一、行业概述 山梨醇（Sorbitol/山梨糖醇）是一种六元糖醇，化学式为C₆H₁₄O₆，由葡萄糖的醛基还原为羟基形成， 属于多元醇类化合物。天然存在于梨、桃、苹果、葡萄等水果及蘑菇、海带、菠菜等蔬菜中，也可通过 化学合成（如葡萄糖催化氢化、电解氧化法）或生物发酵法制备。 山梨醇化学性质 二、行业产业链 内容概况：中国山梨醇行业现处于成熟发展期，兼具规模优势与技术竞争力。2024年，中国山梨醇行业 市场规模约为75.36亿元，同比增长6.92%。这一扩张态势主要得益于健康消费趋势的强力驱动——下游 应用场景随消费者健康需求升级持续扩容。具体而言，在食品领域，山梨醇作为低热量甜味剂与保湿剂 的功能属性被深度挖掘，其添加量在饮料、烘焙制品及乳制品中呈刚性增长；医药领域则依托其作为辅 料及治疗载体的稳定性能，需求保持稳健上行；日化领域更因其在护肤品、牙膏中作为保湿剂与增稠剂 的高渗透特性，成为推动行业扩容的关键增量市场。 相关上市企业：华康股份（605077） 相关企业：山东南山铝业股份有限公司、武汉普世达生物科技有限公司、中粮糖业控股股份有限公司、 北控水务集团有限公司、江苏恒瑞医药股份有限公司、中国石油化工股份 ...

Core Viewpoint - Huakang Co., Ltd. has decided to terminate the planned acquisition of 100% equity in Yuxin Sugar Alcohol due to significant changes in the market environment since the initial planning phase, despite the transaction being in progress for over a year [2][4]. Group 1: Transaction Details - The company intended to acquire Yuxin Sugar Alcohol for a total price of 1.098 billion yuan through a combination of issuing shares and cash payments [2]. - The assessment value of Yuxin Sugar Alcohol's 100% equity as of December 31, 2024, was 1.101 billion yuan, reflecting an increase of 556 million yuan and an appreciation rate of 102.01% [2][3]. Group 2: Company Performance - Huakang Co., Ltd. has faced a situation of increasing revenue without corresponding profit growth, with a revenue increase of 0.93% to 2.808 billion yuan in 2024, while net profit decreased by 27.72% to 268 million yuan [4]. - In the first three quarters of 2025, the company reported a revenue of 2.959 billion yuan, a year-on-year increase of 40.52%, but net profit declined by 9.91% to 168 million yuan [4]. Group 3: Industry Context - The company and Yuxin Sugar Alcohol are recognized as leading firms in the production and technology of xylitol, with the acquisition aimed at enhancing market competitiveness and operational efficiency [4]. - The industry is currently facing challenges, including a major customer of Yuxin Sugar Alcohol experiencing a debt crisis, which may impact the market dynamics [4].

Core Viewpoint - The acquisition of Henan Yuxin Sugar Alcohol Co., Ltd. by Huakang Co., Ltd. has been terminated after more than a year of efforts, highlighting the company's challenges in maintaining profitability amid a changing market environment [1][2][4]. Acquisition Termination - Huakang Co. announced the termination of the acquisition of Yuxin Sugar Alcohol, which was initially planned through a combination of share issuance and cash payment [2]. - The acquisition aimed to enhance Huakang's competitive position in the domestic and international xylitol market, leveraging synergies in raw material supply, production, and sales channels [3]. - The decision to terminate the acquisition was influenced by significant changes in the market environment, including regulatory adjustments and increased competition, which diminished the expected benefits of the acquisition [4][5]. Financial Performance - Huakang's revenue showed a slight increase of 0.9%, rising from 2.783 billion to 2.808 billion yuan from 2023 to 2024, while net profit plummeted by 27.82% to only 268 million yuan [5]. - In the first three quarters of 2025, the company reported revenue of 2.959 billion yuan, but net profit decreased by 9.91% to 168 million yuan, indicating a situation of "increased revenue without increased profit" [5]. Future Development Path - Following the acquisition failure, Huakang is advised to focus on core business development, optimizing existing products, and enhancing cost control [6]. - The company is advancing a significant project in Zhoushan, aiming to produce 200 million tons of corn deep-processing health food ingredients, which is expected to drive revenue growth despite initial profit erosion due to high fixed costs and underutilization [6][7]. - Long-term success will depend on the ability to align new production capacity with health consumption trends and effectively manage costs to achieve economies of scale [7].

Core Viewpoint - The Shanghai Stock Exchange has decided to terminate the review of Zhejiang Huakang Pharmaceutical Co., Ltd.'s asset acquisition and related transactions, leading the company to withdraw its application for the issuance of shares and cash payment for the acquisition of Henan Yuxin Sugar Alcohol Co., Ltd. [1][3][4] Group 1: Termination of Transaction - Huakang Pharmaceutical announced the termination of its plan to acquire 100% of Yuxin Sugar Alcohol through a combination of share issuance and cash payment, following discussions with relevant parties [3][4] - The decision to terminate the transaction was made after careful consideration by the company's board, citing significant changes in the market environment since the initial planning of the transaction [4] Group 2: Financial Performance - In 2024, Huakang Pharmaceutical reported a revenue of 2.81 billion, a year-on-year increase of 0.93%, while the net profit attributable to shareholders decreased by 27.72% to 268 million [6][8] - For the first three quarters of 2025, the company achieved a revenue of 2.96 billion, reflecting a year-on-year growth of 40.52%, but the net profit attributable to shareholders decreased by 9.91% to 168 million [6][9] Group 3: Transaction Details - The proposed transaction involved a total price of 1.098 billion, with 732 million to be paid in shares and 366 million in cash, and was assessed to have an estimated value of 1.101 billion for the 100% equity of Yuxin Sugar Alcohol [5][6] - The evaluation indicated a significant increase in value, with an appreciation of 55.6 million, resulting in a growth rate of 102.01% compared to the company's net assets [6]

Core Viewpoint - Huakang Co., Ltd. has terminated its acquisition of Henan Yuxin Sugar Alcohol Co., Ltd. after a year of planning, citing significant changes in the market environment since the initial planning phase [1][3]. Group 1: Acquisition Details - The acquisition was initiated on October 26, 2024, with a transaction price of approximately 1.098 billion yuan, which would have made Yuxin Sugar Alcohol a wholly-owned subsidiary of Huakang [3]. - Yuxin Sugar Alcohol is recognized in the functional sugar alcohol industry, with high production technology and significant xylitol capacity, contributing to Huakang's competitive advantage in the domestic and international markets [3]. Group 2: Financial Performance - Huakang's revenue for 2024 was 2.808 billion yuan, a slight increase of 0.93% year-on-year, while the net profit attributable to shareholders decreased by 27.72% to 268 million yuan [4]. - In the first three quarters of 2025, the company achieved revenue of 2.959 billion yuan, a year-on-year increase of 40.52%, but the net profit attributable to shareholders fell by 9.91% to 168 million yuan [4]. Group 3: Future Growth Strategies - The company is focusing on the release and digestion of its own production capacity, particularly through the construction of a 2 million-ton corn deep processing health food ingredient project in Zhoushan, Zhejiang [5]. - The first phase of the project, with a capacity of 1 million tons, has been completed, and the company is gradually increasing production efficiency [5]. - To improve profitability, the company needs to focus on high-growth application scenarios, optimize its product matrix, and strengthen supply chain collaboration to reduce costs [5].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：605077 证券简称：华康股份 公告编号：2025-096 债券代码：111018 债券简称：华康转债 浙江华康药业股份有限公司 关于召开终止重大资产重组事项 投资者说明会的公告 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个别及连带责任。 重要内容提示： ● 公开征集问题：投资者可于2025年12月5日（星期五）16:00前登录上证路演中心网站首页点击"提问 预征集"栏目或通过公司邮箱（zqb@huakangpharma.com）进行提问。公司将在说明会上对投资者普遍 关注的问题进行回答。 浙江华康药业股份有限公司（以下简称"公司"）于2025年11月29日在上海证券交易所网站 （www.sse.com.cn）披露《华康股份关于终止发行股份及支付现金购买资产暨关联交易事项并撤回申请 文件的公告》，为加强与投资者的深入交流，公司拟以网络互动的方式召开终止重大资产重组事项投资 者说明会，欢迎广大投资者积极参与。 一、说明会类型 本次业绩说明会以网络平台在线交流的形式召开，公司 ...

Group 1 - Guizhou Moutai elected Chen Hua as the chairman of the fourth board of directors [4] - Tianfeng Securities is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure and illegal financing [4] - Yongtai Energy's actual controller Wang Guangxi received a notice of investigation from the China Securities Regulatory Commission for matters unrelated to the company [4] Group 2 - Shenzhou Pharmaceutical's controlling shareholder plans to reduce its stake by no more than 3% [4] - Zhenhua Group intends to increase its stake in China Jushi by 550 million to 1.1 billion yuan [4] - Jihong Co., Ltd. and its concerted parties plan to reduce their stake by no more than 2.93% [4] Group 3 - XJ Electric won a 1.518 billion yuan procurement project from the State Grid [4] - China XD Electric's subsidiaries collectively won procurement projects from the State Grid worth approximately 2.98 billion yuan [4] - Chaozhuo Aerospace's actual controller will change to the Hubei Provincial State-owned Assets Supervision and Administration Commission, with stock resuming trading on December 1 [4] Group 4 - Huakong Saige terminated its specific object stock issuance [5] - Shenzhen Energy plans to apply for a public bond issuance with a total scale not exceeding 20 billion yuan [5] Group 5 - Blue Sail Medical's board proposed to lower the conversion price of "Blue Sail Convertible Bonds" [6] - ST Lifang's stock will be subject to delisting risk warning and will be suspended from trading on December 1 [7] - Cambrian elected Chen Tianshi as chairman [8]

Key Points - Guizhou Moutai elected Chen Hua as the chairman of the fourth board of directors and plans to repurchase shares between RMB 1.5 billion and RMB 3 billion [1] - Tianfeng Securities is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure and illegal financing [1] Share Buybacks - Demai Technology raised the upper limit for share repurchase to RMB 45 per share [5] - Jianbang Technology plans to repurchase shares worth between RMB 15 million and RMB 30 million [5] - Huayuan Holdings intends to repurchase shares worth between RMB 30 million and RMB 60 million [5] Major Investments - Jinling Pharmaceutical plans to invest RMB 893 million in hospital expansion projects [7] - Dongfang Mingzhu intends to invest approximately RMB 500 million to establish a partnership and acquire part of the equity of New H3C [7] - Chang'an Automobile aims to establish a robotics company to develop innovative products and solutions [7] Mergers and Acquisitions - Kaizhong Co. plans to acquire 60% of Anhui Tuosheng's equity, with stock resuming trading on December 1 [7] - Youa Co. has resumed the review process for issuing shares and cash to purchase assets [7] - Jiasheng Technology intends to acquire controlling interest in Shudun Information Technology Co., with stock continuing to be suspended [7] Financing Activities - Shenzhen Energy plans to apply for a public bond issuance with a total scale not exceeding RMB 20 billion [7] - Huakong Saige has terminated its specific object stock issuance [7]

Core Points - The company announced the termination of the acquisition of 100% shares of Henan Yuxin Sugar Alcohol Co., Ltd. through the issuance of shares and cash payment [1] - The decision was made after careful research and friendly negotiations with the relevant transaction parties [1] - The company will withdraw the application documents related to the acquisition and sign relevant termination agreements with the transaction parties [1]

Core Viewpoint - Huakang Co., Ltd. (605077.SH) has announced the termination of its plan to acquire 100% of Henan Yuxin Sugar Alcohol Co., Ltd. through the issuance of shares and cash payment, along with the withdrawal of related application documents [1] Group 1 - The sixth board meeting of the company will be held on November 28, 2025, to review the proposal regarding the termination of the asset acquisition and related transactions [1] - The decision to terminate the acquisition was made after careful consideration and friendly negotiations with the relevant transaction parties [1] - The company will sign relevant termination agreements with the transaction parties as part of the process [1]