Core Viewpoint - The acquisition of Rui Sheng Biological by Haili Biological, which was expected to enhance performance, has instead led to a significant valuation drop and questionable client disclosures, raising concerns about potential financial misrepresentation [2][6][7]. Group 1: Acquisition and Valuation - Haili Biological acquired 55% of Rui Sheng Biological for 935 million RMB, valuing the company at 1.7 billion RMB, representing a 952% increase in value [6]. - Following a performance decline, Rui Sheng Biological's valuation was revised down to 974 million RMB, nearly halving within eight months post-acquisition [6][10]. - Rui Sheng Biological is recognized as a hidden champion in Shaanxi Province, specializing in natural calcined bone repair materials [6]. Group 2: Client Disclosure Issues - A company that was registered in 2023, Wuhan Hemu, was listed as the largest client of Rui Sheng Biological for 2022, raising questions about the legitimacy of this disclosure [10][11]. - Haili Biological explained that the collaboration with Wuhan Hemu predates its official establishment, but this explanation has been challenged by financial experts [10][14]. - The actual business relationship appears to be with Wuhan Xin Hao Medical, which has a shared email address and phone number with Wuhan Hemu, suggesting potential misrepresentation [13][14]. Group 3: Customer Relationship Discrepancies - Shandong Quanming Medical, listed as a major client, denied any collaboration with Rui Sheng Biological, contradicting the company's disclosures [23][30]. - The legal representative of Shandong Quanming initially denied any partnership but later acknowledged that there had been some form of cooperation, although details were unclear [34][37]. - The discrepancies in client relationships and the nature of contracts raise concerns about the accuracy of financial reporting and potential regulatory implications [14][37]. Group 4: Industry Context and Performance - The dental implant market, particularly for bone powder, has seen significant demand due to post-COVID recovery and government policies promoting dental care [43][45]. - Rui Sheng Biological's revenue growth from 2021 to 2023 was reported at a compound annual growth rate of 84.59%, attributed to market conditions and product advantages [45]. - However, in 2025, the company faced a sharp decline in revenue and profit due to increased competition and price wars, with bone powder prices dropping by 50% to 60% [45].

Group 1 - The acquisition of Ruisheng Bio by Haili Bio has resulted in a significant valuation drop, with the company's estimated value reduced from 1.7 billion yuan to 974 million yuan due to performance decline [5][39] - Ruisheng Bio, identified as a "hidden champion" in Shaanxi Province, specializes in natural calcined bone repair materials and has established a leading market position in dental implant repair materials [5][39] - The financial performance of Ruisheng Bio has been questioned, particularly regarding its customer relationships, with a newly established company appearing as a major client before its official registration [6][9] Group 2 - Haili Bio acquired 55% of Ruisheng Bio for 935 million yuan, reflecting a 952% increase in value since the initial purchase of multiple companies, including Ruisheng Bio, for 35 million HKD [5][39] - The sales figures for Ruisheng Bio's major clients in 2022 and 2023 show discrepancies, with a significant portion of sales attributed to clients that were either newly established or claimed to have no prior relationship with Ruisheng Bio [8][20] - The investigation revealed that the actual business relationships and sales figures may not align with the disclosures made by Ruisheng Bio, raising concerns about potential financial misrepresentation [12][13] Group 3 - The competitive landscape in the dental implant market has intensified, leading to a drastic price drop of 50% to 60% for bone powder products, which has adversely affected Ruisheng Bio's revenue [38] - Despite a compound annual growth rate of 84.59% in revenue from 2021 to 2023, Ruisheng Bio reported a significant decline in revenue and profit in the third quarter of 2025 [37][38] - Haili Bio plans to expand its business by acquiring stakes in dental chain companies, which is expected to positively impact its revenue and profit in 2026 [39]

Core Insights - The animal health sector experienced a rise of 1.09% on January 13, with Huisheng Biological leading the gains [1] - The Shanghai Composite Index closed at 4138.76, down 0.64%, while the Shenzhen Component Index closed at 14169.4, down 1.37% [1] Stock Performance - Huisheng Biological (300871) closed at 25.06, up 8.39%, with a trading volume of 276,700 shares and a transaction value of 700 million [1] - Other notable performers included: - Qudongli (920275) at 65.6, up 3.99% [1] - Haili Biological (603718) at 6.66, up 1.99% [1] - Xianfeng Holdings (002141) at 3.77, up 1.34% [1] - Shunlian Biological (688098) at 9.78, up 1.03% [1] Capital Flow - The animal health sector saw a net inflow of 34.99 million from institutional investors, while retail investors contributed a net inflow of 30.94 million [2] - However, speculative funds experienced a net outflow of 65.94 million [2] Individual Stock Capital Flow - Major net inflows were observed in: - Biological Shares (600201) with a net inflow of 39.54 million [3] - Jinhe Biological (002688) with a net inflow of 13.45 million [3] - Xianfeng Holdings (002141) with a net inflow of 10.20 million [3] - Conversely, significant net outflows were noted in: - Biological Shares (600201) with a net outflow of 48.25 million from speculative funds [3] - Jinhe Biological (002688) with a net outflow of 1.46 million from retail investors [3]

Group 1 - The animal vaccine sector experienced a decline of 0.04%, ranking among the top losers in the concept sector, with notable declines from companies such as Hengtong Co., BioShares, and Kanghua Bio [1] - Among the animal vaccine stocks, 9 companies saw price increases, with Dongfang Bio, KQ Bio, and Haili Bio leading the gains at 2.23%, 0.87%, and 0.77% respectively [1] - The sector faced a net outflow of 212 million yuan from main funds, with 14 stocks experiencing outflows, and 7 stocks seeing outflows exceeding 10 million yuan, led by Roniu Mountain with a net outflow of 82.38 million yuan [2] Group 2 - The top stocks with net outflows included BioShares, Hengtong Co., and Kanghua Bio, with net outflows of 41.91 million yuan, 41.77 million yuan, and 24.74 million yuan respectively [2] - Conversely, the stocks with the highest net inflows were Dabeinong, Haili Bio, and Guoyao Modern, with net inflows of 32.76 million yuan, 6.20 million yuan, and 3.24 million yuan respectively [2] - The trading data indicated that Roniu Mountain had a trading rate of 8.05% and a price drop of 1.05%, while Dongfang Bio had a trading rate of 1.46% and a price increase of 2.23% [3]

证券代码：603718 证券简称：海利生物 公告编号：2026－002 上海海利生物技术股份有限公司 公司本次回购注销限制性股票将涉及注册资本减少，根据《中华人民共 和国公司法》等相关法律、法规的规定，公司已就上述股份回购注销事项履 行了通知债权人程序，具体内容详见公司于2025年10月30日在证券时报、证 券日报及上海证券交易所网站（www.sse.com.cn）上披露的《上海海利生物 技术股份有限公司关于回购注销部分限制性股票减少注册资本暨通知债权人 的公告》（公告编号：2025-049）。在债权申报期间，公司未收到任何债权 人对此议案提出异议的情况，也未收到任何公司债权人向公司提出清偿债务 或者提供相应担保的要求。 2026年1月7日，公司披露了《上海海利生物技术股份有限公司关于2023 年限制性股票与股票期权激励计划部分限制性股票回购注销实施公告》（公 告编号：2026-001号）。 二、本次限制性股票回购注销实施情况 近日，公司收到了中国证券登记结算有限责任公司上海分公司出具的《 证券变更登记证明》，本次回购注销的限制性股票已过户至公司开立的回购 专用证券账户，并于2026年1月9日完成注销。公司后 ...

Core Viewpoint - The animal health sector experienced a rise of 1.55% on January 9, with significant contributions from leading stocks like Biological Shares, which surged by 4.76% [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 4120.43, up by 0.92%, while the Shenzhen Component Index closed at 14120.15, up by 1.15% [1]. - The top-performing stock in the animal health sector was Biological Shares (600201), closing at 17.40 with a gain of 4.76% and a trading volume of 683,900 shares, amounting to a transaction value of 1.179 billion yuan [1]. Group 2: Stock Performance Summary - Other notable stocks included: - Shunlian Biological (688098) at 9.67, up by 1.90% with a trading volume of 64,900 shares [1]. - Zhongmu Shares (600195) at 8.10, up by 1.25% with a trading volume of 138,100 shares [1]. - Ruipu Biological (300119) at 19.90, up by 1.12% with a trading volume of 154,700 shares [1]. - Haili Biological (603718) at 6.48, up by 0.78% with a trading volume of 124,600 shares [1]. Group 3: Capital Flow Analysis - The animal health sector saw a net outflow of 27.3879 million yuan from institutional investors, while retail investors contributed a net inflow of 90.8993 million yuan [2]. - The capital flow for specific stocks showed: - Haili Biological had a net inflow of 10.2913 million yuan from institutional investors [3]. - Jinhe Biological experienced a net inflow of 2.8449 million yuan from institutional investors [3]. - *ST Green Kang (002868) had a net inflow of 1.8780 million yuan from institutional investors [3].

Core Viewpoint - The animal health sector experienced a 0.99% increase on January 8, with leading gains from BioShares, while the overall market indices showed slight declines [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 4082.98, down 0.07%, and the Shenzhen Component Index closed at 13959.48, down 0.51% [1]. - The animal health sector stocks showed varied performance, with BioShares leading the gains at 3.10% [1]. Group 2: Stock Performance - Key stocks in the animal health sector included: - BioShares (600201) closed at 16.61 with a 3.10% increase and a trading volume of 517,400 shares, totaling 853 million yuan [1]. - Huisheng Biological (300871) closed at 22.46, up 2.23%, with a trading volume of 86,000 shares, totaling 193 million yuan [1]. - Dayu Biological (920970) closed at 8.02, up 2.17%, with a trading volume of 19,900 shares, totaling 15.81 million yuan [1]. - Other notable stocks included PlaiKe (603566) and Shunlian Biological (688098), with increases of 1.90% and 1.71% respectively [1]. Group 3: Capital Flow - The animal health sector saw a net inflow of 10.1262 million yuan from institutional investors, while retail investors contributed a net inflow of 37.4241 million yuan [2]. - Notably, the main funds showed a net outflow of 47.5503 million yuan from speculative funds [2]. Group 4: Detailed Capital Flow by Stock - BioShares (600201) had a net inflow of 40.3094 million yuan from main funds, while it experienced a net outflow of 8.4352 million yuan from speculative funds [3]. - Gold River Biological (002688) saw a net inflow of 13.2219 million yuan from main funds, with a net outflow of 3.8181 million yuan from speculative funds [3]. - ST Green Health (002868) had a net inflow of 9.7760 million yuan from main funds, but a significant net outflow of 20.7609 million yuan from speculative funds [3].

关于 2023 年限制性股票与股票期权激励计划 部分限制性股票回购注销实施公告 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： 证券代码：603718 证券简称：海利生物 公告编号：2026－001 上海海利生物技术股份有限公司 | 回购股份数量 | 注销股份数量 | 注销日期 | | --- | --- | --- | | 375.75万股 | 375.75万股 | 2026年1月9日 | 一、本次限制性股票回购注销的决策与信息披露 回购注销原因：上海海利生物技术股份有限公司（以下简称"公司"）于 2025年10月28日召开第五届董事会第十六次会议，审议通过了《关于公司 2023年限制性股票与股票期权激励计划限制性股票第二个解除限售期解 除限售条件未成就暨调整回购价格及行权价格并回购注销部分限制性股 票与部分股票期权注销的议案》。根据《上市公司股权激励管理办法》（ 以下简称"《管理办法》"）、《上海海利生物技术股份有限公司2023年限 制性股票与股票期权激励计划（草案）》（以下简称"《激励计划》"） 的相关规 ...

Group 1 - The dental medical concept sector rose by 4.97%, ranking fifth among concept sectors, with 25 stocks increasing, including Maipu Medical, Kangtuo Medical, and Lepu Medical, which hit the 20% limit up [1] - The leading gainers in the dental medical sector included Chunli Medical, Haili Biological, and Yirui Technology, which rose by 8.87%, 7.87%, and 6.51% respectively [1] - The stocks with the largest declines were Langzi Co., Weihong Co., and Dongfang Precision, which fell by 0.98%, 0.98%, and 0.83% respectively [1] Group 2 - The dental medical concept sector saw a net inflow of 666 million yuan, with 18 stocks receiving net inflows, and 6 stocks attracting over 30 million yuan in net inflows [2] - Lepu Medical led the net inflow with 485 million yuan, followed by Yinbang Co., Meinian Health, and Haili Biological, which had net inflows of 123 million yuan, 63.16 million yuan, and 46.79 million yuan respectively [2] - The net inflow ratios for Lepu Medical, Haili Biological, and Kangtuo Medical were 18.55%, 15.49%, and 14.12% respectively [3] Group 3 - The top stocks in the dental medical sector based on net inflow included Lepu Medical, Yinbang Co., Meinian Health, and Haili Biological, with respective daily price changes of 19.99%, 4.45%, 3.41%, and 7.87% [3][4] - The trading turnover rates for these stocks were 9.07%, 21.43%, 7.16%, and 7.11% respectively [3][4] - Other notable stocks included Maipu Medical with a 20% increase and a turnover rate of 6.51% [4]

Core Viewpoint - The animal health sector experienced a significant increase of 3.8% on January 5, with Haili Biological leading the gains, while the overall market indices also showed positive performance [1] Group 1: Market Performance - The Shanghai Composite Index closed at 4023.42, up by 1.38% [1] - The Shenzhen Component Index closed at 13828.63, up by 2.24% [1] Group 2: Individual Stock Performance - Haili Biological (603718) closed at 6.58, with a rise of 7.87% and a trading volume of 461,200 shares, amounting to a transaction value of 302 million yuan [1] - Biological Shares (600201) closed at 16.06, increasing by 6.57% with a trading volume of 553,300 shares, totaling 88.5 million yuan [1] - ST Green Health (002868) closed at 35.40, up by 5.01% with a trading volume of 14,600 shares, amounting to 5.124 million yuan [1] - Shunlian Biological (688098) closed at 9.29, increasing by 4.62% with a trading volume of 65,000 shares, totaling 60.117 million yuan [1] - Ruipu Biological (300119) closed at 19.53, up by 4.05% with a trading volume of 78,500 shares, amounting to 151 million yuan [1] - KQ Biological (688526) closed at 15.68, increasing by 2.75% with a trading volume of 29,900 shares, totaling 46.631 million yuan [1] - Huisheng Biological (300871) closed at 21.25, up by 2.51% with a trading volume of 61,500 shares, amounting to 129 million yuan [1] - Qudongli (920275) closed at 8.91, increasing by 2.30% with a trading volume of 10,300 shares, totaling 911,930 yuan [1] - Placo (603566) closed at 12.71, up by 2.25% with a trading volume of 36,700 shares, amounting to 46.3405 million yuan [1] - Jinhai Biological (002688) closed at 6.03, increasing by 1.34% with a trading volume of 105,100 shares, totaling 63.2745 million yuan [1] Group 3: Capital Flow Analysis - The animal health sector saw a net inflow of 77.0149 million yuan from main funds, while retail funds experienced a net outflow of 33.0955 million yuan [1] - The main funds' net inflow for Haili Biological was -54.2922 million yuan, with a net outflow from retail funds of -35.0631 million yuan [2] - Ruipu Biological had a net inflow of 15.0755 million yuan from main funds, while retail funds saw a net inflow of 555.73 thousand yuan [2] - Biological Shares had a net inflow of 1.5843 million yuan from main funds, with a net outflow from retail funds of -1529.42 thousand yuan [2]