根据重整方案，九州通将作为产业投资人入主ST美谷，并获得控股权。然而，这项看似双赢的交易背 后，却隐藏着诸多隐忧——从市场反应来看，投资者似乎并不买账，消息公布后双方股价均出现下跌。 01 问题资产 登录新浪财经APP 搜索【信披】查看更多考评等级 一家医药流通巨头与陷入困境的医美上市公司正试图通过重整缔造双赢故事，但市场对此投下了怀疑 票。 国内医药流通龙头九州通近期发布公告，其全资子公司正式参与ST美谷重整投资，这一举动被市场解 读为九州通加码医美赛道的重要战略布局。 九州通作为传统医药流通企业，其主要优势在于药品配送和供应链管理，而ST美谷的核心资产是医美 服务机构，两者在业务模式和经营管理上存在显著差异。这种跨界整合对九州通的管理能力提出了全新 挑战。 从市场反应来看，投资者对此交易普遍持谨慎态度。在重整消息公布后，九州通和ST美谷的股价双双 下跌，一定程度上反映了市场对此次整合的担忧。 与此同时，医美服务行业本身也面临着激烈竞争和市场波动的挑战。 行业内已有众多参与者，包括上游的医美产品生产商和下游的医美服务机构，市场竞争日趋激烈。在此 背景下，九州通能否通过整合ST美谷实现其设想的协同效应，尚待市 ...

Group 1: Company Announcements - Aoyuan Meigu has received court approval to continue operations and manage its affairs during the restructuring period, with a risk of bankruptcy and stock delisting if the restructuring fails [3] - Inspur Software reported a net profit of -211.06 million yuan for the first three quarters of 2025, a 123% decline year-on-year, indicating a risk of performance decline [4] - Dayu Water-saving's acquisition of 70% equity in Huai'an Design Institute for 311 million yuan has passed antitrust review, allowing the transaction to proceed [5] - Hainan Development disclosed a cumulative litigation amount of 122 million yuan over the past 12 months, accounting for 11.37% of its latest audited net assets [6] Group 2: Share Buybacks - Haida Group conducted its first share buyback, repurchasing 137,600 shares for a total of approximately 7.99 million yuan [8] - Guangyu Group completed a share buyback of 10,108,000 shares, totaling 29.99 million yuan, representing 1.31% of its total share capital [9] - Puluo Pharmaceutical plans to repurchase shares worth 180 million to 360 million yuan for employee incentive plans, with a maximum price of 23 yuan per share [10] - Huarong Co. executed its first share buyback, acquiring 100,000 shares for a total of 1.89 million yuan [11] Group 3: Shareholding Changes - Kanglongda's major shareholder plans to reduce its stake by up to 3% within 90 days starting December 11, 2025 [12] - Liyuan Technology's shareholder intends to reduce its stake by up to 2.0303% between December 12, 2025, and March 11, 2026 [13] - Yinlong Co.'s controlling shareholder reduced its stake, bringing the total holding down to 25% [14] - Bicheng Co. announced multiple shareholders' plans to reduce their stakes, with specific amounts disclosed [15] Group 4: Major Contracts - Han Jian Heshan won a bid for a water supply project with a contract value of 388 million yuan, expected to significantly impact its revenue [17] - Dafeng Industrial secured a project worth 165 million yuan, representing 8.97% of its 2024 revenue, which could have a long-term positive effect on its performance [18] - Jiangnan Water signed a contract worth 368 million yuan for a drainage project, which is anticipated to positively influence its business performance [19]

Core Viewpoint - The article summarizes important announcements from various companies, highlighting their operational statuses, financial risks, and significant transactions. Group 1: Company Operations and Financial Risks - Aoyuan Meigu's court has allowed the company to continue operations during its restructuring period, but faces risks of bankruptcy and delisting if the restructuring fails [4] - Inspur Software reported a net profit loss of 211.06 million yuan for the first three quarters of 2025, a 123% decline year-on-year, indicating significant performance risks [5] - Hainan Development disclosed that it has been involved in lawsuits totaling 122 million yuan over the past 12 months, which is 11.37% of its latest audited net assets [8] Group 2: Share Buybacks - Haida Group announced its first share buyback, purchasing 137,600 shares for a total of approximately 7.99 million yuan [9] - Guangyu Group completed a share buyback of 10,108,000 shares, amounting to 29.99 million yuan, representing 1.31% of its total share capital [10] - Pro Pharmaceutical plans to repurchase shares worth between 180 million to 360 million yuan for employee incentive plans, targeting a repurchase price not exceeding 23 yuan per share [11] Group 3: Major Contracts and Projects - Han Jian He Shan won a bid for a water supply project worth 388 million yuan, which is expected to significantly impact its revenue [17] - Dafeng Industrial secured a project worth 165.28 million yuan, which represents nearly 9% of its revenue from the previous year [19] - Jiangnan Water signed a contract valued at 368 million yuan for a drainage improvement project, which will positively affect its business performance [20]

证券代码：000615 证券简称：*ST美谷 公告编号：2025-099 奥园美谷科技股份有限公司 关于法院许可公司在重整期间继续营业和准许公司在管理人 的监督下自行管理财产和营业事务的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 特别提示： 1、2025 年 11 月 14 日，奥园美谷科技股份有限公司（以下简称"公司"） 收到湖北省襄阳市中级人民法院（以下简称"襄阳中院"）送达的（2024）鄂 06 破申 48 号《民事裁定书》，襄阳中院裁定受理债权人广州律建财税咨询有 限公司（以下简称"申请人"）对公司的重整申请。同日，公司收到襄阳中院 送达的（2025）鄂 06 破 17 号《决定书》，襄阳中院指定奥园美谷科技股份有 限公司清算组担任奥园美谷科技股份有限公司管理人（以下简称"管理人"）。 具体内容详见公司于 2025 年 11 月 15 日在巨潮资讯网（www.cninfo.com.cn， 下同）披露的《关于法院裁定受理公司重整并指定管理人暨公司股票交易将被 叠加实施退市风险警示的公告》（公告编号：2025-097 号）。 2、襄阳中院已裁定公 ...

Core Points - *ST Meigu (000615.SZ) has received a response and decision from Xiangyang Intermediate People's Court, allowing the company to continue operations during the restructuring period [1] - The court has permitted the company to manage its assets and business affairs under the supervision of the administrator [1]

格隆汇11月19日丨*ST美谷(000615.SZ)公布，管理人和公司收到襄阳中院出具的（2025）鄂06破17号 《复函》和（2025）鄂06破17号之一《决定书》，襄阳中院许可公司在重整期间继续营业，并准许公司 在管理人的监督下自行管理财产和营业事务。 ...

Core Insights - The medical beauty sector experienced a slight increase of 0.23% on November 19, with Ai Meike leading the gains [1] - The Shanghai Composite Index closed at 3946.74, up 0.18%, while the Shenzhen Component Index closed at 13080.09, unchanged [1] Sector Performance - Ai Meike (300896) closed at 155.51, up 0.58% with a trading volume of 24,500 and a transaction value of 3.83 billion [1] - Huaxi Biological (688363) closed at 50.55, up 0.30% with a trading volume of 16,100 and a transaction value of 81.47 million [1] - Jinbo Biological (920982) closed at 232.56, down 0.97% with a trading volume of 5,813.42 and a transaction value of 136 million [1] - *ST Meigu (000615) closed at 4.14, down 3.72% with a trading volume of 402,400 and a transaction value of 1.671 billion [1] Capital Flow - The medical beauty sector saw a net inflow of 1.9441 million from institutional investors, while retail investors experienced a net outflow of 12.0117 million [1] - Detailed capital flow for individual stocks shows Ai Meike with a net inflow of 26.5772 million from institutional investors, while *ST Meigu had a significant net outflow of 24.8225 million [2]

Core Viewpoint - 九州通 is expanding its medical beauty business by acquiring control of the listed medical beauty company, 奥园美谷, which has entered a restructuring process [1][3]. Group 1: Investment and Restructuring - 九州通 announced its investment of 6.73 billion yuan to acquire 360 million shares of 奥园美谷, later adjusting the investment to 7.06 billion yuan for 436 million shares [1][3]. - 奥园美谷 has been in financial distress since 2020, leading to continuous losses and a "delisting risk warning" in 2023, with its stock renamed to "*ST美谷" [2]. - As of January 3, 2025, 奥园美谷 received interest from 45 potential investors, including 14 with industry-related backgrounds, despite its debt crisis [2]. Group 2: Strategic Advantages - 九州通 has established a strong presence in the medical beauty sector, having invested in key players and formed strategic partnerships since 2016 [5]. - The company’s medical beauty segment has seen a compound annual growth rate of 111.64% from 2022 to 2024, with sales revenue reaching 9.04 billion yuan in the first three quarters of 2025, a year-on-year increase of 45.84% [6]. - 九州通's medical beauty business leverages a comprehensive supply chain, advanced digital capabilities, and a wide network of over 11,538 medical beauty service institutions across 31 provinces [6]. Group 3: Future Prospects - 九州通 aims to enhance its competitive edge in the beauty and health industry through collaboration with 奥园美谷, focusing on supply chain integration and core product development [6]. - The restructuring investment is expected to positively impact 九州通's medical beauty operations, aligning with its long-term strategic development goals [3].

Group 1 - The medical beauty sector experienced a decline of 1.28% on November 17, with *ST Meigu leading the drop [1] - The Shanghai Composite Index closed at 3972.03, down 0.46%, while the Shenzhen Component Index closed at 13202.0, down 0.11% [1] - Major stocks in the medical beauty sector showed varying declines, with Huaxi Biological down 1.04%, Aimeike down 1.05%, and Jinbo Biological down 1.96% [1] Group 2 - The net outflow of main funds in the medical beauty sector was 80.81 million yuan, while retail investors saw a net inflow of 56.06 million yuan [1] - Specific fund flows indicated that Huaxi Biological had a net outflow of 9.16 million yuan, *ST Meigu had a net outflow of 12.64 million yuan, and Aimeike had a net outflow of 59.00 million yuan [2]

Group 1 - The core point of the article is that Jiuzhoutong announced a restructuring investment agreement with Aoyuan Meigu and its temporary administrator during the pre-restructuring period, involving an investment of 673 million yuan to acquire 360 million shares of Aoyuan Meigu post-restructuring [1]