CMC(SH:603122) Mei Ri Jing Ji Xin Wen·2025-11-20 12:09Core Viewpoint - The stock price of HeFu China (603122.SH) has significantly deviated from its fundamentals, raising concerns about potential risks for investors, with a cumulative increase of 291.92% over a specific period, leading to possible suspension of trading for further investigation [2][5][6] Group 1: Stock Performance - As of November 20, the stock price closed at 26.18 yuan per share, marking a historical peak with a turnover rate of 24.46% [5] - The stock has experienced 13 trading days of closing at the涨停 price and has encountered multiple instances of abnormal price fluctuations [2][5] - The recent surge in stock price is viewed as a result of overheated market sentiment and irrational speculation, significantly outpacing the industry and Shanghai Composite Index [5] Group 2: Financial Performance - HeFu China's Q3 report indicates a revenue of 549 million yuan for the first three quarters, a year-on-year decline of 22.80%, with a net loss of 12.39 million yuan, down 146.65% [6] - The third quarter alone saw revenue drop to 181 million yuan, a 21.27% decrease, with a net loss of 5.05 million yuan compared to a profit of 4.03 million yuan in the same period last year [6] - The company has faced a continuous decline in performance since its peak in 2022, with revenues projected to decrease from 1.28 billion yuan in 2022 to 939 million yuan in 2024, and net profit shrinking from 82.72 million yuan to 27.57 million yuan [6] Group 3: Business Challenges - The decline in performance is attributed to adjustments in medical industry policies, leading to reduced procurement prices and order volumes from hospital clients, which have adversely affected sales and profits [6] - Despite implementing various cost control measures, the company has not been able to fully offset the revenue decline in the short term, indicating ongoing pressure on operational performance [6]