太制药厂，2010年在深交所挂牌上市。旗下产品涉及化学药品制 剂、化学原料药、药品研发等几大板块。 为拓展CRO业务版图，2015年，亚太药业以9亿元对价收购Green Villa Holdings LTD.持有的上海新高峰 100%股权，并与交易对方签订了明确的业绩承诺协议。彼时，公司寄望通过这一并购切入高增长的医 药研发服务领域，实现业务结构升级。岂料，这笔耗资9亿元的豪赌，最终换来一地鸡毛。 2019年，亚太药业业绩突然爆雷，净利润巨亏20.69亿元，同比断崖式下滑1095.57%。伴随巨亏而来 的，是上海新高峰连续三年财务造假的真相浮出水面。根据2021年4月浙江证监局下发的《行政处罚决 定书》，上海新高峰在未开展真实业务的情况下，从2016年至2018年，合计虚增营收4.53亿元、虚增利 润总额1.74亿元。 财务造假的曝光，直接将亚太药业原实控人陈尧根、钟婉珍夫妇推向绝境。受业绩巨亏、信用违约等影 响，二人深陷数亿元金融债务纠纷，所持有的亚太药业股份全部被司法冻结并进入拍卖程序。也正是在 这一空窗期，"富邦系"瞄准了亚太药业的控 ...

财报显示，2019年至2024年，亚太药业扣非净利润连续6年亏损，分别为-19.4亿元、-1.43亿元、-2.39亿 元、-1.17亿元、-6894.45万元、-2813.19万元。2022至2024年，公司扣非净利润有所减亏，但依旧未能 走出亏损泥沼。 每经编辑｜杜宇 每经评论员 杜宇 9月29日，亚太药业（SZ002370，前收盘价：5.67元，市值：42.28亿元）发布公告称，公司控股股东宁 波富邦控股集团有限公司及其一致行动人正在筹划公司控制权变更事项。这一消息引发了市场的关注， 尤其是在公司连续六年扣非净利润亏损的背景下，控制权变更能否为亚太药业带来转机，成为投资者和 市场关注的焦点。 亚太药业主要从事医药制造业务，旗下产品涉及化学药品制剂、化学原料药、药品研发等领域。2010 年，亚太药业在深交所上市，2022年，宋汉平主导的富邦控股集团入主亚太药业，上市公司也成为富邦 控股集团大健康产业链中的一员。然而，尽管富邦控股集团入主3年，亚太药业的经营状况并未得到显 著改善。 登录新浪财经APP 搜索【信披】查看更多考评等级 除了连续亏损，亚太药业还面临诸多监管问题。2019年至2022年，亚太药业的年 ...

Company Overview - Nanjing Pharmaceutical Co., Ltd. is located in Guangzhou, Guangdong Province, and was established on December 27, 2006. The company was listed on March 26, 2020. Its main business focuses on the research, production, and sales of antiviral drugs for influenza and other infectious diseases, as well as treatments for major diseases such as cardiovascular diseases and diabetes. The revenue composition is 100% from chemical drug formulations [1][2]. Stock Performance - As of September 19, the stock price of Nanjing Pharmaceutical decreased by 2.06%, trading at 12.37 CNY per share, with a total market capitalization of 3.394 billion CNY. The stock has increased by 89.14% year-to-date, but has seen a decline of 4.70% over the last five trading days and 14.81% over the last 20 days [1]. - The company has appeared on the "Dragon and Tiger List" six times this year, with the most recent appearance on August 27, where it recorded a net purchase of 104 million CNY [1]. Financial Performance - For the first half of 2025, Nanjing Pharmaceutical reported a revenue of 61.8463 million CNY, a year-on-year decrease of 71.28%. The net profit attributable to the parent company was -40.0023 million CNY, reflecting a year-on-year decrease of 493.23% [2]. - The company has distributed a total of 40.74 million CNY in dividends since its A-share listing, with no dividends distributed in the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders increased by 7.02% to 9,464, while the average circulating shares per person decreased by 6.56% to 28,994 shares [2]. - Among the top ten circulating shareholders, Dazheng Jingheng Mixed A (090019) holds 2.9738 million shares, with no change in the number of shares held compared to the previous period [3].

Group 1 - The core viewpoint of the news is that Duorui Pharmaceutical's stock performance and financial metrics indicate a challenging period, with significant declines in revenue and net profit [1][2]. - On September 15, Duorui Pharmaceutical's stock fell by 0.85%, with a trading volume of 118 million yuan. The net financing purchase on that day was 4.64 million yuan, with a total financing and securities balance of 101 million yuan [1]. - The financing balance of Duorui Pharmaceutical is 101 million yuan, accounting for 2.91% of its market capitalization, which is above the 80th percentile of the past year, indicating a high level of financing activity [1]. Group 2 - As of June 30, the number of shareholders of Duorui Pharmaceutical increased by 2.96% to 7,627, while the average circulating shares per person decreased by 2.87% to 10,489 shares [2]. - For the first half of 2025, Duorui Pharmaceutical reported a revenue of 107 million yuan, a year-on-year decrease of 29.13%, and a net profit attributable to shareholders of -42.5 million yuan, representing a significant decline of 1197.26% [2]. - Since its A-share listing, Duorui Pharmaceutical has distributed a total of 59.87 million yuan in dividends, with 9.87 million yuan distributed over the past three years [2].

Group 1 - The stock price of Har Sanlian is reported at 14.44 yuan as of August 27, 2025, down 3.80% from the previous trading day [1] - The company achieved a revenue of 413 million yuan in the first half of 2025, a year-on-year decline of 21.08%, with a net profit loss of 92.39 million yuan, reversing from profit to loss [1] - The pharmaceutical segment's revenue decreased by 24.25%, significantly impacting overall performance, while new ventures in animal health and wellness are still in the investment phase and have not yet contributed to profitability [1] Group 2 - On August 27, 2025, Har Sanlian experienced a net outflow of 38.09 million yuan in principal funds, with a cumulative net outflow of 90.42 million yuan over the past five days [2]

Core Viewpoint - The company has developed a "Quality Improvement and Efficiency Enhancement" action plan for 2025, focusing on enhancing shareholder returns and aligning with national economic policies [1][2]. Group 1: Business Focus and Performance - The company operates as a national high-tech enterprise, integrating research, production, and sales in the pharmaceutical sector, with a diverse product range including specialty APIs, chemical drug formulations, biological drugs, and medical devices [1]. - The company reported a revenue of 1,285.34 million yuan, representing a year-on-year growth of 14.12%, with a net profit attributable to shareholders of 19.51 million yuan after deducting non-recurring gains and losses [2]. Group 2: Dividend Policy and Shareholder Returns - The company emphasizes sharing development results with shareholders and has optimized its profit distribution policy, proposing a cash dividend of 0.089 yuan per share, amounting to a total dividend payout ratio of 30.19% [2][3]. Group 3: Innovation and Core Competitiveness - Innovation is central to the company's strategy, with increased R&D investment and a focus on building a diversified innovation system, resulting in the approval of 8 production batches and 11 invention patents this year [3][4]. Group 4: Investor Communication and Value Transmission - The company prioritizes investor relations, conducting 5 investor communication activities in 2025 to enhance transparency and trust, while actively addressing investor concerns [5]. Group 5: Corporate Governance and Operations - The company adheres to legal regulations and continuously improves its governance structure, ensuring effective supervision and decision-making processes [6]. Group 6: Talent Development and Organizational Vitality - The company places significant importance on talent development, implementing various training programs and performance evaluation mechanisms to enhance employee capabilities and motivation [7].

Financial Overview - The total assets of the company at the end of the reporting period amounted to CNY 2,320,746,040.93, an increase from CNY 2,290,524,143.62 at the beginning of the period, reflecting a growth of approximately 1.32% [1][2][3] - Total liabilities decreased from CNY 776,415,444.06 to CNY 724,223,054.96, representing a decline of about 6.71% [2][3] - The total equity increased from CNY 1,514,108,699.56 to CNY 1,596,522,985.97, indicating a growth of approximately 5.46% [2][3] Revenue and Profitability - The total operating revenue for the first half of 2025 was CNY 957,309,406.16, down from CNY 1,008,128,208.10 in the same period of 2024, marking a decrease of about 5.04% [3][4] - Total operating costs decreased from CNY 897,060,160.66 to CNY 837,453,429.08, a reduction of approximately 6.65% [3][4] - The net profit for the first half of 2025 was CNY 100,293,909.16, compared to CNY 86,792,633.13 in the previous year, reflecting an increase of about 15.25% [4][5] Cash Flow - The net cash flow from operating activities was CNY 23,107,715.29, a decrease from CNY 51,569,414.20 in the previous year [6][7] - Cash and cash equivalents at the end of the period were CNY 562,916,068.85, down from CNY 586,430,669.66 at the beginning of the period [6][7] Expenses - Selling expenses decreased significantly from CNY 121,398,899.05 to CNY 66,029,184.50, a reduction of approximately 45.49% [4][5] - Research and development expenses increased from CNY 9,226,381.24 to CNY 11,833,550.53, reflecting a growth of about 28.38% [4][5] Earnings Per Share - Basic and diluted earnings per share for the first half of 2025 were CNY 0.1683, up from CNY 0.1457 in the same period of 2024, indicating an increase of approximately 15.93% [4][5]

Core Viewpoint - 易明医药's stock closed at 23.35 yuan on August 15, experiencing a decline of 0.15 yuan or 0.64% from the previous trading day [1] Company Performance - For the first half of 2025, 易明医药 reported a revenue of 311 million yuan, representing a year-on-year decrease of 11.52% [1] - The net profit attributable to shareholders was 37.56 million yuan, down 5.27% year-on-year [1] - The company signed a compensation agreement with performance commitment parties, involving an amount of 14.43 million yuan [1] Market Activity - On August 15, the net inflow of main funds into 易明医药 was 19.95 million yuan, accounting for 0.49% of the circulating market value [1] - Over the past five days, the cumulative net inflow of main funds reached 199 million yuan, representing 4.89% of the circulating market value [1]

Core Viewpoint - The company faces significant risks due to its heavy reliance on a major client, Beijing University International Hospital, with the termination of their business cooperation expected to lead to substantial revenue and profit declines starting in mid-2025 [2][4][5]. Business Dependency - Beijing Beiyi Pharmaceutical Co., Ltd. has been the sole provider of procurement, logistics, and distribution services for medical equipment, surgical instruments, and consumables to the International Hospital, with a contract set to expire in May 2025 [3][4]. - The company has not identified alternative business opportunities, which raises concerns about a complete halt in operations and potential layoffs [4][5]. Financial Impact - The anticipated financial impact includes a revenue decrease of approximately 600 million yuan (29.13% of the latest audited revenue) and a net profit reduction of about 40 million yuan (28.99% of the latest audited net profit) from June 2025 to the end of that year [2][4]. - From 2026 onwards, the company may face a revenue drop of around 1.027 billion yuan (49.85% of the latest audited revenue) and a net profit decline of approximately 68.69 million yuan (49.78% of the latest audited net profit) [2][4]. Transition Efforts - The company is actively exploring new directions for the transformation of Beiyi Pharmaceutical to mitigate the impact of the business termination, although the success of this transition remains uncertain [5]. - If the company fails to find a viable transformation path, it may face further operational challenges and potential shutdown [5]. Historical Context - The company has undergone several name changes and has a history of significant financial fluctuations, with net profits reported at 55.61 million yuan in 2022, 44.36 million yuan in 2023, and 137.99 million yuan in 2024 [6][8]. - As of March 31, 2025, the company reported a total revenue of approximately 502.36 million yuan, with a slight growth rate of 1.70% [8].

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].