登录新浪财经APP 搜索【信披】查看更多考评等级 来源：@华夏时报微博 华夏时报记者 张玫 北京报道 源起"中植系"债务危机 皓宸医疗与"中植系"（以中植企业集团为核心的资本体系）曾有过为期三年（2020年至2023年）的从属 关系，但自2023年下半年起，因"中植系"自身陷入严重危机，双方的合作破裂，最终在2025年11月经法 院判决后彻底脱离关系。 11月14日，皓宸医疗发布公告，披露了公司控制权发生重大变更的细节。根据法院判决，公司第一大股 东的执行事务合伙人已解除了与北京首拓融汇的投资合作协议。 由于合作协议解除，公司控股股东汇垠日丰持有的23.81%股份对应的表决权控制方发生了变更，公司 自此进入"无实际控制人"状态。 事情始末可追溯至2020年2月，皓宸医疗第一大股东汇垠日丰的执行事务合伙人汇垠澳丰与"中植系"旗 下北京首拓融汇投资有限公司（下称"北京首拓融汇"）签署了《合作协议》。根据协议，汇垠日丰持有 的皓宸医疗23.81%股份对应的表决权，需根据北京首拓融汇的意见行使。至此，"中植系"通过协议安 排，实现对上市公司的实际控制。公司实控人变更为中植集团创始人解直锟。 双方约定的一个关键终止条件 ...

Core Viewpoint - The report highlights a significant delay in the disclosure of control changes at Haocen Medical Technology Co., Ltd., resulting in nearly a quarter of its shares and voting rights being in a regulatory blind spot for six months [2][4]. Group 1: Control Change and Legal Disputes - Haocen Medical's largest shareholder, Huayin Rifen, faced a control change due to the termination of an investment cooperation agreement with Beijing Shoutuo Ronghui, leading to a "no actual controller" status for the company [4][5]. - The relationship between Haocen Medical and the "Zhongzhi System" ended after a three-year association, primarily due to the latter's severe debt crisis [3][4]. - The court's final ruling on April 29, 2025, confirmed the validity of the termination of the cooperation agreement, which directly caused the change in control at Haocen Medical [5][6]. Group 2: Information Disclosure Issues - The disclosure of the control change was significantly delayed, with Huayin Rifen only formally disclosing the detailed report on November 15, 2025, despite the court ruling occurring months earlier [6]. - The delay in information disclosure has raised concerns about regulatory compliance and transparency within the company [6]. Group 3: Financial Performance and Risks - Haocen Medical has reported continuous losses from 2020 to 2024, with cumulative losses exceeding 700 million yuan, and a significant decline in revenue in the first half of 2025 [8][9]. - The company's main revenue source, a 51% stake in its subsidiary Delun Medical, has been judicially frozen, severely impacting its cash flow [9]. - As of mid-2025, the company faced substantial short-term debt pressures, with short-term borrowings amounting to 191 million yuan [8].