昊海生物科技股东减持计划引关注，股价短期承压

Core Viewpoint - The recent focus on Haohai Biological Technology is the shareholder's plan to reduce holdings, which may exert short-term pressure on market sentiment but aligns with previous commitments made by the shareholder [1] Stock Performance - Haohai Biological Technology's A-shares (688366.SH) have shown weak performance, closing at 45.91 yuan on February 13, 2026, down 1.21% for the day and a cumulative decline of 2.28% over the past five days; meanwhile, the Hong Kong shares (06826.HK) closed at 26.72 HKD, up 2.06% for the day but with a volatility of 4.55% over the same period [2] - On February 13, 2026, net outflow of approximately 1 million yuan was observed in A-shares, indicating short-term pressure on capital [2] - The A-share price has fallen below the 5-day moving average (46.22 yuan), with a MACD indicator showing a death cross signal; the Hong Kong stock is near the middle band of the Bollinger Bands (26.034 HKD), with the KDJ indicator showing a J line at 78.96, indicating short-term overbought conditions [2] Financial Report Analysis - In Q3 2025, the company experienced a decline in performance, with quarterly revenue decreasing by 11.29% to 595 million yuan and net profit attributable to shareholders dropping by 11.39% to 93.58 million yuan; cumulative revenue for the first three quarters fell by 8.47%, and net profit decreased by 10.63% [3] - The gross margin remained at 70.39%, but the non-recurring net profit saw a significant decline of 44.54%, primarily due to increased sales expenses and market environment impacts [3] Institutional Perspectives - Institutions maintain a long-term focus on Haohai Biological Technology's fundamentals, with two institutions issuing buy or hold ratings for the Hong Kong shares in February 2026, targeting an average price of 56.65 HKD, indicating potential upside compared to the current stock price [4] - Institutions are particularly attentive to the company's progress in exporting medical devices and high-end product lines, although the short-term reduction in holdings may suppress valuation recovery [4]