Group 1 - The SPD sector of the medical consumables supply chain increased by 0.24% compared to the previous trading day, with HeFu China leading the gains [1] - The Shanghai Composite Index closed at 4075.92, down 0.64%, while the Shenzhen Component Index closed at 13952.71, down 1.44% [1] - HeFu China saw a closing price of 19.69, with a rise of 6.72% and a trading volume of 699,400 shares, amounting to a transaction value of 1.354 billion yuan [1] Group 2 - The SPD sector experienced a net outflow of 8.4667 million yuan from institutional funds, while retail funds saw a net outflow of 7.3756 million yuan [2] - The top individual stocks in terms of net inflow included HeFu China with a net inflow of 109 million yuan from institutional investors [3] - The stock with the highest retail net inflow was HeFu China, despite a significant net outflow from institutional and retail investors [3]

Core Viewpoint - The long-term procurement agreement between HeFu China and Mingji Hospital has attracted market attention, leading to regulatory scrutiny from the Shanghai Stock Exchange regarding the implications of such agreements on the company's business model and industry practices [1][3]. Group 1: Agreement Details - HeFu China signed a long-term procurement agreement with Mingji Hospital for the purchase of in vitro diagnostic reagents and consumables, with a total procurement amount of no less than 600 million yuan over 96 months, equating to an eight-year contract duration [1]. - The company stated that the annual procurement amount from Mingji Hospital is expected to be less than 10% of its annual revenue, indicating minimal impact on the company's overall performance [1][2]. Group 2: Regulatory Response - The Shanghai Stock Exchange issued a regulatory letter to HeFu China, requesting clarification on the commercial rationale behind the long-term agreement, its alignment with industry norms, and the replicability of such agreements [1][3]. - HeFu China responded that the minimum procurement amount aligns with past purchasing patterns from Mingji Hospital and is significantly lower than the hospital's total procurement of drugs and medical consumables during the same period [2]. Group 3: Risks and Challenges - The agreement includes a minimum procurement obligation, with penalties for non-compliance; however, it also allows for negotiations if the minimum is not met due to reasons beyond the hospital's control, raising questions about the enforceability of the minimum commitment [2][3]. - HeFu China is facing pressure from a projected net loss of 25 to 36 million yuan, attributed to price declines in the in vitro diagnostic sector and fluctuations in order volumes due to centralized procurement policies [3]. Group 4: Market Performance - HeFu China's stock experienced a significant increase of 342.92% from October 27 to December 19 last year, becoming a market star, but has since seen a decline of nearly 40% from its peak as of February 4 [4].

Core Viewpoint - Recently, Hefei China (603122) signed a long-term procurement agreement with Nanjing Mingji Hospital and Suzhou Mingji Hospital, which has attracted market attention and led to regulatory scrutiny from the Shanghai Stock Exchange [1][3]. Group 1: Agreement Details - The long-term procurement agreement stipulates that Mingji Hospital will purchase in vitro diagnostic reagents and consumables from the company, with a total procurement amount of no less than 600 million yuan over a period of 96 months [1]. - The company expects that the annual procurement amount from Mingji Hospital will be less than 10% of its annual revenue, indicating minimal impact on the company's overall performance [3]. Group 2: Regulatory Response - The Shanghai Stock Exchange issued a regulatory letter to Hefei China, requesting clarification on the business model, industry competition environment, and the commercial rationale behind the long-term agreement [3]. - Hefei China responded that the minimum procurement amount aligns with Mingji Hospital's past purchasing scale and is significantly lower than its total procurement of drugs and medical consumables during the same period [3]. Group 3: Contractual Obligations - The agreement includes a minimum procurement amount of 600 million yuan, with Mingji Hospital obligated to compensate if the total procurement does not meet this amount, although there are provisions for negotiation in case of non-party-related reasons for not meeting the minimum [4]. - The company indicated that it would review the execution of the contract annually and make adjustments if deviations are found, although uncertainties remain regarding the ability to meet the minimum procurement amount [4]. Group 4: Financial Performance - Hefei China is facing pressure with a projected net loss of 25 million to 36 million yuan for 2025, marking its first loss since going public, primarily due to price declines in the in vitro diagnostic industry and fluctuations in order volumes [5]. - The company's stock price experienced a significant increase of 342.92% from October 27 to December 19, 2025, but has since declined nearly 40% from its peak as of February 4 [5].

证券代码：603122 证券简称：合富中国 公告编号：临 2026-006 合富（中国）医疗科技股份有限公司 关于回复上海证券交易所监管工作函的公告 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。 合富（中国）医疗科技股份有限公司（以下简称"公司"）于 2026 年 1 月 25 日收到上海证券交易所上市公司管理一部下发的上证公函【2026】0134 号《关于合 富（中国）医疗科技股份有限公司签订长期采购协议相关事项的监管工作函》（以 下简称"《工作函》"），公司就《工作函》有关问题逐项进行认真核查落实，现 将有关问题回复如下： 问题一、关于协议背景及经营模式是否变化。公告显示，协议约定采购期限长 达96个月，并包含排他性供应安排。 请你公司补充说明：（1）结合公司经营模式与行业竞争环境是否发生变化， 本次长单协议涉及的产品、价格、服务等主要内容条款与公司同类业务的差异，说 明本次公司签订此类长期限、附带最低采购额承诺协议的主要商业背景，以及该模 式是否符合行业惯例与商业合理性，该等超长期协议是否具备可复制性；（2）本 次协议 ...

（记者 曾健辉） 每经AI快讯，合富中国1月30日晚间发布公告称，徐佳圆女士因个人职业规划原因向公司董事会申请辞 去证券事务代表及法务专员职务，辞职后不再担任公司任何职务，辞职报告自送达公司董事会之日起生 效，其辞职不会影响公司相关工作的正常开展。 每经头条（nbdtoutiao）——核电建设热潮下，设备厂忙到"飞起"！订单已排至2028年，员工三班倒， 产线24小时不停 ...

格隆汇1月30日丨合富中国(603122.SH)公布，公司董事会于近日收到证券事务代表徐佳圆女士递交的书 面辞职报告。徐佳圆女士因个人职业规划原因向公司董事会申请辞去证券事务代表及法务专员职务，辞 职后不再担任公司任何职务，辞职报告自送达公司董事会之日起生效，其辞职不会影响公司相关工作的 正常开展。 ...

合富（中国）医疗科技股份有限公司（以下简称"公司"）董事会于近日收 到证券事务代表徐佳圆女士递交的书面辞职报告。徐佳圆女士因个人职业规划原 因向公司董事会申请辞去证券事务代表及法务专员职务，辞职后不再担任公司任 何职务，辞职报告自送达公司董事会之日起生效，其辞职不会影响公司相关工作 的正常开展。 截至本公告披露日，徐佳圆女士未持有公司股份，亦不存在应当履行而未履 行的承诺事项，并已按照公司有关规定做好交接工作。徐佳圆女士在担任公司证 券事务代表及法务专员期间恪尽职守、勤勉尽责，公司及公司董事会对其在任职 期间所做的工作表示衷心感谢！ 公司董事会将根据《上海证券交易所股票上市规则》《上海证券交易所上市 公司自律监管指引第 1 号——规范运作》等相关规定，尽快聘任符合任职资格的 人员担任证券事务代表，协助公司董事会秘书开展工作。 特此公告。 合富（中国）医疗科技股份有限公司董事会 2026 年 1 月 31 日 证券代码：603122 证券简称：合富中国 公告编号：临 2026-005 合富（中国）医疗科技股份有限公司 关于证券事务代表离职的公告 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 ...

Market Overview - The pharmaceutical commercial sector experienced a decline of 0.22% on January 29, with Renmin Tongtai leading the drop [1] - The Shanghai Composite Index closed at 4157.98, up 0.16%, while the Shenzhen Component Index closed at 14300.08, down 0.3% [1] Stock Performance - Notable gainers in the pharmaceutical sector included: - Run Da Medical (603108) with a closing price of 16.43, up 2.88% and a trading volume of 455,600 shares, totaling 756 million yuan [1] - Da Shen Lin (603233) closed at 20.25, up 2.27% with a trading volume of 84,100 shares, totaling 170 million yuan [1] - Hua Ren Health (301408) closed at 22.35, up 0.81% with a trading volume of 267,500 shares, totaling 602 million yuan [1] - Major decliners included: - Renmin Tongtai (600829) closed at 11.77, down 4.70% with a trading volume of 301,800 shares, totaling 357 million yuan [2] - Hai Wang Biological (000078) closed at 3.80, down 4.04% with a trading volume of 2,002,500 shares, totaling 771 million yuan [2] - Rui Kang Pharmaceutical (002589) closed at 3.40, down 2.86% with a trading volume of 757,500 shares, totaling 260 million yuan [2] Capital Flow - The pharmaceutical commercial sector saw a net outflow of 310 million yuan from major funds, while retail investors contributed a net inflow of 388 million yuan [2] - The detailed capital flow for selected stocks showed: - Run Da Medical had a net inflow of 61.41 million yuan from major funds, but a net outflow of 44.17 million yuan from retail investors [3] - Kyushu Tong (600998) experienced a net inflow of 20.92 million yuan from major funds, with a net outflow of 7.80 million yuan from retail investors [3] - Other stocks like Da Shen Lin and Lao Bai Xing also showed mixed capital flows with varying degrees of net inflows and outflows [3]

Core Viewpoint - The recent long-term procurement contract worth 600 million yuan between Mingji Hospital and Hefei China reflects both companies' operational anxieties, with Mingji Hospital needing to implement its expansion plans and Hefei China facing significant performance declines due to industry pressures [1][5][8]. Group 1: Company Performance - Hefei China is experiencing a significant downturn, with a projected revenue decline of 26.67% to 689 million yuan for 2025 and a shift from a net profit of 27.57 million yuan to a loss between 25 million and 36 million yuan [5][7]. - The company's losses are attributed to the implementation of centralized procurement policies in the in vitro diagnostics industry, which have drastically reduced procurement prices and squeezed sales revenue and gross margins [7][11]. - Despite cost control measures, Hefei China is unable to reduce fixed expenses proportionally to its declining revenue, leading to continued financial strain [7][11]. Group 2: Strategic Implications - The partnership between Mingji Hospital and Hefei China is driven by Mingji's urgent need for a stable supply chain to support its expansion plans following its recent IPO, where it raised approximately 555 million HKD [8][11]. - Mingji Hospital's operational model is limited by its higher pricing compared to public hospitals and a narrow customer base, which constrains its growth potential [11][15]. - The exclusive supply agreement with Hefei China may limit Mingji Hospital's ability to negotiate prices and manage costs effectively, especially in a context of increasing centralized procurement [11][12]. Group 3: Contractual Risks - The eight-year procurement agreement includes clauses for price adjustments based on market fluctuations, which could significantly impact Hefei China's profit margins and overall financial health [12][15]. - Payment terms require Hefei China to front nearly four months of payment for supplies, increasing its cash flow pressure amid ongoing losses [13][15]. - The lack of clear fallback provisions in the contract raises concerns about potential disputes and the overall stability of the partnership [12][14].

Core Viewpoint - Solid growth in core business is essential for companies to navigate through economic cycles [1] Performance Growth Highlights - **XianDao Intelligent (300450)**: Expected net profit of 150 million to 180 million, a year-on-year increase of 424.29% to 529.15% due to recovery in global battery demand and internal digital transformation [6] - **YongChuang Intelligent (603901)**: Expected net profit of 12.8 million to 15.5 million, a year-on-year increase of 721.57% to 894.86% driven by improved delivery efficiency and product structure optimization [7] - **DaoShi Technology (300409)**: Expected net profit growth of 206.01% to 269.76% due to increased production capacity and recovery in cobalt prices [8] - **FuDa Alloy (603049)**: Expected net profit growth of 119.14% to 219.95% supported by stable demand in power equipment and new energy sectors [9] - **ZhaoJin Gold (000506)**: Expected net profit of 12.2 million to 18.2 million, a turnaround from a loss of 127 million last year, driven by increased production and rising gold prices [10] - **SiTeWei (688213)**: Expected net profit of 97.635 million to 103.053 million, a year-on-year increase of 149% to 162% due to increased shipments of smartphone camera products [11] - **ZhongWei Semiconductor (688380)**: Expected net profit of around 28.4 million, a year-on-year increase of approximately 107.55% due to new product launches [12] - **Hunan Gold (002155)**: Expected net profit of 127 million to 160.8 million, a year-on-year increase of 50% to 90% driven by rising sales prices [13] - **NanFang Precision (002553)**: Expected net profit of 30 million to 37 million, a year-on-year increase of 1,130% to 1,417% due to investment project evaluations [14] - **Shanghai YiZhong (688091)**: Expected net profit of 6 million to 7 million, a year-on-year increase of 760.18% to 903.54% due to inclusion in the national medical insurance directory [15] - **RunTu Co., Ltd. (002440)**: Expected net profit of 60 million to 70 million, a year-on-year increase of 181.05% to 227.89% driven by improved operating profits [16] Major Performance Changes - **HeFu China (603122)**: Expected net loss of 36 million to 25 million, a shift from profit due to changes in the macro environment and industry policies [17] - **ChangJiu Logistics (603569)**: Expected net loss of 75 million to 50 million, a shift from profit due to asset impairment and operational challenges [18] - **ZhiChun Technology (603690)**: Expected net loss of 45 million to 30 million, a shift from profit due to increased competition and rising R&D costs [19] - **BaYi Steel (600581)**: Expected net loss of 205 million to 185 million, a shift from profit due to supply-demand imbalance in the steel industry [20] - **AoKeMa (600336)**: Expected net loss of 22 million to 17 million, a shift from profit due to increased competition in the home appliance sector [21] - **HuiDa Sanitary Ware (603385)**: Expected net loss of 21.6 million to 18 million, a shift from profit due to market demand decline [22] - **DongFeng Co. (600006)**: Expected net loss of 48 million to 39 million, a shift from profit due to competitive pressures in the commercial vehicle market [23] Industry Trend Analysis - **High Growth Industries**: Stable demand in new energy sectors benefits companies like FuDa Alloy [24] - **Performance Changes in Industries**: - New energy and lithium battery equipment sectors are experiencing explosive growth [25] - Gold and precious metals sectors are seeing significant profit improvements due to high prices [26] - Semiconductor and automotive electronics are benefiting from trends in smart vehicles [27] - Medical circulation is under pressure from cost control policies [28] - Logistics and transportation are facing profitability challenges due to falling prices [29] - Semiconductor equipment is experiencing short-term performance declines due to cyclical fluctuations [30] - Traditional manufacturing sectors like steel and home appliances are facing intensified competition [31]