与明基医院签订8年期长单协议，上交所追问合富中国商业背景及合理性

Core Viewpoint - Recently, Hefei China (603122) signed a long-term procurement agreement with Nanjing Mingji Hospital and Suzhou Mingji Hospital, which has attracted market attention and led to regulatory scrutiny from the Shanghai Stock Exchange [1][3]. Group 1: Agreement Details - The long-term procurement agreement stipulates that Mingji Hospital will purchase in vitro diagnostic reagents and consumables from the company, with a total procurement amount of no less than 600 million yuan over a period of 96 months [1]. - The company expects that the annual procurement amount from Mingji Hospital will be less than 10% of its annual revenue, indicating minimal impact on the company's overall performance [3]. Group 2: Regulatory Response - The Shanghai Stock Exchange issued a regulatory letter to Hefei China, requesting clarification on the business model, industry competition environment, and the commercial rationale behind the long-term agreement [3]. - Hefei China responded that the minimum procurement amount aligns with Mingji Hospital's past purchasing scale and is significantly lower than its total procurement of drugs and medical consumables during the same period [3]. Group 3: Contractual Obligations - The agreement includes a minimum procurement amount of 600 million yuan, with Mingji Hospital obligated to compensate if the total procurement does not meet this amount, although there are provisions for negotiation in case of non-party-related reasons for not meeting the minimum [4]. - The company indicated that it would review the execution of the contract annually and make adjustments if deviations are found, although uncertainties remain regarding the ability to meet the minimum procurement amount [4]. Group 4: Financial Performance - Hefei China is facing pressure with a projected net loss of 25 million to 36 million yuan for 2025, marking its first loss since going public, primarily due to price declines in the in vitro diagnostic industry and fluctuations in order volumes [5]. - The company's stock price experienced a significant increase of 342.92% from October 27 to December 19, 2025, but has since declined nearly 40% from its peak as of February 4 [5].