Following the completion of its restructuring, Jingfeng Pharmaceutical has officially entered the "CSPC PHARMA era." On March 18, Hunan Jingfeng Pharmaceutical Co., Ltd. announced that the company's restructuring plan has been fully executed. The controlling shareholder has been changed to CSPC Holding Group Co., Ltd., and the actual controller is now Cai Dongchen, Chairman of CSPC Holding Group.

Jingfeng Pharmaceutical's story began in 1998. Originally named Hunan Tianyi Pump Industry Co., Ltd., it listed on the Shenzhen Stock Exchange as early as 1999. In 2015, the company refocused its business on pharmaceuticals and officially changed its name to Hunan Jingfeng Pharmaceutical Co., Ltd. However, in 2024, this pharmaceutical veteran embarked on a restructuring journey. The total investment for this restructuring was approximately 2.061 billion yuan, with CSPC Holding Group acquiring a 26% stake in Jingfeng Pharmaceutical for 663 million yuan, making it the largest shareholder.

Consequently, CSPC's capital portfolio has expanded, now encompassing three listed companies: CSPC PHARMA (H-shares, market cap HKD 103.587 billion), CSPC Innovation (A-shares, market cap RMB 45.172 billion), and Jingfeng Pharmaceutical (A-shares, market cap RMB 10.804 billion), with a combined total market capitalization of approximately RMB 147.1 billion.

Simultaneously, Jingfeng Pharmaceutical is progressing with its name change and board renewal. On March 17, Jingfeng Pharmaceutical announced its intention to change its name to CSPC Jingfeng Pharmaceutical Co., Ltd. Following the name change, the company's registered capital increased from 879 million yuan to 1.76 billion yuan, and the number of issued shares rose to approximately 1.76 billion.

On the same day, Jingfeng Pharmaceutical held its 46th meeting of the eighth board of directors, reviewing and passing proposals related to nominating candidates for the ninth board of directors. Public information shows that among the six non-independent director candidates, three have affiliations with CSPC. Zhang Yiwei currently serves as Executive Director and Executive President of CSPC PHARMA, responsible for securities affairs, and concurrently holds the position of Executive President at CSPC Holding Group, focusing on equity financing, debt financing, and mergers and acquisitions for listed companies. The other two are also from CSPC: one is Liu Shulin, currently Executive Director and General Manager of Shanghai Jingfeng Pharmaceutical, who previously served as Vice President of CSPC Holding Group and President of its First Manufacturing Center; the other is Ma Xuehong, CFO of Jingfeng Pharmaceutical, who previously held positions including CFO of CSPC PHARMA Ouyi Pharmaceutical, Senior Director of the Asset Management Center at CSPC Holding Group, and Deputy General Manager of CSPC PHARMA Zhongcheng Pharmaceutical.

The successive changes at Jingfeng Pharmaceutical have elicited strong reactions in the capital market. During the preliminary restructuring phase, the stock became the top gainer in the 2024 A-share market. As the restructuring concluded, the stock's closing price saw cumulative gains of 16.87% over three consecutive trading days on March 11, 12, and 13, 2026; and further cumulative gains of 12.02% over two consecutive trading days on March 16 and 17. Now, this two-year restructuring saga at Jingfeng Pharmaceutical officially enters its next chapter.

The critical phase of business integration is about to commence. Can CSPC PHARMA and Jingfeng Pharmaceutical achieve a win-win outcome? From a performance perspective, CSPC PHARMA's profit growth began to slow in 2023. Its net profit attributable to shareholders for the first three quarters of 2023, 2024, and 2025 were RMB 6.438 billion (down 3.58%), RMB 4.588 billion (down 26.31%), and RMB 3.511 billion (down 7.1%), respectively. Meanwhile, CSPC Innovation reported its first loss in 2025, approximately RMB 241 million.

On the other hand, Jingfeng Pharmaceutical recently disclosed its 2025 performance forecast, estimating a net loss attributable to shareholders between RMB 60 million and RMB 90 million, with revenue projected between RMB 360 million and RMB 420 million.

CSPC Holding Group Chairman Cai Dongchen personally oversaw this restructuring, indicating high expectations for Jingfeng Pharmaceutical. In 2025, CSPC PHARMA's six core product lines—nervous system, anti-tumor, anti-infective, cardiovascular, respiratory system, and digestive/metabolic—all faced revenue pressure. Jingfeng Pharmaceutical's core products are concentrated in three key areas: cardiovascular and cerebrovascular diseases, orthopedics, and anti-tumor, which highly overlap with CSPC's product lines, suggesting potential for synergistic effects.

In the cardiovascular and cerebrovascular sector, Jingfeng Pharmaceutical will establish a cardiovascular sales department, focusing on products like Xinnaoning Capsules. It plans to conduct research on precisely intervening in the post-acute coronary syndrome state combined with residual carotid plaque risk, aiming to expand related indications. This undoubtedly adds a key player to CSPC's cardiovascular division.

In the anti-tumor field, specifically the elemene market, Jingfeng Pharmaceutical (55.79% market share) and CSPC PHARMA (44.21% market share) previously competed closely. Post-restructuring, CSPC PHARMA can achieve comprehensive control over the elemene market. Jingfeng Pharmaceutical has indicated plans to expand the application scope of elemene in anti-tumor treatments and other disease areas.

The orthopedic sector also holds significant potential. CSPC PHARMA possesses treatments for osteoporosis, including Alendronate Sodium Tablets and Alendronate Sodium and Vitamin D3 Tablets, as well as a novel drug. In the future, Jingfeng Pharmaceutical's resources in the orthopedic market could assist CSPC PHARMA in tapping into greater growth opportunities. Concurrently, Jingfeng Pharmaceutical's cross-linked sodium hyaluronate injection, a Class 1 NMPA new drug for orthopedics, is set to initiate Phase III clinical studies.

While integrating existing business foundations, both parties are also poised to jointly target the high-growth sector of innovative biologics. Starting in the second half of 2025, CSPC PHARMA has been continuously increasing its investments in the biologics sector. Jingfeng Pharmaceutical's entry timely provides a crucial piece of the puzzle—its location in Changde, Hunan, hosts Asia's largest production and export base for steroid APIs and intermediates, and the nation's largest enzyme preparation production and export base, offering mature supporting infrastructure for biopharmaceuticals. Jingfeng Pharmaceutical itself has established R&D platforms including a biologics development technology platform, a macromolecular cross-linking technology platform, a nano-dispersion DDS platform, a MUPS OSD platform, and a pre-filled syringe industrialization platform. For CSPC, this means not only gaining production capacity support but also directly acquiring an innovative drug R&D system.

The name change and management reshuffle are merely the prelude. The true test of business integration between CSPC PHARMA and Jingfeng Pharmaceutical is just beginning.