Core Viewpoint - Hai Li Biological (603718.SH) announced that its subsidiary, Ruisheng Biological, received approval from the Indonesian Ministry of Health (MOH) for its GORORISE Natural Bone Grafting Material, indicating a significant milestone in expanding its product offerings in the Southeast Asian market [1] Group 1: Product Development and Approval - Ruisheng Biological submitted the registration application for GORORISE Natural Bone Grafting Material to the Indonesian MOH in August 2025 [1] - The GORORISE product is an animal-derived bone repair material that closely resembles human natural bone tissue in composition and microstructure [1] - The product is designed for maxillary bone defect repair and promotes new bone generation through its interconnected porous structure and natural components, showcasing strong potential for clinical application and market expansion [1] Group 2: Regulatory Milestones - GORORISE Natural Bone Grafting Material received its Class III medical device registration certificate from the National Medical Products Administration of China in December 2013 [1] - The product also obtained a Class D medical device registration certificate in Indonesia in December 2025 [1]

本次获得印度尼西亚注册证的GORORISE天然骨移植材料是瑞盛生物研发和生产的一种动物源性骨修复 材料，在组成成分和微观结构上均与人体天然骨组织高度相似。 海利生物（603718）(603718.SH)公告，公司控股子公司陕西瑞盛生物科技有限公司(简称"瑞盛生物")于 2025年8月向印度尼西亚卫生部(简称"MOH")递交了瑞盛生物GORORISE Natural Bone Grafting Material(GORORISE天然骨移植材料)产品的注册申报资料。瑞盛生物于近日收到MOH通知，瑞盛生物 的GORORISE天然骨移植材料产品获得MOH的批准。 ...

本次获得印度尼西亚注册证的GORORISE天然骨移植材料是瑞盛生物研发和生产的一种动物源性骨修复 材料，在组成成分和微观结构上均与人体天然骨组织高度相似。 智通财经APP讯，海利生物(603718.SH)公告，公司控股子公司陕西瑞盛生物科技有限公司(简称"瑞盛生 物")于2025年8月向印度尼西亚卫生部(简称"MOH")递交了瑞盛生物GORORISE Natural Bone Grafting Material (GORORISE天然骨移植材料)产品的注册申报资料。瑞盛生物于近日收到MOH通知，瑞盛生物 的GORORISE天然骨移植材料产品获得MOH的批准。 ...

南方财经12月15日电，海利生物(603718.SH)收购子公司陕西瑞盛生物41%股权一事引发监管关注，上 海证券交易所下发监管工作函，聚焦标的公司业绩下滑与评估作价合理性问题。问询指出，瑞盛生物 2025年第三季度仅实现营业收入2677万元、净利润929万元，较前两个季度大幅下滑，要求海利生物说 明本次交易评估作价是否合理，前次评估预测与标的公司最新经营业绩及趋势是否存在较大差异。 海利生物回应称，瑞盛生物三季度业绩下滑主要受两方面影响：一是2025年5月起不再享受3%简易征收 增值税优惠，改为13%税率征收，且进项税抵扣较少；二是市场准入门槛降低引发"价格战"，6月产品 价格触底后，相关影响集中在三季度体现。公司表示，本次交易评估报告虽以6月30日为基准日，但9月 出具时已充分考虑上述因素，将瑞盛生物估值从17亿元下调至9.74亿元。同时指出，瑞盛生物销售 呈"脉冲式"规律，四季度业绩集中在12月体现，且11月产品单价已回升，前期降价不利影响逐步消化， 当前经营符合预期，评估预测与最新业绩趋势无较大差异，交易作价合理。 ...

海利生物12月12日公告，公司拟收购陕西瑞盛生物科技有限公司剩余41%股权，本次交易完成后，对瑞 盛生物的持股比例达到96%。本次交易构成关联交易，未构成重大资产重组。 ...

证券代码：603718 证券简称：海利生物 公告编号：2025-058 上海海利生物技术股份有限公司 2025 年 12 月 1 日，上海海利生物技术股份有限公司（以下简称"公司""上 市公司"或"海利生物"）收到上海证券交易所上市公司管理一部下发的《关于上 海海利生物技术股份有限公司收购子公司少数股权的监管工作函》（上证公函【2025】 3974 号）（以下简称"监管工作函"）。根据《监管工作函》的要求，公司对《监 管工作函》所列事项逐一复核落实，现就《监管工作函》所列事项进行逐项回复并 说明如下。 本回复的字体代表以下含义： | 字体 | 含义 | | --- | --- | | 黑体（加粗） | 监管工作函所列问题 | | 宋体 | 对监管工作函所列问题的回复及说明 | 本监管工作函回复中，若出现总数与各分项数值之和尾数不符的情况，均为四 舍五入原因造成。 关于对上海证券交易所《关于上海海利生物技术股份有 限公司收购子公司少数股权的监管工作函》的回复公告 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个别及连带责任。 风险提示： ...

证券日报网讯12月12日，海利生物（603718）在互动平台回答投资者提问时表示，公司产品出口的比例 非常低，不构成重大影响。 ...

Core Viewpoint - The acquisition of the remaining 41% stake in Ruisheng Bio by Haili Bio for approximately 399.3 million yuan raises concerns about the stability of the target's performance, valuation adjustments, and the transparency of related party transactions [1][5]. Group 1: Transaction Pricing and Performance Capability Concerns - In October 2024, Haili Bio acquired 55% of Ruisheng Bio for 935 million yuan, with an initial valuation of 1.7 billion yuan. However, due to intensified industry price wars and changes in tax policies, Ruisheng Bio's performance declined sharply, with a 40% drop in product prices in Q2 2025 [2][8]. - Following this, Haili Bio renegotiated the valuation down to 974 million yuan, adjusting the purchase price to 535.7 million yuan, with Meilun Company required to refund 399.3 million yuan. However, Meilun Company stated it could not pay this cash due to "funding difficulties," leading to a debt-for-equity swap [2][8]. - There are concerns regarding Meilun Company's ability to fulfill performance compensation commitments, which require Ruisheng Bio to achieve a cumulative net profit of no less than 233 million yuan from 2024 to 2026, with approximately 95 million yuan still needed in the remaining two years [2][8]. Group 2: Rapid Performance Decline and Valuation Concerns - Initially, Ruisheng Bio was projected to have a net profit of 138 million yuan in 2024, but the situation deteriorated in 2025 due to a shift in tax policy, increasing the VAT rate from 3% to 13%, significantly eroding profits. The net profit for the first three quarters was 43.06 million yuan, falling short of the adjusted annual commitment of 50 million yuan [3][9]. - Despite an assessment report indicating a shareholder equity valuation of 974 million yuan, a 223.21% increase from the book value, the significant decline in profitability raises doubts about the feasibility of future profit forecasts relied upon by the income approach [3][9]. - The valuation of Ruisheng Bio soared from 116 million yuan for 60% of its equity in 2022 to 1.7 billion yuan two years later, and although it has since halved, it remains significantly higher than previous transaction prices, questioning the ongoing reasonableness of the valuation [3][9]. Group 3: Capital Operation Path and Minority Shareholder Rights - The series of transactions from Meilun Company's transfer of Ruisheng Bio's equity in 2022 to the high valuation sale to Haili Bio in 2024, followed by the debt-for-equity swap, indicates that Meilun Company has successfully monetized most of its equity [4][10]. - Haili Bio claims that through renegotiation of the valuation, it has "reduced investment costs and controlled investment risks." However, investor concerns persist regarding the exit of significant shareholders from the top ten shareholder list post-acquisition, raising questions about the actual success of the acquisition [4][10]. - Despite the company's assertion that shareholder reductions were personal arrangements, the rapid decline in the target's performance, the counterparty's insufficient performance capability, and the delayed recognition of related party transactions leave uncertainty about whether minority shareholders' interests are adequately protected [4][10].

证券之星消息，12月11日动物保健板块较上一交易日下跌0.55%，海利生物领跌。当日上证指数报收于 3873.32，下跌0.7%。深证成指报收于13147.39，下跌1.27%。动物保健板块个股涨跌见下表： 从资金流向上来看，当日动物保健板块主力资金净流出2897.79万元，游资资金净流入351.31万元，散户 资金净流入2546.49万元。动物保健板块个股资金流向见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 ...

Core Insights - The animal health sector experienced a rise of 1.81% on December 8, with BioShares leading the gains [1] - The Shanghai Composite Index closed at 3924.08, up 0.54%, while the Shenzhen Component Index closed at 13329.99, up 1.39% [1] Stock Performance - BioShares (600201) closed at 14.39, with a significant increase of 7.39% and a trading volume of 717,500 shares, amounting to a turnover of 1.014 billion yuan [1] - Other notable stocks included: - Zhongmu Co. (600195) at 8.09, up 1.25% [1] - Deyu Bio (920970) at 7.88, up 0.90% [1] - Yongshun Bio (920729) at 8.85, up 0.80% [1] - Ruipu Bio (300119) at 19.37, up 0.73% [1] Capital Flow Analysis - The animal health sector saw a net outflow of 27.984 million yuan from institutional investors, while retail investors contributed a net inflow of 4.809 million yuan [2] - The main capital flow for BioShares (600201) showed a net inflow of 26.5384 million yuan from institutional investors, despite a net outflow of 35.9123 million yuan from retail investors [3] - Other stocks like *ST Lvkang (002868) and Huisheng Bio (300871) also experienced varied capital flows, with institutional and retail investors showing different trends [3]