证券代码：002868 证券简称：*ST 绿康 公告编号：2025-101 绿康生化股份有限公司 关于披露《详式权益变动报告书》（更新稿）、 《简式权益变动报告书》（更新稿）的提示性公 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、完整，没有 虚假记载、误导性陈述或重大遗漏。 2025 年 4 月 24 日，上海康怡投资有限公司（以下简称"康怡投资"）、杭 州义睿投资合伙企业（有限合伙）（以下简称"义睿投资"）、上饶市长鑫贰号 企业管理中心（有限合伙）（以下简称"长鑫贰号"）、杭州皓赢投资合伙企业 （有限合伙）（以下简称"皓赢投资"）与福建纵腾网络有限公司（以下简称"纵 腾网络"）签署了《股份转让协议》，约定由康怡投资、义睿投资、长鑫贰号、 皓赢投资（以下合称"股份转让方"）向纵腾网络转让绿康生化股份有限公司（以 下简称"*ST 绿康"、"上市公司"或"本公司"）46,608,397 股普通股股份， 占上市公司总股本的 29.99%的股份。 根据《上市公司收购管理办法》《公开发行证券的公司信息披露内容与格式 准则第 15 号—权益变动报告书》《公开发行证券的公司信息披露内容与格式准 则第 16 号— ...

证券代码：002868 证券简称：*ST 绿康 公告编号：2025-099 绿康生化股份有限公司 关于召开2025 年第三次临时股东会的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 绿康生化股份有限公司（以下简称"公司"或"绿康生化"）于 2025 年 9 月 22 日召开的第五届董事会第二十二次（临时）会议审议通过了《关于召开 2025 年 第三次临时股东会的议案》，决定于 2025 年 10 月 10 日 15:00 召开公司 2025 年 第三次临时股东会。具体内容详见公司于 2025 年 9 月 24 日在《证券日报》和巨 潮资讯网（http://www.cninfo.com.cn）披露的《关于召开 2025 年第三次临时股东 会的通知》（公告编号：2025-096）。 现将具体事项再次提示如下： 一、会议召开的基本情况 1、股东会届次：2025 年第三次临时股东会 （2）网络投票：本次股东会将通过深圳证券交易所交易系统和互联网投票 系统（http://wltp.cninfo.com.cn）向全体股东提供网络形式的投票平台，股权登 记日登 ...

Core Insights - The animal health sector experienced a slight increase of 0.46% on September 29, with Shenlian Biological leading the gains [1] - The Shanghai Composite Index closed at 3862.53, up 0.9%, while the Shenzhen Component Index closed at 13479.43, up 2.05% [1] Stock Performance - Shenlian Biological (688098) closed at 10.59, up 1.92% with a trading volume of 68,700 shares and a turnover of 72.32 million yuan [1] - Other notable performers included: - Biological Shares (600201) at 9.48, up 1.50% with a turnover of 503 million yuan [1] - Pulaike (603566) at 13.78, up 1.03% with a turnover of 54.30 million yuan [1] - Zhongmu Shares (600195) at 7.12, up 0.85% with a turnover of 49.02 million yuan [1] Capital Flow - The animal health sector saw a net outflow of 7.69 million yuan from institutional investors, while retail investors contributed a net inflow of 8.08 million yuan [2] - The detailed capital flow for key stocks includes: - Shenlian Biological: net outflow of 5.50 million yuan from retail investors [3] - Biological Shares: net outflow of 7.67 million yuan from retail investors [3] - Pulaike: net outflow of 4.08 million yuan from retail investors [3]

Core Viewpoint - *ST Green Kang is divesting its photovoltaic film business by selling 100% equity of three subsidiaries to Jiangxi Raoxin New Energy Materials Co., Ltd. for cash, aiming to protect shareholder interests and improve financial health [1][4]. Group 1: Company Background - *ST Green Kang, originally focused on veterinary drug development and sales, shifted to the photovoltaic film industry in 2022 due to persistent losses in its core business [2]. - The company acquired Green Kang Yushan for 95 million yuan, despite its book value being only 160,350 yuan, indicating a significant overvaluation at the time of purchase [2][4]. Group 2: Financial Performance - The company has faced substantial losses, reporting a net loss of 222 million yuan in 2023, which is expected to increase to 445 million yuan in 2024, totaling over 700 million yuan in losses within two and a half years [4][5]. - As of June 2023, *ST Green Kang's debt-to-asset ratio surged to 105.82%, indicating a state of insolvency [5]. Group 3: Industry Context - The photovoltaic film industry experienced a downturn from 2023 to 2024, with oversupply leading to declining prices for POE, EVA, and EPE films, adversely affecting *ST Green Kang's profitability [5][6]. - The company's subsidiaries reported negative gross margins in 2024, with Green Kang Yushan at -19.28%, Green Kang Haining at -35.96%, and Green Kang New Energy at 0.41% [5]. Group 4: Strategic Implications - By divesting the loss-making photovoltaic film business, *ST Green Kang aims to refocus on its core veterinary products, enhancing its profitability and sustainability [7]. - The exit from the photovoltaic sector reflects a broader trend of companies withdrawing from the industry amid significant adjustments, with several other firms also choosing to leave [7][8].

Core Viewpoint - The animal health sector experienced a rise of 1.59% on September 26, with Bio-Pharmaceuticals leading the gains, while the overall market indices, Shanghai Composite and Shenzhen Component, saw declines of 0.65% and 1.76% respectively [1] Group 1: Market Performance - The animal health sector's individual stock performance showed significant variations, with Bio-Pharmaceuticals closing at 9.34, up by 7.23%, and a trading volume of 1.0367 million shares, resulting in a turnover of 973 million yuan [1] - Other notable performers included Huisheng Biological at 20.68, up by 1.87%, and Ruipu Biological at 20.93, up by 1.60% [1] Group 2: Capital Flow - The animal health sector saw a net inflow of 86.5157 million yuan from institutional investors, while retail investors experienced a net outflow of 44.7995 million yuan [2] - The capital flow data indicates that major stocks like Bio-Pharmaceuticals had a net inflow of 12.63% from institutional investors, despite a significant outflow from retail and speculative investors [3]

Market Overview - On September 25, the animal health sector declined by 1.62% compared to the previous trading day, with the leading stock, Driveline, experiencing a drop of 4.04% [1] - The Shanghai Composite Index closed at 3853.3, down 0.01%, while the Shenzhen Component Index closed at 13445.9, up 0.67% [1] Stock Performance - The following stocks in the animal health sector showed notable declines: - Driveline (Code: 838275) closed at 9.50, down 4.04% with a trading volume of 19,300 lots [1] - Shunlian Bio (Code: 688098) closed at 10.43, down 3.43% with a trading volume of 76,300 lots [1] - Yongshun Bio (Code: 839729) closed at 9.74, down 2.89% with a trading volume of 20,800 lots [1] - Other notable declines include *ST Green Health (Code: 002868) down 2.39% and Shoufeng Holdings (Code: 002141) down 2.33% [1] Capital Flow - The animal health sector saw a net outflow of 113 million yuan from institutional investors, while retail investors experienced a net inflow of 61.16 million yuan [1] - The following stocks had significant capital flow: - Zhongmu Co. (Code: 600195) had a net inflow of 986,800 yuan from institutional investors [2] - Pulaike (Code: 603566) saw a net inflow of 764,200 yuan from retail investors [2] - *ST Green Health (Code: 002868) experienced a net outflow of 6.71 million yuan from institutional investors [2]

Core Viewpoint - *ST绿康 plans to sell three wholly-owned subsidiaries for 0 yuan, raising regulatory concerns due to the significant loss in asset value since their acquisition [1][4]. Group 1: Company Overview - *ST绿康 is a high-tech enterprise focused on the research, production, and sales of veterinary drugs, plant protection products, food additives, and photovoltaic film [1]. - The company was listed on the Shenzhen Stock Exchange in May 2017 and has been experiencing continuous losses since then [1][3]. Group 2: Asset Sale Details - The subsidiaries being sold include绿康(玉山)胶膜材料有限公司, 绿康(海宁)胶膜材料有限公司, and 绿康新能(上海)进出口贸易有限公司 [1]. - The sale price of 0 yuan is in stark contrast to the 95 million yuan paid for 绿康玉山 in January 2023, which was based on a valuation of 9570 million yuan using the income approach [2][4]. - The combined book value of the three subsidiaries has reached -1 billion yuan by the end of 2024, with 绿康玉山 alone incurring losses of 2.03 billion yuan in 2024 [3][4]. Group 3: Financial Performance - From 2022 to 2024, *ST绿康's revenue showed fluctuations: 3.30 billion yuan, 5.07 billion yuan, and 6.49 billion yuan, with net profits of -1.22 billion yuan, -2.22 billion yuan, and -4.45 billion yuan respectively [3]. - The company has faced a cumulative loss of nearly 700 million yuan over two years since entering the photovoltaic sector [3]. Group 4: Regulatory and Market Response - The transaction has drawn scrutiny from the Shenzhen Stock Exchange, which is concerned about the fairness and rationale behind the asset valuation and potential harm to shareholders [1][4]. - As of September 25, *ST绿康's stock price was 27.33 yuan per share, reflecting a decline of 2.39% and a total market capitalization of 4.248 billion yuan [5].

Core Viewpoint - *ST Green Kang announced plans to sell 100% equity stakes in Green Kang Yushan, Green Kang Haining, and Green Kang New Energy to Rao Xin New Energy for a cash transaction, with an overall valuation of 0 yuan due to significant losses impacting the company's overall performance [1][2][3]. Group 1: Transaction Details - The transaction involves the sale of three subsidiaries: Green Kang Yushan, Green Kang Haining, and Green Kang New Energy, with a total valuation of 0 yuan [2]. - The assessment of the subsidiaries revealed substantial losses, with Green Kang Yushan reporting net profits of -55.92 million yuan and -203.25 million yuan for 2023 and 2024 respectively, and Green Kang Haining reporting -21.49 million yuan and -150.73 million yuan for the same years [5]. Group 2: Industry Context - The photovoltaic industry has experienced rapid demand growth for terminal installations, leading to accelerated capacity expansion and increased competition, resulting in a mismatch between supply and demand [4]. - The overall decline in product sales prices has led to reduced profitability for many companies in the industry, with most experiencing operational losses [4]. Group 3: Strategic Shift - *ST Green Kang aims to divest from the severely loss-making photovoltaic film business to focus on its animal protection business, thereby solidifying its core operations [6]. - The company previously operated with a dual business model of animal protection products and photovoltaic film products, but the poor performance of the latter has pressured overall profitability [5].

Core Viewpoint - *ST Green Kang (002868.SZ) plans to sell three wholly-owned subsidiaries to Jiangxi Raoxin New Energy Materials Co., Ltd. for a price of 0 yuan, raising regulatory concerns due to the significant loss in asset value from a previous acquisition of 95 million yuan [1][3][4]. Group 1: Transaction Details - The transaction involves the sale of 100% equity in Green Kang (Yushan), Green Kang (Haining), and Green Kang New Energy, all for a total price of 0 yuan [3][8]. - The assessment of the subsidiaries shows a negative valuation for Green Kang (Yushan) and Green Kang (Haining), with values of -648.6 thousand yuan and -28.7762 million yuan respectively, while Green Kang New Energy has a positive valuation of 8.5807 million yuan [2][4]. Group 2: Financial Performance - Green Kang (Yushan) reported losses of 14.9363 million yuan in 2022, 55.9178 million yuan in 2023, and an expected loss of 203.2536 million yuan in 2024 [5]. - The combined book value of the three subsidiaries reached -100.0508 million yuan by the end of the previous year, indicating severe financial distress [5]. Group 3: Market Context - The solar industry experienced rapid growth followed by a significant downturn, leading to overcapacity and financial challenges for *ST Green Kang [5][6]. - Despite initial optimism regarding the acquisition of Green Kang (Yushan) due to its partnership with JinkoSolar, market conditions quickly deteriorated, resulting in substantial losses [4][5]. Group 4: Operational Status - Green Kang (Haining) was established in January 2023 with ambitious plans to produce 800 million square meters of solar film but has since halted operations [6][8]. - Green Kang New Energy, founded in November 2023, also ceased operations, indicating a complete shutdown of the newly established subsidiaries [8].

Core Viewpoint - The animal health sector experienced a decline of 1.49% on September 24, with *ST Lvkang leading the drop, while the overall market indices showed positive performance with the Shanghai Composite Index up by 0.83% and the Shenzhen Component Index up by 1.8% [1][2]. Group 1: Market Performance - The animal health sector's decline was primarily driven by *ST Lvkang, which closed at 28.00, down by 1.16% [2]. - The sector's individual stock performance varied, with notable gainers including Yongshun Biological (+3.72%) and Shilian Biological (+1.69%) [1][2]. Group 2: Trading Volume and Capital Flow - The trading volume for the animal health sector showed significant activity, with Yongshun Biological recording a volume of 24,700 hands and a transaction value of 24.36 million [1]. - The sector saw a net outflow of 75.79 million from institutional investors, while retail investors contributed a net inflow of 42.98 million [2][3]. Group 3: Individual Stock Capital Flow - *ST Lvkang experienced a significant net outflow of 10.63 million from institutional investors, indicating a negative sentiment towards the stock [3]. - Conversely, Shilian Biological had a net inflow of 10.41 million from institutional investors, reflecting stronger institutional interest [3].