长江商报消息 ●长江商报记者 江楚雅 利德曼计划通过并购寻求新的增长曲线，推动企业转型。 近日，利德曼（300289.SZ）发布公告称，计划以17.33亿元现金收购北京先声祥瑞生物制品股份有限公 司（下称"先声祥瑞"）70%股份。 本次交易完成后，先声祥瑞将成为利德曼控股子公司，利德曼也将借此切入生物制品领域，构建"生物 制品+体外诊断"双主业模式。 业内认为，通过本次交易，上市公司的业绩将得到提升，财务状况将得到进一步改善，有利于维护上市 公司股东的利益。 标的近年业绩表现稳定 对应高溢价，交易对手方作出了明确的业绩承诺。先声祥瑞2025年、2026年、2027年扣非归母净利润分 别不低于1.66亿元（若剔除2025年mRNA平台费用1035.57万元，则为1.76亿元）、1.86亿元、2.08亿 元，三年累计扣非归母净利润不低于5.58亿元。 先声祥瑞的业务布局是此次收购的核心吸引力之一。作为拥有疫苗生产许可证的企业，其管线覆盖尚未 满足临床需求的人用创新疫苗，其中应用于脑膜炎领域的Xs03项目已提交pre-IND，另有多个创新项目 处于临床前阶段。此外，先声祥瑞在体外诊断试剂的研发、生产和销售领域也具备 ...

VerifyMe (NasdaqCM:VRME) Q3 2025 Earnings Call November 17, 2025 09:00 AM ET Company ParticipantsJennifer Cola - CFOAdam Stedham - CEOConference Call ParticipantsMichael Petusky - Managing Director and Research AnalystOperatorGood day and welcome to the VerifyMe third quarter 2025 financial results conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will b ...

VerifyMe (NasdaqCM:VRME) Q3 2025 Earnings Call November 17, 2025 09:00 AM ET Company ParticipantsJennifer Cola - CFOAdam Stedham - CEOConference Call ParticipantsMichael Petusky - Managing Director and Research AnalystOperatorGood day and welcome to the VerifyMe Q3 2025 Financial Results Conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opport ...

Financial Data and Key Metrics Changes - The company's Q3 2025 revenue was $5.0 million, down from $5.4 million in Q3 2024, a decrease of $0.4 million primarily due to $0.8 million from discontinued services with two proactive customers [7][10] - Gross profit increased to $2.1 million in Q3 2025 from $1.9 million in Q3 2024, with gross margin improving to 41% from 35% [8][10] - The net loss for Q3 2025 was $3.4 million, or $0.26 per diluted share, compared to a net loss of $2.9 million, or $0.23 per diluted share in Q3 2024 [10][11] - Adjusted EBITDA improved to $0.8 million in Q3 2025 from $0.2 million in Q3 2024 [11] Business Line Data and Key Metrics Changes - PeriShip revenue decreased approximately 14% in Q2 2025 compared to the previous year, but Q3 2025 saw a smaller decline of about 7% due to sales and marketing efforts [4][5] - Operating expenses decreased to $1.7 million in Q3 2025 from $2.5 million in Q3 2024, attributed to the divestiture of the TrustCodes business and cost-cutting measures [10][11] Market Data and Key Metrics Changes - The transition to a new proactive shipping partner is expected to impact Q4 2025 and Q1 2026 revenues, with no specific guidance provided for 2026 at this time [5][9] - The company anticipates remaining cash flow positive for the full year of 2025 despite the transitional revenue impact [12][13] Company Strategy and Development Direction - The company is focused on transitioning to a new proactive shipping partner, which is believed to provide a better platform for sustained organic growth in the long term [5][13] - The management emphasizes the importance of maintaining customer loyalty during the transition and is actively working to facilitate customer shifts to the new partner [19][30] Management Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by the transition from the previous shipping partner and the impact on revenue, but expressed optimism about future growth and operational efficiencies [3][13] - The company plans to provide specific guidance for 2026 in the next earnings call, indicating a commitment to transparency and strategic planning [5][30] Other Important Information - The company recognized a one-time non-cash impairment expense of $3.9 million in Q3 2025 related to goodwill and intangible assets in the PeriShip business [9][10] - The cash balance as of September 30, 2025, was $4.0 million, with $1 million available under a line of credit and no outstanding borrowings [11][12] Q&A Session Summary Question: What was the revenue contribution of the proactive business that ended in September? - Management indicated that they do not have a precise figure for the revenue contribution from the proactive business, as it is a dynamic situation with ongoing customer transitions [17][21] Question: Can you provide last year's Q4 revenue contribution from the FedEx business? - Management stated that all proactive customers used FedEx last year, but they cannot provide a specific percentage of Q4 revenue from that business due to customer turnover and ongoing transitions [20][22] Question: What is the status of potential M&A discussions? - Management confirmed ongoing conversations regarding potential acquisitions but noted that timing is difficult to predict [25] Question: How much of the operating expense improvement was due to TrustCodes? - Approximately $500,000 of operating expenses in Q3 2024 were associated with TrustCodes, indicating significant cost reductions in the current period [27]

Core Insights - The recent operational issues faced by the Rabbit Baby distributors have raised market concerns, testing the brand's emergency response capabilities and prompting reflections on distributor management within the industry [1] Financial Health - In the first half of 2025, Rabbit Baby reported a net profit of 268 million yuan, reflecting a year-on-year growth of 9.71% - The company demonstrated strong cash flow generation and dividend capabilities, announcing a dividend plan of 2.8 yuan per 10 shares (including tax), totaling 229 million yuan, with a mid-term dividend payout ratio of 85.63% [3] Business Transformation - To adapt to market changes, Rabbit Baby is actively pursuing business transformation and channel optimization - In the first half of 2025, the revenue from the decorative materials business was 2.985 billion yuan, showing a year-on-year decline, but the company is focusing on expanding its presence in rural markets, having recruited 847 rural stores, bringing the total to 2,481, an increase of over 300 since the beginning of the year - The custom home business showed growth potential, with revenue from full-house customization reaching 621 million yuan, a year-on-year increase of 4.46% [4] Industry Reflection - The distributor issues faced by Rabbit Baby are not isolated, as the home building materials industry has seen frequent operational difficulties among distributors - This highlights common challenges in distributor management and financial oversight across the industry - Local initiatives are exploring the establishment of third-party financial supervision systems or unified management platforms to enhance consumer safety and provide new management strategies for brands [6] Brand Commitment - Despite short-term challenges, Rabbit Baby remains committed to product innovation and service upgrades - The company focuses on the research, production, and sales of new home renovation materials, including boards, full-house customization, flooring, and wooden doors, gaining market recognition for its environmental friendliness and quality - The company governance remains stable, having successfully held its first extraordinary general meeting of shareholders in 2025, demonstrating governance transparency and compliance - For consumers, shopping through authorized channels and understanding the brand's after-sales policies are crucial for ensuring consumer protection [7]

Core Viewpoint - Lidman plans to acquire 70% of Xiansheng Xiangrui for 1.733 billion yuan, aiming to enter the high-barrier bioproducts industry and transform its business model to include both bioproducts and in vitro diagnostics [1][2] Group 1: Acquisition Details - The acquisition involves cash payment to three entities: Shanghai Baijiahui Investment Management Co., Nanjing Baijiarui Enterprise Management Consulting Partnership, and Hainan Xiansheng Baijiahui Technology Development Co. [1] - After the transaction, Lidman will hold 70% of Xiansheng Xiangrui, consolidating it into its financial statements [1] Group 2: Strategic Rationale - The acquisition allows Lidman to quickly penetrate the bioproducts market, which has high barriers to entry and significant growth potential [2] - Xiansheng Xiangrui is recognized as a "little giant" enterprise in Beijing and holds a vaccine production license, with unique technologies in TB-PPD and BCG-PPD preparation [2] Group 3: Financial Performance - Xiansheng Xiangrui's projected revenues for 2023, 2024, and the first seven months of 2025 are 653 million yuan, 582 million yuan, and 228 million yuan, respectively, with net profits of 210 million yuan, 180 million yuan, and 59.68 million yuan [2] - Lidman expects the acquisition to turn its consolidated net profit positive [2] Group 4: Lidman's Current Situation - Lidman, established in 1997, focuses on in vitro diagnostic reagents and instruments but has faced revenue fluctuations due to increased competition and centralized procurement [3] - For 2024, Lidman's revenue is projected at 370 million yuan, with a net loss of 75.1 million yuan; the first three quarters of this year showed a 10.49% revenue decline [3] - As of the end of Q3, Lidman had cash reserves of 618 million yuan, and the acquisition will result in approximately 1.019 billion yuan of goodwill on its balance sheet [3]

11月11日，天津津投城市开发股份有限公司（以下简称"津投城开"）公告称，收到上海证券交易所发出 的《关于对天津津投城市开发股份有限公司重大资产出售暨关联交易草案的问询函》。 问询函要求公司就持续经营能力、标的评估情况、担保情况以及债权和债务情况等问题作出进一步说明 和解释。 此次公告问询的，为津投城开拟"1元退出房地产业务"一事，即拟以1元对价向天津城市运营发展有限公 司转让其评估值为-2.39亿元的房地产开发业务相关资产及负债，计划彻底退出房地产开发，仅保留物 业管理、资产管理与运营等业务。 "一波三折" 观点新媒体了解到，津投城开的"退房"路，已历经多次变动。 2025开年，津投城开便披露重组计划，发布重大资产置换、发行股份及支付现金购买资产并募集配套资 金暨关联交易预案 (摘要)。 9月份，津投城开公告将上述"重大资产置换、发行股份及支付现金购买资产、募集配套资金"方案调整 为"重大资产出售方案"方案，即置出房地产业务及相关资产、负债，保留物业管理、租赁业务。 起初，津投城开以期通过资产置换的方式，剥离原有资产，并引进新业务。 彼时方案为拟将全部资产及负债作为置出资产，与天津能源集团、天津市津能投资有 ...

28个交易日，23个涨停，累计涨幅241.59%，*ST东易拟停牌核查。 11月13日晚间，*ST东易（002713）发布公告称，公司股票自9月26日晚披露《关于遴选重整投资人结果及签署重整投资协议暨预重整进展的公告》以 来，至11月13日价格涨幅为241.59%，其间出现9次异常波动，严重背离公司基本面，公司将就股票交易波动情况进行核查。 *ST东易从2024年7月最低价1.96元，涨至最新停牌价17.66元，涨幅近10倍。 经申请，*ST东易股票将自11月14日开市起停牌，待核查结束并披露相关公告后复牌，预计停牌时间不超过3个交易日。 同时，华著科技将借助自身算力产业资源，通过捐赠智算中心运营主体、订单导入等方式，多措并举助力*ST东易拓展数据中心集成服务业务及算力服务 业务，推动上市公司实现双轮驱动，并承诺未来三年为公司导入算力产业相关业务订单。 预重整进展带动股价走牛 *ST东易的股价狂欢始于预重整进展带来的希望。 9月26日晚间，公司披露了《关于遴选重整投资人结果及签署重整投资协议暨预重整进展的公告》，随后股价便开启了"疯涨"模式。 根据公告，*ST东易已与多家重整投资人签订了协议书。截至目前，已收 ...

11月13日晚间，*ST东易（证券代码：002713）发布公告称，公司股票自9月26日晚披露《关于遴选重整投资人结果及签署重整投资协议暨预重整进展的 公告》以来，至11月13日价格涨幅为241.59%，其间出现9次异常波动，严重背离公司基本面，公司将就股票交易波动情况进行核查。 经申请，*ST东易股票将自11月14日开市起停牌，待核查结束并披露相关公告后复牌，预计停牌时间不超过3个交易日。 【导读】*ST东易将自11月14日开市起停牌核查 回溯来看，*ST东易此次股价走牛与其预重整取得重大进展密切相关。因产业投资人拟向公司无偿捐赠和林格尔智算中心，市场预期公司将注入算力产业 业务。 自9月29日以来，*ST东易在28个交易日取得23个涨停。截至11月13日，公司股价报17.66元/股，总市值为74.09亿元。 | : ତି | ר ג צ | 2 | 前复权 × 隐藏停牌 | 到价提醒 筹码 | 寻出图形 | 区间统计 | 002713 *ST东易 | 4084 | 17.66 | +4.99% | ↑MA30:10.002 ↑MA60:7.415 ↑MA120:6.017 ↑ 设置均线 ~ | | | | ...

Core Viewpoint - *ST Dongyi's stock will be suspended for verification starting November 14 due to significant price fluctuations and a 241.59% increase since September 26, which deviates from the company's fundamentals [2][6] Group 1: Stock Performance and Market Reaction - The stock price surge began after the announcement of pre-restructuring progress on September 26, leading to a "crazy rise" in stock value [4] - The company has signed agreements with multiple restructuring investors, receiving a total of 1.412 billion yuan in investment funds and performance bonds [4] - *ST Dongyi's stock achieved 23 trading limit-ups in 28 trading days, closing at 17.66 yuan per share with a total market capitalization of 7.409 billion yuan as of November 13 [5] Group 2: Business Transformation and Future Prospects - The anticipated business transformation includes the donation of the Lin'geer Intelligent Computing Center by investor Huazhu Technology, which is expected to inject computing industry business into *ST Dongyi [5] - The company plans to focus on its core home decoration business while upgrading its digital home decoration services, leveraging resources from the computing industry [4][5] Group 3: Financial Health and Risks - *ST Dongyi faces severe delisting risks, with a net profit loss of 1.171 billion yuan in 2024 and a negative net asset of 1.107 billion yuan [7] - The company has received dual risk warnings due to negative net assets and consecutive years of negative net profit after excluding non-recurring gains and losses [7] - There is a pressing time constraint, as the company must enter restructuring procedures by December 31, 2025, to avoid delisting [8]