上市公司案例分析：绿康生化

Core Viewpoint - Green Kang Biotechnology Co., Ltd. has faced significant operational challenges leading to continuous losses and potential delisting risks after initially thriving in the veterinary medicine sector [2][4]. Group 1: Reasons for Operational Failure - Blindly pursuing cross-industry transformation, the company attempted to enter the competitive photovoltaic market by acquiring assets at high premiums, which did not yield the expected results [4]. - The company has experienced immense financial pressure due to escalating investments in the photovoltaic sector, resulting in a rising debt ratio and insufficient liquidity [5]. - Failed attempts to raise funds through private placements have exacerbated financial difficulties, with a 300 million yuan plan in 2021 and a 1.3 billion yuan plan in 2023 both stalling due to various issues [6]. - Continuous losses, particularly from the photovoltaic business, have negatively impacted overall performance, leading to significant stock price volatility and diminished investor confidence [7]. - Management decisions, including high-premium acquisitions without adequate funding and failure to adjust strategies in response to ongoing losses, have contributed to the company's deteriorating situation [8].