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].

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]

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事项并撤回申请文件的核查意见 东方证券股份有限公司作为浙江华康药业股份有限公司（以下简称"华康股 份"、"上市公司"、"公司"）发行股份及支付现金购买资产暨关联交易（以 下简称"本次交易"）的独立财务顾问，根据《上海证券交易所上市公司自律监 管指引第 6 号——重大资产重组》等相关法律法规的规定，就上市公司终止本次 交易事项进行审慎核查并发表如下意见： 2024 年 10 月 31 日，公司召开第六届董事会第二十五次会议，审议通过了 《关于本次交易符合相关法律法规规定条件的议案》等与本次交易相关的议案。 详见公司 2024 年 11 月 2 日披露于上海证券交易所网站的《华康股份发行股份及 支付现金购买资产暨关联交易预案》相关公告。经向上海证券交易所申请，公司 股票与可转换公司债券于 2024 年 11 月 4 日（星期一）开市起复牌。 本次交易预案披露后，公司持续推进本次交易的相关工作，并定期发布了进 展公告。具体内容详见公司分别于 2024 年 11 月 30 日、2024 年 12 月 30 日、2025 年 1 ...