监管问询其收入可持续性及客户集中风险。回复显示，济慈医疗2024年第一大客户为关联方臻德济慈， 贡献收入占比89.75%；2025年前三季度该客户占比仍达99.02%。公司解释称，此业务模式源于技术授 权予第三方（如北科生物）服务终端客户，未来将通过拓展合作机构降低依赖。 南方财经1月8日电，金达莱(688057.SH)近日对外投资干细胞企业济慈医疗一事收到交易所问询函，焦 点集中于济慈医疗成立即实现营收的合理性及交易估值激增的原因。根据最新回复公告，济慈医疗虽成 立于2025年8月，但通过同一控制下企业合并，2024年及2025年前三季度已实现营收869.11万元和 1122.73万元，主要收入来自专利授权及技术服务。 估值合理性成为另一争议点。本次交易估值高达54,359.61万元，较账面净资产增值显著，主要因未入账 的30项专利采用收益法评估。评估假设其rFib细胞存储业务收入从2026年的2.5亿元增长至2036年的50亿 元，专利技术分成率设定为17.13%。对此，公司强调该估值低于同业案例——贝达药业收购瑞普晨创 的静态市销率达989倍，而本次交易为62.54倍。 ...

最新公告列表 《关于对外投资事项问询函回复的公告》 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。 截至2026年1月7日收盘，金达莱（688057）报收于12.45元，较前一交易日下跌0.16%，最新总市值为 34.36亿元。该股当日开盘12.54元，最高12.58元，最低12.42元，成交额达1506.75万元，换手率为 0.44%。 公司近日发布公告，就向济慈医疗和中科鸿泰增资事项回复上海证券交易所问询函。公告显示，金达莱 拟以28,000万元投资济慈医疗，持股比例为34.00%，标的公司专注于自体细胞技术研发，拥有多项发明 专利，核心团队由胡敏教授领衔。另一项投资为向中科鸿泰增资，旨在布局血管介入手术机器人领域， 相关产品已进入国家创新医疗器械特别审查程序。公告同时披露了此次投资的目的、估值依据、协同效 应及风险管控措施。 ...

江西金达莱环保股份有限公司（证券代码：688057，证券简称：金达莱）近日发布公告，就上海证券交 易所关于公司对外投资事项的问询函进行了详细回复。公告围绕公司对济慈医疗和中科鸿泰的增资事 项，从投资目的、标的公司业务前景、交易估值、风险控制等多个方面进行了说明，旨在向市场阐明公 司在环保主业之外，布局生物医药及医疗机器人领域的战略考量。 聚焦干细胞治疗与医疗机器人 金达莱拓展业务边界 金达莱在回复中表示，鉴于当前环保行业整体增速放缓、外部竞争加剧、增量市场空间变窄的现状，公 司在坚持发展现有主业的同时，积极响应国家号召，通过对生物制造、医药大健康等行业未上市公司股 权的前瞻性投资，拓宽业务范围，培育新的利润增长点。此次对外投资的两个标的——云南济慈医疗科 技有限公司（简称"济慈医疗"）和北京中科鸿泰医疗科技有限公司（简称"中科鸿泰"），分别专注于干 细胞技术研发与应用以及血管介入手术机器人领域，均属于国家重点支持的战略性新兴产业。 中科鸿泰：攻坚血管介入手术机器人 商业化可期 市场潜力与技术壁垒：中科鸿泰专注于血管介入手术机器人技术与系统研发、生产及销售。2024年中国 血管介入手术总计约700万例，其中冠脉 ...

证券代码：688057 证券简称：金达莱 公告编号：2026-001 江西金达莱环保股份有限公司 关于对外投资事项问询函回复的公告 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、准确性和完整性依法承担法律责任。 上市公司主营业务为生活污水和工业废水的处理，主要产品包括水污染治理 设备、水环境整体解决方案和水污染治理项目运营。公告显示，济慈医疗的主营 业务为自体细胞技术的研发与应用。请公司补充说明：（1）济慈医疗所处细分 行业的市场前景、政策环境及监管情况、竞争格局、技术路线及应用情况，结合 济慈医疗核心团队任职情况及合规性、技术储备及先进性、研发能力、客户资源 等情况，分析说明济慈医疗的行业地位和相较于主要竞争对手的竞争优劣势；（2） 结合上市公司的主业经营情况及发展战略等，补充说明上市公司和济慈医疗是否 具有业务协同性及其具体表现，并说明本次投资的原因及合理性。 【回复】 一、济慈医疗所处细分行业的市场前景、政策环境及监管情况、竞争格局、 技术路线及应用情况，结合济慈医疗核心团队任职情况及合规性、技术储备及 先进性、研发能力、客户资源等情况，分析说明济 ...

截至2025年12月26日收盘，金达莱（688057）报收于12.35元，较上周的11.95元上涨3.35%。本周，金 达莱12月22日盘中最高价报13.5元。12月24日盘中最低价报12.2元。金达莱当前最新总市值34.09亿元， 在环境治理板块市值排名71/106，在两市A股市值排名4295/5178。 公司公告汇总 江西金达莱环保股份有限公司拟使用自有资金3000万元向北京中科鸿泰医疗科技有限公司增资，获得其 10.00%的股权。标的公司专注于医疗机器人技术与系统的研发、生产及销售，是中科院自动化研究所 孵化的企业，具备较强科研实力，拥有多项自主知识产权，产品已进入国家药监局创新医疗器械特别审 查程序。本次交易为非同比例增资，不构成重大资产重组或关联交易。公司本次投资旨在优化产业结 构，培育新的利润增长点。投资完成后，公司合并报表范围不变。 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。 本周关注点 公司公告汇总：金达莱拟使用自有资金3000万元向北京中科鸿泰医疗科技有限公司增资，获得其 10.00%的股权。 ...

Core Viewpoint - Company Jindalai (688057) is diversifying into the medical sector by investing in two companies focused on stem cell research and medical robotics, following a decline in its performance since its IPO. The market reacted positively to these announcements, with a stock price increase of over 11% on December 22 [1][4]. Investment Details - Jindalai plans to invest CNY 280 million in Yunnan Jici Medical Technology Co., acquiring a 34% stake, and CNY 30 million in Zhongke Hongtai Medical Technology Co., acquiring a 10% stake [3][4]. - Jici Medical specializes in autologous cell technology and has conducted safety and efficacy validations for over 30 clinical indications [3]. - Zhongke Hongtai focuses on medical robotics and has completed clinical trials for its vascular intervention surgery robot [3][4]. Financial Performance - Jindalai has faced declining revenues and profits since its IPO, with revenues dropping from CNY 9.71 billion in 2020 to CNY 4.09 billion in 2024, and net profits decreasing from CNY 3.87 billion to CNY 1.37 billion in the same period [9]. - For the first three quarters of 2024, Jindalai reported revenues of approximately CNY 236 million, a 23.5% year-on-year decline, and net profits of CNY 75 million, down 30.14% [9]. Risks and Concerns - Both target companies present financial risks: Zhongke Hongtai has not yet achieved profitability, while Jici Medical has negative net assets, indicating it is in a state of insolvency [6][7]. - The investments are made at a premium, with Jici Medical's valuation at CNY 544 million, raising concerns about the potential for future returns [8]. - The medical technology sector is characterized by high barriers to entry and significant R&D costs, which may pose challenges for Jindalai, a company primarily focused on environmental services [10].

Core Viewpoint - Jindalai, a water environment management company, is diversifying into the healthcare sector by investing in two medical technology firms, despite facing financial uncertainties in these target companies [1][5]. Group 1: Investment Details - Jindalai plans to invest CNY 280 million in Yunnan Jici Medical Technology Co., acquiring a 34% stake, focusing on autologous cell technology [2]. - The company will also invest CNY 30 million in Zhongke Hongtai Medical Technology Co., obtaining a 10% stake, which specializes in medical robotics [2]. - Both investments are seen as a strategic move to optimize Jindalai's industry structure and enhance its risk resilience [3]. Group 2: Financial Performance of Target Companies - Zhongke Hongtai reported revenues of approximately CNY 132,100 and CNY 102,600 for the last year and the first three quarters of this year, respectively, with net losses of CNY 11.4 million and CNY 5.5 million [5]. - Jici Medical's revenues were CNY 8.69 million and CNY 11.23 million for the same periods, with net profits of CNY 2.23 million and CNY 1.15 million [5]. - As of the end of Q3 this year, Jici Medical had negative net assets of CNY 31.53 million, indicating a state of insolvency [5]. Group 3: Valuation and Risks - The investments are made at a premium, with Jici Medical's assessed value at CNY 544 million, primarily due to the value of its patents and ongoing projects [6]. - The success of Jici Medical's business and financial outlook heavily relies on the successful clinical development and commercialization of its drug candidates [6].

Core Viewpoint - Company Jindalai is making a significant shift into the health sector by investing over 310 million yuan in two companies, marking its transition from environmental protection to a dual focus on "environment + health" [2] Investment Details - Jindalai announced an investment of 280 million yuan to acquire a 34% stake in Jici Medical, focusing on cell therapy, and an additional 30 million yuan for a 10% stake in Zhongke Hongtai, which specializes in medical robotics [2][6] - The investment in Jici Medical positions Jindalai as the second-largest shareholder, just behind the controlling shareholder [3] Financial Performance of Target Companies - Jici Medical reported revenues of 11.23 million yuan and a net profit of 1.15 million yuan for the first three quarters of 2025, but its equity remains negative at -3.15 million yuan [4] - Zhongke Hongtai's revenue for the same period was only 102,600 yuan, with a net loss of 550,770 yuan, indicating ongoing financial challenges [6] Strategic Alignment with National Policies - Both investments align with national strategic emerging industries, with Jici Medical focusing on cell therapy and Zhongke Hongtai on the trend of intelligent medical devices [6] - The "14th Five-Year Plan" identifies biomanufacturing as a new economic growth point, with stem cell technology included as a key area [6] Challenges in Core Business - Jindalai's core environmental business is under pressure, with a revenue decline of 23.5% year-on-year for the first three quarters of 2025, leading to a search for new growth avenues [8] - The company is facing a "collection battle" with multiple lawsuits, indicating difficulties in cash flow management [9][12] Cash Flow and Investment Risks - Despite current cash flow stability, with over 2.2 billion yuan in liquid assets, future investments in the new sectors may strain resources, especially given the financial status of the target companies [14] - The high-risk nature of clinical trials in cell therapy and the complex registration processes for medical robots pose additional uncertainties for Jindalai's new ventures [14][15] Technical Synergy Concerns - There is limited technical synergy between Jindalai's core wastewater treatment technology and the new health sector investments, which may hinder the company's ability to leverage its existing expertise [15]

Core Viewpoint - Company Jindalai (688057) is diversifying into the medical sector by investing in two companies focused on stem cell research and medical robotics, despite facing declining performance in its core water treatment business since its IPO [1][10]. Investment Details - Jindalai plans to invest CNY 280 million in Yunnan Jici Medical Technology Co., acquiring a 34% stake, which focuses on the development and application of autologous cell technology [4]. - The company also intends to invest CNY 30 million in Zhongke Hongtai Medical Technology Co., obtaining a 10% stake, which specializes in medical robotics [4]. - Both investments are seen as cross-industry moves for Jindalai, which has traditionally focused on water environment management [5]. Financial Performance - Jindalai has experienced a decline in revenue and net profit for four consecutive years since its IPO, with revenues dropping from CNY 9.71 billion in 2020 to CNY 4.09 billion in 2024 [11]. - In the first three quarters of 2024, Jindalai reported revenues of approximately CNY 236 million, a year-on-year decrease of 23.5%, and a net profit of CNY 75 million, down 30.14% [11]. Risks and Concerns - Both target companies present financial risks: Zhongke Hongtai has not yet achieved profitability, while Jici Medical has negative net assets, indicating a state of insolvency [7][8]. - The investments are made at a premium, with Jici Medical's assessed value at CNY 5.44 billion, raising concerns about the potential for future returns [9]. - The medical technology sector is characterized by high barriers to entry and significant R&D costs, which may pose challenges for Jindalai, a company lacking experience in this field [12].

Core Viewpoint - Jiangxi Jindalai Environmental Protection Co., Ltd. is making significant moves towards diversification by investing in the healthcare sector, specifically in stem cell technology and medical robotics, to optimize its industrial structure and cultivate new profit growth points [2][3][21]. Investment in Healthcare - On December 19, Jindalai announced an investment of 280 million yuan in Yunnan Jici Medical Technology Co., Ltd., acquiring a 34% stake, making it the second-largest shareholder [2][21]. - On December 21, the company announced an additional investment of 30 million yuan in Beijing Zhongke Hongtai Medical Technology Co., Ltd., acquiring a 10% stake [3][21]. - Both investments target the "big health industry," with Jici Medical focusing on proprietary stem cell technology and Zhongke Hongtai excelling in medical artificial intelligence [3][21]. Rationale for Investment - Jindalai aims to respond to national calls for investment in biomanufacturing and healthcare sectors, enhancing its risk resistance and creating new profit avenues [3][21]. - The company believes that the aging population and the maturation of the industry in China present ample investment opportunities in the big health sector [3][21]. Financial Overview of Jici Medical - As of September 30, Jici Medical reported total assets of 10.01 million yuan, with revenues and net profits of 11.23 million yuan and 1.15 million yuan, respectively, for the first nine months of 2025 [6][26]. - Despite not being particularly strong financially, Jici Medical's ability to generate initial self-sustaining revenue is notable in the capital-intensive biomanufacturing sector [6][26]. Financial Overview of Zhongke Hongtai - Zhongke Hongtai reported total assets of 61.58 million yuan and a net loss of 5.51 million yuan for the first nine months of 2025 [10][31]. - The company is recognized for its innovative medical robotics and has completed 16 clinical trials for its products, which are currently in the regulatory approval process [10][31]. Jindalai's Current Position - Jindalai has a strong financial position, with a debt ratio of only 10.2% and cash reserves exceeding 1.898 billion yuan, allowing it to fund these investments entirely with its own capital [12][33]. - However, the company has experienced a decline in its main business, with a 23.5% drop in total revenue and a 30.14% decrease in net profit for the first nine months of 2025 [13][33]. Strategic Shift - The investments in Jici Medical and Zhongke Hongtai mark Jindalai's formal entry into the biomanufacturing and big health sectors, aligning with national policies that support these industries as emerging growth areas [16][36]. - The company is part of a broader trend among environmental firms diversifying into non-environmental sectors, with nearly half of the listed environmental companies exploring such opportunities [17][38].