Sanli Pharmaceutical's low-price "bargain hunting" of 16 mature drug varieties? Impairment of goodwill reaching 130 million yuan behind performance pressure

Ask AI · Why is Sanli Pharmaceutical under performance pressure and acquiring 16 drug approvals at low prices?

Daily Economic News Reporter: Chen Xing Daily Editor: Xu Shaohang

On April 1st, Sanli Pharmaceutical (SH603439, stock price 11.34 yuan, market value 4.14B yuan) announced that the company signed a “Transfer Agreement of Drug Marketing Authorization Holders” with Guizhou Hanfang Pharmaceutical Co., Ltd. Hanfang Pharmaceutical transferred its holdings of 16 drug marketing approvals, including cisplatin sodium chloride injection, and related rights to Sanli Pharmaceutical, for a transfer fee (including tax) of only 2 million yuan.

According to the announcement, cisplatin sodium chloride injection was explicitly identified as the “core product” in this transfer. From a market size perspective, cisplatin injection belongs to a mature and stable product. According to a February announcement by Fosun Pharma, in 2024, the sales of cisplatin injection within China are approximately 165 million RMB (this sales figure does not include Hong Kong, Macau, and Taiwan regions of China).

2 million yuan for 16 drugs: cisplatin sodium chloride injection as core—“Lucking” or “Taking Over”?

According to the announcement, cisplatin sodium chloride injection was explicitly identified as the “core product” in this transfer. This “1+15” transaction structure means that Sanli Pharmaceutical paid only 2 million yuan for the cisplatin sodium chloride injection, while the other 15 products were essentially “bundled as a gift.”

Public information shows that cisplatin sodium chloride injection is a broad-spectrum anti-tumor chemotherapy drug, belonging to the first-generation platinum drugs, widely used for small cell lung cancer, non-small cell lung cancer, testicular cancer, ovarian cancer, cervical cancer, and other solid tumors. This drug has been included in the “National Basic Medical Insurance Drug List” (Category B) and the “National Essential Medicines List,” making it a commonly used “cornerstone” anti-tumor medication.

From a market size perspective, cisplatin injection is a mature and stable product. According to a February announcement by Fosun Pharma, the latest IQVIA CHPA data shows that in 2024, sales of cisplatin injection within China are approximately 165 million RMB (excluding Hong Kong, Macau, and Taiwan). Despite facing competition from second- and third-generation platinum drugs like carboplatin and oxaliplatin, as well as market share being divided by targeted therapies and immunotherapies, its status as a classic chemotherapy drug remains solid.

In terms of competitive landscape, the production process of cisplatin sodium chloride injection is mature, with many domestic companies holding production approvals, leading to intense market competition. Under the normalcy of drug procurement, the prices and profit margins of such mature generics have been significantly compressed.

From the acquirer’s perspective, Sanli Pharmaceutical obtained 16 drug approvals at extremely low cost, quickly entering the tumor treatment field and enriching its product pipeline.

Sanli Pharmaceutical’s performance plunges: net profit forecast down over 80%, goodwill impairment becomes “performance killer”

Sanli Pharmaceutical’s performance in 2025 looks bleak.

According to the company’s earnings forecast, Sanli Pharmaceutical expects to achieve a net profit attributable to the parent company of 36 million to 52 million yuan in 2025, a decrease of 81.02% to 86.86% compared to 274 million yuan in the same period last year. After deducting non-recurring gains and losses, the net profit is expected to be 23 million to 34 million yuan, a year-on-year decrease of 87.31% to 91.42%.

The company’s core product is the children’s version of the Kaitoujian spray. In 2024, the respiratory system medications contributed nearly 1.46B yuan in revenue, accounting for 67.83% of the company’s operating income.

However, in 2025, this product faced challenges. According to the mid-year report for 2025, due to the weakening of the epidemic of respiratory infections, the overall demand for respiratory-related medicines shrank, leading to a decrease in sales of the core product Kaitoujian spray (including the children’s version).

The most direct reason for the sharp decline in net profit in 2025 is a goodwill impairment provision of 130 million yuan.

This goodwill originated from the company’s acquisition of Hanfang Pharmaceutical in 2023. Although the names are similar, Hanfang Pharmaceutical and the transferor Hanfang Pharmaceutical are two different companies. In 2023, Sanli Pharmaceutical acquired a controlling stake in Hanfang Pharmaceutical, holding 75.90% (later increased to 98.80%), which resulted in goodwill of about 335 million yuan.

However, Hanfang Pharmaceutical, which was expected to perform well, failed to deliver satisfactory results in 2025. According to the announcement, due to slowed market demand for Hanfang Pharmaceutical’s products and intensified industry competition, its performance declined significantly year-on-year. Based on prudence, the company estimated a goodwill impairment of about 130 million yuan, and this large one-time impairment severely impacted current profits.

Daily Economic News