并购标的业绩“变脸”？海利生物独家回应争议

Core Viewpoint - Shanghai Haili Biological Technology Co., Ltd. is facing potential delisting risk due to insufficient operating income and negative net profit, primarily attributed to accounting treatment differences related to a significant refund from an acquisition [1][2][3] Financial Performance - The company announced an expected profit of 34 million to 40 million yuan for 2025, with a net profit attributable to shareholders projected between 11 million to 16 million yuan. However, it anticipates a net loss of 3.9 billion to 4 billion yuan after excluding non-recurring gains and losses, with revenue expected to be below 300 million yuan [2] - A refund of approximately 399.3 million yuan is impacting the company's financials, stemming from a re-evaluation of the acquisition of Shaanxi Ruisheng Biotechnology Co., Ltd. [3] Business Strategy - The company plans to pivot towards the dental sector, focusing on oral implants and clinics, anticipating growth in this area due to an aging population [1][4] - Haili Biological has already made strategic acquisitions in the dental industry, leveraging existing sales channels and resources from Ruisheng to promote its own implant products [7] Market Conditions - Ruisheng's profitability declined sharply in 2025 due to increased competition and a significant drop in product prices, with a 40% decrease in product prices reported in the second quarter [4][5] - The tightening of tax incentives and increased competition in the dental market have contributed to Ruisheng's financial struggles, leading to a reassessment of its valuation [5][6] Future Outlook - The company is optimistic about its future performance, expecting that new acquisitions will contribute positively to revenue by 2026, despite current delisting risks [7]