Core Viewpoint - The company, Haili Biological, announced that its wholly-owned subsidiary, Shanghai Jiemen Biotechnology Co., Ltd., has received a renewed Medical Device Manufacturing License from the Shanghai Municipal Drug Administration, extending the license validity until January 3, 2031, and changing the production address [1] Group 1 - The Medical Device Manufacturing License has been renewed, indicating regulatory compliance and operational continuity for the company [1] - The new production address is located at "Room 102, 202, 502, No. 66 Hengyu Road, Jiading District, Shanghai," which may reflect an expansion or relocation strategy [1] - The extension of the license validity to 2031 suggests a long-term operational outlook for the subsidiary [1]

Core Viewpoint - The animal health sector experienced a decline of 0.65% on January 21, with Huisheng Biological leading the drop. The Shanghai Composite Index rose by 0.08%, while the Shenzhen Component Index increased by 0.7 [1] Group 1: Stock Performance - The closing prices and performance of key stocks in the animal health sector showed varied results, with Shunlian Biological up by 4.20% and Huisheng Biological down by 6.19% [1][2] - The trading volume for Huisheng Biological was 419,900 shares, with a transaction value of 1.192 billion yuan, indicating significant market activity despite the decline [2] Group 2: Capital Flow - The animal health sector saw a net inflow of 9.6935 million yuan from institutional investors, while retail investors experienced a net outflow of 73.8174 million yuan, suggesting a shift in investor sentiment [2][3] - Among individual stocks, Xianfeng Holdings had a net inflow of 15.1182 million yuan from institutional investors, while Huisheng Biological saw a net outflow of 42.2249 million yuan from retail investors [3]

Core Viewpoint - Haili Biological announced the cancellation of its supervisory board, change of registered address, and modification of business scope, which were approved in meetings held on August 26 and October 9, 2025 [2] Group 1 - The company has completed the registration procedures for the business license change and the filing of the company’s articles of association [2] - Haili Biological has received a new business license issued by the Shanghai Municipal Market Supervision Administration [2]

证券代码：603718 证券简称：海利生物 公告编号：2026－003 上海海利生物技术股份有限公司 关于完成工商变更登记的公告 近日公司完成了营业执照的工商变更登记手续和公司章程的备案工作，领取 了上海市市场监督管理局换发的《营业执照》。公司《营业执照》登记信息具体 如下： 名 称：上海海利生物技术股份有限公司 统一社会信用代码：9131000013413459XC 类 型：股份有限公司（上市、自然人投资或控股） 住 所：中国（上海）自由贸易试验区临港新片区申港大道 133 号 909 室 法定代表人：张海明 注册资本：人民币 65190.4700 万元整 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个别及连带责任。 上海海利生物技术股份有限公司（以下简称"公司"）于 2025 年 8 月 26 日 和 2025 年 10 月 9 日召开第五届董事会第十四次会议和 2025 年第一次临时股东 大会，审议通过了《关于取消监事会、变更注册地址和经营范围并修订<公司章 程>的议案》。根据最新修订的《中华人民共和国公司法》《上海证券交易所股 ...

Core Viewpoint - The animal health sector experienced a rise of 0.93% on January 16, with leading gains from BioShares, while the overall market indices showed slight declines [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 4101.91, down 0.26% [1]. - The Shenzhen Component Index closed at 14281.08, down 0.18% [1]. Group 2: Individual Stock Performance - BioShares (600201) led the gains with a closing price of 17.61, up 3.53%, and a trading volume of 480,000 shares, amounting to a transaction value of 840 million yuan [1]. - Other notable performers included: - Huisheng Bio (300871) at 26.03, up 1.36%, with a transaction value of 434 million yuan [1]. - Xianfeng Holdings (002141) at 3.76, up 1.35%, with a transaction value of 8.13 million yuan [1]. - Ruipu Bio (300119) at 20.15, up 0.90%, with a transaction value of 110 million yuan [1]. - Shunlian Bio (688098) at 9.60, up 0.63%, with a transaction value of 40.84 million yuan [1]. Group 3: Capital Flow - The animal health sector saw a net inflow of 112 million yuan from institutional investors, while retail investors experienced a net outflow of 68.65 million yuan [2]. - The capital flow for individual stocks showed: - BioShares had a net inflow of 75.95 million yuan from institutional investors [3]. - Huisheng Bio had a net inflow of 19.63 million yuan from institutional investors [3]. - Xianfeng Holdings had a net inflow of 16.40 million yuan from institutional investors [3].

Group 1 - The core viewpoint of the news is that Haili Biological experienced a decline in stock price and trading volume, with significant details on financing and stockholder changes [1][2] Group 2 - On January 15, Haili Biological's stock fell by 1.83%, with a trading volume of 83.6 million yuan [1] - The financing data shows that on the same day, Haili Biological had a financing purchase amount of 9.52 million yuan, with a net financing purchase of 2.78 million yuan [1] - As of January 15, the total balance of margin trading for Haili Biological was 212 million yuan, with the financing balance accounting for 5.06% of the circulating market value, indicating a low level compared to the past year [1] - In terms of securities lending, Haili Biological had a securities lending repayment of 1,300 shares and a securities lending sell of 2,000 shares, with a total lending balance of 44.05 million yuan, also at a low level compared to the past year [1] Group 3 - As of September 30, the number of shareholders for Haili Biological increased to 33,800, a rise of 7.16%, while the average circulating shares per person decreased by 6.68% [2] - For the period from January to September 2025, Haili Biological reported a revenue of 150 million yuan, a year-on-year decrease of 14.15%, while the net profit attributable to the parent company was 20.33 million yuan, reflecting a slight increase of 0.77% [2] - Haili Biological has distributed a total of 209 million yuan in dividends since its A-share listing, with 107 million yuan distributed over the past three years [2] - Among the top ten circulating shareholders as of September 30, 2025, Guotai Zhongzheng Livestock Breeding ETF ranked as the fifth largest shareholder, increasing its holdings by 3.70 million shares to 10.23 million shares [2]

Core Viewpoint - The acquisition of Rui Sheng Biological by Haili Biological has led to unexpected valuation declines and questionable client relationships, raising concerns about financial transparency and potential misrepresentation in disclosures [1][3][5]. Group 1: Acquisition and Valuation - Haili Biological acquired 55% of Rui Sheng Biological for 935 million yuan, valuing the company at 1.711 billion yuan, representing a 952% increase in book value [1]. - Rui Sheng Biological's valuation was subsequently revised down to 974 million yuan, reflecting a 43% drop within eight months post-acquisition due to declining performance [1][2]. Group 2: Client Relationships and Disclosures - Wuhan He Mu Medical Technology, registered in April 2023, was listed as Rui Sheng Biological's largest client for 2022, raising questions about the legitimacy of this relationship [3][4]. - The explanation provided by Haili Biological regarding the client relationship was deemed insufficient by financial experts, suggesting potential financial misrepresentation [5][6]. - A second client, Shandong Quanming Medical, initially listed as a major client, later denied any collaboration with Rui Sheng Biological, further complicating the company's client disclosure credibility [9][10][11]. Group 3: Industry Context and Performance - Rui Sheng Biological's products, particularly in the dental implant repair materials sector, had previously seen rapid growth due to favorable market conditions and increased demand post-COVID-19 [22][23]. - However, the company faced significant challenges in 2025, including a 50%-60% price drop in bone powder products and increased competition, leading to a substantial decline in revenue and profit [23][24].

Market Overview - The animal health sector experienced a decline of 0.44% on January 14, with Haili Biological leading the drop [1] - The Shanghai Composite Index closed at 4126.09, down 0.31%, while the Shenzhen Component Index closed at 14248.6, up 0.56% [1] Stock Performance - Notable gainers included: - Qudongli (code: 920275) with a closing price of 10.39, up 10.65% on a trading volume of 112,300 shares and a turnover of 118 million yuan [1] - Huisheng Biological (code: 300871) closed at 25.52, up 1.84% with a trading volume of 270,100 shares and a turnover of 696 million yuan [1] - Major decliners included: - Haili Biological (code: 603718) closed at 6.55, down 1.65% with a trading volume of 237,400 shares and a turnover of 157 million yuan [2] - Zhongmu Co., Ltd. (code: 600195) closed at 7.92, down 1.61% with a trading volume of 201,400 shares and a turnover of 161 million yuan [2] Capital Flow - The animal health sector saw a net outflow of 140 million yuan from institutional investors, while retail investors experienced a net inflow of 52.14 million yuan [2] - The detailed capital flow for selected stocks showed: - Huisheng Biological had a net inflow of 23.06 million yuan from institutional investors [3] - ST Green Kang (code: 002868) faced a significant net outflow of 5.87 million yuan from institutional investors [3]

Core Insights - The acquisition of Rui Sheng Biological by Haili Biological has led to unexpected valuation adjustments, with Rui Sheng's valuation dropping from 1.7 billion RMB to 974 million RMB due to performance declines [7][18] - The presence of a company that was not yet established as a major client of Rui Sheng raises questions about the accuracy of financial disclosures [9][11] - The investigation revealed inconsistencies in client relationships and potential issues with financial reporting practices [20][21] Group 1 - Haili Biological acquired 55% of Rui Sheng Biological for 935 million RMB, resulting in a valuation increase of 952% at the time of acquisition [7] - Rui Sheng Biological's valuation was subsequently revised downwards due to declining performance, with a projected valuation of 974 million RMB by June 2025 [7][18] - The company claims to be a leading player in the market for natural calcined bone repair materials, particularly in dental applications [7] Group 2 - Wuhan He Mu Medical Technology, a client listed by Rui Sheng, was found to have been established only in April 2023, raising questions about its status as a major client [10][11] - The explanation provided by Haili Biological regarding the client relationship was deemed insufficient by financial experts, suggesting potential financial misrepresentation [11][18] - The investigation into client relationships revealed that actual business dealings may have been misrepresented, with claims of shared operations between different entities [13][15] Group 3 - The performance of Rui Sheng Biological has been adversely affected by increased competition and price wars, leading to a significant drop in revenue and profit margins [42][43] - The company reported a revenue of 26.77 million RMB and a net profit of 9.29 million RMB in Q3 2025, indicating a substantial decline compared to previous quarters [42] - Haili Biological plans to expand its operations by acquiring stakes in dental chain companies, which is expected to positively impact its financial performance in 2026 [43][44]

每经成都1月13日电海利生物（603718.SH）并购的"隐形冠军"陕西瑞盛生物科技有限公司（以下简称瑞 盛生物），在交易完成仅八个月后，估值即从17亿元骤降至9.74亿元。 （文章来源：每日经济新闻） 每经记者调查发现，海利生物披露的瑞盛生物2022年第一大客户"武汉合木"，却是于2023年4月才成 立，出现了"未成立即成为大客户"的时间悖论。对此，瑞盛生物解释系将前后合作方"合并披露"，但财 务专家指出，这如同"提前一年为未出生的孩子报户口"。 此外，另一大客户山东泉名的法定代表人对同瑞盛生物的交易金额及细节一问三不知，与海利生物公告 中描述的山东泉名实控人"主动寻求代理"存在明显矛盾。 ...