Core Viewpoint - Nanjing New Pharmaceutical Co., Ltd. has announced multiple delays in its fundraising projects, particularly the "Marketing Channel Network Upgrade Project," which has been postponed to December 31, 2026, indicating ongoing challenges in project execution and market competition [1][3][4]. Group 1: Project Delays - The "Marketing Channel Network Upgrade Project" was initially set to be operational by June 30, 2025, but has now been delayed by an additional 18 months [1][3]. - The project aims to establish 8 new offices and upgrade 22 existing ones, with a total investment of 120 million yuan [2]. - The delays are attributed to macroeconomic conditions, industry policies, and a reduced need for new offices due to strategic adjustments [3][4]. Group 2: Termination of Projects - The company has terminated the "Palivizumab Dry Powder Inhalation Project" and redirected the remaining funds of 43.97 million yuan to the "Palivizumab Inhalation Solution Project" [4][5]. - The "Palivizumab Inhalation Solution Project" has also been delayed to December 31, 2026, with an increased funding allocation of 214 million yuan [4][6]. Group 3: Financial Performance - Nanjing New Pharmaceutical has faced significant financial challenges, with revenues declining from 1.03 billion yuan in 2020 to 263 million yuan in 2024, representing a decrease of over 70% [8]. - The company has reported net losses in all years since its IPO, except for the first year, with a net profit of 128 million yuan in 2020 turning into a loss of 357 million yuan in 2024 [8]. - In Q1 2025, the company reported a revenue drop of 70.21% year-on-year, primarily due to lower market demand for antiviral products and price reductions [8]. Group 4: Market Strategy - The company has adopted a price reduction strategy to maintain market share in the competitive antiviral market, with a 43.51% price cut on its core product, Palivizumab, in 2023 [7]. - Despite these efforts, the declining sales and increased competition have not improved the company's financial situation [7][8].