Group 1 - Zhejiang Dashu Zhukang Food Technology Co., Ltd. has been established with a registered capital of 10 million yuan [1] - The company is involved in various business activities including technology services, food additives sales, and food import/export [1] - The company is co-owned by Huakang Co., Suzhou Jieruixiang Investment Management Co., and Shandong Dashu Dafute Food Co., Ltd. [1] Group 2 - The company is authorized to engage in food production, food sales, and health food production, subject to regulatory approval [1] - The business scope includes low-temperature storage and packaging services [1] - The company operates under a business license and is allowed to conduct activities that do not require special permits [1]

Group 1 - Zhejiang Dashuzhoukang Food Technology Co., Ltd. has been established with Wang Xin as the legal representative [1] - The company's business scope includes food production, food additive production, food sales, online food sales, and grain processing food production [1] - The company is jointly held by Huakang Co., Ltd. (stock code: 605077) among others [1]

Group 1 - The core point of the article is the establishment of a new food technology company, Zhejiang Dashuzhoukang Food Technology Co., Ltd, which is co-owned by Huakang Co., Ltd [1] - The legal representative of the new company is Wang Xin, indicating a potential leadership structure [1] - The business scope of the new company includes food production, food additive production, food sales, internet food sales, and grain processing food production, highlighting its diverse operational focus [1]

Group 1 - Zhejiang Huakang Pharmaceutical Co., Ltd. invested 4 million RMB to establish Zhejiang Dashu Zhukang Food Technology Co., Ltd., holding a 40% stake [1] - Zhejiang Dashu Zhukang Food Technology Co., Ltd. was founded on August 1, 2025, with a registered capital of 10 million RMB [1] - The company is located in Zhoushan and operates in the food manufacturing industry, engaging in various activities including technology services, food additives sales, and food import/export [1] Group 2 - The company has both permitted and non-permitted business activities, with permitted activities including food production, food additive production, and health food production, which require approval from relevant authorities [1] - The company is authorized to conduct business activities independently based on its business license, except for projects that require approval [1]

Core Viewpoint - Zhejiang Huakang Pharmaceutical Co., Ltd. plans to acquire 100% equity of Henan Yuxin Sugar Alcohol Co., Ltd. through a combination of issuing shares and cash payment, indicating a strategic move to enhance its asset portfolio and market position [1] Group 1: Transaction Overview - The company intends to purchase the equity from Zhang Qibin, Tan Ruiqing, Tang Yuyuxin, and Tan Jingzhong [1] - The transaction is categorized as a related party transaction, necessitating a detailed report and compliance with regulatory requirements [1] Group 2: Report Updates - The company has revised the draft of the acquisition report to address inquiries from regulatory bodies, including updates on the issuance price and number of shares based on the company's profit distribution [1] - Additional updates include the impact of the transaction on the company's equity structure and commitments from related parties involved in the transaction [1] Group 3: Financial Metrics - The report has been supplemented with financial indicators of the target company, such as liquidity ratios, debt ratios, and gross profit margins, along with comparisons to industry peers [1] - The company has also updated the risk factors associated with the transaction, including overseas sales risks and other relevant risks [1]

Core Viewpoint - Zhejiang Huakang Pharmaceutical Co., Ltd. is undergoing a significant acquisition involving the issuance of shares and cash payment to purchase assets, specifically in the functional sugar alcohol sector, which is experiencing steady market growth and consolidation [1][2]. Group 1: Market Overview - The functional sugar alcohol market in China has shown steady growth, with the market size reaching approximately 10.2 billion yuan in 2022 and projected to grow to 21 billion yuan by 2027, indicating substantial growth potential [5]. - The global functional sugar alcohol market was estimated at 4.6 billion USD in 2022, with expectations to reach 7.7 billion USD by 2030, reflecting a compound annual growth rate (CAGR) of about 6.7% [5]. - The xylitol market in China has also been expanding, with the global market projected to grow from 1.12 billion USD in 2024 to 1.64 billion USD by 2029, at a CAGR of 7.9% [7]. Group 2: Company Position and Strategy - Huakang and the target company are leading players in the xylitol production sector, with significant market shares and competitive advantages in production capacity and technology [4][11]. - The acquisition aims to consolidate Huakang's position in the domestic and international xylitol market, enhancing operational efficiency and resource integration across supply chains, production, and sales channels [11][13]. - The target company has a production capacity of 20,000 tons of xylitol, and Huakang has a capacity of 35,000 tons, positioning both companies as major suppliers in the industry [9][10]. Group 3: Financial Aspects of the Transaction - The total cash consideration for the acquisition is 366 million yuan, to be paid in two installments: 244 million yuan within 30 days post-registration and 122 million yuan within 30 days after the first payment's one-year anniversary [19][20]. - The cash payment structure is designed to ensure transaction certainty while alleviating short-term cash flow pressures for Huakang, allowing for better financial management [20][22]. - The acquisition is expected to generate goodwill of approximately 46.71 million yuan, with the total goodwill post-transaction reaching 813.30 million yuan, representing 20.54% of Huakang's net assets [23].

本专项核查意见中的报告期指2023年度、2024年度（2025年1-5月相关数据 未经审计）；除非文义另有所指，本回复所述的简称或名词的释义与重组报告 书中的"释义"具有相同涵义。本回复部分表格中单项数据加总数与表格合计 数可能存在微小差异，均因计算过程中的四舍五入所形成。本回复的字体代表 以下含义： | 股票代码：605077 | 股票简称：华康股份 | 上市地点：上海证券交易所 | | --- | --- | --- | | 债券代码：111018 | 债券简称：华康转债 | | 关于浙江华康药业股份有限公司 发行股份及支付现金购买资产 暨关联交易申请的审核问询函 之回复报告 独立财务顾问 二〇二五年七月 上海证券交易所： 浙江华康药业股份有限公司（以下简称"公司"、"上市公司"或"华康 股份"）于2025年5月14日收到贵所下发的《关于浙江华康药业股份有限公司发 行股份及支付现金购买资产暨关联交易申请的审核问询函》（上证上审（并购 重组）〔2025〕30号）（以下简称"问询函"）。公司及相关中介机构对问询 函有关问题进行了认真核查与落实，按照问询函的要求对所涉及的事项进行了 问题答复，并对《浙江华康药业 ...

东方证券股份有限公司 关于 《关于浙江华康药业股份有限公司 发行股份及支付现金购买资产 暨关联交易申请的审核问询函 之回复报告》 之专项核查意见 独立财务顾问 二〇二五年七月 上海证券交易所： 按照贵所于2025年5月14日下发的《关于浙江华康药业股份有限公司发行股 份及支付现金购买资产暨关联交易申请的审核问询函》（上证上审（并购重组） 〔2025〕30号）（以下简称"问询函"）的要求，东方证券股份有限公司（以 下简称"东方证券"、"独立财务顾问"）作为浙江华康药业股份有限公司 （以下简称"公司"、"上市公司"或"华康股份"）的独立财务顾问，对问 询函有关问题进行了认真核查与落实，现就相关事项回复如下。 问题 1.关于交易目的和交易方案 根据重组报告书，（1）上市公司与标的公司均主要从事功能性糖醇的研发、 生产和销售，是在行业内木糖醇生产能力与工艺水平均处于领先地位、市场竞 争力较强的两家企业；（2）本次交易以股份 7.32 亿和现金 3.66 亿元作为交易 对价，其中现金对价分两期支付，第一期支付 2.44 亿元，第二期在第一期现金 对价支付满一年起 30 天内支付剩余现金对价 1.22 亿元。 请公司披露 ...

国浩律师（杭州）事务所 关 于 浙江华康药业股份有限公司 发行股份及支付现金购买资产 暨关联交易 之 补充法律意见书（一） 地址：杭州市上城区老复兴路白塔公园 B 区 2 号、15 号国浩律师楼 邮编：310008 Grandall Building, No.2＆No.15, Block B, Baita Park, Old Fuxing Road, Hangzhou, Zhejiang 310008, China 电话/Tel: (+86)(571) 8577 5888 传真/Fax: (+86)(571) 8577 5643 电子邮箱/Mail：grandallhz@grandall.com.cn 网址/Website：http://www.grandall.com.cn 二〇二五年七月 国浩律师（杭州）事务所 补充法律意见书（一） 国浩律师（杭州）事务所 关于浙江华康药业股份有限公司 发行股份及支付现金购买资产暨关联交易之 补充法律意见书（一） 致：浙江华康药业股份有限公司 国浩律师（杭州）事务所作为华康股份聘任的为其发行股份及支付现金购买 资产暨关联交易提供法律服务的专项法律顾问，于 2025 年 3 ...

坤 元 资 产 评 估 有 限 公 司 CanWin Appraisal Co., Ltd 地址：杭州市钱江新城钱江路 1366 号华润 大厦 B 座 13 楼 邮编：310020 电话：（0571） 81726488 81726388 关于对浙江华康药业股份有限公司发行股份及支付 现金购买资产暨关联交易申请的审核问询函中 有关评估事项的回复 上海证券交易所： 由浙江华康药业股份有限公司(以下简称上市公司或华康股份)转来的《关于 浙江华康药业股份有限公司发行股份及支付现金购买资产暨关联交易申请的审 核问询函》(上证上审(并购重组)〔2025〕30 号，以下简称问询函)奉悉。我们 已对问询函中需要我们说明的评估事项进行了审慎核查，现将问询函中与资产评 估相关的问题核查情况汇报如下： 一、关于评估方法和商誉 问询函关于问询问题第 2 题：根据重组报告书，（1）本次评估采用资产基 础法和收益法两种评估方法对豫鑫糖醇股东全部权益价值进行评估，其中资产 基础法下评估值为 64,999.28 万元、增值率 27.91%，收益法下评估值为 110,100.00 万元、增值率 102.01%，最终选用收益法评估结果作为评估结 ...