9亿出售医疗资产，一家制造业上市公司选择战略退出

Core Viewpoint - Kosen Technology (603626.SH) announced the sale of its wholly-owned subsidiary, Kosen Medical, to Jiangsu Yaolingke Medical Technology Co., Ltd. for 915 million RMB, marking a significant strategic shift as the company exits the medical device sector [2] Group 1: Transaction Details - The transaction is based on an income approach, with the total equity value assessed at 913 million RMB as of September 30, 2025, reflecting an increase of 615 million RMB and a growth rate of 206.45% [2] - Kosen Technology expects to recognize approximately 600 million RMB in investment income from this divestiture, which will be recorded as non-recurring gains [2] - The deal is seen as a strategic acquisition for Yaolingke, enhancing its position in the precision medical device manufacturing sector [2] Group 2: Kosen Medical's Background - Kosen Medical has established itself as a competitive player in the medical device manufacturing industry, contributing to the high premium in the sale [7] - The company has collaborated with major clients like Medtronic, Zimmer, and Johnson & Johnson, providing critical components for various medical devices [9][10] - Despite its capabilities, Kosen Medical's revenue contribution has been low, accounting for about 10% of Kosen Technology's overall revenue, indicating its role as a supplementary business [6] Group 3: Reasons for Divestiture - Kosen Technology faced significant financial pressure, reporting cumulative losses of 873 million RMB from 2023 to the first three quarters of 2025, alongside high accounts receivable of 1.17 billion RMB [13] - The differing operational models between the consumer electronics and medical device sectors led to insufficient synergy, negatively impacting the efficiency of the core business [14] - The company aims to refocus on its core business in consumer electronics and energy storage, necessitating capital for overseas expansion projects [17] Group 4: Strategic Implications - The sale reflects broader challenges faced by manufacturing companies attempting to diversify into different sectors, particularly when operational demands and resource allocation become strained [26] - The entry of LYFE Capital into the medical manufacturing space signifies a shift towards asset acquisition in the global medical device sector, moving beyond previous focuses on R&D investments [27]