前三季度净利润暴跌、孙公司股权遭冻结，皓宸医疗如何破局？

Core Viewpoint - Haocen Medical Technology Co., Ltd. has reported a significant decline in revenue and a drastic drop in net profit, alongside a court-ordered freeze on the equity of its key subsidiary, Delun Medical [1][2][6]. Financial Performance - For the first three quarters of 2025, Haocen Medical achieved a revenue of 527 million yuan, a year-on-year decrease of 17.0%, and a net loss attributable to shareholders of 26.41 million yuan, a decline of 295.7% [2][5]. - In Q3 2025, the company reported a revenue of 213 million yuan, down 15.7% year-on-year, and a net loss of 2.66 million yuan, a decrease of 120.5% [2]. Revenue Breakdown - The core issue behind the performance decline is attributed to the drop in the oral medical service segment, which constitutes 91.98% of total revenue. This segment saw a revenue decline of 17.39% in the first half of 2025 [3]. Legal and Asset Issues - The 51% equity stake in Delun Medical, a key subsidiary, has been frozen by the court due to a creditor's revocation dispute, with the freeze lasting for two years [6][8]. - The legal dispute stems from a loan agreement with Wenzhou Bank, where the creditor claims that the transfer of equity to another subsidiary adversely affected their ability to recover the debt [7][8]. Attempts at Financial Recovery - Haocen Medical has attempted various self-rescue measures, including asset auctions and loan applications, but these efforts have not yielded positive results [9]. - The company is currently seeking to negotiate debt resolution strategies with creditors, including debt reduction and restructuring, but has not made substantial progress [9].