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 郭怡琳 于娜 北京报道 以14亿美元的估值被私有化，上市五年的康基医疗告别资本市场。 2025年12月9日，伴随康基医疗股份在港交所的最后交易，曾经的微创外科器械龙头正式完成私有化退市，历时近 半年的资本运作画上句号。一年前，康基医疗创始人钟鸣夫妇联合TPG、卡塔尔投资局等国际资本提出私有化要 约，报价每股9.25港元，较公司停牌前收盘价溢价约9.9%。 2020年6月，初登港交所的康基医疗以每股23.679港元开盘，募资约32.19亿港元。而后一路高开低走股价市值双 降，直到私有化前保持长期低迷，最终溢价退市为少数股东提供了退出机会。 事实上，康基医疗的经历成为了港股医疗板块估值困境的一个缩影。对于发起本次私有化要约的原因，康基医疗 在公告中表示，私有化是综合考量公司历史股价、财务数据及同类交易案例后确定的，最终获得股东高度支持。 对此，康德智库专家项方亮接受《华夏时报》记者采访时表示，"港股上市公司考虑私有化退市可能出自多个方面 的考量，如公司股权融资能力有限，股票长期交易低迷且流动性不足；公司股票价值长期被低估，市值较 ...

Core Viewpoint - Kangji Medical has completed its privatization with a valuation of $1.4 billion, marking its exit from the capital market after five years of listing on the Hong Kong Stock Exchange [2] Group 1: Privatization Process - The privatization process began on July 17, 2025, when Knight Bidco Limited requested the board to present a privatization proposal to shareholders [3] - The privatization offer was officially announced on August 12, 2025, with shareholders set to receive HKD 9.25 per share, representing a 21.7% premium over the closing price on June 30, 2025 [4] - The proposal received shareholder approval on November 10, 2025, leading to the final trading of Kangji Medical shares on December 9, 2025 [4] Group 2: Financial Performance and Market Context - Kangji Medical's stock price fell over 64% from its initial listing price of HKD 23.679 to HKD 8.42 by the time of the privatization announcement [3] - The company reported revenue of CNY 497 million for the six months ending June 30, 2025, an increase of 8.3%, but net profit attributable to shareholders decreased by 7% to CNY 266 million, indicating challenges in profitability despite revenue growth [7] - The privatization reflects broader valuation challenges in the Hong Kong medical sector, with other companies like China Traditional Chinese Medicine and Sai Sheng Pharmaceutical also pursuing privatization due to similar pressures [8] Group 3: Strategic Considerations - The decision for privatization was influenced by factors such as limited equity financing capabilities, long-term stock price underperformance, and the need to reduce compliance costs [3][6] - Kangji Medical aims to focus on long-term strategic decisions, including R&D investments and operational upgrades, which are hindered by short-term performance pressures in a competitive market [6][7] - The involvement of major investors like TPG and Qatar Investment Authority, who collectively hold 74.75% of the company, provides a solid foundation for the privatization process [5]

Core Viewpoint - The stock performance of CSPC Pharmaceutical Group (01093) is weak due to market panic over the National Healthcare Security Administration's announcement of the 11th round of volume-based procurement (VBP) policies, particularly the requirement that each medical institution's annual demand for each product must not be less than 80% of the average usage for the 2023-2024 fiscal year [1] Group 1 - The VBP requirements remain unchanged compared to previous years, but there are expectations that the requirements will become more lenient as optimization measures for the VBP policy are introduced [1] - CSPC Pharmaceutical Group was not included in any products in the 11th round of VBP, indicating a stable fundamental outlook for the company [1] - The business development progress of CSPC Pharmaceutical Group is in line with expectations, suggesting a positive long-term outlook despite short-term market reactions [1]

Core Viewpoint - The stock performance of CSPC Pharmaceutical Group has been weak due to market panic over the National Healthcare Security Administration's announcement of the 11th round of volume-based procurement (VBP) measures, particularly the requirement for each medical institution to maintain an annual demand of no less than 80% of the average usage for the 2023-2024 fiscal year [1] Group 1 - The report notes that the volume-based procurement requirements remain unchanged compared to previous years, and with the introduction of optimization measures for the VBP policy, the market expects these requirements to become more lenient [1] - CSPC Pharmaceutical Group was not included in any products in the 11th round of VBP, indicating that the company's fundamentals are sound and its business development is in line with expectations [1]

Core Viewpoint - The company has decided to terminate part of its fundraising projects and delay others, based on a careful assessment of the current market conditions and project progress, ensuring that these decisions align with the long-term interests of the company and its shareholders [1][10]. Fundraising Overview - The company raised a net amount of RMB 1,002,572,682.71 through its initial public offering, verified by an accounting firm [1]. - The company has established a management system for the use of raised funds, ensuring that funds are stored in dedicated accounts and used strictly for their intended purposes [2]. Termination of Fundraising Projects - The project "Zihang Medical Device Component Intelligent Manufacturing and Expansion Project" will be terminated, with the total investment amount reduced from RMB 282.84 million to RMB 143.47 million, and the fundraising investment amount decreased from RMB 282.84 million to RMB 135.77 million [3]. - The termination is influenced by changes in market demand and increased competition, leading to a reassessment of the project's viability [6][7]. Reasons for Project Termination - The implementation of centralized procurement policies has created volatility in market demand, affecting the sales cycle and capacity planning for the project [6]. - The existing production capacity is deemed sufficient to meet current demand, and further investment could lead to idle capacity risks [7]. Impact of Project Termination - The termination is expected to enhance the efficiency of fundraising usage and will not adversely affect the company's normal operations or shareholder interests [8]. - The remaining funds from the terminated project will be retained in dedicated accounts for future investment opportunities [8]. Delay of Fundraising Projects - The "Weike Medical Minimally Invasive Surgical New Product Project" will be delayed, with the expected completion date pushed from June 30, 2025, to December 31, 2027 [9]. - The delay is attributed to changes in market conditions and the need for further product development to meet diverse customer needs [9]. Reasons for Project Delay - The company is adapting to market changes and enhancing product features through increased R&D investment, which has necessitated a phased approach to project implementation [9]. - The execution of procurement policies has affected the expected market release timeline for the company's products [9]. Impact of Project Delay - The delay is a strategic decision that does not involve changes to the project’s implementation structure or total investment, ensuring that it aligns with the company's long-term development goals [9][10].

股票简称：威高血净 股票代码：603014 山东威高血液净化制品股份有限公司 （Shandong Weigao Blood Purification Products Co., Ltd.） （威海火炬高技术产业开发区威高西路 7 号） 首次公开发行股票主板上市公告书 保荐人（主承销商） （深圳市前海深港合作区南山街道桂湾五路128号前海深港基金小镇B7栋401） 二〇二五年五月十六日 山东威高血液净化制品股份有限公司（以下简称"威高血净"、"本公司"、 "发行人"或"公司"）股票将于 2025 年 5 月 19 日在上海证券交易所主板上市。 本公司提醒投资者应充分了解股票市场风险及本公司披露的风险因素，在新 股上市初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 本上市公告书中若出现总数与各分项数值之和尾数不等的情况，均为四舍五 入尾差所致。 1 山东威高血液净化制品股份有限公司 上市公告书 第一节 重要声明与提示 山东威高血液净化制品股份有限公司 上市公告书 特别提示 一、重要声明与提示 本公司及全体董事、高级管理人员保证上市公告书所披露信息的真实、准确、 完整，承诺上市公告书不存在虚假记载、误导性陈述或 ...

Core Viewpoint - The company aims to become an internationally leading provider of comprehensive blood purification solutions, focusing on the research, production, and sales of medical products related to blood purification [4][14]. Business Operations - The company's main business is centered around the research, production, and sales of blood purification medical products, including blood dialysis machines, blood dialysis tubes, and peritoneal dialysis solutions, making it one of the most comprehensive manufacturers in China [4]. - The sales model combines direct sales and distribution, primarily relying on a large network of distributors across China, covering over 6,000 hospitals and dialysis centers, including more than 1,000 tertiary hospitals [5]. - The company has established joint ventures with international firms to introduce leading technologies and management practices in blood dialysis [6]. Financial Performance - The company's main business revenue consistently accounts for over 95%, with reported revenues of 3.29 billion, 3.45 billion, and 3.53 billion yuan for the years 2022, 2023, and 2024, respectively [9]. - The overall gross margin for the company was 42.91%, 43.74%, and 42.29% across the same periods, with the gross margin for main business products being 44.02%, 44.25%, and 42.73% [10]. - Research and development expenses were reported at 182.84 million, 154.86 million, and 164.70 million yuan, totaling over 500 million yuan during the reporting period [11]. Market Position and Strategy - The company holds a market share of 32.5% in the blood dialysis device sector, 31.8% in blood dialysis tubes, and 24.6% in blood dialysis machines, ranking first and second in their respective categories [22]. - Future strategies include enhancing production capacity, improving quality assurance systems, and increasing research and development investments to maintain market leadership [14][15]. - The company plans to expand its international market presence, with overseas sales of blood dialysis devices reaching 143.60 million yuan, nearly tripling from 2022 [17]. Industry Insights - The blood dialysis industry has high entry barriers due to strict regulations and standards for medical devices, particularly for Class III medical devices [21]. - Key growth drivers for the industry include the increasing number of ESRD patients due to aging populations, improved healthcare payment capabilities, and enhanced insurance systems [21]. - The blood dialysis medical device market in China is projected to grow at a compound annual growth rate of 5.67%, reaching a market size of 51.51 billion yuan by 2030 [21]. Fundraising and Investment - The company plans to issue 41.14 million shares, accounting for 10% of the total post-issue share capital, with all proceeds directed towards projects that align with its core business [25][26]. - The fundraising will support the establishment of intelligent production facilities, a new production line for dialysis devices, and a research center for high-performance blood purification products [26][27]. - A digital information technology platform will be developed to enhance operational efficiency across various business functions [28].

股票简称：华人健康 股票代码：301408 安徽华人健康医药股份有限公司 （Anhui Huaren Health Pharmaceutical Co., Ltd.） （合肥市包河工业区上海路 18 号） 首次公开发行股票并在创业板上市 之 上市公告书 保荐机构（主承销商） （深圳市前海深港合作区南山街道桂湾五路128号前海深港基金小镇B7栋401） 2023 年 2 月 1 特别提示 本公司提醒投资者应充分了解股票市场风险及本公司披露的风险因素，在新 股上市初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 如无特别说明，本上市公告书中的简称或名词的释义与本公司首次公开发行 股票并在创业板上市招股说明书相同。 2 第一节 重要声明与提示 一、本次发行的基本情况 本公司及全体董事、监事、高级管理人员保证上市公告书的真实性、准确性、 完整性，承诺上市公告书不存在虚假记载、误导性陈述或者重大遗漏，并依法承 担法律责任。 深圳证券交易所、有关政府机关对本公司股票上市及有关事项的意见，均不 表明对本公司的任何保证。 本公司提醒广大投资者认真阅读刊载于巨潮资讯网（www.cninfo.com.cn）； 中证网（www. ...