Core Viewpoint - ST Jingfeng's capital fate has reached a critical turning point as the Hunan Changde Intermediate People's Court has officially accepted creditors' restructuring applications, marking a significant step in the company's efforts to survive amidst financial difficulties [2][8]. Group 1: Company Background and Financial Performance - ST Jingfeng, originally a subsidiary of Yibai Pharmaceutical, once thrived with peak sales exceeding 1 billion yuan, particularly driven by its core product, the Ginkgo Biloba Glucose Injection [3]. - The company experienced a dramatic decline in revenue starting in 2019, with a nearly 50% drop in operating income and over 70% decline in injection product revenue, leading to continuous losses over five years [5]. - Cumulatively, from 2019 to 2023, ST Jingfeng reported losses of nearly 2.4 billion yuan, with a skyrocketing asset-liability ratio of 114.49% by the end of 2023, indicating a severe liquidity crisis [6]. Group 2: Stock Market Performance - Despite its poor financial performance, ST Jingfeng's stock exhibited extreme volatility, achieving 46 trading limits in 54 days from July 2 to September 13, 2024, with a cumulative increase of over 500% during this period [7][8]. Group 3: Restructuring Process - The court's acceptance of the restructuring application signifies the transition from a year-long pre-restructuring phase to a substantive restructuring process, making ST Jingfeng the seventh A-share company to receive a restructuring approval in 2024 [8]. - The restructuring plan involves Shiyao Group investing 526 million yuan for controlling stakes, with an additional 122 million yuan from a local state-owned platform, totaling 648 million yuan [9]. Group 4: Strategic Implications for Shiyao Group - Shiyao Group's involvement as the lead investor in the restructuring is pivotal, as it aims to enhance its oncology product pipeline, which has faced declining sales in recent years [10][11]. - The acquisition of ST Jingfeng's assets, particularly in the field of anti-tumor plant drugs, is expected to fill gaps in Shiyao Group's product matrix and strengthen its market position [11][12].

Core Viewpoint - Hunan Jingfeng Pharmaceutical Co., Ltd. plans to engage in daily related transactions with Dalian Huali Jinkang Pharmaceutical Co., Ltd. in 2025, with an estimated transaction amount not exceeding 16 million RMB (including tax) [1][2][26]. Group 1: Daily Related Transactions Overview - The company’s subsidiary, Dalian Dezhe Pharmaceutical Co., Ltd., intends to conduct sales and procurement transactions with Dalian Jinkang, with the total expected amount for daily related transactions being 16 million RMB [1][2]. - The independent directors unanimously approved the proposal for these transactions, which were subsequently submitted to the board for review [1][9]. Group 2: Related Party and Relationship - Dalian Huali Jinkang Pharmaceutical Co., Ltd. is a wholly-owned subsidiary of Changde Jingze Pharmaceutical Technology Co., Ltd., which is controlled by Shiyao Group [3][19]. - The actual controller of Dalian Jinkang is Mr. Cai Dongchen, and the company has a registered capital of 8.88 million RMB [3][19]. Group 3: Financial Data and Performance - The expected amount for the daily related transactions with Dalian Jinkang is 16 million RMB, while the amount for asset purchases from Dalian Jinkang is 11.6861 million RMB [2][16]. - Dalian Jinkang is not listed as a dishonest executor, indicating good creditworthiness [4][19]. Group 4: Transaction Pricing Principles - The company adheres to fair, just, and reasonable pricing principles for related transactions, basing prices on market conditions and similar transactions [5][8]. - The pricing for the asset transfer is set at 11.6861 million RMB, which is deemed fair and reasonable [22][25]. Group 5: Purpose and Impact of Transactions - The transactions are aligned with the company's operational needs and are expected to facilitate business development without harming the interests of the company or its shareholders [8][25]. - The acquisition of assets from Dalian Jinkang is anticipated to positively impact the company's financial status and operational results [25][27]. Group 6: Independent Directors' Review - The independent directors conducted a thorough review of the related transactions, concluding that they comply with legal regulations and do not harm the interests of non-related shareholders [9][27]. - The independent directors supported the proposal for the asset purchase and daily related transactions, emphasizing their alignment with the company's long-term development strategy [27][34].