2025年1至6月份，*ST绿康的营业收入构成为：兽药占比61.79%，光伏胶膜占比26.1%，生物农药占比 5.99%，其他占比2.83%，食品添加剂占比2.19%。 截至发稿，*ST绿康市值为62亿元。 每经AI快讯，*ST绿康（SZ 002868，收盘价：39.79元）11月24日晚间发布公告称，公司于2025年11月 24日收到康怡投资等股份转让方的通知，其与纵腾网络股份转让相关过户登记手续已于2025年11月21日 办理完成，并已取得中国证券登记结算有限责任公司出具的《证券过户登记确认书》。本次股份转让完 成后，纵腾网络持有上市公司股份约4661万股，占公司总股本的29.99%，公司控股股东由康怡投资变 更为纵腾网络，实际控制人由赖潭平变更为王钻。 每经头条（nbdtoutiao）——大鹏工业战略配售"肥"了自家人！认购价9元，上市首日涨到118元，实控 人和亲哥哥凭配售一天浮盈2492万元 （记者 曾健辉） ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [8]. Core Views - The company reported a revenue of 870 million yuan for the first three quarters of 2025, a year-on-year decline of 57.62%. The net profit attributable to the parent company was -208 million yuan, showing a reduction in losses compared to the previous year. In Q3 2025, the revenue was 237 million yuan, down 58.03% year-on-year and down 25.44% quarter-on-quarter, with a net profit of -75 million yuan, which was stable compared to the previous quarter [2][6]. Financial Performance - Q3 gross margin was -6.67%, a decrease of 4.88 percentage points, attributed to price reductions in the domestic market following a decline in demand. The company’s operating cash flow for the first three quarters was 275 million yuan, a year-on-year increase of 144.69%. The balance of accounts receivable and inventory has significantly decreased since the beginning of the year, indicating a substantial reduction in operational risks. The asset-liability ratio at the end of Q3 was 51%, which is considered healthy [12][12]. Market Outlook - Since September, the price of photovoltaic films has increased multiple times. If the internal competition leads to a price increase for components, it will create opportunities for profit recovery in the film sector. The company has made significant progress in its PDCLC dimming film technology, securing contracts with major automotive manufacturers and expanding its application scenarios [12][12]. Future Projections - The company’s collaboration with H.B. Fuller on photovoltaic encapsulation film production lines has entered the installation and trial production phase. Equipment for the Turkish project has been shipped and successfully arrived at the port, which will enhance the company's influence in overseas markets. The PDCLC technology is expected to benefit from increased penetration rates in the automotive dimming film market, with further product line expansions anticipated [12][12].

Group 1 - The core point of the article indicates that Haiyou New Materials reported a significant decline in revenue and incurred substantial net losses in the third quarter and the first three quarters of the year [1] Group 2 - In the third quarter, the company's revenue was 237 million yuan, representing a year-on-year decrease of 58.03% [1] - The net profit for the third quarter was a loss of 74.58 million yuan [1] - For the first three quarters, the total revenue was 870 million yuan, showing a year-on-year decline of 57.62% [1] - The net profit for the first three quarters was a loss of 208 million yuan [1]

Summary of Key Points from Conference Call Records Industry Overview - The current market is in a volatile phase, with both stock and convertible bond funds tending to rest and recuperate, leading to significant market fluctuations [1][2] - The convertible bond index is experiencing range-bound fluctuations, suggesting that investors should adopt range trading or holding strategies [1][2] Key Insights and Arguments - High dividend strategies perform well when the Shanghai Composite Index is strong, while high ITN and dual-low strategies exhibit both elasticity and defensiveness during consolidation periods [1][5] - The probability of triggering strong redemption is currently high at 50%-60%, indicating potential valuation pressure on equity-linked convertible bonds during market corrections [1][5] - The premium rate is a crucial indicator for assessing strong redemption likelihood; a rate below 2% suggests a high probability of strong redemption, while above 6% indicates a low probability [1][7] - Dilution rate is key for evaluating stock market management; a dilution rate below 5% has minimal impact on the underlying stock, while rates above 5% can lead to significant downward pressure [1][8] Recommended Convertible Bonds - **Zhengfan Technology**: Engaged in semiconductor equipment, with a stable historical growth rate and new business expansions expected to contribute to profits. The stock is projected to have an upside potential to 140-150 RMB [3][9] - **Huate Gas**: Focused on gases for integrated circuits, with a reasonable valuation and potential for price recovery due to improved overseas demand and validation from major clients [3][9] - **Foster**: Benefits from the photovoltaic industry with strong market share and pricing power, expected to see profit recovery as material prices stabilize [11] - **Tianeng Wind Tower**: Anticipated profit recovery post-2025, benefiting from offshore wind power strategies [12] - **Songsheng**: Strong growth in energy storage inverters, with no strong redemption risk and significant elasticity [13] - **Pluwang**: Human-robot products entering delivery phase, with strong potential in the robotics sector [14] - **Huanxu Electronics**: Benefiting from Apple sales and AI glasses demand, with significant elasticity in convertible bonds [15] - **Youfa Steel**: Notable for its anti-involution strategy and high dividend policy, enhancing market share and revenue [16] - **Hebang and Newray Technology**: Focused on price increases in glyphosate and new capacity, with potential growth in robotics and liquid cooling [17][18] Additional Important Insights - The overall sentiment in the stock and convertible bond markets is cautious, with a need for time to exchange chips and adjust valuations [2] - The analysis emphasizes the importance of monitoring market conditions and adjusting strategies accordingly, particularly in a volatile environment [4][6]

Investment - The article discusses various investment opportunities in new materials, semiconductors, and renewable energy sectors, highlighting the potential for growth and innovation in these industries [1][3][4]. Semiconductor - The semiconductor industry is emphasized with a focus on materials such as photolithography, electronic specialty gases, and silicon wafers, which are critical for advanced packaging and manufacturing processes [1][3]. - Key players in the semiconductor space include ASML, TSMC, and SMIC, indicating a competitive landscape with significant technological advancements [4]. New Energy - The new energy sector is explored, particularly in lithium batteries, solid-state batteries, and hydrogen energy, showcasing the shift towards sustainable energy solutions [1][3]. - The article notes the importance of materials like silicon-based anodes and composite current collectors in enhancing battery performance [3]. New Materials - The article outlines the development of new chemical materials, including adhesives, silicones, and engineering plastics, which are essential for various applications across industries [1][3]. - Emerging technologies such as AI in new materials are also mentioned, indicating a trend towards integrating advanced technologies in material science [3]. Notable Companies - Companies like BYD, Tesla, and Huawei are highlighted as key players in the new materials and energy sectors, reflecting their roles in driving innovation and market growth [4]. - The article suggests that these companies are focusing on carbon neutrality and lightweight materials as part of their strategic initiatives [4].

Summary of Haiyou New Materials Conference Call Industry and Company Overview - **Company**: Haiyou New Materials - **Industry**: Automotive Materials and Photovoltaic Film Key Points and Arguments Expansion into Automotive Materials - Haiyou New Materials is expanding into the automotive materials sector with new products including PDCL C smart dimming film, XPO eco-friendly leather, and PVB glass encapsulation film [2][4] - The PDCL C smart dimming film is set to enter mass production, expected to significantly boost company performance [5] - The smart dimming film offers advantages such as rich colors, fast response times, and effective UV and IR blocking capabilities [2][9] Market Potential and Projections - The automotive dimming film is projected to penetrate 40% of vehicles priced over 200,000 RMB and 20% of those under 200,000 RMB by 2030, indicating a substantial market opportunity [2][10] - Market size estimates for 2025, 2026, and 2030 are 60 million RMB, 470 million RMB, and 20.4 billion RMB respectively [2][10] Competitive Position in Photovoltaic Film - Haiyou New Materials holds a market share of 10% to 15% in the photovoltaic film industry, ranking third [3] - The cost of photovoltaic encapsulation film is approximately 7.4% of the total cost of photovoltaic modules, but the company faces pressure from industry oversupply leading to declining prices and margins [11][12] Technological Innovations and Product Development - The company has made significant advancements in the PDCL C smart dimming film, which combines the strengths of previous technologies [8][9] - The company is also exploring applications in high-end construction markets and visual devices, indicating a diversification strategy [19][20] Financial Outlook and Strategic Adjustments - Despite weak demand in Q3 due to earlier stockpiling, the company anticipates improved performance in Q4 [15] - The transition to a light-asset operation model, focusing on providing equipment and services internationally, is expected to alleviate revenue pressures in the coming year [15] - The company aims for a net profit margin of 10% to 15% in the automotive sector, with revenue projections for 2025 ranging from tens of millions to hundreds of millions RMB [4][28] Future Growth and Market Trends - The company expects the smart dimming film to become a standard feature in vehicles, with increasing adoption driven by cost reductions and technological advancements [18][24] - The anticipated recovery in the photovoltaic film market is projected for late 2027 to 2028, contingent on upstream material recovery [12] Conclusion - Haiyou New Materials is positioned for growth in both the automotive and photovoltaic sectors, with a strong focus on innovation and market expansion. The company is optimistic about future profitability and market share increases, supported by strategic adjustments and technological advancements [29]

Core Viewpoint - *ST Green Kang is divesting its photovoltaic film business by selling 100% equity of three subsidiaries to Jiangxi Raoxin New Energy Materials Co., Ltd. for cash, aiming to protect shareholder interests and improve financial health [1][4]. Group 1: Company Background - *ST Green Kang, originally focused on veterinary drug development and sales, shifted to the photovoltaic film industry in 2022 due to persistent losses in its core business [2]. - The company acquired Green Kang Yushan for 95 million yuan, despite its book value being only 160,350 yuan, indicating a significant overvaluation at the time of purchase [2][4]. Group 2: Financial Performance - The company has faced substantial losses, reporting a net loss of 222 million yuan in 2023, which is expected to increase to 445 million yuan in 2024, totaling over 700 million yuan in losses within two and a half years [4][5]. - As of June 2023, *ST Green Kang's debt-to-asset ratio surged to 105.82%, indicating a state of insolvency [5]. Group 3: Industry Context - The photovoltaic film industry experienced a downturn from 2023 to 2024, with oversupply leading to declining prices for POE, EVA, and EPE films, adversely affecting *ST Green Kang's profitability [5][6]. - The company's subsidiaries reported negative gross margins in 2024, with Green Kang Yushan at -19.28%, Green Kang Haining at -35.96%, and Green Kang New Energy at 0.41% [5]. Group 4: Strategic Implications - By divesting the loss-making photovoltaic film business, *ST Green Kang aims to refocus on its core veterinary products, enhancing its profitability and sustainability [7]. - The exit from the photovoltaic sector reflects a broader trend of companies withdrawing from the industry amid significant adjustments, with several other firms also choosing to leave [7][8].

Core Viewpoint - The recent announcement by *ST Lvkang to "sell three wholly-owned subsidiaries for 0 yuan" has raised concerns from the Shenzhen Stock Exchange, highlighting the company's deepening operational crisis and strategic missteps [1][2]. Group 1: Asset Acquisition and Disposal - In January 2023, *ST Lvkang acquired Lvkang Yushan for 95 million yuan, viewing it as a key step into the photovoltaic film sector. However, less than two years later, this and two other subsidiaries were sold for 0 yuan to an affiliated party, Jiangxi Raoxin New Energy [2]. - The acquisition of Lvkang Yushan was based on a valuation of 95.7 million yuan, despite its book value being only 1.6035 million yuan, indicating a nearly 60-fold premium. The company claimed it had a technological advantage and stable orders as a core supplier for JinkoSolar [2]. - Following the acquisition, Lvkang Yushan reported continuous losses, with a projected loss of 203 million yuan in 2024, leading to a total book value of the three subsidiaries being negative 100 million yuan [2][3]. Group 2: Financial Performance and Strategic Failures - Originally focused on veterinary medicine, *ST Lvkang's performance declined, prompting a high-profile pivot to the photovoltaic film sector in 2023, including a 290 million yuan investment in a new production project [3]. - The company's net profit attributable to shareholders showed a downward trend with losses of 122 million yuan in 2022, 222 million yuan in 2023, and an expected 445 million yuan in 2024, totaling nearly 700 million yuan in losses [3]. - The rapid expansion in the photovoltaic sector led to oversupply, and the company failed to adapt, resulting in negative net assets and a warning of delisting risk [3]. Group 3: Related Party Transactions and Shareholder Impact - The 0 yuan transaction with Raoxin New Energy, controlled by the company's major shareholder, has been interpreted as an asset stripping maneuver to offload burdens and avoid delisting [4]. - Although the company claims that the transaction does not harm minority shareholders, the transfer of significant loss-making assets raises questions about whether it genuinely resolves underlying issues or merely conceals risks off-balance sheet [4]. Group 4: Future Challenges and Lessons - Even after shedding photovoltaic assets, *ST Lvkang faces ongoing challenges, including a shrinking core business, insufficient profitability, and tight cash flow [5]. - The company has warned of risks related to changes in its main business structure and potential underperformance in profitability following the transaction [5]. - The case of *ST Lvkang serves as a cautionary tale for companies considering cross-industry ventures, emphasizing the need for careful assessment of industry cycles and internal capabilities to avoid resource misallocation and financial crises [5].

Core Viewpoint - Green Kang Biochemical Co., Ltd. plans to sell 100% equity of three subsidiaries to Jiangxi Raoxin New Energy Materials Co., Ltd. for a transaction price of 0 yuan, which constitutes a related party transaction [1][2]. Group 1: Transaction Details - The transaction involves the sale of Green Kang (Yushan) Film Material Co., Ltd., Green Kang (Haining) Film Material Co., Ltd., and Green Kang New Energy (Shanghai) Import and Export Trade Co., Ltd. [1] - As of December 31, 2024, the combined book value of the three subsidiaries is -100.05 million yuan, with an assessed value of -20.84 million yuan, resulting in a value increase rate of 79.17% [1][2]. - The assessment methods used include the asset-based approach and income approach for Green Kang Yushan, while only the asset-based approach was used for Green Kang Haining and Green Kang New Energy [1][4]. Group 2: Financial Performance - Green Kang Yushan's revenue for 2024 is projected at 28.52 million yuan, a year-on-year increase of 82.77%, but it is expected to incur a net loss of 20.33 million yuan [2]. - Green Kang Haining is expected to generate revenue of 8.89 million yuan with a net loss of 15.07 million yuan, while Green Kang New Energy is projected to have revenue of 11.64 million yuan and a net loss of 0.35 million yuan [2]. - The assessment agency noted that the subsidiaries are facing intense competition in the photovoltaic film industry, leading to declining product prices and significant uncertainty regarding their future profitability [2]. Group 3: Valuation Adjustments - Revenue forecasts for Green Kang Yushan were adjusted downward due to ongoing challenges, with expected revenue from 2025 to 2029 revised from 17.43 million yuan to 81.99 million yuan [3]. - Following the adjustments, the assessed value for Green Kang Yushan decreased from -12 million yuan to -40 million yuan, and the overall assessed value for the three subsidiaries changed from -18.74 million yuan to -20.84 million yuan [3]. - Despite the valuation adjustments, the transaction price remains at 0 yuan as agreed upon by both parties [3]. Group 4: Compliance with Valuation Methods - The use of only the asset-based approach for Green Kang Haining and Green Kang New Energy was justified due to their loss-making and suspended operational status, making future income predictions challenging [4]. - The assessment agency confirmed that the approach complies with relevant regulations and industry practices, as there are precedents for using a single valuation method in similar transactions [4].

Core Viewpoint - Zhejiang Securities acts as an independent financial advisor for the major asset sale of Green Kang Biochemical Co., Ltd, responding to inquiries from the Shenzhen Stock Exchange regarding the transaction's details and implications [1]. Group 1: Transaction Overview - Green Kang Biochemical plans to sell 100% equity of three subsidiaries, including Green Kang (Yushan) Film Materials Co., Ltd, Green Kang (Haining) Film Materials Co., Ltd, and Green Kang New Energy (Shanghai) Import and Export Trade Co., Ltd, to Jiangxi Raoxin New Energy Materials Co., Ltd for a cash price of 0 yuan [1]. - As of December 31, 2024, the total book value of the three subsidiaries is -100.05 million yuan, with an assessed value of -18.74 million yuan, resulting in an appreciation rate of 81.27% [1]. Group 2: Financial Analysis - The subsidiaries are experiencing negative gross margins due to changes in supply and demand in the photovoltaic industry, leading to indications of long-term asset impairment [2]. - Revenue forecasts for Green Kang Yushan were adjusted from an original projection of 276.93 million yuan in 2025 to 819.99 million yuan due to declining product prices and insufficient financial support [2]. - The assessment method for Green Kang Haining and Green Kang New Energy was based solely on the asset-based approach due to their operational status, aligning with industry practices [2]. Group 3: Historical Context - In January 2023, Green Kang Biochemical acquired 100% equity of Green Kang Yushan amid a booming photovoltaic industry, establishing a dual business model of veterinary products and photovoltaic film products [3]. - Subsequent capital increases of 70 million yuan in June 2023 and 150 million yuan in December 2024 were aimed at supporting operational needs and improving financial conditions [3]. - The verification by Zhejiang Securities supports the rationality and compliance of the major asset sale, safeguarding the interests of the listed company and minority shareholders [3].