Core Viewpoint - The company announced plans to acquire a 51% stake in Huize Pharmaceutical from Chengzeneng and others, which will make Huize a subsidiary after the transaction is completed. This transaction is expected to constitute a major asset restructuring and does not involve related party transactions, issuance of shares, or changes in control [1]. Group 1 - The acquisition is scheduled for disclosure on August 12, 2025, and is currently in the process of due diligence [1]. - The exclusivity period has expired, and all parties are actively promoting the transaction [1]. - The restructuring is still ongoing and carries uncertainties as a formal agreement has not yet been signed [1].

Core Insights - The medical services sector experienced a rise of 1.67% on October 31, with Haitai Biological leading the gains [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Medical Services Sector Performance - Haitai Biological (300683) closed at 34.46, up 11.20% with a trading volume of 158,200 shares and a transaction value of 530 million [1] - Other notable performers included: - Nanmo Biological (688265) at 50.60, up 9.98% [1] - Nuo Si Ge (301333) at 68.59, up 7.00% [1] - Yangguang Nuohe (688621) at 58.75, up 5.10% [1] - *ST Biological (000504) at 9.57, up 5.05% [1] Capital Flow Analysis - The medical services sector saw a net inflow of 461 million from institutional investors, while retail investors experienced a net inflow of 918,230 [2] - Notable capital flows included: - Innovation Medical (002173) with a net inflow of 14.416 million from institutional investors [3] - Tai Ge Medical (300347) with a net inflow of 70.6534 million from institutional investors [3] - Zhaoyan New Drug (603127) with a net inflow of 53.6731 million from institutional investors [3]

Group 1 - The company held its 12th board meeting on October 24, 2025, via communication methods, with all 7 participating directors present, ensuring compliance with relevant laws and regulations [2] - The board reviewed and approved the proposal regarding the company's Q3 2025 report, which reflects the actual operating conditions for the first three quarters of 2025, with unanimous support from the directors [2] - The detailed content of the Q3 2025 report was disclosed on the same day through designated media [3] Group 2 - The meeting's resolutions, signed and sealed by the participating directors, along with the audit committee's decision from the 4th meeting of the 12th board, are available for review [4]

Core Insights - *ST Bio reported a revenue of 83.4385 million yuan for the first three quarters of 2025, representing a year-on-year decline of 9.72% [1] Business Developments - The company has implemented several major operational initiatives to optimize its business structure, cultivate new profit growth points, and mitigate operational risks during the first three quarters of the year [1] - In June 2025, *ST Bio initiated the sale of its 52% stake in Nanhua Peace Hospital Management (Hunan) Co., Ltd., with a listing price of 19.9919 million yuan to focus resources on core business [1] - The company acquired a 43.05% stake in Loudi Jinhong New Materials Co., Ltd. for 48.6249 million yuan and simultaneously increased its capital by 30 million yuan to extend its main business track [1] - In August 2025, *ST Bio disclosed plans to acquire a 51% stake in Hunan Huize Biomedical Technology Co., Ltd. in cash, which is expected to constitute a major asset restructuring [1]

Group 1 - The company *ST Bio (SZ 000504) announced that its 12th fourth board meeting was held on October 24, 2025, via communication method, where the proposal for the "2025 Q3 Report" was reviewed [1] - For the first half of 2025, the revenue composition of *ST Bio was as follows: stem cell industry accounted for 83.88%, energy-saving technology services accounted for 15.87%, and other businesses accounted for 0.25% [1] - As of the time of reporting, *ST Bio's market capitalization was 3.1 billion yuan [1]

Group 1 - The core point of the article is that *ST Bio reported its third-quarter performance, showing a decline in revenue but a significant increase in net profit and earnings per share [1] Group 2 - For the third quarter of 2025, *ST Bio's revenue was approximately 83.44 million yuan, a year-on-year decrease of 9.72% [1] - The net profit attributable to shareholders was about 5.23 million yuan, reflecting a year-on-year increase of 162.21% [1] - The basic earnings per share were 0.0159 yuan, which is an increase of 162.35% compared to the previous year [1] - As of the report, *ST Bio's market capitalization stood at 3.1 billion yuan [2]

证券代码：000504 证券简称：*ST 生物 公告编号：2025-064 南华生物医药股份有限公司 第十二届董事会第四次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或者重大遗漏。 一、董事会会议召开情况 南华生物医药股份有限公司（以下简称"公司"）第十二届董事会第四次会 议于2025年10月24日以通讯方式召开。会议通知于2025年10月21日以邮件、短信 方式送达公司全体董事。会议应参与表决董事7名，实际参与表决董事7名。会议 召开符合《公司法》及《公司章程》的有关规定，合法有效。 二、董事会议案审议情况 《关于公司〈2025年第三季度报告〉的议案》 1.经与会董事签字并盖章的董事会决议； 2.公司第十二届董事会审计委员会2025年第四次会议决议。 特此公告。 1 公司严格按照中国证券监督管理委员会及深圳证券交易所有关定期报告的 格式指引，结合公司实际运营情况，编制了《2025 年第三季度报告》，报告内容 能充分反映公司 2025 年前三季度的实际经营情况。本议案已经公司董事会审计 委员会审议并发表了审核意见。 表决结果：会议以7票同意，0票反对，0票 ...

Financial Performance - The company's operating revenue for Q3 2025 was ¥31,846,328.33, a decrease of 11.76% compared to the same period last year[5]. - Net profit attributable to shareholders reached ¥8,716,747.48, reflecting a significant increase of 48,724.30% year-on-year[5]. - The net profit after deducting non-recurring gains and losses was ¥7,053,860.31, up 444.37% from the previous year[5]. - The company reported a basic earnings per share of ¥0.0264, an increase of 26,500.00% year-on-year[5]. - The weighted average return on equity was 3.66%, up from 2.18% in the same period last year[5]. - Total operating revenue for the current period is 83,438,454.98, down from 92,417,062.87 in the previous period, representing a decrease of approximately 11.4%[20]. - The net profit for the current period is -3,149,584.02, an improvement from -8,885,815.36 in the previous period, reflecting a reduction in losses[21]. - The basic and diluted earnings per share for the current period are 0.0159, compared to -0.0255 in the previous period, showing a positive turnaround[22]. Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥841,955,975.52, representing a growth of 38.44% compared to the end of the previous year[5]. - Total assets amount to 841,955,975.52, up from 608,169,817.97 in the previous period, indicating a growth of about 38.3%[19]. - Total liabilities are 479,299,987.90, compared to 326,171,710.73 in the previous period, representing an increase of approximately 46.8%[19]. - The company's equity attributable to shareholders is 242,327,514.63, up from 237,095,180.02 in the previous period, reflecting a slight increase of about 2.0%[19]. Investments and Acquisitions - The company experienced a 16425.49% increase in trading financial assets, totaling ¥100,456,626.00 due to reclassification of other non-current financial assets[10]. - Long-term borrowings increased by 738.72% to ¥75,485,000.00, attributed to the addition of a new subsidiary[11]. - The company reported a 154.14% increase in investment income, totaling ¥5,310,324.47, primarily from trust financial products[11]. - The company initiated the sale of a 52% stake in Nanhua Peace Hospital Management (Hunan) Co., Ltd. at a base price of 19.9919 million RMB, with the transaction completed on October 21, 2025[14]. - The company acquired a 43.05% stake in Loudi Jinhong New Materials Co., Ltd. for 48.6249 million RMB and increased its investment by 30 million RMB, achieving a controlling stake of 55%[15]. - The company is planning to acquire a 51% stake in Hunan Huize Biological Pharmaceutical Technology Co., Ltd., with ongoing due diligence and negotiations[16]. Cash Flow and Expenditures - Cash flow from operating activities increased to 129,067,161.46 from 121,599,540.26 in the previous period, marking an increase of approximately 6.1%[24]. - Total cash inflow from investment activities was $110,346,204.21, down from $223,029,733.17, indicating a decrease in investment returns[26]. - Cash outflow from investment activities totaled $167,039,408.23, compared to $328,548,828.94 previously, showing a reduction in investment expenditures[26]. - Net cash flow from financing activities was -$5,344,267.76, a decrease from -$180,471,647.76, suggesting improved financing conditions[26]. - The ending cash and cash equivalents balance was $162,620,548.64, down from $214,707,973.70, indicating a decline in liquidity[26]. - Cash received from the recovery of investments was $105,000,000.00, down from $218,149,937.31, reflecting a decline in investment recoveries[25]. - Cash paid for the acquisition of fixed assets was $813,823.20, significantly lower than $16,052,536.23 in the previous period, indicating reduced capital expenditures[26]. Operational Strategy - The company has implemented multiple asset transactions and business expansion initiatives to optimize its business structure and mitigate operational risks[14]. - The company’s financial performance and strategic moves indicate a focus on enhancing core business competitiveness and exploring new profit growth points[14]. - Research and development expenses for the current period are 6,236,518.78, down from 7,034,234.69 in the previous period, indicating a decrease of approximately 11.3%[20]. Future Outlook - The company reported a total profit and net profit for 2024 expected to be negative, with operating revenue projected to be below 300 million RMB, raising investment risk concerns[14]. - The company did not undergo an audit for the third quarter financial report, which may affect investor confidence[27]. - The company plans to implement new accounting standards starting in 2025, which may impact future financial reporting[28].

证券代码：000504 证券简称：*ST 生物 公告编号：2025-063 南华生物医药股份有限公司 关于挂牌出售控股子公司股权的进展公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏。 特别提示： 南华生物医药股份有限公司（以下简称"公司"）于2025年6月18日召开了 第十一届董事会第二十八次会议，审议通过了《关于授权经营层挂牌出售子公司 股权的议案》，拟通过湖南省联合产权交易所有限公司（以下简称"湖南联交所"） 公开挂牌出售持有的南华和平医院管理（湖南）有限公司（以下简称"南华和平" 或"标的公司"）全部股权；并分别于2025年8月21日、2025年9月20日披露了《关 于挂牌出售控股子公司股权的进展公告》。相关详情请见公司于2025年6月19日、 2025年8月21日和2025年9月20日在巨潮资讯网披露的公告（公告编号：2025-031、 2025-049、2025-058）。 截至本公告披露日，本次挂牌出售程序已结束。根据湖南联交所 2025 年 10 月 20 日出具的《网络竞价结果通知书（一次报价）》，确认本次南华和平 52% 股权的受让方为中关 ...

Market Overview - On October 23, the medical services sector rose by 0.19% compared to the previous trading day, with Bid Pharma leading the gains [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1] Top Gainers in Medical Services - Bid Pharma (688073) closed at 71.15, up 5.27% with a trading volume of 11,500 lots and a transaction value of 799.13 million [1] - ST Zhongzhu (600568) closed at 2.02, up 5.21% with a trading volume of 400,000 lots and a transaction value of 794.03 million [1] - Other notable gainers include *ST Biology (000504) at 9.50, up 2.48%, and Kanglong Chemical (300759) at 31.44, up 1.55% [1] Top Losers in Medical Services - Haitai Bio (300683) closed at 32.06, down 7.15% with a trading volume of 136,900 lots and a transaction value of 440 million [2] - Innovative Medical (002173) closed at 22.32, down 5.10% with a trading volume of 639,200 lots and a transaction value of 143.2 million [2] - Other significant decliners include Chengda Pharmaceutical (301201) at 32.70, down 3.77%, and Heyuan Bio (688238) at 7.49, down 2.60% [2] Capital Flow Analysis - On the same day, the medical services sector experienced a net outflow of 637 million from institutional investors, while retail investors saw a net inflow of 723 million [2][3] - The overall capital flow indicates that while institutional investors were pulling back, retail investors were actively buying into the sector [2][3] Individual Stock Capital Flow - For Aier Eye Hospital (300015), there was a net outflow of 20.59 million from institutional investors, while retail investors contributed a net inflow of 231,940 [3] - Kanglong Chemical (300759) saw a net inflow of 17.04 million from institutional investors, but a net outflow of 2.59 million from retail investors [3] - Bid Pharma (688073) had a net inflow of 1.08 million from institutional investors, while retail investors contributed a net inflow of 504,580 [3]