Core Viewpoint - Green Kang Biochemical has completed the transfer of its controlling shareholder from Shanghai Kangyi to Zongteng Network, alongside the divestiture of its photovoltaic assets, amidst ongoing financial struggles and operational challenges in its core veterinary medicine business [1][3]. Group 1: Company Background and Financial Struggles - Green Kang Biochemical, originally focused on veterinary drug R&D and production, has faced declining net profits since its IPO in 2017, culminating in significant losses starting in 2021 [1][2]. - The company reported a total loss of 789 million yuan from 2022 to 2024, with its net assets reaching -24.54 million yuan by the end of 2024, leading to a risk of delisting [3][4]. Group 2: Transition to Photovoltaic Business - The company attempted to pivot to the photovoltaic sector by acquiring Jiangxi Weike New Materials Technology Co., with a premium of 632%, but this transition resulted in substantial losses due to falling prices in the photovoltaic industry [2][3]. - The photovoltaic business accounted for approximately 36% of the company's revenue in 2024, but the overall revenue from the veterinary business remains critical, constituting 84% of the adjusted revenue [5][6]. Group 3: New Controlling Shareholder and Future Prospects - Zongteng Network, the new controlling shareholder, specializes in cross-border logistics and reported a revenue of 27.105 billion yuan and a net profit of 1.122 billion yuan in 2024, raising questions about its ability to turn around Green Kang Biochemical's fortunes [6]. - The veterinary business has shown volatility, with a gross margin of only 7.35% in 2024, although it improved to 21.61% in the first half of the year due to rising pig prices [5][6].

Core Viewpoint - *ST Lvkang (sz002868) experienced a trading halt on November 27, 2025, with a closing price of 46.06 yuan, marking a 4.99% increase, and a total market capitalization of 7.158 billion yuan, driven by asset restructuring, control change, and financial optimization [1] Group 1: Asset Restructuring - The company sold equity in three loss-making photovoltaic subsidiaries through a cash transaction on November 26, effectively shedding unprofitable assets and improving the quality of consolidated financial statements [1] - Following the asset sale, the company's debt-to-asset ratio significantly decreased, and it secured 150 million yuan in unsecured loans for daily operations, enhancing its financial condition [1] Group 2: Strategic Focus - Originally focused on veterinary drug research, production, and sales, the company has transitioned to a dual business model of "animal health products + photovoltaic film products" since 2023, but the photovoltaic segment was unprofitable [1] - The divestiture of the photovoltaic business allows the company to concentrate on its core operations, which have recently gained market attention, potentially benefiting from the sector's popularity [1] Group 3: Market Dynamics - On November 18, the company was included in the "Dragon and Tiger List," indicating participation from speculative funds, which may have contributed to the stock price increase despite foreign capital net selling on that day [1] - The series of favorable actions taken by the company is likely to attract market attention and drive stock price momentum [1]

Core Viewpoint - *ST绿康 has completed the transfer of control and the sale of its loss-making photovoltaic film business, which is expected to improve its future financial situation [1][2]. Group 1: Company Overview - *ST绿康, originally focused on veterinary pharmaceuticals and related products, attempted to diversify into the photovoltaic film sector through acquisitions in 2022, but this transition was unsuccessful [1]. - The company reported significant losses, with net profits of -122 million yuan in 2022, -222 million yuan in 2023, and projected -445 million yuan in 2024 [1]. Group 2: Control Transfer and Asset Sale - The original controlling shareholder, Shanghai Kangyi Investment Co., initiated the control transfer process in April 2023, culminating in the transfer to Fujian Zongteng Network Co. on November 25, 2023 [2]. - The asset sale involved the divestment of three subsidiaries related to the photovoltaic business at a price of 0 yuan, effectively removing the loss-making assets from the company's balance sheet [2]. Group 3: New Controlling Shareholder - The new controlling shareholder, Zongteng Network, established in 2009, specializes in global cross-border e-commerce infrastructure services, focusing on warehousing and logistics [3]. - For the fiscal year 2024, Zongteng Network reported total revenue of 27.105 billion yuan and a net profit of 1.122 billion yuan, with total assets of 10.443 billion yuan and total liabilities of 4.8 billion yuan [3].

证券代码：002868 证券简称：*ST 绿康 公告编号：2025-131 绿康生化股份有限公司 关于拟续聘 2025 年度审计机构的公告 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。 特别提示： 1、立信会计师事务所(特殊普通合伙)为公司2024年度财务报告出具了带与持 续经营相关的重大不确定性段落的无保留意见审计报告； 2、本次聘任不涉及变更会计师事务所； 3、本次续聘会计师事务所符合财政部、国务院国资委、证监会印发的《国有 企业、上市公司选聘会计师事务所管理办法》（财会〔2023〕4号）的规定。 绿康生化股份有限公司（以下简称"公司"或"绿康生化"）于 2025 年 11 月 26 日召开的第五届董事会第二十六次（临时）会议，审议通过了《关于拟续聘 2025 年度审计机构的议案》，拟续聘立信会计师事务所（特殊普通合伙）（以下简称"立 信"）为公司 2025 年度审计机构，聘期一年。本议案尚需提交公司股东会审议批 准。现将具体情况公告如下： 一、拟聘任会计师事务所的基本信息 （一）机构信息 1、机构信息 截至 2024 年末，立信拥有合伙人 296 名、 ...

证券代码：002868 证券简称：*ST 绿康 公告编号：2025-130 绿康生化股份有限公司 第五届董事会第二十六次（临时）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、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 本议案尚需提交股东会审议。 具 体 内 容 详 见 公 司 于 同 日 刊 登 在 《 证 券 日 报 》 和 巨 潮 资 讯 网 的 （http://www.cninfo.com.cn）的《关于拟续聘 2025 年度审计机构的公告》。 表决结果：同意 7 票，反对 0 票，弃权 0 票 1 三、备查文件 1、《第五届董事会第二十六次（临时）会议决议》。 特此公告。 绿康生化股份有限公司（以下简称"公司"或"绿康生化"）第五届董事会 第二十六次（临时）会议于 2025 年 11 月 26 日在公司综合办公楼二楼第一会议 室以现场结合通讯会议方式召开，会议通知已按照《公司章程》及《董事会议事 规则》要求发出。本次董事会应到董事 7 人，实到董事 7 人，其中独立董事 3 人。本次会议由董事长赖潭平先生主持。本次会议的召集、召开、表决程序符合 《中华人民 ...

浙商证券股份有限公司 关于 绿康生化股份有限公司 重大资产出售暨关联交易实施情况 之 独立财务顾问核查意见 独立财务顾问 （杭州市五星路 201 号） 二〇二五年十一月 独立财务顾问核查意见 独立财务顾问声明 浙商证券股份有限公司受绿康生化股份有限公司委托，担任本次重大资产出 售暨关联交易的独立财务顾问。 依据《公司法》《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》等法 律法规的有关规定和要求，按照证券行业公认的业务标准、道德规范和诚实信用、 勤勉尽责精神，遵循客观、公正的原则，在认真审阅相关资料和充分了解本次交 易行为的基础上，本独立财务顾问出具了本核查意见。 1、本核查意见所依据的文件和材料由本次交易各方提供，提供方对所提供 文件及资料的真实性、准确性和完整性负责，并保证该等信息不存在虚假记载、 误导性陈述或者重大遗漏。本独立财务顾问不承担由此引起的任何风险责任。 2、本核查意见是在假设本次交易各方当事人均全面和及时履行本次交易相 关协议和声明或承诺的基础上出具。 3、本核查意见不构成对上市公司的任何投资建议或意见，对投资者根据 ...

北京市竞天公诚律师事务所 关于绿康生化股份有限公司 重大资产出售暨关联交易实施情况的 法律意见书 | | | | 一、本次交易方案 | 4 | | --- | --- | | 二、本次交易的批准和授权 | 6 | | 三、本次交易的实施情况 | 7 | | 四、相关实际情况与此前披露的信息是否存在差异 9 | | | 五、董事、监事、高级管理人员的更换情况 9 | | | 六、本次交易实施过程中资金占用及关联担保的情形 9 | | | 七、本次交易相关协议及承诺的履行情况 9 | | | 八、本次交易的后续事项 10 | | | 九、结论性意见 | 10 | 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 电话: （86-10）5809-1000 传真: （86-10）5809-1100 北京市竞天公诚律师事务所 关于绿康生化股份有限公司 重大资产出售暨关联交易实施情况 的法律意见书 致：绿康生化股份有限公司 本法律意见书仅供绿康生化本次交易之目的使用，不得用作任何其他目的。本所 同意将本法律意见书作为绿康生化本次交易的必备文件，随其他材料进行申报或予以 披露。 基于上述， ...

股票简称：*ST 绿康 股票代码：002868 上市地点：深圳证券交易所 绿康生化股份有限公司 重大资产出售暨关联交易 实施情况报告书 独立财务顾问 （杭州市五星路 201 号） 二〇二五年十一月 绿康生化股份有限公司 重大资产出售暨关联交易实施情况报告书 上市公司声明 本公司及本公司全体董事、监事及高级管理人员保证上市公司及时、公平地 披露信息，保证本报告书的内容真实、准确、完整，不存在虚假记载、误导性陈 述或者重大遗漏，并对所提供信息的真实性、准确性、完整性负相应的法律责任。 本次重组的交易对方已就在本次交易过程中所提供信息和材料的真实、准确、 完整情况出具承诺函，保证所提供的信息真实、准确、完整，如因提供的信息存 在虚假记载、误导性陈述或者重大遗漏，给上市公司或者投资者造成损失的，将 依法承担赔偿责任。 本次交易的审批机关对本次交易所做的任何决定或意见，均不表明其对本公 司股票的价值或投资者收益的实质性判断或者保证。任何与之相反的声明均属虚 假不实陈述。 本次交易完成后，本公司经营与收益的变化，由本公司自行负责；由此变化 引致的投资风险，由投资者自行承担。 投资者若对本报告书存在任何疑问，应咨询自己的股 ...

证券代码：002868 证券简称：*ST 绿康 公告编号：2025-129 绿康生化股份有限公司 二、进展情况 公司于近日收到通知，浦城县农村信用合作联社已完成上述股权转让等相关 事宜的工商变更登记手续，并取得浦城县市场监督管理局出具的《登记基本情况 表》。 三、备查文件 1、市场监督管理局出具的《登记基本情况表》 特此公告。 关于出售浦城县农村信用合作联社部分股权完 成工商变更的公告 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。 一、情况概述 绿康生化股份有限公司（以下简称"公司"或"绿康生化"）分别于 2024 年 12 月 9 日召开了第五届董事会第八次（临时）会议、第五届监事会第七次会 议，2024 年 12 月 26 日召开了 2024 年第四次临时股东会审议通过《关于出售浦 城县农村信用合作联社部分股权的议案》，同意公司将持有的浦城县农村信用合 作联社 9.7768%股权转让给福建浦潭热能有限公司，转让价格 2,327 万元。具体 详见刊登于《证券日报》和巨潮资讯网（http://www.cninfo.com.cn）的《关于出 售浦城县农村信用合 ...

Group 1 - Beijing Junzheng adjusted management expenses by 11.44 million yuan, increasing net profit by the same amount [1] - Ningbo Energy's subsidiary plans to publicly transfer 15% equity of Lingfeng Energy at a base price of 16.06 million yuan [1] - Dongjiang Environmental's subsidiary was fined 2.02 million yuan for tax evasion [1][2] Group 2 - AVIC's subsidiary Harbin Aircraft Industry Group plans to absorb and merge with Harbin Hafei Aviation, increasing registered capital to 3.038 billion yuan [3] - Dongfang Ocean's shareholder plans to reduce holdings by up to 3% of total shares [4] - Xinghui Entertainment's controlling shareholder plans to reduce holdings by up to 2.9% of total shares [6] Group 3 - Kaineng Health plans to acquire 100% equity of four subsidiaries for 204 million yuan [8] - Suoao Sensor's controlling shareholder changed to Zhongchuang Innovation [9] - Shanghai Port Bay reported that its commercial aerospace and perovskite solar business accounts for less than 1% of revenue [10] Group 4 - Zhonghuan Environmental's specific shareholder plans to reduce holdings by up to 2.37% of total shares [11] - Xinlaifu's asset management plan intends to reduce 874,300 shares [12] - Guangdian Measurement plans to invest 800 million yuan to build a testing base [13] Group 5 - Modern Investment plans to invest 1.04 billion yuan to establish a smart logistics company [14] - Gaole Co.'s major shareholder is planning a control change, leading to stock suspension [16] - Weiling Co.'s major shareholder is planning a control change, leading to stock suspension [18] Group 6 - Igor plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange [20] - Huanrui Century's shareholder sold 7.26 million shares due to judicial enforcement [21] - Jinhua Co.'s controlling shareholder plans to acquire 5.77% of company shares at 9.15 yuan per share [22] Group 7 - Wireless Media's four shareholders plan to reduce holdings by up to 4.7% of total shares [24] - CATL's shareholder completed the transfer of 10% of shares for approximately 17.16 billion yuan [26] - *ST Lian Stone entered the restructuring phase, with potential downward adjustment of stock price [28]