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].

Core Viewpoint - *ST绿康 plans to sell three wholly-owned subsidiaries at a price of 0 yuan, raising concerns about the company's decision-making and future direction in the market [1][2]. Group 1: Company Actions - The company intends to sell 100% equity of three subsidiaries, including Green Kang (Yushan) Film Materials Co., Ltd., Green Kang (Haining) Film Materials Co., Ltd., and Green Kang New Energy (Shanghai) Import and Export Trade Co., Ltd. [1] - In January 2023, the company invested 950 million yuan to acquire Green Kang (Yushan), aiming to enter the photovoltaic film industry, which was experiencing rapid growth at that time [1][2]. - The subsidiaries have incurred significant losses, with Green Kang (Yushan) reporting a loss of 55.9 million yuan in 2023 and projected losses of 203.25 million yuan in 2024 [1][2]. Group 2: Market Reactions - The decision to sell the subsidiaries at 0 yuan has led to widespread market skepticism regarding the rationale and fairness of the valuation [2]. - The Shenzhen Stock Exchange has raised questions about the reasonableness of the transaction, and investors are concerned about the company's decision-making capabilities [2]. Group 3: Recommendations for Company - The company needs to provide detailed disclosures about the transaction, including the basis for the valuation and the reasons for the drastic drop in value from 950 million yuan to 0 yuan [3]. - It is essential for the company to ensure transparency in the transaction process and strengthen internal controls to align decisions with shareholder interests [3]. - Regular communication with investors through meetings and calls is necessary to address concerns and rebuild trust in the management [3].

Core Viewpoint - *ST Green Kang 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 incurred from the previous acquisition of one of these subsidiaries, Green Kang Yushan [1][3][4]. Group 1: Transaction Details - The transaction involves the sale of 100% equity of Green Kang Yushan, Green Kang Haining, and Green Kang New Energy, with a total cash consideration of 0 yuan [3][8]. - Green Kang Yushan was acquired for 95 million yuan in January 2023, but is now being sold for 0 yuan, prompting questions about the fairness and reasonableness of the valuation [4][6]. - The combined book value of the three subsidiaries has reached -100.05 million yuan as of the end of last year [4][6]. Group 2: Financial Performance - Green Kang Yushan reported losses of 14.94 million yuan in 2022, 55.92 million yuan in 2023, and an estimated 203.25 million yuan in 2024 [4][6]. - Green Kang Haining and Green Kang New Energy have also ceased operations, contributing to the uncertainty of ongoing profitability [6][8]. Group 3: Industry Context - The photovoltaic industry has experienced rapid growth followed by a significant downturn, impacting the financial viability of companies like *ST Green Kang [5][6]. - The initial acquisition of Green Kang Yushan was based on its established partnership with JinkoSolar, a key player in the photovoltaic sector, but market conditions have since deteriorated [4][5].

Core Viewpoint - Green Kang Biochemical Co., Ltd. plans to sell 100% equity of three subsidiaries to Jiangxi Raoxin New Energy Materials Co., Ltd. for a transaction price of 0 yuan, which constitutes a related party transaction [1][2]. Group 1: Transaction Details - The transaction involves the sale of Green Kang (Yushan) Film Material Co., Ltd., Green Kang (Haining) Film Material Co., Ltd., and Green Kang New Energy (Shanghai) Import and Export Trade Co., Ltd. [1] - As of December 31, 2024, the combined book value of the three subsidiaries is -100.05 million yuan, with an assessed value of -20.84 million yuan, resulting in a value increase rate of 79.17% [1][2]. - The assessment methods used include the asset-based approach and income approach for Green Kang Yushan, while only the asset-based approach was used for Green Kang Haining and Green Kang New Energy [1][4]. Group 2: Financial Performance - Green Kang Yushan's revenue for 2024 is projected at 28.52 million yuan, a year-on-year increase of 82.77%, but it is expected to incur a net loss of 20.33 million yuan [2]. - Green Kang Haining is expected to generate revenue of 8.89 million yuan with a net loss of 15.07 million yuan, while Green Kang New Energy is projected to have revenue of 11.64 million yuan and a net loss of 0.35 million yuan [2]. - The assessment agency noted that the subsidiaries are facing intense competition in the photovoltaic film industry, leading to declining product prices and significant uncertainty regarding their future profitability [2]. Group 3: Valuation Adjustments - Revenue forecasts for Green Kang Yushan were adjusted downward due to ongoing challenges, with expected revenue from 2025 to 2029 revised from 17.43 million yuan to 81.99 million yuan [3]. - Following the adjustments, the assessed value for Green Kang Yushan decreased from -12 million yuan to -40 million yuan, and the overall assessed value for the three subsidiaries changed from -18.74 million yuan to -20.84 million yuan [3]. - Despite the valuation adjustments, the transaction price remains at 0 yuan as agreed upon by both parties [3]. Group 4: Compliance with Valuation Methods - The use of only the asset-based approach for Green Kang Haining and Green Kang New Energy was justified due to their loss-making and suspended operational status, making future income predictions challenging [4]. - The assessment agency confirmed that the approach complies with relevant regulations and industry practices, as there are precedents for using a single valuation method in similar transactions [4].

Core Viewpoint - Zhejiang Securities acts as an independent financial advisor for the major asset sale of Green Kang Biochemical Co., Ltd, responding to inquiries from the Shenzhen Stock Exchange regarding the transaction's details and implications [1]. Group 1: Transaction Overview - Green Kang Biochemical plans to sell 100% equity of three subsidiaries, including Green Kang (Yushan) Film Materials Co., Ltd, Green Kang (Haining) Film Materials Co., Ltd, and Green Kang New Energy (Shanghai) Import and Export Trade Co., Ltd, to Jiangxi Raoxin New Energy Materials Co., Ltd for a cash price of 0 yuan [1]. - As of December 31, 2024, the total book value of the three subsidiaries is -100.05 million yuan, with an assessed value of -18.74 million yuan, resulting in an appreciation rate of 81.27% [1]. Group 2: Financial Analysis - The subsidiaries are experiencing negative gross margins due to changes in supply and demand in the photovoltaic industry, leading to indications of long-term asset impairment [2]. - Revenue forecasts for Green Kang Yushan were adjusted from an original projection of 276.93 million yuan in 2025 to 819.99 million yuan due to declining product prices and insufficient financial support [2]. - The assessment method for Green Kang Haining and Green Kang New Energy was based solely on the asset-based approach due to their operational status, aligning with industry practices [2]. Group 3: Historical Context - In January 2023, Green Kang Biochemical acquired 100% equity of Green Kang Yushan amid a booming photovoltaic industry, establishing a dual business model of veterinary products and photovoltaic film products [3]. - Subsequent capital increases of 70 million yuan in June 2023 and 150 million yuan in December 2024 were aimed at supporting operational needs and improving financial conditions [3]. - The verification by Zhejiang Securities supports the rationality and compliance of the major asset sale, safeguarding the interests of the listed company and minority shareholders [3].

绿康生化股份有限公司 审阅报告及备考财务报表 2024 年度、2025 年 1-5 月 绿康生化股份有限公司 审 阅 报 告 信会师报字[2025]第 ZF11113 号 绿康生化股份有限公司全体股东： 我们审阅了后附的绿康生化股份有限公司（以下简称"绿康生化"） 备考合并财务报表，包括 2024 年 12 月 31 日及 2025 年 5 月 31 日的 备考合并资产负债表，2024 年度及 2025 年 1-5 月的备考合并利润表 以及备考合并财务报表附注。按照备考合并财务报表附注三所述的编 制基础编制备考合并财务报表是绿康生化管理层的责任，我们的责任 是在实施审阅工作的基础上对备考合并财务报表出具审阅报告。 我们按照《中国注册会计师审阅准则第 2101 号——财务报表审 阅》的规定执行了审阅业务。该准则要求我们计划和实施审阅工作， 以对备考合并财务报表是否不存在重大错报获取有限保证。审阅主要 限于询问绿康生化有关人员和对财务数据实施分析程序，提供的保证 程度低于审计。我们没有实施审计，因而不发表审计意见。 审阅报告及备考财务报表 （2024 年 01 月 01 日至 2025 年 5 月 31 日止） ...

绿康生化股份有限公司 拟置出资产专项审计报告 2024 年度、2025 年 1-5 月 绿康生化股份有限公司 拟置出资产专项审计报告 （2024 年 01 月 01 日至 2025 年 5 月 31 日止） | | 目录 | 页次 | | --- | --- | --- | | 一、 | 审计报告 | 1-4 | | 二、 | 拟置出资产专项模拟财务报表 | | | | 拟置出资产专项模拟合并资产负债表 | 1-2 | | | 拟置出资产专项模拟合并利润表 | 3 | | | 拟置出资产专项模拟财务报表附注 | 1-83 | 审 计 报 告 信会师报字[2025]第 ZF11114 号 绿康生化股份有限公司全体股东： 一、 审计意见 我们审计了绿康生化股份有限公司（以下简称绿康生化）拟置出 资产按模拟财务报表附注二所述的编制基础编制的模拟财务报表，包 括 2024 年 12 月 31 日及 2025 年 5 月 31 日的模拟合并资产负债表， 2024年度及2025年1-5月的模拟合并利润表以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照财务报表附注二 所述的编制基础编制。 二、 形成审计意 ...

北京市朝阳区建国路 77 号华贸中心3 号写字楼34 层 邮政编码 100025 致：绿康生化股份有限公司 本所接受绿康生化股份有限公司（以下简称"绿康生化""上市公司"）的委 托，就绿康生化将其持有的绿康（玉山）胶膜材料有限公司100%股权、绿康（海宁） 胶膜材料有限公司100%股权、绿康新能（上海）进出口贸易有限公司100%股权转 让给江西饶信新能材料有限公司（以下简称"本次交易""本次重大资产出售" "本次重大资产重组"）事宜担任绿康生化的专项法律顾问。 根据《中华人民共和国证券法》《上市公司重大资产重组管理办法》《公开发 行证券的公司信息披露内容与格式准则第26号——上市公司重大资产重组》《监管 规则适用指引——上市类第1号》等相关规定，本所就上市公司首次披露本次交易前 六个月至《绿康生化股份有限公司重大资产出售暨关联交易报告书（草案）》披露 前一日止的期间内相关内幕信息知情人在二级市场买卖上市公司股票的情况，按照 律师行业公认的业务标准、道德规范和勤勉尽责精神，进行了专项核查，并出具本 专项核查意见。 鉴于法律法规赋予律师调查取证的手段有限，本所律师在力所能及的范围内， 1 电话: （86-10）5 ...

本资产评估报告依据中国资产评估准则编制 涉及的绿康（玉山）胶膜材料有限公司等 3 家公司 绿康生化股份有限公司拟资产置出 股东全部权益评估项目 资产评估报告 银信评报字（2025）第 C00092 号 （共一册，第一册） 银信资产评估有限公司 2025 年 9 月 17 日 | | | 银信资产评估有限公司 地址：上海市汉口路99号久事商务大厦9楼 电话：021-63391088 传真：021-63391116 电子邮箱：valuer@yinxincpv.com 声 明 一、本资产评估报告依据财政部发布的资产评估基本准则和中国资产评估协会发布的资 产评估执业准则和职业道德准则编制。 二、委托人或者其他资产评估报告使用人应当按照法律、行政法规规定及本资产评估报 告载明的使用范围使用资产评估报告；委托人或者其他资产评估报告使用人违反前述规定使 用资产评估报告的，本资产评估机构及其资产评估专业人员不承担责任。 三、本资产评估报告仅供委托人、资产评估委托合同中约定的其他资产评估报告使用人 和法律、行政法规规定的资产评估报告使用人使用；除此之外，其他任何机构和个人不能成 为资产评估报告的使用人。 四、资产评估报告使用人 ...