海利生物增值9倍并购的企业 估值八个月即“腰斩” 其第一大客户竟是尚未成立的公司 离奇的事还不少……

Core Viewpoint - The acquisition of Rui Sheng Biological by Haili Biological, which was expected to enhance performance, has instead led to a significant valuation drop and questionable client disclosures, raising concerns about potential financial misrepresentation [2][6][7]. Group 1: Acquisition and Valuation - Haili Biological acquired 55% of Rui Sheng Biological for 935 million RMB, valuing the company at 1.7 billion RMB, representing a 952% increase in value [6]. - Following a performance decline, Rui Sheng Biological's valuation was revised down to 974 million RMB, nearly halving within eight months post-acquisition [6][10]. - Rui Sheng Biological is recognized as a hidden champion in Shaanxi Province, specializing in natural calcined bone repair materials [6]. Group 2: Client Disclosure Issues - A company that was registered in 2023, Wuhan Hemu, was listed as the largest client of Rui Sheng Biological for 2022, raising questions about the legitimacy of this disclosure [10][11]. - Haili Biological explained that the collaboration with Wuhan Hemu predates its official establishment, but this explanation has been challenged by financial experts [10][14]. - The actual business relationship appears to be with Wuhan Xin Hao Medical, which has a shared email address and phone number with Wuhan Hemu, suggesting potential misrepresentation [13][14]. Group 3: Customer Relationship Discrepancies - Shandong Quanming Medical, listed as a major client, denied any collaboration with Rui Sheng Biological, contradicting the company's disclosures [23][30]. - The legal representative of Shandong Quanming initially denied any partnership but later acknowledged that there had been some form of cooperation, although details were unclear [34][37]. - The discrepancies in client relationships and the nature of contracts raise concerns about the accuracy of financial reporting and potential regulatory implications [14][37]. Group 4: Industry Context and Performance - The dental implant market, particularly for bone powder, has seen significant demand due to post-COVID recovery and government policies promoting dental care [43][45]. - Rui Sheng Biological's revenue growth from 2021 to 2023 was reported at a compound annual growth rate of 84.59%, attributed to market conditions and product advantages [45]. - However, in 2025, the company faced a sharp decline in revenue and profit due to increased competition and price wars, with bone powder prices dropping by 50% to 60% [45].