7月31日，海南双成药业股份有限公司（简称"双成药业"，股票简称*ST双成）发布2025年半年度报 告，报告期内，公司实现营业收入8412.21万元，同比下降11.35%；归属于上市公司股东的净利润亏损 1846.66万元，较上年同期亏损额进一步扩大。作为一家已被实施退市风险警示的企业，若2025年全年 无法扭亏或营收不达标，双成药业将面临直接退市的结局。 持续亏损，退市风险显著上升 双成药业主要从事化学合成多肽药品的研发、生产和销售。随着国家对医药行业的关注度不断提高、监 管力度不断加强，药品审批、质量监管、药品招标、公立医院改革、医保控费、两票制、药品集中带量 采购等系列政策措施相继推行，双成药业所处的多肽市场受到冲击。同时，随着医药行业进一步规范发 展，以及环保方面的法律法规调控措施的加强，公司采购的原辅料价格有着不同程度地上涨，产品生产 成本增加。 对于业绩下滑的具体原因，双成药业并未披露，仅称报告期内，公司进一步加大内部管理，坚持降本增 效，加强出口市场产品销售。但下滑的营收和持续亏损的业绩或使其退市风险显著上升。 双成药业的经营困境并非一日之寒，近年来，其营业收入持续下滑。2022至2024年，双 ...

Core Viewpoint - The implementation of the "M&A Six Guidelines" has led to a significant increase in cross-industry mergers and acquisitions (M&A) among listed companies, with nearly 30 companies disclosing such plans in the past six months, particularly in the semiconductor sector [2][3]. Summary by Sections Implementation of "M&A Six Guidelines" - The "M&A Six Guidelines" have been in effect for six months, allowing for cross-industry mergers that align with commercial logic, which has garnered market attention [2]. - Approximately 30 listed companies have disclosed plans for cross-industry acquisitions, with a focus on the semiconductor industry [2]. Cross-Industry M&A Activity - Since the introduction of the new M&A policy on September 24, 2023, 16 cross-industry transactions have been disclosed, accounting for 60% of the total 25 planned for 2024 [3]. - The average stock price increase for these 16 companies post-announcement was 125.78% [3]. - The majority of these transactions involve companies in emerging sectors such as semiconductors, new energy, and artificial intelligence [3]. Challenges in Cross-Industry M&A - Despite the enthusiasm, six cross-industry M&A transactions have failed due to disagreements on core terms between parties [5][6]. - Notable failed transactions include Double成药业's attempt to acquire 奥拉股份 and 永安行's planned acquisition, both of which were halted due to valuation disagreements [6]. Market Observations - The difficulty in reaching consensus on core terms is common in M&A transactions, especially in cross-industry deals, which often face integration challenges post-acquisition [7]. - The trend of companies undergoing significant asset restructuring or changing their main business through cross-industry M&A has been linked to a high rate of eventual delisting [8][9]. Regulatory Perspective - A report indicates that 45% of companies that were delisted had previously engaged in cross-industry M&A, highlighting the risks associated with such strategies [8]. - The regulatory body emphasizes the need for stricter oversight of blind cross-industry M&A activities to mitigate speculative trading and ensure that companies pursue genuine strategic transformations [10].