Core Viewpoint - The stock of HeFu China (603122) experienced significant volatility, with a cumulative increase of 256.29% over a period of 14 trading days, leading to a temporary suspension of trading for verification due to abnormal price fluctuations [1][2] Group 1: Stock Performance and Trading Suspension - HeFu China announced the completion of a trading suspension verification, with the stock set to resume trading on November 20, 2025 [1] - The stock hit the daily limit up on 12 out of 14 trading days, with five instances of abnormal fluctuations and three instances of severe fluctuations [1] - The company’s stock price is currently significantly higher than its operational performance and industry conditions, indicating a potential disconnect [1][2] Group 2: Financial Performance and Valuation - As of November 14, 2025, HeFu China's static price-to-earnings (P/E) ratio was 343.67, compared to the industry average of 30.94, suggesting a bubble in the stock price [2] - The company reported a net loss of 5.048 million yuan in Q3 2025, a year-on-year decline of 225.26%, attributed to changes in the macroeconomic environment and price reductions in the medical industry [2] - Despite implementing cost control measures, the company faces pressure on its short-term operating performance due to declining sales revenue and profit levels [2]

Group 1 - The company announced the completion of a stock suspension review, with shares resuming trading on November 20, 2025 [2] - During the period from October 28 to November 14, 2025, the company's stock experienced a significant increase, closing at the daily limit on 12 out of 14 trading days, with a cumulative rise of 256.29% [2] - The company reported that its current stock price significantly deviates from its operating performance and industry conditions, leading to a temporary suspension of trading [2] Group 2 - The company's current price-to-earnings (P/E) ratio is 343.67, which is substantially higher than the industry average P/E ratio of 30.94, indicating a potential bubble in the stock price [3] - The company is currently operating at a loss, with a net profit of -5.048 million yuan for Q3 2025, a year-on-year decline of 225.26%, primarily due to changes in the domestic macroeconomic environment and price reductions in the medical industry [3] - Despite implementing cost control measures, the company faces pressure on its short-term operating performance due to a decline in sales revenue and profit levels [3]

Key Points - 合富中国's stock will resume trading on November 20 after completing an investigation into unusual trading fluctuations, confirming normal business operations and no undisclosed significant matters [1] - 中金公司 plans to merge with 东兴证券 and 信达证券, leading to a suspension of its A-shares starting November 20 due to uncertainties surrounding the merger [1] - 大为股份 is progressing with the transition from exploration to mining rights for its lithium battery project in Hunan, having received necessary approvals [1] - 燕东微's major shareholders plan to reduce their stakes by up to 2.5% through block trades or centralized bidding from December 11, 2025, to March 11, 2026 [2] - 中水渔业's major shareholder reduced its stake to 5% after selling 258.88 million shares [3] - 韵达股份 reported a slight decline in express service revenue for October 2025, totaling 4.495 billion yuan, a year-on-year decrease of 0.88% [4] - 倍杰特 intends to acquire a 55% stake in 大豪矿业 for 224.8 million yuan [4] - 辰奕智能 plans to acquire a 55% stake in 华泽电子 through cash [4] - 赣粤高速's actual controller will change from the provincial transportation department to the provincial state-owned assets supervision and administration commission [5] - 东软集团 received a notification for a 4.2 billion yuan contract for intelligent cockpit controllers from a major domestic automotive manufacturer [5] - 海正药业's subsidiary plans to invest in a pet prescription food project [5] - 龙利得's controlling shareholder plans to increase its stake by at least 56 million yuan [6] - 新兴装备's shareholders plan to reduce their stakes by up to 3.13% [6] - 普洛药业 plans to repurchase shares worth between 180 million and 360 million yuan [6]

11月19日盘后，合富中国（603122）发布股票交易停牌核查结果暨复牌公告，公司股票将于2025年11月20日（星期四）复牌。 | 证券代码 | 证券简称 | 停复牌类型 | 停牌起 | 停牌 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | | | | 始日 | 期间 | | | | 603122 | 合富中国 | A 股 复牌 | | | 2025/11/19 | 2025/11/20 | 公告显示，自2025年10月28日至2025年11月14日期间，公司股票连续十四个交易日中有十二个交易日以涨停价收盘，并5次触及股价异常波动、3次触及严 重异常波动情形，期间累计涨幅高达256.29%。 合富中国提醒，股价短期内连续上涨，存在市场情绪过热、非理性炒作风险，随时存在快速下跌可能。 截至停牌前最后一个交易日，即11月14日，合富中国股价报23.80元/股，当天涨幅达7.69%，总市值为94.74亿元。 期间累计涨幅高达256.29% 回溯来看，合富中国的本轮行情始于10月28日。自10月28日至11月14日期间，合富中国股票连续十四 ...

Mergers and Acquisitions - Chenyi Intelligent plans to acquire 55% of Huaze Electronics through cash payment [1] - Beijiete's wholly-owned subsidiary intends to acquire 55% of Dahao Mining for 225 million yuan [1] Share Buybacks and Equity Transfers - Chenzhan Optoelectronics' controlling shareholder is transferring 5.02% of shares [2] - Huamin Co., Ltd. plans to transfer 5.17% of shares by Jianxianghuihong [2] - Pro Pharmaceutical intends to repurchase shares worth between 180 million to 360 million yuan, with a maximum price of 23 yuan per share [2] - Ganyue Expressway's actual controller will change from the Provincial Department of Transportation to the Provincial State-owned Assets Supervision and Administration Commission [2] External Investments and Daily Operations - Hefei China has completed its suspension review and resumed trading [3] - Dwei Co., Ltd. is advancing the procedures for lithium battery new energy projects in Hunan Chenzhou [4] - Desay SV plans to launch an AI computing terminal for the robotics sector [4] - Neusoft Group received a notification from a major domestic automotive manufacturer to supply intelligent cockpit domain controllers, with a total expected supply amount of 4.2 billion yuan [4] - Junyi Digital plans to invest 120 million yuan in Guanghong Precision, acquiring 60% ownership post-investment [5] - Dongfang Electric intends to invest 910 million yuan to hold 49% in a joint venture [6] - Bailian Group's subsidiary plans to transfer 100% of its stake in Yangpu Century Bailian for 78.286 million yuan [6] - Ruisheng Intelligent's subsidiary won a bid for a China Mobile ICT project, focusing on computing server hardware and systems [6] - Zhifei Biological's clinical trial application for the ZFA01 adjuvant vaccine has been accepted [7] - Haizheng Pharmaceutical's subsidiary is collaborating with East China Institute on a biomanufacturing project for heparin [8] - Baiyang Pharmaceutical's Zap Therapeutic plans to invest 4.9 million USD in Baiyang Sap to expedite the clinical introduction of the ZAP-X Mars surgical robot [8] - Jinbei Automotive plans to invest 5.8 billion yuan and purchase equity in Changchun Zhongtuo Molding Technology [9] - Baili Tianheng has secured a commitment from Bank of China Sichuan Branch for a total of no less than 8 billion yuan in comprehensive credit support [10]

Core Viewpoint - The company, HeFu China (603122), will resume trading on November 20, 2025, after completing an investigation into abnormal stock price fluctuations, confirming that its business operations remain normal and no significant changes have occurred in its internal or external environment [1][2]. Group 1: Stock Trading and Market Performance - The company's stock experienced a significant increase, with a cumulative rise of 256.29% over 14 trading days, including 12 days closing at the daily limit price, which is substantially higher than the industry and Shanghai Composite Index performance [2]. - The stock has faced 5 instances of abnormal fluctuations and 3 instances of severe fluctuations during this period, indicating potential market overheating and irrational speculation risks [2]. Group 2: Financial Performance - The company reported a net profit attributable to shareholders of -5.048 million yuan for Q3 2025, primarily due to changes in domestic macroeconomic conditions and price reductions from centralized procurement policies in the medical industry, leading to decreased sales revenue and profit levels [4]. - The company's operating revenue for the current reporting period was 181.204 million yuan, reflecting a year-on-year decrease of 21.27%, while the total profit was -5.437 million yuan, down 193.80% compared to the previous year [5]. - The static price-to-earnings (P/E) ratio of the company is 343.67 times, significantly higher than the industry average P/E ratio of 30.94 times, indicating a substantial deviation from reasonable valuation levels [5].

Core Viewpoint - The company, HeFu China (603122), will resume trading on November 20, 2025, after completing an investigation into abnormal stock price fluctuations, confirming that its business operations remain normal and no significant changes have occurred in its internal or external environment [1][2]. Group 1: Stock Trading and Market Performance - The company's stock experienced a significant increase, with a cumulative rise of 256.29% over 14 trading days, during which it hit the daily limit up on 12 occasions and faced severe abnormal fluctuations three times [2]. - The stock's recent performance is characterized by market sentiment that may be overly optimistic, indicating a risk of irrational speculation and potential for a rapid decline [2]. Group 2: Financial Performance and Business Operations - The company reported a net loss of 5.048 million yuan for Q3 2025, primarily due to changes in the domestic macroeconomic environment and price reductions in the medical industry, leading to decreased sales revenue and profit levels [4]. - The company's revenue for the current reporting period decreased by 21.27% year-on-year, while the total profit fell by 193.80% [5]. - The static price-to-earnings (P/E) ratio of the company is significantly higher than that of its industry peers, standing at 343.67 times compared to the industry average of 30.94 times, indicating a potential overvaluation risk [5].

Core Viewpoint - The stock of HeFu China (603122) experienced significant volatility, with 12 out of 14 trading days resulting in price limits, leading to a total increase of 256.29% before a temporary suspension for investigation [3][4]. Group 1: Stock Performance and Trading Activity - HeFu China's stock price reached a high of 23.8 yuan per share, with a total market capitalization of 9.474 billion yuan [4]. - The company faced trading suspensions due to abnormal stock price fluctuations, with the stock being suspended on November 17, 2025, and set to resume trading on November 20, 2025 [3][4]. - The stock's trading volume showed significant fluctuations, indicating a "hot potato" effect among investors [4]. Group 2: Financial Performance and Valuation - HeFu China reported a net loss of 5.048 million yuan for Q3 2025, a decline of 225.26% year-on-year, attributed to changes in the macroeconomic environment and price reductions in medical procurement [5]. - The company's static price-to-earnings (P/E) ratio was reported at 343.67, significantly higher than the industry average of 30.94, indicating a potential overvaluation [4]. - Despite implementing cost control measures, the company is facing pressure on its operating performance due to declining sales revenue and profit levels [5].

Group 1 - Kanglongda's shareholder plans to reduce holdings by up to 3% of the company's shares, totaling no more than 4.83 million shares [1] - The company specializes in the research, production, and sales of special and ordinary labor protection gloves [1] Group 2 - Haizheng Pharmaceutical's subsidiary plans to collaborate with East China Institute on a biological method for synthesizing heparin, with a project contract amount not exceeding 120 million yuan [2] - The company focuses on the research, production, and sales of chemical raw materials and formulations [3] Group 3 - Tianyin Holdings received approval from the China Securities Regulatory Commission for a stock issuance to specific investors [4] - The company is engaged in the sales of smart terminals, e-commerce, lottery, mobile resale, and mobile internet businesses [4] Group 4 - Shanghai Yashi plans to use up to 200 million yuan of temporarily idle raised funds for cash management in high-security, liquid deposit products [5] - The company specializes in supply chain logistics and execution trade [6] Group 5 - Parker New Materials intends to use 130 million yuan of idle raised funds to purchase structured deposits with expected annual yields between 0.59% and 2.9001% [7] - The company focuses on the research, production, and sales of various types of ring forgings, free forgings, and die forgings [7] Group 6 - Huayang New Materials appointed Jing Hongsheng as the new general manager [8] Group 7 - Liyuan Technology's shareholder plans to reduce holdings by up to 2.03% of the company's shares, totaling no more than 3.04 million shares [9] - The company specializes in the research, design, and integration of environmental water treatment systems and hydrogen fuel cell engine systems [9] Group 8 - Shengnuo Biopharmaceutical's subsidiary received approval for the listing application of Visepegenatide raw materials, a GLP-1 receptor agonist for treating type 2 diabetes and obesity [10][11] - The company focuses on the research, production, and sales of peptide raw materials and formulations [10] Group 9 - Puluo Pharmaceutical plans to repurchase shares worth between 180 million and 360 million yuan, with a maximum price of 23 yuan per share [12] - The company specializes in the research, production, and sales of raw material intermediates and innovative drugs [12] Group 10 - Dongfang Electric's subsidiary plans to establish a joint venture with Anhui Waneng Energy, with a registered capital of approximately 1.857 billion yuan [13] - The company is involved in the development, design, manufacturing, and sales of advanced power generation equipment [13] Group 11 - Hefei China announced that its stock will resume trading on November 20 after completing a review of abnormal trading fluctuations [14] - The company focuses on international trade and after-sales services related to in vitro diagnostic medical devices [14] Group 12 - Dafeng Industrial won a bid for the stage equipment project of the Shenzhen International Performing Arts Center, with a contract amount of 165 million yuan [15] - The company specializes in cultural sports equipment, digital art technology, and operation services [15] Group 13 - Baiyunshan's subsidiary received a drug registration certificate for An Gong Niu Huang Wan in Vietnam [16] - The company is engaged in the research, manufacturing, and sales of traditional Chinese and Western medicines [16] Group 14 - Neusoft Group received a notification to supply intelligent cockpit domain controllers for multiple models from a well-known domestic automobile manufacturer, with an estimated total amount of about 4.2 billion yuan [17] - The company focuses on providing industry solutions and software products [17] Group 15 - Huayu Pharmaceutical's product received overseas marketing approval [18] - The company specializes in the research, production, and sales of innovative and high-quality generic drugs in the oncology field [18] Group 16 - Yao Pi Glass received approval from the CSRC for its stock issuance to specific investors [19] - The company specializes in the production and sales of float glass and processed glass [19] Group 17 - Guangyu Yuan's vice president Wang Junbo resigned due to work adjustments [20] - The company focuses on the production and sales of traditional Chinese medicine products [20] Group 18 - Biyi Co. received approval from the CSRC for its stock issuance to specific investors [21] - The company specializes in the design, manufacturing, and sales of smart small household appliances [21] Group 19 - Sunshine Nuohe's application for acquiring 100% equity of Jiangsu Langyan Life Science Technology Co., Ltd. through share issuance and convertible bonds has been accepted by the Shanghai Stock Exchange [22] - The company provides comprehensive drug research and development services for domestic pharmaceutical enterprises and research institutions [22] Group 20 - Longxin General plans to increase capital in its wholly-owned subsidiary by no more than 1.65 billion yuan [23] - The company specializes in the research, production, and sales of motorcycles and engines [23] Group 21 - Jiekang Equipment received a corrective order from the Tianjin Securities Regulatory Bureau due to internal control deficiencies [24] - The company specializes in the research, production, and sales of nuclear biochemical safety equipment [24] Group 22 - Wantong Technology plans to raise no more than 920 million yuan through a private placement to supplement working capital [25] - The company focuses on information technology services for highways and ports [25] Group 23 - Dongshan Precision has submitted an application for H-share listing to the Hong Kong Stock Exchange [26] - The company specializes in the research, production, and sales of electronic circuit products and precision components [26] Group 24 - Yonghe Intelligent Control plans to publicly transfer 100% equity of its wholly-owned subsidiary Kunming Medical Oncology Hospital [27] - The company specializes in water and heating valve fittings, tumor precision radiation therapy, and photovoltaic battery businesses [27] Group 25 - Aok Shares signed a strategic cooperation framework agreement with Suzhou Qitian New Materials Co., Ltd. [28] - The company focuses on the research and production of high-end new materials derived from ethylene oxide and ethylene [28] Group 26 - Hongquan Technology's shareholder plans to reduce holdings by up to 3% of the company's shares, totaling no more than 299,440 shares [29] - The company specializes in the research, production, and sales of intelligent connected products and software platform development [29] Group 27 - Shilong Industrial's controlling shareholder plans to reduce holdings by up to 3% of the company's shares, totaling no more than 7.2 million shares [30] - The company specializes in the research, production, and sales of chemical products [30] Group 28 - Tangrenshen decided to terminate the investment in the "Dongchong Phase III Pig Breeding Base Construction Project," reallocating the remaining funds of 78.9587 million yuan to supplement working capital [31] - The company specializes in the research, production, and sales of feed, pigs, meat products, and animal health products [31] Group 29 - Gaode Infrared's actual controller plans to reduce holdings by up to 3% of the company's shares, totaling no more than 12.8 million shares [32] - The company specializes in infrared focal plane detector chips and infrared thermal imaging systems [32] Group 30 - Kangyuan Pharmaceutical's actual controller recently increased holdings by 20,000 shares [33] - The company specializes in the research, production, and sales of pharmaceuticals [33] Group 31 - Haida Group plans to repurchase shares worth between 1 billion and 1.6 billion yuan, with a maximum price of 62.00 yuan per share [34] - The company provides overall solutions for animal husbandry [34] Group 32 - Qizhong Technology's 850 million yuan convertible bonds have been approved for listing [35] - The company specializes in advanced packaging and testing of integrated circuits [35] Group 33 - Dingyang Technology launched the new SNA5000B series vector network analyzer [36] - The company specializes in the research, production, and sales of general electronic testing and measuring instruments [36] Group 34 - Airo Energy plans to distribute a cash dividend of 0.9375 yuan per share to all shareholders [37] - The company specializes in photovoltaic energy storage systems and products [37] Group 35 - Hechuan Technology's actual controller and some directors plan to reduce holdings by up to 6% of the company's shares [38] - The company specializes in the research, production, and sales of industrial automation products [38] Group 36 - China First Heavy Industries' chairman was arrested for suspected bribery [39] - The company specializes in heavy machinery manufacturing for various industries [39] Group 37 - Lianhuan Pharmaceutical plans to invest 15 million yuan in joint research with Nanjing University for anti-thrombotic small nucleic acid drugs [40] - The company specializes in the manufacturing and sales of chemical raw materials [40] Group 38 - Anxu Biotech's shareholder plans to reduce holdings by up to 0.94% of the company's shares, totaling no more than 120,000 shares [41] - The company specializes in the research, production, and sales of POCT reagents and instruments [41] Group 39 - Yaxiang Integration's shareholder reduced holdings by 130,000 shares [42] - The company specializes in providing cleanroom engineering and related services for high-tech electronic industries [42] Group 40 - Zhongwen Media plans to use up to 9.5 billion yuan of idle funds to purchase financial products [43] - The company specializes in traditional publishing and various new media businesses [43]

证券代码：603122 证券简称：合富中国 公告编号：临 2025-059 合富（中国）医疗科技股份有限公司 2025年第一次临时股东会决议公告 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) 股东会召开的时间：2025 年 11 月 19 日 (二) 股东会召开的地点：上海市徐汇区虹漕路 456 号光启大楼 20 楼会议室 (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 | 1,728 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 224,521,996 | | 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 | 56.4051 | | 份总数的比例（%） | | 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。 (四) 表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情 况等。 (一)非累积投票议案 1、议案名称：关于续聘 2025 年度审计机构的议案 审议结果：通过 本次会议由 ...