Core Viewpoint - The stock of HeFu China (603122) experienced significant volatility, with a cumulative increase of 256.29% over a period of 14 trading days, leading to a temporary suspension of trading for verification due to abnormal price fluctuations [1][2] Group 1: Stock Performance and Trading Suspension - HeFu China announced the completion of a trading suspension verification, with the stock set to resume trading on November 20, 2025 [1] - The stock hit the daily limit up on 12 out of 14 trading days, with five instances of abnormal fluctuations and three instances of severe fluctuations [1] - The company’s stock price is currently significantly higher than its operational performance and industry conditions, indicating a potential disconnect [1][2] Group 2: Financial Performance and Valuation - As of November 14, 2025, HeFu China's static price-to-earnings (P/E) ratio was 343.67, compared to the industry average of 30.94, suggesting a bubble in the stock price [2] - The company reported a net loss of 5.048 million yuan in Q3 2025, a year-on-year decline of 225.26%, attributed to changes in the macroeconomic environment and price reductions in the medical industry [2] - Despite implementing cost control measures, the company faces pressure on its short-term operating performance due to declining sales revenue and profit levels [2]

证券时报记者严翠 11月19日晚，合富中国停牌核查迎来进展。该公司公告，近期，公司就股票交易异常波动及严重异常波 动的相关事项进行了核查。鉴于相关核查工作已完成，经公司向上交所申请，公司股票将复牌。 合富中国表示，经公司自查，公司目前日常经营活动一切正常，公司内外部经营环境未发生重大变化， 公司未发现其他有可能对公司股价产生较大影响的重大事件，公司董事、高级管理人员、控股股东及间 接控股股东在公司本次股票交易异常波动期间不存在买卖公司股票的情况。 合富中国称，公司最新市盈率水平显著高于同行业上市公司水平，当前股价存在明显泡沫化特征。截至 2025年11月14日，公司静态市盈率为343.67倍，根据同日中证指数有限公司网站发布的行业数据，公司 所属的批发业的行业静态市盈率为30.94倍，存在公司股价严重偏离同行业上市公司合理估值的风险。 本次股价连续上涨期间，公司股票流通换手率亦出现较大波动情形，击鼓传花效应明显，请广大投资者 注意甄别、理性判断。 另外，基本面方面，合富中国称，目前公司仍处于亏损状态，公司2025年第三季度净利润为-504.8万 元，同比下降225.26%，主要系受国内宏观形势变动，以及集中采 ...

11月19日盘后，合富中国（603122）发布股票交易停牌核查结果暨复牌公告，公司股票将于2025年11月20日（星期四）复牌。 | 证券代码 | 证券简称 | 停复牌类型 | 停牌起 | 停牌 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | | | | 始日 | 期间 | | | | 603122 | 合富中国 | A 股 复牌 | | | 2025/11/19 | 2025/11/20 | 公告显示，自2025年10月28日至2025年11月14日期间，公司股票连续十四个交易日中有十二个交易日以涨停价收盘，并5次触及股价异常波动、3次触及严 重异常波动情形，期间累计涨幅高达256.29%。 合富中国提醒，股价短期内连续上涨，存在市场情绪过热、非理性炒作风险，随时存在快速下跌可能。 截至停牌前最后一个交易日，即11月14日，合富中国股价报23.80元/股，当天涨幅达7.69%，总市值为94.74亿元。 期间累计涨幅高达256.29% 回溯来看，合富中国的本轮行情始于10月28日。自10月28日至11月14日期间，合富中国股票连续十四 ...

Core Viewpoint - The company announced that its stock experienced an abnormal fluctuation with a cumulative closing price increase deviation of 20% over three consecutive trading days from November 17 to 19, 2025, but confirmed that its operations are normal and there are no undisclosed significant matters [1] Financial Performance - For the first three quarters of 2025, the company's revenue was 793.4483 million yuan, representing a year-on-year decrease of 9.06% [1] - The net profit for the same period was -33.7885 million yuan, reflecting a year-on-year decline of 173.67% [1] Shareholder Activity - Shareholder Jiangsu Haojing Borui Landscape Greening Engineering Co., Ltd. plans to reduce its holdings by no more than 3 million shares between November 12, 2025, and February 11, 2026, and is currently in the reduction period [1]

明日复牌。 合富中国（603122）11月19日晚间公告，近期，公司就股票交易异常波动及严重异常波动的相关事项进行了核查。鉴于相关核查 工作已完成，经公司向上海证券交易所申请，公司股票将于11月20日开市起复牌。经公司自查，公司目前日常经营活动一切正 常，公司内外部经营环境未发生重大变化。截至公告披露日，除了在指定媒体上已公开披露的信息外，不存在影响公司股票交易 价格异常波动的重大事宜；不存在其他涉及本公司应披露而未披露的重大信息；未发现可能或已经对公司股票交易价格产生影响 的媒体报道或市场传闻，亦未涉及热点概念事项。 | 证券代码 | 证券简称 | 停复牌类型 | 停牌起 | 停牌 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | | | | 始日 | 期间 | | | | 603122 | 合富中国 | A 股 复牌 | | | 2025/11/19 | 2025/11/20 | 公告显示，自2025年10月28日至2025年11月14日期间，公司股票连续14个交易日中有12个交易日以涨停价收盘，并5次触及股价 异常波动、3次触及严 ...

Core Viewpoint - The company, HeFu China (603122), will resume trading on November 20, 2025, after completing an investigation into abnormal stock price fluctuations, confirming that its business operations remain normal and no significant changes have occurred in its internal or external environment [1][2]. Group 1: Stock Trading and Market Performance - The company's stock experienced a significant increase, with a cumulative rise of 256.29% over 14 trading days, during which it hit the daily limit up on 12 occasions and faced severe abnormal fluctuations three times [2]. - The stock's recent performance is characterized by market sentiment that may be overly optimistic, indicating a risk of irrational speculation and potential for a rapid decline [2]. Group 2: Financial Performance and Business Operations - The company reported a net loss of 5.048 million yuan for Q3 2025, primarily due to changes in the domestic macroeconomic environment and price reductions in the medical industry, leading to decreased sales revenue and profit levels [4]. - The company's revenue for the current reporting period decreased by 21.27% year-on-year, while the total profit fell by 193.80% [5]. - The static price-to-earnings (P/E) ratio of the company is significantly higher than that of its industry peers, standing at 343.67 times compared to the industry average of 30.94 times, indicating a potential overvaluation risk [5].

14交易日12涨停的合富中国（603122）停牌核查完成，明天（2025年11月20日）开市起复牌。 11月19日晚，合富中国停牌核查迎来进展。该公司公告，近期，公司就股票交易异常波动及严重异常波 动的相关事项进行了核查。鉴于相关核查工作已完成，经公司向上交所申请，公司股票将于2025年11月 20日（星期四）开市起复牌。 合富中国表示，经公司自查，公司目前日常经营活动一切正常，公司内外部经营环境未发生重大变化， 公司未发现其他有可能对公司股价产生较大影响的重大事件，公司董事、高级管理人员、控股股东及间 接控股股东在公司本次股票交易异常波动期间不存在买卖公司股票的情况。 合富中国主营体外诊断产品集约化业务，2008年曾于全国率先推出为医院提供体外诊断试剂集采服务。 目前，合富中国最新股价为23.8元/股，总市值94.74亿元。 2025年10月28日至2025年11月14日期间，该公司股票连续14个交易日中有12个交易日以涨停价收盘，并 5次触及股价异常波动、3次触及严重异常波动情形，其间累计涨幅高达256.29% 合富中国称，公司最新市盈率水平显著高于同行业上市公司水平，当前股价存在明显泡沫化特征。截至 2 ...

Core Viewpoint - The stock of HeFu China (603122) will resume trading on November 20 after a suspension for verification of stock trading due to significant price fluctuations and abnormal trading activities [2] Summary by Relevant Sections Stock Performance - From October 28 to November 14, HeFu China's stock experienced a cumulative increase of 256.29%, with 12 out of 14 trading days closing at the daily limit price [2] - The stock has encountered five instances of abnormal price fluctuations and three instances of severe abnormal fluctuations during this period [2] Company Operations - HeFu China confirmed that its daily operations are normal and that there have been no significant changes in its internal or external operating environment [2] - The company's board of directors stated that there are no undisclosed matters that should have been disclosed according to the Shanghai Stock Exchange's listing rules, nor are there any ongoing negotiations or agreements that could significantly impact the stock price [2]

Core Viewpoint - The stock price of the company has significantly outperformed the Shanghai Composite Index, with a cumulative increase of 61.06% from November 12 to 18, 2025, while the index decreased by 1.57% during the same period [1] Financial Performance - For the period from January to September 2025, the company's revenue was 63,313.33 million, representing a year-on-year decline of 6.02% [1] - The company's net profit after deducting non-recurring items was -2,433.96 million, showing a year-on-year decrease of 17.38% [1] Market Activity - The average turnover rate of the company's stock increased from 1.21% to 5.22%, indicating heightened trading activity [1] - The company's price-to-earnings ratio, after excluding non-recurring items, stands at 47.7 times, which is higher than the industry average [1] Risk Factors - There is a potential risk of stock price speculation, which may lead to a significant decline in the stock price [1] - The company has not disclosed any significant undisclosed matters and is not involved in any trending concepts [1]

Core Viewpoint - The company *ST Muban has experienced significant stock price volatility, with a cumulative deviation of 12% over three consecutive trading days, indicating abnormal fluctuations [1] Financial Performance - For the period of January to September 2025, the company reported revenue of 227 million yuan and a net loss of 356 million yuan [1] - If the annual revenue for 2025 falls below 300 million yuan and the total profit is negative, the company may face delisting after the annual report is disclosed [1] Legal and Regulatory Issues - The company and its actual controller, Liao Zhiyuan, are under investigation [1] - There are unresolved issues regarding the occupation of funds by the controlling shareholder and related parties [1] - The uncertainty surrounding the company's ability to enter restructuring procedures remains [1]