创新药大佬跨界入主，中环环保20CM涨停！股价创近三年新高

Core Viewpoint - Zhonghuan Environmental (300692.SZ) experienced a significant stock price increase following the announcement of a change in control, with shares reaching a three-year high at 10.63 yuan per share, reflecting a 20% limit up on October 10 [2] Group 1: Control Change - The controlling shareholder Zhang Bozhong and his associates transferred 70.54 million shares (16.62% of total shares) to Beijing Dingyuan and Jiaxing Dingkang for a total consideration of 598 million yuan, resulting in a new controlling shareholder [2] - The transaction was structured as a "share transfer + voting rights waiver," with a transfer price of 8.48 yuan per share [2] - Following the transfer, Liu Yang became the new actual controller, while Zhang Bozhong retained voting rights for 30 million shares (7.07% of total shares) [2] Group 2: Company Performance - Zhonghuan Environmental's revenue is projected to grow by 17.6% year-on-year to 957 million yuan in 2024, but net profit is expected to decline by 45.1% to 59 million yuan, indicating a "profit growth without revenue growth" situation [3] - In the first half of 2025, both operating and net profits showed year-on-year recovery, but net cash flow from operations decreased by 48% to 41.45 million yuan [3] - The company disclosed a total external guarantee amount of 20 million yuan for its wholly-owned subsidiary, with total approved guarantee amounts reaching 3.563 billion yuan, which is 128.53% of the company's audited net assets for 2024 [3] Group 3: New Controller Background - Liu Yang is the chairman and founder of Beijing Saifu Pharmaceutical Research Institute, a national-level "specialized and innovative" small giant enterprise, which has shown strong growth in the biopharmaceutical sector [3][4] - Saifu Pharmaceutical completed a 500 million yuan D-round financing by the end of 2022 and was listed among the top 20 in the "2025 China New Drug Preclinical CRO Ranking" [3] Group 4: Market Context - The change in control coincides with a resurgence in the CRO sector, with reports indicating that most CRO companies are experiencing an increase in orders compared to 2024 [5] - The price of experimental monkeys has slightly increased since 2025, suggesting a potential recovery in demand for preclinical CRO services [5]