交易所问询科森科技出售资产逻辑：持续亏损下出售盈利资产的必要性与合理性

Core Viewpoint - Kosen Technology's sale of its core medical subsidiary has triggered regulatory inquiries due to concerns over the necessity and rationale of divesting quality assets rather than inefficient ones, potentially harming investor interests [1] Group 1: Financial Performance - Kosen Medical achieved net profits of 41.12 million yuan and 47.24 million yuan in the first three quarters of 2024 and 2025, respectively, indicating continuous growth, while the parent company continues to incur losses [1] Group 2: Reasons for Asset Sale - The primary reason for the sale is "pressure to expand overseas," as geopolitical factors have led core clients to demand overseas production capabilities, which Kosen cannot meet due to stringent regulations and high investment costs for new factories [1] - The second reason is "valuation realization," with Kosen Medical's earnings-based valuation at a price-to-earnings ratio of 11.91, which is within a reasonable market range. The sale is expected to generate 915 million yuan in cash, covering current losses and improving financial statements, which is crucial for maintaining client trust and securing new orders [1] Group 3: Challenges in Disposing Inefficient Assets - In contrast, disposing of inefficient assets is described as "easier said than done." The company has initiated the disposal of idle factories and equipment valued at approximately 440 million yuan since 2024, but market valuation is limited due to technological risks and a downturn in the industrial real estate market, making it difficult to reach price agreements [2]