*ST景峰重整启幕：石药入主背后的多重风险与待解难题

新浪证券10-24

ST景峰于10月21日正式进入司法重整程序，成为年内第七家拿到“重整路条”的A股公司。尽管石药集团携5.26亿元现金入主、常德国资跟投1.22亿元，为这家深陷泥潭的药企带来一线生机，但其背后潜藏的经营、财务、治理与整合风险仍不容忽视。　　财务黑洞持续，持续经营能力存疑　　尽管ST景峰在2024年末通过债务豁免实现净资产“转正”，暂时规避了退市风险，但其扣非净利润仍亏损7611.79万元，...

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href=https://finance.sina.com.cn/stock/aigcy/2025-10-24/doc-infuyrfq6936780.shtml><strong>新浪证券</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>ST景峰于10月21日正式进入司法重整程序，成为年内第七家拿到“重整路条”的A股公司。尽管石药集团携5.26亿元现金入主、常德国资跟投1.22亿元，为这家深陷泥潭的药企带来一线生机，但其背后潜藏的经营、财务、治理与整合风险仍不容忽视。\n　　财务黑洞持续，持续经营能力存疑\n　　尽管ST景峰在2024年末通过债务豁免实现净资产“转正”，暂时规避了退市风险，但其扣非净利润仍亏损7611.79万元，...</p>\n\n<a 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entry","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"01093":1.5,"000908":1.5},"content_text":"ST景峰于10月21日正式进入司法重整程序，成为年内第七家拿到“重整路条”的A股公司。尽管石药集团携5.26亿元现金入主、常德国资跟投1.22亿元，为这家深陷泥潭的药企带来一线生机，但其背后潜藏的经营、财务、治理与整合风险仍不容忽视。\n　　财务黑洞持续，持续经营能力存疑\n　　尽管ST景峰在2024年末通过债务豁免实现净资产“转正”，暂时规避了退市风险，但其扣非净利润仍亏损7611.79万元，资产负债率高达101.61%，显示其偿债能力并未根本改善。\n　　更严峻的是，公司自2019年起连续五年亏损，累计归母净利润亏损近24亿元，流动性危机频发，甚至因无力支付188万元货款被申请破产预重整。即便完成重整，若主业无法复苏，公司仍可能再度陷入资不抵债的困境。\n　　重整执行仍存不确定性\n　　尽管法院已裁定受理重整，但后续仍面临多重关卡：\n　　重整方案落地难度大：石药虽已提交预重整方案，但最终能否顺利执行、债权人是否支持、资产如何剥离与注入，均存在变数；\n　　资产整合挑战：ST景峰旗下核心资产大连德泽及其子公司金港药业虽在榄香烯类药品中具备优势，但其生产线、专利、厂房等资产的复工复产进度缓慢，近期才以“友情价”回购相关资产，恢复经营尚需时间；\n　　治理结构动荡：石药系高管已进驻董事会并掌控关键岗位，创始人叶湘武退出，新旧管理团队的融合与文化冲突可能影响公司稳定运营。\n　　主业萎缩与产品结构单一风险\n　　ST景峰曾依靠中药注射剂业务风光一时，但自2019年核心产品未能进入国家医保目录后，收入断崖式下跌，注射剂业务收入下滑超70%。公司至今未能建立起替代性产品线，业务结构单一、抗风险能力弱的问题依然突出。\n　　即便石药入主后注入资源，其原有业务能否在集采、医保控费等政策压力下重振，仍是未知数。\n　　资产处置与关联交易隐忧\n　　在重整前夕，ST景峰子公司大连德泽通过利润分配、减资、资产回购等一系列操作，将部分资金回流至股东层面。尽管在会计处理上不影响合并报表，但这些操作是否公允、是否存在利益输送、是否损害上市公司整体利益，仍值得市场警惕。\n　　结语：重整不是终点，而是风险的开始\n　　对ST景峰而言，拿到“重整路条”只是保壳战役的起点。石药集团的入主虽带来资本与资源，但公司仍面临业务复苏、债务化解、治理整合、市场信任重建等多重挑战。若不能从根本上扭转经营颓势、夯实资产质量，即便摘星脱帽，也难言真正“起死回生”。\n　　本文结合AI工具生成\n\n\n\n海量资讯、精准解读，尽在新浪财经APP\n\n责任编辑：AI观察员","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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