近日，力盛体育发布定增预案（第四次修订稿），公司拟募资不超过3.3亿元，用来建设海南新能源汽 车体验中心国际赛车场项目。 作为中国首家上市的赛车运营企业，力盛体育曾头顶"中国赛车第一股"的光环，却在上市8年后陷入持 续亏损、频繁融资、并购暴雷的争议漩涡。2023年至2025年间，公司扣非净利润累计亏损超3亿元，定 增计划三度缩水，并购标的暴雷导致商誉减值近1.5亿元。这场资本盛宴背后，是战略失误还是其他原 因？ 2021-2024年，公司扣非净利润分别为-0.09亿元、-0.76亿元、-1.96亿元、-0.6亿元，累计亏损达3.4亿 元。力盛体育自2017年上市以来从未分红，未分配利润累计-1.59亿元。 力盛体育上市后三次募资（2017年IPO 1.69亿元、2021年定增3.9亿元、2023年拟募6亿元后缩至3.3亿 元），但募投项目屡现"烂尾"。 如 Xracing（汽车跨界赛）定增项目原定于 2022 年 12 月 31 日达到预 定可使用状态，因发行人拟将部分参赛用车进行电动化改装，达到预定可使用状态日期调整为 2024 年 12 月 31 日。 2021年，力盛体育以1.77亿元收购杭州峻石持有的 ...

长江商报消息 ●长江商报记者 徐佳 如今易主广东国资失败，作为国内综合性大型医药企业的海王生物当前仍处于困境。 长江商报记者注意到，2022年至2024年，海王生物已连续三年业绩亏损，归属于上市公司股东的净利润 （净利润，下同）合计为-39.1亿元。且自2019年以来，海王生物已连续六年未分红。 前期密集对外并购扩张产生高额，如今海王生物计提商誉减值损失，则成为拖累公司业绩的主要因素。 2022年至2024年，海王生物计提商誉减值损失共计18.78亿元。 值得一提的是，截至今年3月末，海王集团持有海王生物46.23%股份，质押率高达99.83%。 终止易主广东国资 早在2024年初，广东国资就有意与海王生物"联姻"。 彼时，海王生物的控股股东海王集团拟以3.13元/股的价格，向丝纺集团转让所持公司2.75亿股，占公司 总股本的10%，对应交易总价约为8.61亿元。 逾半年后，交易双方再次约定，海王集团拟作价2.43元/股，将其持有的海王生物3.16亿股转让给丝纺集 团，占公司当时总股本的11.48%，交易总价为7.67亿元。同时，海王集团及其一致行动人张思民、张 锋、王菲将放弃其持有的海王生物股份对应的表决权 ...

Core Viewpoint - The company has decided to terminate its plan for a specific issuance of A-shares for 2024 after discussions with strategic investors, indicating a strategic adjustment in its operations [1][2]. Group 1: Termination of A-share Issuance - The termination of the A-share issuance will not have a substantial impact on the company's normal operations or harm shareholder interests [1]. - The decision was made after friendly consultations with Shenzhen Haiwang Group Co., Ltd. and Guangdong Silk Textile Group Co., Ltd. [1]. Group 2: Business Strategy and Performance - The company has been focusing on restructuring its business, particularly in the medical device sector, while divesting non-core and underperforming assets to enhance operational efficiency [1][2]. - In 2024, the company achieved a revenue of 30.317 billion yuan, maintaining steady growth despite a complex market environment [1]. - The company has completed goodwill impairment provisions, laying a solid foundation for future development [1]. Group 3: Medical Device Business - The company has established a comprehensive supply chain network covering over 20 provinces and cities in China, maintaining long-term stable partnerships with international brands like Siemens and Mindray Medical [2]. - Future plans include expanding the scale of its medical device agency business and deepening strategic cooperation with high-quality domestic and international suppliers [2]. Group 4: Financial Management and Outlook - As of the end of 2024, the company's goodwill was valued at approximately 379 million yuan, allowing it to focus on high-value-added business areas [2]. - The company has successfully completed equity transfers of several subsidiaries, optimizing its asset structure and supporting its transformation [2]. - Although facing short-term financial pressures, the effective release of goodwill risks and the strengthening of core businesses are expected to improve the company's operational status and create sustainable value for investors [2].

Core Viewpoint - Narui Radar plans to acquire 100% equity of Tianjin Sigma Microelectronics for 370 million yuan, with a significant premium on the valuation based on the earnings method, indicating a strategic move to enhance its core radar technology capabilities [1][2]. Group 1: Acquisition Details - The acquisition price is set at 370 million yuan, with 50% (185 million yuan) to be paid in shares at an issuance price of 42.93 yuan per share, resulting in the issuance of 4.31 million shares [1]. - The assessed value of Tianjin Sigma's 100% equity is 371 million yuan, with an appraisal premium rate of 421.40% [1]. - The average price-to-earnings ratio for Tianjin Sigma's performance commitment is 14.23 times, significantly lower than the average of 69.62 times for comparable companies in the semiconductor MCU chip sector [1]. Group 2: Company Background and Strategic Intent - Narui Radar specializes in full-polarization active phased array radar technology and has been a pioneer in the industrialization of dual-polarization radar systems [1]. - The acquisition aims to vertically integrate the supply chain around Narui Radar's core business, enhancing the company's technological competitiveness and enabling a shift from component-level integration to chip-level collaboration [2]. - The integration of Tianjin Sigma's technology and resources is expected to improve the efficiency of next-generation high-performance radar development, responding to market demands [2]. Group 3: Financial Performance and Commitments - Tianjin Sigma is projected to achieve revenues of 102 million yuan and 123 million yuan in 2023 and 2024, respectively, with net profits of 4.22 million yuan and 12.39 million yuan [2]. - The acquisition includes a performance guarantee, with net profit commitments of no less than 22 million yuan, 25 million yuan, and 31 million yuan for the years 2025, 2026, and 2027, respectively, totaling a minimum of 78 million yuan over three years [2]. - The expected net profit growth for 2025 compared to 2024 is approximately 78% [2]. Group 4: Market Concerns - There are concerns regarding the feasibility of the performance commitments in the context of increasing competition in the global semiconductor industry and the rising number of domestic design firms [3]. - If performance targets are not met, Narui Radar may face a goodwill impairment risk of 253 million yuan [3]. - Notably, several shareholders of Tianjin Sigma are exiting prior to the acquisition, including those associated with iFlytek, raising questions about the transaction's stability [3].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603388 证券简称：*ST元成（维权） 公告编号：2025-056 元成环境股份有限公司 关于转让控股子公司硅密电子股权及业绩补偿进展的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 元成环境股份有限公司（以下简称"公司"）前期收购硅密（常州）电子设备有限公司（以下简称"硅 密电子"或"交易标的"）51%股权，2024年因公司资金流动性面临重大挑战，未能按照约定及时支付股 权转让进度款，因此2025年1月 YOYODYNE,INC.提起诉讼并主张了损失赔偿，同时硅密电子存在2024 年度业绩承诺无法完成的情况。结合行业竞争、市场环境、经营管理等方面的不确定因素，公司决定向 YOYODYNE,INC.转让硅密电子51%股权，本次股权转让价格按评估价进行转让，硅密电子51%股权对 应评估价值为9,333.00万元。本次股权转让有利于公司及时止损，降低投资运营风险，集中优势资源， 聚焦主营业务加速发展；也为公司减轻了支付股权转让款的压力、降低了 ...

华夏时报（www.chinatimes.net.cn）记者 于娜 见习记者 赵文娟 北京报道 在医药零售行业整体放缓扩张节奏的背景下，安徽头部连锁药房企业华人健康（301408.SZ）却反其道而行之，再 次抛出重磅收购计划。近日，公司公告拟以3.27亿元现金收购福建、浙江三家医药连锁公司股权，其中一家标的 资产评估增值率高达近24倍，引发市场对其激进扩张模式的深度审视。 据《华夏时报》记者不完全统计，这已是其2023年上市以来的第6次较大的股权收购，截至2025年一季度末，公司 商誉随之飙升至9.88亿元。耐人寻味的是，在管理层大举并购的同时，阿里健康、华泰大健康、赛富投资等机构 股东却在密集减持。这场"激进扩张"与"资本撤退"的角力，折射出医药零售行业整合期的深层矛盾。《华夏时 报》记者致函华人健康，采访公司并购及股东减持等问题，截至发稿未收到回复。 华人健康"三高"并购隐忧凸显 与行业整体放缓扩张步伐不同，华人健康自上市以来一直不停地买买买。 华人健康是一家医药流通企业，目前覆盖医药零售、医药代理及终端集采、研发生产等领域。由于起步于安徽省 合肥市，长期聚焦省内市场，华人健康稳居安徽地区龙头连锁药店地位。 ...

Group 1 - The core point of the article is that Jiyuan Holdings Group Co., Ltd. (*ST Jiyuan) will be delisted from the Shenzhen Stock Exchange on May 29, 2025, due to triggering mandatory delisting rules after its stock price remained below 1 yuan for 20 consecutive trading days [1][3] - The company has experienced continuous losses since 2019, with a cumulative net profit loss exceeding 3.2 billion yuan from 2019 to 2023 [3] - Jiyuan Holdings has faced significant goodwill impairment risks, totaling over 1.5 billion yuan from 2019 to 2024, which has directly contributed to its net profit losses [3] Group 2 - The company was originally known as Tonghua Shuanglong Chemical Co., Ltd. and transitioned to the pharmaceutical sector in 2014 through the acquisition of Jinbao Pharmaceutical [3] - Since its rebranding in 2017, the company has aggressively pursued mergers and acquisitions, acquiring over ten companies within three years, leading to a dual business model of "chemicals + pharmaceuticals" [3] - In 2024, the company's revenue declined by 3.69%, and its losses expanded to 439 million yuan [3] Group 3 - As of 2025, a total of 11 companies have been delisted from the A-share market, with *ST Jiyuan being one of them, alongside others like *ST Meixun and *ST Bo Xin [4] - The reasons for delisting include breaches of face value, market value, voluntary delisting applications, and forced delisting due to major violations [4]

Core Viewpoint - Jiyuan Holdings Group Co., Ltd. has been announced to be delisted from the Shenzhen Stock Exchange due to its stock price falling below 1 yuan for twenty consecutive trading days, with the delisting effective on May 29, 2025 [1] Group 1: Company Performance and Financials - Jiyuan Holdings, originally a chemical company, transitioned to the pharmaceutical sector in 2014 through the acquisition of Jinbao Pharmaceutical, establishing a dual business model of "chemicals + pharmaceuticals" [3] - The company engaged in aggressive acquisitions, acquiring over ten companies within three years, with its pharmaceutical segment accounting for 70% of total revenue at its peak, leading to a market capitalization exceeding 5 billion yuan [3] - However, the acquired companies' performance deteriorated post-acquisition, with Zhejiang Yalida Gelatin Co., Ltd. reporting a 94% drop in net profit in 2019, and Changchun Puhua Pharmaceutical Co., Ltd. incurring direct losses [3] - Since 2019, Jiyuan Holdings has been in a continuous loss state, accumulating losses exceeding 3.7 billion yuan [4] Group 2: Attempts at Restructuring and Ownership Changes - The company has made several attempts to change ownership in response to its financial struggles, but all efforts have failed [5] - In 2019, an agreement to transfer shares to Jilin Jisheng Asset Management was terminated due to disagreements on key terms [5] - A proposed acquisition of Xiu Zheng Pharmaceutical was also abandoned due to regulatory uncertainties, leading to scrutiny from the Shenzhen Stock Exchange [5][6] - In 2020, a deal to transfer control to Ben Cao Hui Pharmaceutical faced disputes over payment, resulting in legal proceedings [6]

Core Viewpoint - *ST Jiyao has been decided to be delisted from the Shenzhen Stock Exchange due to triggering mandatory delisting rules after its stock price fell below 1 yuan for 20 consecutive trading days, with delisting scheduled for May 29, 2025 [1][3]. Group 1: Company Background and Transition - The company, originally known as Tonghua Shuanglong Chemical Co., Ltd., transitioned to the pharmaceutical sector in 2014 through the acquisition of Jinbao Pharmaceutical, establishing a dual business model of "chemicals + pharmaceuticals" [3]. - In 2017, the company was renamed Jiyao Holdings and began an aggressive acquisition strategy, acquiring over ten companies within three years, covering eight major sectors including pharmaceutical manufacturing, commerce, and research [3]. Group 2: Financial Performance and Risks - The company has faced significant goodwill risks due to its cross-industry expansions, leading to a cumulative goodwill impairment of over 1.5 billion yuan from 2019 to 2024, which directly contributed to net profit losses [3]. - Since 2019, *ST Jiyao has reported losses for six consecutive years, with a total net profit loss exceeding 3.2 billion yuan from 2019 to 2023 [3]. - In 2024, the company's revenue declined by 3.69%, and losses expanded to 439 million yuan [3]. Group 3: Market Context - As of 2025, a total of 11 companies have been delisted from the A-share market, with *ST Jiyao being one of them, reflecting a similar number of delistings compared to the same period last year [4].

Core Viewpoint - Zhejiang Huakang Pharmaceutical Co., Ltd. received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, prompting the company to clarify issues related to its construction projects and investment performance, particularly concerning the erythritol production project which has underperformed financially due to market conditions [1][2]. Summary by Sections Construction Projects and Investment - In 2024, the company invested 1.43 billion yuan in fixed assets, intangible assets, and other long-term assets, marking a 106.99% increase year-on-year. The fixed assets reached 2.25 billion yuan, up 45.13%, while construction in progress surged by 357.58% to 1.33 billion yuan, primarily due to the Zhoushan Huakang project [1]. - The erythritol production project generated revenue of 72.44 million yuan in 2024 but incurred a gross loss of 1.72 million yuan, continuing to fall short of initial projections since its trial operation began in May 2022 [1][2]. Erythritol Project Details - The total investment for the erythritol project is estimated at 350.41 million yuan, with cumulative investment reaching 362.68 million yuan by the end of 2024. The project aims to produce 30,000 tons of high-purity erythritol annually [5][6]. - In 2024, the company produced 6,834.50 tons of erythritol, achieving a sales rate of 97.96%. The market price for erythritol was approximately 13,000 yuan per ton by December 2024 [6][11]. Market Conditions and Competition - The erythritol market has faced significant challenges, including declining prices and increased competition, leading to a supply-demand imbalance. The price of erythritol has been under pressure since 2023, with some manufacturers exiting the market [7][11]. - The company noted that the market for erythritol was initially promising, but the influx of new competitors and expanded capacities led to a significant drop in prices, affecting profitability [7][11]. Inventory and Trade Business - By the end of 2024, the company's inventory reached 697 million yuan, a 147.26% increase year-on-year, primarily due to increased raw material reserves for the Zhoushan project. The raw materials accounted for 448 million yuan, up 385.15% [15][16]. - The cash flow from trade business payments was 1.15 billion yuan, reflecting a 198.58% increase, driven by the anticipated demand for corn from the Zhoushan project [15][16].