A股医疗器械板块短线拉升，宝莱特涨超17%，济南发展，阳普医疗、天益医疗、迪瑞医疗、冠昊生 物、春立医疗等个股跟涨；消息面上，中方在政府采购活动中对自欧盟进口的医疗器械采取相关措施。 ...

Core Viewpoint - The planned 500 million yuan private placement by Guanhao Biotech has been officially terminated after more than two years of planning due to changes in the market environment and considerations of the company's overall development strategy [2][6]. Group 1: Private Placement Details - The private placement was initially approved by the shareholders in April 2023, but the company delayed the implementation multiple times, extending the validity of the resolution [3]. - In January 2024, Guanhao Biotech submitted the application to the Shenzhen Stock Exchange, which was accepted, but the company again extended the resolution's validity in March 2024 [4]. - The termination of the private placement comes after the company had planned to issue up to 55,803,571 shares at a price of 8.96 yuan per share, while the current stock price is 16.41 yuan per share, representing an increase of over 80% [5]. Group 2: Financial Implications - The company has a funding gap of 623 million yuan, which includes minimum cash reserves, repayment of short-term loans, and future large expenditures [6]. - As of the first quarter of 2024, Guanhao Biotech reported cash holdings of 122 million yuan against current liabilities of 146 million yuan [7]. Group 3: Business Performance - Guanhao Biotech's revenue dropped significantly by 22.84% in 2022 to 377 million yuan, with a net loss of 308 million yuan, but there was a recovery in 2023 [8]. - However, in 2024, both revenue and net profit are projected to decline again, with revenue decreasing by 6.60% to 377 million yuan and net profit down by 11.57% to 27.42 million yuan [8]. - The decline in revenue is attributed to decreased income from core products, particularly in the medical device and pharmaceutical sectors [8]. Group 4: Strategic Focus - Guanhao Biotech is shifting its focus towards the cell therapy sector, having established a research and application platform for cell and stem cell technology since 2013 [9]. - The company is currently developing projects in the cell field, including a bioartificial liver and mesenchymal stem cell therapy, both of which are in preclinical research [9]. - The termination of the private placement raises concerns about the viability of the company's "cell strategy," especially as R&D expenditures have been declining for three consecutive years [9].

内容概要：硬脑（脊）膜补片是指用于硬脑膜和/或硬脊膜缺损暂时或永久性修补的片状材料类产品。 近几年来，随着人口老龄化程度的加深、脑血管疾病发病率的攀升、国民疾病认知水平提升，我国颅脑 肿瘤、颅脑创伤、脑出血等脑部疾病外科手术治疗选择率不断上升，带动硬脑（脊）膜补片应用需求持 续增加，行业规模再度进入增长通道。数据显示，2024年我国硬脑（脊）膜补片市场规模达到11.8亿 元，预计2029年将达到18.41亿元。 相关上市企业：冠昊生物（300238）；正海生物（300653）；迈普医学（301033）；佰仁医疗 （688198）等 相关企业：天新福（北京）医疗器材股份有限公司；深圳市沃尔德外科医疗器械技术有限公司；苏州希 普生物科技有限公司；北京桀亚莱福生物技术有限责任公司；重庆润泽医药有限公司；江西光至金辉医 疗制品有限公司；上海白衣缘生物工程有限公司；陕西佰傲再生医学有限公司等 关键词：产业链；硬脑（脊）膜补片行业规模；竞争格局；重点企业；发展趋势 一、行业概况 硬脑（脊）膜介于颅骨和脑组织之间，具有保护大脑、防止脑脊液漏出的作用，硬脑（脊）膜损伤会导 致脑脊液持续性漏出，进而引发脑膜炎、颅内感染等问题， ...

Core Viewpoint - The company has abruptly terminated a financing plan involving nearly 500 million yuan, citing changes in market conditions, but the underlying issue is the significant discount in the stock issuance price compared to the market price, raising concerns about potential regulatory scrutiny and shareholder backlash [1][2]. Group 1: Financing and Market Conditions - The company withdrew its application for a private placement of shares, which was intended to raise funds from related parties of the actual controller [1]. - The pricing for the private placement was set at 8.96 yuan per share, which is 73% lower than the market closing price of 15.52 yuan, leading to concerns about the high discount and potential regulatory issues [2]. Group 2: Operational Risks - The company's sales expense ratio has been significantly higher than the industry average, recorded at 37.88%, 41.45%, and 41.20% from 2021 to 2023, raising concerns about its operational health [3]. - The core pharmaceutical business is underperforming, with a projected revenue of only 37 million yuan for the main product in 2024, a decrease of 25.15% year-on-year, and a significant drop in sales volume [3]. Group 3: Disclosure Issues - The company has a troubling history of delayed disclosures, including a lawsuit involving over 100 million yuan, which was not disclosed until July 2023, despite the case being initiated in August 2022 [4]. - A key product from a subsidiary lost its agency rights in May 2022, but the news was not disclosed until August 2022, raising further concerns about transparency [4]. Group 4: Future Challenges - The company has faced substantial asset impairment charges totaling 339 million yuan over the past three years, indicating weaknesses in internal risk management [5]. - Despite the termination of the financing plan, the company claims it will not affect normal operations, but it faces significant challenges in regaining market confidence amid high sales expenses and a trust crisis in disclosures [5].

Group 1 - The National Healthcare Security Administration has included the commercial health insurance innovative drug directory in the adjustment plan for the first time, marking a significant shift in the directory's design logic and industry positioning [1] - The commercial insurance companies will exit the price negotiation process, and the directory will transition to a "recommended list," with the healthcare department taking the lead in drug access and price confidentiality negotiations [1] Group 2 - Kedi Group's new drug finasteride spray has been approved for marketing in China, aimed at treating androgenetic alopecia [3] - Puxiang Health has submitted a listing application to the Hong Kong Stock Exchange, reporting revenues of approximately 255 million yuan, 422 million yuan, and 500 million yuan for the years 2022, 2023, and 2024 respectively [5] - Ruisi Technology has completed a multi-million A2 round financing, which will focus on product development and market expansion [6] - TIDE Pharmaceutical has officially listed on the Hong Kong Stock Exchange, raising approximately 514 million HKD through the issuance of 16.8 million H shares [7] - Ruike Bio has signed a product licensing cooperation agreement with Biological E for its recombinant nine-valent HPV vaccine REC603 [8] Group 3 - Hanyu Pharmaceutical expects a net profit of 142 million to 160 million yuan for the first half of 2025, a significant recovery from a loss of 10.36 million yuan in the same period last year, driven by international business growth and cost control [10] - Geli Pharmaceutical is facing a patent challenge from Shiyao Group regarding its ASC30 drug, which is a GLP-1 receptor agonist for weight loss, highlighting the competitive landscape in the multi-billion dollar weight loss drug market [12] - The Shenzhen Stock Exchange has terminated the review of Guanhao Biological's refinancing application, following the company's withdrawal of its application [14] - Peking University Medicine is facing operational disruptions due to protests from retired employees over housing and welfare issues, impacting the company's normal operations [15]

证券代码：300238 证券简称：冠昊生物 公告编号：2025-047 冠昊生物科技股份有限公司 关于收到深圳证券交易所《关于终止对冠昊生物科技股份有限公 司申请向特定对象发行股票审核的决定》的公告 本公司及董事会全体人员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或者重大遗漏。 冠昊生物科技股份有限公司（以下简称"公司"）于 2025 年 6 月 23 日召开 第六届董事会第十五次会议和第六届监事会第十二次会议，审议通过了《关于公 司终止向特定对象发行股票事项并撤回申请文件的议案》，同意公司终止本次向 特定对象发行股票事项并撤回申请文件。具体内容详见公司在巨潮资讯网 （http://www.cninfo.com.cn）披露的《关于公司终止向特定对象发行股票事项并 撤回申请文件的公告》。 交易所（以下简称"深交所"）提交了《冠昊生物科技股份有限公司关于撤回向 特定对象发行股票并在创业板上市申请文件的申请》和《中国银河证券股份有限 公司关于撤回冠昊生物科技股份有限公司向特定对象发行股票并在创业板上市 申请文件的请示》，申请撤回向特定对象发行股票申请文件。 近日，公司收到深交所出具的《关于终止对 ...

6月30日晚间，沪深两市多家上市公司发布公告，以下是第一财经对一些重要公告的汇总，供投资者参 考。 【品大事】 冠昊生物：深交所终止对公司再融资的审核 冠昊生物(300238)公告，6月23日，公司和保荐机构银河证券向深交所提交了申请，申请撤回向特定对 象发行股票申请文件。近日，公司收到深交所出具的《决定》，深交所决定终止对公司申请向特定对象 发行股票的审核。 奥瑞德：算力租赁服务业绩存在重大不确定性 奥瑞德(600666)发布股票交易异常波动公告称，公司向客户提供算力租赁服务，收取算力租赁服务费。 该业务需进行重资产投入，投资金额较大，后续经营过程中算力租赁服务价格可能受宏观经济及行业政 策变化、技术迭代、市场竞争等多重不确定因素影响而发生波动，业绩存在重大不确定性。 金鸿顺(603922)公告，公司筹划以发行股份及支付现金的方式购买新思考电机有限公司95.79%的股权同 时募集配套资金。自筹划上述重大资产重组事项以来，交易各方对交易方案进行了多次协商，但未能就 最终方案达成一致。经协商，同意终止此次重大资产重组事项。 合金投资：控股股东拟变更为九洲恒昌 股票明起复牌 合金投资(000633)公告，公司控股 ...

涛涛车业：上半年净利润同比预增70.34%–97.81% 6月30日晚，涛涛车业（301345）发布2025年半年度业绩预告，预计上半年归属于上市公司股东的净利 润为3.1亿元至3.6亿元，比上年同期增长70.34%-97.81%；预计扣除非经常性损益后的净利润为3.07亿元 至3.57亿元，同比增长71.97%-99.96%。 资料显示，涛涛车业成立于2015年9月，主营业务是全地形车、电动高尔夫球车、电动滑板车、电动平 衡车、电动自行车及其配件、用品的研发、生产和销售。 所属行业：汽车–摩托车及其他–摩托车 中国交建：拟5亿–10亿元回购公司股份 6月30日晚，中国交建（601800）发布公告称，公司计划以集中竞价交易方式回购股份，回购资金总额 不低于5亿元，不超过10亿元，回购价格不超过13.58元/股，回购期限为自股东会审议通过回购方案之 日起12个月内。本次回购的股份将全部予以注销并减少公司注册资本。 资料显示，中国交建成立于2006年10月，主营业务是基建设计、基建建设、疏浚业务。 所属行业：建筑装饰–基础建设–基建市政工程 安诺其：控股子公司获165万元政府补助 6月30日晚，安诺其（30006 ...

证券代码：300238 证券简称：冠昊生物 公告编号：2025-047 冠昊生物科技股份有限公司（以下简称"公司"）于 2025 年 6 月 23 日召开 第六届董事会第十五次会议和第六届监事会第十二次会议，审议通过了《关于公 司终止向特定对象发行股票事项并撤回申请文件的议案》，同意公司终止本次向 特定对象发行股票事项并撤回申请文件。具体内容详见公司在巨潮资讯网 （http://www.cninfo.com.cn）披露的《关于公司终止向特定对象发行股票事项并 撤回申请文件的公告》。 2025 年 6 月 23 日，公司和保荐机构中国银河证券股份有限公司向深圳证券 交易所（以下简称"深交所"）提交了《冠昊生物科技股份有限公司关于撤回向 特定对象发行股票并在创业板上市申请文件的申请》和《中国银河证券股份有限 公司关于撤回冠昊生物科技股份有限公司向特定对象发行股票并在创业板上市 申请文件的请示》，申请撤回向特定对象发行股票申请文件。 近日，公司收到深交所出具的《关于终止对冠昊生物科技股份有限公司申请 向特定对象发行股票审核的决定》（深证上审〔2025〕119 号），根据《深圳证 券交易所上市公司证券发行上市审核规则 ...

Core Viewpoint - The company has decided to terminate its stock issuance plan to specific investors, which has been in progress for over two years, due to changes in market conditions and regulatory scrutiny [2][3][4]. Group 1: Termination of Stock Issuance - The stock issuance plan aimed to raise up to 500 million yuan for working capital but faced criticism due to a significant price difference between the issuance price of 8.96 yuan per share and the market price of 15.52 yuan per share, representing a 73.21% premium [3][5]. - The company emphasized that the termination of the stock issuance will not have a significant adverse impact on its normal business operations and will not harm the interests of shareholders, especially minority shareholders [3][4]. Group 2: Financial Performance and Concerns - The company has faced scrutiny regarding its high sales expenses, which were 185 million yuan, 156 million yuan, and 167 million yuan from 2021 to 2023, accounting for 37.88%, 41.45%, and 41.20% of revenue, respectively, indicating a higher rate than industry peers [5][8]. - The company's main pharmaceutical product, Bimodine Ointment, saw a revenue decline of 25.15% in 2024, with total revenue from pharmaceuticals dropping from 12.23% in 2023 to 9.80% in 2024 [8][9]. Group 3: Regulatory and Compliance Issues - The company has previously received warnings from regulatory bodies for disclosure violations, including delays in reporting significant litigation and changes in core business operations, which have raised concerns about its compliance and risk management practices [7][10]. - The termination of the stock issuance plan may lead to increased regulatory scrutiny, especially regarding the fairness of pricing in related party transactions [4][6].