China Resources Pharmaceutical Group's exit from Tianma Biotech's equity may be due to an underperformance in core research and development.

According to a report from 21st Century Business Herald, China Resources Pharmaceutical announced that it will sell its 23.75% stake in Tianmai Biology for a total of 1.93 billion yuan, officially withdrawing from the company. This exit is believed to be related to the slower-than-expected progress in the research and development of Tianmai Biology's core product, oral insulin. Tianmai Biology's oral insulin product faced setbacks as it failed to pass the registration approval of the Chinese Food and Drug Administration. In addition, the development of oral insulin on a global scale has been facing technical bottlenecks, leading to unclear market prospects in this field. In the field of diabetes treatment, emerging GLP-1 drugs have become a market hotspot, and China Resources Pharmaceutical has chosen to focus on this emerging field and optimize its asset layout. For Tianmai Biology, losing China Resources Pharmaceutical as a major shareholder has brought uncertainty to its future development.