东方证券股份有限公司 关于浙江华康药业股份有限公司终止发行股份及支付现金 购买资产暨关联交易相关主体买卖股票情况 自查报告的核查意见 浙江华康药业股份有限公司（以下简称"华康股份"或"上市公司"或"公 司"）拟通过发行股份及支付现金，购买张其宾、谭瑞清、汤阴县豫鑫有限责任 公司、谭精忠合计持有的河南豫鑫糖醇有限公司（以下简称"豫鑫糖醇"或"标 的公司"）100%股权（以下简称"本次交易"）。 公司于 2025 年 11 月 28 日召开第六届董事会第三十四次会议， 审议通过了 《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议案》 《关于公司与交易对方签署相关终止协议的议案》，经公司审慎研究，并与相关 交易方友好协商，同意公司终止本次交易，并撤回申请文件，以及与交易对方签 署相关终止协议。 根据《中华人民共和国证券法》《上市公司重大资产重组管理办法》《上市 公司监管指引第 7 号——上市公司重大资产重组相关股票异常交易监管》《公开 发行证券的公司信息披露内容与格式准则第 26 号——上市公司重大资产重组》 《监管规则适用指引——上市类第 1 号》及《上海证券交易所上市公司自律监管 指引第 6 ...

| 证券代码：605077 | 证券简称：华康股份 | 公告编号：2025-098 | | --- | --- | --- | | 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 关于终止发行股份及支付现金购买资产暨关联交易 相关主体买卖股票情况自查报告的公告 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。 浙江华康药业股份有限公司（以下简称"华康股份"或"上市公司"或"公 司"）拟通过发行股份及支付现金相结合，购买张其宾、谭瑞清、汤阴县豫鑫有 限责任公司、谭精忠合计持有的河南豫鑫糖醇有限公司（以下简称"豫鑫糖醇" 或"标的公司"）100%股权（以下简称"本次交易"）。 公司于 2025 年 11 月 28 日召开第六届董事会第三十四次会议，审议通过了 《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议案》 《关于公司与交易对方签署相关终止协议的议案》，经公司审慎研究，并与相关 交易方友好协商，同意公司终止本次交易，并撤回申请文件，以及与交易对方签 署相关终止协议。 根 ...

Group 1 - The company announced that it will terminate the issuance of shares and cash payment for the acquisition of 100% equity in Henan Yuxin Sugar Alcohol Co., Ltd. [1] - The board meeting is scheduled for November 28, 2025, to review and approve the termination of the acquisition proposal and withdraw related application documents [1] - During the self-examination period from March 28, 2025, to November 29, 2025, some individuals and institutions traded the company's stock, but the investigation confirmed that these actions did not constitute insider trading [1]

| 证券代码：605077 | 证券简称：华康股份 | 公告编号：2025-097 | | --- | --- | --- | | 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"华康转债"2025 年付息公告 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： 浙江华康药业股份有限公司（以下简称"公司"）于 2023 年 12 月 25 日发行 的可转换公司债券将于 2025 年 12 月 25 日开始支付自 2024 年 12 月 25 日至 2025 年 12 月 24 日期间的利息。根据本公司《可转换公司债券募集说明书》有关条款 的规定，现将有关事项公告如下： 一、可转债发行上市概况 1、债券名称：浙江华康药业股份有限公司可转换公司债券 2、债券简称：华康转债 3、债券代码：111018 4、证券类型：可转换为公司 A 股股票的可转换公司债券 5、发行数量及规模：130,302.30 万元（13,030,230 张，1,303,023 手） 6、面值和发行价格： ...

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].

Core Viewpoint - Zhejiang Huakang Pharmaceutical Co., Ltd. has announced the termination of its major asset restructuring plan, which involved the issuance of shares and cash payment to acquire 100% of Henan Yuxin Sugar Alcohol Co., Ltd. This decision was made after careful consideration of the prolonged transaction timeline and changes in the market environment [8][13][20]. Group 1: Announcement Details - The company will hold an investor briefing on December 8, 2025, to discuss the termination of the major asset restructuring and answer common investor questions [2][5][17]. - Investors can submit questions until December 5, 2025, through the Shanghai Stock Exchange Roadshow Center or via the company's email [2][7]. Group 2: Meeting Information - The investor briefing will take place online from 11:00 AM to 12:00 PM on December 8, 2025, at the Shanghai Stock Exchange Roadshow Center [5][6]. - Key participants in the meeting will include the company's chairman, general manager, financial officer, board secretary, and independent director [4]. Group 3: Transaction Termination Reasons - The decision to terminate the transaction was based on significant changes in the market environment since the initial planning phase, which prompted the company to prioritize the interests of its investors [13][20]. - The board of directors unanimously approved the termination of the asset acquisition and the withdrawal of the application documents during a meeting held on November 28, 2025 [20][21]. Group 4: Impact of Termination - The termination of the transaction is not expected to have a significant adverse effect on the company's operational and financial status, and it does not harm the interests of the company or its minority shareholders [15]. - The company has committed to not planning any major asset restructuring for at least one month following the announcement [16].