告别“中植系”后“未迎新生”：皓宸医疗关联方信披延误收监管函，背后财务困局受关注

Core Viewpoint - The report highlights a significant delay in the disclosure of control changes at Haocen Medical Technology Co., Ltd., resulting in nearly a quarter of its shares and voting rights being in a regulatory blind spot for six months [2][4]. Group 1: Control Change and Legal Disputes - Haocen Medical's largest shareholder, Huayin Rifen, faced a control change due to the termination of an investment cooperation agreement with Beijing Shoutuo Ronghui, leading to a "no actual controller" status for the company [4][5]. - The relationship between Haocen Medical and the "Zhongzhi System" ended after a three-year association, primarily due to the latter's severe debt crisis [3][4]. - The court's final ruling on April 29, 2025, confirmed the validity of the termination of the cooperation agreement, which directly caused the change in control at Haocen Medical [5][6]. Group 2: Information Disclosure Issues - The disclosure of the control change was significantly delayed, with Huayin Rifen only formally disclosing the detailed report on November 15, 2025, despite the court ruling occurring months earlier [6]. - The delay in information disclosure has raised concerns about regulatory compliance and transparency within the company [6]. Group 3: Financial Performance and Risks - Haocen Medical has reported continuous losses from 2020 to 2024, with cumulative losses exceeding 700 million yuan, and a significant decline in revenue in the first half of 2025 [8][9]. - The company's main revenue source, a 51% stake in its subsidiary Delun Medical, has been judicially frozen, severely impacting its cash flow [9]. - As of mid-2025, the company faced substantial short-term debt pressures, with short-term borrowings amounting to 191 million yuan [8].