SPAS(SH:603168) Zheng Quan Zhi Xing·2025-06-26 16:23Core Viewpoint - Zhejiang Shapuaisi Pharmaceutical Co., Ltd. received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, prompting an independent opinion on its investment activities [1] Group 1: Investment in Shanghai Xinhong - The company, along with partners, invested 460 million yuan in Shanghai Xinhong Pharmaceutical Co., with Shapuaisi contributing 160 million yuan for a 34.7% stake [2] - The investment partners included Fujian Kangcheng Pharmaceutical Co. and Hainan Anxi Pharmaceutical Co., contributing 195 million yuan and 100 million yuan, respectively [2] - The controlling shareholder of Biogate changed from Lin Yanhua to Lin Hongyuan, Lin Hongli, and two others after the acquisition [2] Group 2: Biogate's Financial Performance - Biogate's revenue over the past three years was 587 million yuan, 622 million yuan, and 516 million yuan, with net profits of -49 million yuan, -12 million yuan, and -74 million yuan [2] - The stock price of Biogate increased significantly from 6.5 yuan per share on November 21, 2023, to 14 yuan per share on January 8, 2024, prior to the acquisition [2] Group 3: Independent Directors' Opinion - The independent directors confirmed that the investment followed necessary internal review procedures and that the transaction price was fair, not harming the interests of the company or minority shareholders [3] - The directors stated that the investment did not violate relevant regulations and did not constitute a significant undisclosed matter [3]