Group 1 - The company, Furui Co., Ltd., has announced its agreement to invest up to 93 million yuan in a private equity investment fund initiated by Beijing Yamei Hezhong Investment Management Co., Ltd. [1] - The investment will be directed towards the Sichuan Chengde High-tech Innovation Equity Investment Fund (Limited Partnership) [1] - This move indicates the company's strategy to diversify its investment portfolio and engage in high-tech sectors [1]

福瑞股份公告，公司于2025年12月16日召开第八届董事会第十六次会议，审议通过了《关于公司发行H 股股票并在香港联合交易所有限公司上市的议案》《关于公司发行H股股票并在香港联合交易所有限公 司上市方案的议案》等相关议案。公司拟在境外发行股份（H股）并在香港联合交易所有限公司（香港 联交所）主板上市，以提高公司综合竞争力，更好地利用国际资本市场，多元化融资渠道。本次发行H 股及上市尚需提交公司股东会审议，并经中国证券监督管理委员会备案、香港联交所及香港证券及期货 事务监察委员会审核。 ...

Core Viewpoint - Furui Co., Ltd. (300049.SZ) has announced its participation in a private equity investment fund, aiming to leverage the extensive resources and capabilities of professional investment institutions in the field of mergers and acquisitions [1] Group 1: Investment Details - On December 16, 2025, the eighth board meeting of Inner Mongolia Furui Medical Technology Co., Ltd. approved the proposal to invest up to 93 million yuan in the Sichuan Chengde High-tech Innovation Equity Investment Fund (tentative name) initiated by Beijing Yamei [1] - The Chengde Fund will primarily focus on strategic emerging industries with an emphasis on international cooperation, particularly in the fields of medical technology innovation, digital economy, artificial intelligence, and intelligent manufacturing [1] Group 2: Investment Focus - The fund will allocate no less than 50% of its investments to the biomedicine and health technology sectors, while at least 40% will be directed towards artificial intelligence, digital technology, and industrial intelligence [1]

Core Points - The Shenzhen-Hong Kong Stock Connect Medical Index (HKD) closed at 4302.26 points, up 1.09% with a trading volume of 10.694 billion HKD and a turnover rate of 1.0% [1] - Among the constituent stocks, 39 stocks rose, with Baize Medical leading with a 5.14% increase, while 16 stocks fell, with Furuide leading the decline at 3.23% [1] Fund Flow Analysis - The total net inflow of main funds into the Shenzhen-Hong Kong Stock Connect Medical Index constituents was 80.9503 million HKD, while speculative funds saw a net outflow of 283 million HKD, and retail investors had a net inflow of 202 million HKD [2]

Core Points - The Shenzhen-Hong Kong Medical Index (983035) closed at 4383.23 points, up 0.98% with a trading volume of 9.693 billion yuan and a turnover rate of 1.0% [1] - Among the constituent stocks, 39 stocks rose, with Baize Medical leading with a 5.14% increase, while 16 stocks fell, with Furuide leading the decline at 3.23% [1] - The net inflow of main funds into the Shenzhen-Hong Kong Medical Index constituents totaled 80.9503 million yuan, while speculative funds saw a net outflow of 283 million yuan, and retail investors had a net inflow of 202 million yuan [2] Group 1 - The Shenzhen-Hong Kong Medical Index reported a positive performance with a 0.98% increase [1] - Baize Medical showed the highest gain among constituents with a 5.14% rise [1] - Furuide experienced the largest decline with a 3.23% drop [1] Group 2 - The total net inflow of main funds was 80.9503 million yuan [2] - Speculative funds experienced a significant net outflow of 283 million yuan [2] - Retail investors contributed to a net inflow of 202 million yuan [2]

Core Viewpoint - The Inner Mongolia Securities Regulatory Bureau issued a warning letter to Dahua Accounting Firm and its signing accountants due to inadequate auditing practices during the financial report audit of Inner Mongolia Furu Medical Technology Co., Ltd for 2023 [1][6]. Group 1: Audit Issues - Internal control audit procedures were inadequately executed, failing to fully understand the control situation of significant overseas subsidiaries [3][4]. - Revenue-related audit procedures were insufficient, leading to the premature recognition of revenue amounting to 2.881 million yuan in the 2023 annual report, affecting the accuracy of periodic reports [4][5]. - The company did not reasonably estimate variable consideration in drug sales contracts, fully recognizing revenue without accounting for sales discounts and rebates [4][5]. Group 2: Capitalization and Inventory Issues - R&D expense capitalization audit procedures were inadequate, with insufficient evidence provided beyond project closure reports and interviews with overseas accountants [4][5]. - Inventory audit monitoring procedures were not properly implemented, lacking evaluation of management's procedures for recording and controlling inventory results [5][6]. Group 3: Impairment and Compliance - Audit procedures related to impairment of construction projects were inadequately executed, with the balance of the Furu Health Technology Park project at the end of 2023 being 190 million yuan, accounting for 7.17% of total assets [5][6]. - The actions taken by the accountants violated relevant auditing standards and regulations, leading to the issuance of a warning letter and the requirement for corrective actions within 30 days [6].

Core Points - The company, Inner Mongolia Furu Medical Technology Co., Ltd., has been ordered to rectify its information disclosure violations by the China Securities Regulatory Commission (CSRC) [1] Group 1: Violations Identified - The company has inadequate internal control over its overseas subsidiaries, failing to establish necessary risk management systems and supervision protocols, which violates the Corporate Governance Guidelines [2] - Revenue recognition practices are not compliant, with premature revenue recognition leading to inaccuracies in financial reporting for multiple periods, violating accounting standards [3] - The company did not properly estimate variable consideration in sales contracts, resulting in full revenue recognition without appropriate adjustments for discounts and rebates, which is against accounting regulations [3] Group 2: Penalties Imposed - The company is subject to corrective supervision measures and has received a warning letter, which will be recorded in the securities and futures market integrity archive [4]

Core Viewpoint - The company, Furuya Co., has received a decision from the Inner Mongolia Regulatory Bureau highlighting issues related to inadequate internal controls and improper revenue recognition for its overseas subsidiaries [1] Group 1: Internal Control Issues - The company lacks internal control and risk management systems for its overseas subsidiaries, leading to insufficient oversight and inspection by internal departments [1] - The regulatory decision indicates that the company's internal control mechanisms are not robust enough to manage the operations of its overseas entities [1] Group 2: Revenue Recognition Problems - The company recognizes revenue upon the shipment of pharmaceutical products, which has resulted in inaccuracies in financial disclosures across multiple periodic reports [1] - There is a failure to reasonably estimate sales discounts and other variable considerations, contributing to the misrepresentation of financial information [1] Group 3: Consequences for Management - The company's Chairman and General Manager, Wang Guan Yi, along with the Secretary of the Board and acting CFO, Sun Xiu Zhen, have received warning letters due to these issues [1]

Core Points - The company, Inner Mongolia Furu Medical Technology Co., Ltd., has received a regulatory letter from the Shenzhen Stock Exchange regarding several compliance issues [1][2][3][4] Group 1: Internal Control and Management Issues - The company lacks adequate internal control and risk management systems for its overseas subsidiaries, with no inspections or supervision conducted by internal departments [1] - The chairman and general manager, Wang Guanyi, along with the board secretary and acting CFO, Sun Xiuzhen, have not fulfilled their duties diligently, bearing primary responsibility for the company's violations [3] Group 2: Revenue Recognition Issues - The company has been found to have irregularities in revenue recognition, including premature revenue recognition of 2.4089 million yuan, 2.881 million yuan, 5.6703 million yuan, and 1.3417 million yuan for the years 2023 and 2024 [2] - The company improperly recognized full revenue for a drug sale with a return clause, which was later returned, leading to inaccuracies in the 2023 semi-annual report [2] - The company failed to reasonably estimate variable consideration in sales contracts, leading to full revenue recognition without appropriate adjustments for discounts and rebates [2] Group 3: Company Financials - For the year 2024, the company's revenue composition is entirely from the medical sector, with a 100% contribution from this segment [5] - As of the report date, the company's market capitalization stands at 18.4 billion yuan [6]

Core Viewpoint - The company, Furu Pharmaceutical (300049.SZ), has received a decision from the Inner Mongolia Regulatory Bureau of the China Securities Regulatory Commission, indicating several compliance issues related to internal controls and revenue recognition practices [1][2]. Group 1: Internal Control Issues - The company lacks a comprehensive internal control and risk management system for its important overseas subsidiaries, failing to meet the requirements set forth in the Corporate Governance Guidelines [1]. - Internal departments have not conducted inspections and supervision of overseas subsidiaries, which is also a violation of regulatory standards [1]. Group 2: Revenue Recognition Issues - The company has prematurely recognized revenue from drug sales, resulting in the following overstatements: CNY 2.4089 million for the 2023 semi-annual report, CNY 2.8810 million for the 2023 annual report, CNY 5.6703 million for the 2024 semi-annual report, and CNY 1.3417 million for the 2024 annual report, affecting the accuracy of financial disclosures [2]. - In June 2023, the company fully recognized revenue from a drug sale that included a return clause, but failed to account for the return when it occurred in August, leading to inaccuracies in the 2023 semi-annual report [2]. - The company did not reasonably estimate variable consideration such as sales discounts and rebates in its accounting for 2023 and 2024, resulting in full revenue recognition without appropriate adjustments when discounts were paid [2].