Bei Jing Shang Bao·2025-12-14 15:39Core Viewpoint - Haohai Biology is expanding its business by acquiring a 19.8% stake in Jiangxi Ruiji Biological Engineering Technology Co., Ltd. for 38.35 million yuan, aiming to enter the high-value medical device sector of biological amniotic membrane, despite Ruiji's ongoing financial losses and lack of performance guarantees in the transaction [1][3]. Group 1: Acquisition Details - The acquisition involves Haohai Biology purchasing 8.4661 million shares of Ruiji, which has been struggling with losses of 11.77 million yuan last year and 11.29 million yuan in the first three quarters of this year [1][2]. - The transaction does not grant Haohai Biology control over Ruiji's existing team or decision-making on financial and operational matters, as the stake does not allow for consolidation in Haohai's financial reports [2]. Group 2: Financial Performance of Haohai Biology - Haohai Biology's core business has been under pressure, with a revenue decline of 7.12% and a net profit drop of 10.29% in the first half of this year compared to the previous year [1][5]. - The company reported a revenue of 2.698 billion yuan and a net profit of 420 million yuan last year, with growth rates slowing significantly [5]. - In the first three quarters of this year, Haohai's revenue was 1.899 billion yuan, down 8.47%, and net profit was 305 million yuan, down 10.63% [7]. Group 3: Market Context and Competition - The global amniotic membrane market is projected to grow from over 1.89 billion dollars last year to 3.97 billion dollars by 2034, with a compound annual growth rate of approximately 7.7% [8]. - Competition in the biological amniotic membrane sector is intensifying, with other companies like Guangzhou Ruitai Biological and Chengdu Qingshan Likang Pharmaceutical also entering the market [9]. - Analysts suggest that while the acquisition may provide strategic benefits, the ongoing losses and competitive landscape present significant challenges for Haohai Biology [9].