海利生物增值超9倍并购的企业，估值8个月跌去43%

Core Viewpoint - The acquisition of Rui Sheng Biological by Haili Biological has led to unexpected valuation declines and questionable client relationships, raising concerns about financial transparency and potential misrepresentation in disclosures [1][3][5]. Group 1: Acquisition and Valuation - Haili Biological acquired 55% of Rui Sheng Biological for 935 million yuan, valuing the company at 1.711 billion yuan, representing a 952% increase in book value [1]. - Rui Sheng Biological's valuation was subsequently revised down to 974 million yuan, reflecting a 43% drop within eight months post-acquisition due to declining performance [1][2]. Group 2: Client Relationships and Disclosures - Wuhan He Mu Medical Technology, registered in April 2023, was listed as Rui Sheng Biological's largest client for 2022, raising questions about the legitimacy of this relationship [3][4]. - The explanation provided by Haili Biological regarding the client relationship was deemed insufficient by financial experts, suggesting potential financial misrepresentation [5][6]. - A second client, Shandong Quanming Medical, initially listed as a major client, later denied any collaboration with Rui Sheng Biological, further complicating the company's client disclosure credibility [9][10][11]. Group 3: Industry Context and Performance - Rui Sheng Biological's products, particularly in the dental implant repair materials sector, had previously seen rapid growth due to favorable market conditions and increased demand post-COVID-19 [22][23]. - However, the company faced significant challenges in 2025, including a 50%-60% price drop in bone powder products and increased competition, leading to a substantial decline in revenue and profit [23][24].