Core Viewpoint - The rapid development of the private equity investment sector has led to A-share listed companies engaging in various forms of private equity investments to discover and incubate quality targets within their industry and supply chains, while also expanding their investment paths. CVC funds led by listed companies have become a crucial force in the private equity market, but they face scrutiny due to potential conflicts of interest and regulatory restrictions, particularly after the implementation of the "Private Investment Fund Registration and Filing Measures" on May 1, 2023 [1][14]. Pathways for Establishing Private Fund Managers - A total of 16 private fund managers related to A-share listed companies have been approved by the Asset Management Association of China (AMAC) from May 1, 2023, to May 1, 2025. These include 1 wholly-owned subsidiary, 4 controlled by listed companies, 10 directly or indirectly invested by listed companies, and 1 established by the actual controller of a listed company [2]. Pathway One: Wholly Owned Establishment - Listed companies can establish private fund managers wholly owned by themselves. This pathway is subject to strict regulatory scrutiny due to the potential classification as "quasi-financial" businesses [3][6]. Pathway Two: Controlling Establishment - Listed companies can also establish controlling private fund managers where they hold more than 50% of the shares. However, this pathway has seen limited success due to regulatory concerns, with only 4 such managers registered since the new regulations [3][4]. Pathway Three: Joint Establishment with Third Parties - This pathway involves listed companies partnering with third parties to establish private fund managers, where the listed company acts as a financial or strategic investor. This has proven to be a more viable option, with 10 managers established under this model since the new regulations [4][5]. Pathway Four: Establishment by Actual Controllers - Actual controllers of listed companies can establish private fund managers directly. This pathway is less restricted, provided that the listed company does not directly invest in the fund manager [6][10]. Compliance Points for Each Pathway - Pathways one and two face stricter regulatory requirements due to the direct control by listed companies, necessitating good financial health and adherence to internal decision-making and disclosure procedures [7][8]. - Pathway three requires careful attention to the legitimacy of the investment purpose and compliance with disclosure obligations, especially regarding related party transactions [10][11]. - Pathway four mandates that the actual controller disclose their relationship with the fund manager and comply with related party transaction regulations if the listed company invests in the fund [12][13]. Risk Prevention Measures - Listed companies and their affiliates must be vigilant against risks such as insider trading, conflicts of interest, and the misuse of non-public information. Establishing robust internal controls and compliance mechanisms is essential to mitigate these risks [12][13]. Conclusion - The article summarizes four pathways for listed companies to establish private fund managers, highlighting the regulatory landscape and compliance requirements. The core controversy revolves around the "quasi-financial" risks associated with these activities, emphasizing the need for a balance between industrial investment demands and financial regulatory boundaries. Future policies may exhibit flexibility, recognizing the value of supporting the real economy while preventing unchecked capital expansion [14].

Group 1 - The company has returned all idle raised funds amounting to 180 million yuan to its special account for raised funds, as approved by the board of directors [1][2] - The funds were temporarily used to supplement the company's liquidity for a period not exceeding 12 months [1] - The company has notified the sponsor institution, Guojin Securities Co., Ltd., regarding the return of the funds [1] Group 2 - The company will begin paying interest on its convertible bonds, "Run Da Convertible Bonds," starting from June 17, 2025, for the period from June 17, 2024, to June 16, 2025 [3][4] - The interest payment amount for each bond with a face value of 100 yuan will be 1.80 yuan (including tax) [11][14] - The bond's interest rate for the fifth year is set at 1.8% [11][14] Group 3 - The bond's record date for interest payment is June 16, 2025, and the ex-dividend date is June 17, 2025 [5][15] - The total issuance scale of the convertible bonds is 550 million yuan, with a total of 5.5 million bonds issued [6] - The initial conversion price of the bonds has been adjusted to 13.00 yuan per share as of July 19, 2024, due to profit distribution [10]

上海润达医疗科技股份有限公司（以下简称"公司"）于2024年6月27日召开 了第五届董事会第十四次会议和第五届监事会第十次会议审议通过了《关于使用 闲置募集资金暂时补充流动资金的议案》，同意公司使用闲置募集资金不超过 18,000万元暂时补充流动资金，使用期限自董事会审议批准之日起不超过12个月。 有关详情见公司于2024年6月28日披露的《使用闲置募集资金暂时补充流动资金 的公告》（公告编号：临2024-029）。 截至本公告披露日，公司已将上述用于临时补充公司流动资金的募集资金 18,000万元全部归还至公司募集资金专用账户，并将上述募集资金的归还情况通 知了保荐机构国金证券股份有限公司及保荐代表人。 特此公告。 2025 年 6 月 9 日 关于归还用于暂时补充流动资金的闲置募集资金的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 上海润达医疗科技股份有限公司 | 证券代码：603108 | 证券简称：润达医疗 | 公告编号：临 2025-026 | | --- | --- | --- | | 转债代码：11358 ...

公开发行的可转换公司债券（以下简称"润达转债"或"本期债券"）将于 2025 年 6 月 17 日开始支付自 2024 年 6 月 17 日至 2025 年 6 月 16 日期间的利息。根 据《上海润达医疗科技股份有限公司公开发行可转换公司债券募集说明书》（以 下简称"《募集说明书》"）相关条款的规定，现将相关事项公告如下： 一、可转债发行上市概况 （一）债券名称：上海润达医疗科技股份有限公司可转换公司债券 （七）票面金额和发行价格：每张面值为人民币 100 元，按面值发行。 证券代码：603108 证券简称：润达医疗 公告编号：临 2025-027 转债代码：113588 转债简称：润达转债 上海润达医疗科技股份有限公司 关于"润达转债"2025 年付息公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 可转债付息债权登记日：2025 年 6 月 16 日 ● 可转债除息日：2025 年 6 月 17 日 ● 可转债兑息日：2025 年 6 月 17 日 上海润达医疗科技股份有限公司（以下简称"公司"） ...

| 证券代码：603108 | 证券简称：润达医疗 | 公告编号：临 2025-027 | | --- | --- | --- | | 转债代码：113588 | 转债简称：润达转债 | | 上海润达医疗科技股份有限公司 关于"润达转债"2025 年付息公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 ● 可转债付息债权登记日：2025 年 6 月 16 日 ● 可转债除息日：2025 年 6 月 17 日 ● 可转债兑息日：2025 年 6 月 17 日 （一）债券名称：上海润达医疗科技股份有限公司可转换公司债券 （二）债券简称：润达转债 （三）债券代码：113588 （四）债券类型：可转换为公司 A 股股票的可转换公司债券 （五）发行规模：人民币 55,000 万元 （六）发行数量：5,500,000 手（550,000 张） （七）票面金额和发行价格：每张面值为人民币 100 元，按面值发行。 （八）债券期限：本次发行的可转换公司债券的期限为自发行之日起 6 年， 即 2020 年 6 月 17 日至 2026 年 ...

Core Viewpoint - Jinan Runda Biotechnology Co., Ltd. was fined 600,000 yuan for commercial bribery related to the sale of automatic coagulation analyzers and associated consumables [1][4]. Company Summary - Jinan Runda was found to have engaged in commercial bribery by selling automatic coagulation analyzers and related consumables at low prices to hospitals, thereby gaining more trading opportunities [1][3]. - The company was established in 2014, with a registered capital of 50.5 million yuan, and is primarily owned by Shanghai Runda Medical Technology Co., Ltd., which holds a 70% stake [5]. - The legal representative of Jinan Runda is Li Jie [5]. Parent Company Summary - Shanghai Runda Medical Technology Co., Ltd. was founded in 1999 and went public in 2015. As of March 10, 2025, the largest shareholder is Hangzhou Gongshu District State-owned Investment Group Co., Ltd., holding 19.22% [6]. - Runda Medical acknowledged the commercial bribery incident and stated that it is cooperating with regulatory authorities for investigation and corrective actions [6]. - The company is involved in the IVD (in vitro diagnostics) distribution and service industry, providing diagnostic products and technical support to medical laboratories [6]. Financial Performance - Runda Medical's performance has declined significantly in recent years. In 2024, the company reported revenue of 8.312 billion yuan, a decrease of 9.13% year-on-year, and net profit dropped from 273 million yuan to 55 million yuan, a decline of 79.77% [6][8]. - In the first quarter of 2025, the company reported revenue of 1.662 billion yuan, down 19.81% year-on-year, and a net loss of 69 million yuan, marking a 406.40% decline [8][9]. - The company's total expenses (sales, management, and financial) reached 1.634 billion yuan in 2024, accounting for 19.66% of revenue, an increase of 0.62 percentage points year-on-year [8].

| 证券代码：603108 | 证券简称：润达医疗 | 公告编号：临 2025-025 | | --- | --- | --- | | 转债代码：113588 | 转债简称：润达转债 | | 上海润达医疗科技股份有限公司 关于上月为子公司担保的进展情况公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、担保情况概述 （一）为支持上海润达医疗科技股份有限公司（以下简称"公司"）全 资及控股子公司的发展，解决其流动资金短缺问题，经公司董事会及 2024 年度股东大会审议通过：自 2025 年 5 月 27 日至 2025 年度股东大会召开之 日期间，为公司全资及控股子公司向（类）金融机构申请总额不超过人民币 422,100 万元的授信额度提供连带责任保证担保，控股子公司其他股东提供 对等担保或为公司提供足额反担保，公司实际承担出资比例对应的担保金额。 被担保人名称：六家全资子公司：杭州润达、惠中医疗、润达供应链杭 州、中鼎达科、青岛益信、惠中诊断；七家控股子公司：合肥润达、云 南康泰、合肥三立、润达榕嘉、杭州 ...

上海泽昌律师事务所 关于上海润达医疗科技股份有限公司 2024年年度股东大会的 法律意见书 上海市浦东新区世纪大道 1589 号长泰国际金融大厦 11 层 电话：021-61913137 传真：021-61913139 邮编：200122 二〇二五年五月 上海泽昌律师事务所 法律意见书 上海泽昌律师事务所 关于上海润达医疗科技股份有限公司 2024 年年度股东大会的 法律意见书 泽昌证字 2025-01-12-01 致：上海润达医疗科技股份有限公司 另，鉴于新《公司法》已于 2024 年 7 月 1 日生效、《上市公司股东会规则》 （证监会公告〔2025〕7 号）已于 2025 年 3 月 28 日生效，"股东大会"已改称 "股东会"，但为与公司发布的公告保持一致，本次仍称"股东大会"。 1 上海泽昌律师事务所 法律意见书 一、本次股东大会召集人资格及召集、召开的程序 （一）本次会议的召集 经核查，公司本次股东大会是由 2025 年 4 月 24 日召开的公司第五届董事会 第二十次会议决定召集的。公司已于 2025 年 4 月 26 日在《中国证券报》《上海 证券报》《证券日报》《证券时报》和上海证券交易所网 ...

| 证券代码：603108 | 证券简称：润达医疗 | 公告编号：临 2025-024 | | --- | --- | --- | | 转债代码：113588 | 转债简称：润达转债 | | 上海润达医疗科技股份有限公司 2024年年度股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 5 月 27 日 (二)股东大会召开的地点：上海市虹口区乍浦路 89 号星荟中心 1 座 8 楼 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 757 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 204,286,831 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 33.8413 | | 份总数的比例（%） | | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 表决情况： ...

Core Viewpoint - The China Securities Index for Food and Major Consumer Goods Retail has shown a decline in performance over various time frames, indicating potential challenges in the sector [1][2]. Group 1: Index Performance - The China Securities Index for Food and Major Consumer Goods Retail is currently at 9719.75 points, having decreased by 0.13% over the past month, 2.88% over the past three months, and 4.47% year-to-date [1]. - The index is based on a sample of listed companies in the food and drug retail sector, reflecting the overall performance of these securities [1]. Group 2: Index Composition - The top ten weighted companies in the index include Yonghui Supermarket (6.96%), Digital China (6.48%), Shanghai Pharmaceuticals (6.14%), Yifeng Pharmacy (4.97%), and others, indicating a concentration in a few key players [1]. - The index is primarily composed of companies listed on the Shanghai Stock Exchange (55.91%) and Shenzhen Stock Exchange (44.09%) [1]. Group 3: Industry Breakdown - The industry composition of the index shows that pharmaceutical commerce accounts for 48.65%, specialized retail for 19.84%, department stores for 16.99%, and supermarkets and convenience stores for 14.52% [2]. - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2].