值得注意的是，业绩下滑并非短期现象。作为2022年2月上市的企业，合富中国上市当年即迎来业绩巅峰，此后净利持续走下坡 路，已连续两年业绩下滑。2022至2024年，公司营业收入从12.8亿元逐年降至9.39亿元，归属净利润从8271.97万元缩水至 2756.63万元，盈利能力持续弱化。 对于业绩下滑的原因，合富中国在最新一期的财报中解释称，受医疗行业政策调整等影响，公司面向医院客户的产品采购单价 下调，叠加订单采购量缩减，导致销售收入与利润同步下滑。合富中国在财报中坦言，尽管公司已落地多项费用管控举措，但 短期内仍未能完全抵消收入端的下滑影响，短期经营业绩面临不小压力。 11月10日，合富中国连续十个交易日涨停，晋级10连板。该股今日于9：42封涨停，成交额8.59亿元，换手率13.53%。 回顾11月7日，大牛股合富中国（603122.SH）尾盘直线拉升封死涨停板，截至收盘报15.77元/股，涨幅9.97%，豪取9连板。这一 走势发生在公司密集提示非理性炒作风险之后，形成股价狂欢与业绩承压的强烈反差。 回顾本轮行情，自10月28日启动涨停潮以来，合富中国股价已连续9个交易日涨停，累计涨幅达136.07%， ...

Core Viewpoint - The stock of HeFu China (603122.SH) has experienced a significant surge, closing at 15.77 CNY per share with a 9.97% increase, marking a total of nine consecutive trading days of gains, despite the company warning about irrational speculation risks [1][3]. Group 1: Stock Performance - Since the surge began on October 28, HeFu China's stock has increased by 136.07%, with its market capitalization rising from 2.659 billion CNY to 6.277 billion CNY [3]. - The stock's trading volume has significantly increased, with a turnover rate reaching 31.50% on November 6, indicating strong speculative trading behavior [4]. Group 2: Financial Performance - HeFu China's Q3 report shows a revenue of 549 million CNY, a year-on-year decline of 22.80%, and a net loss of 12.39 million CNY, down 146.65% compared to the previous year [4][5]. - The company has faced continuous revenue decline since its peak in 2022, with revenues dropping from 1.28 billion CNY in 2022 to 939 million CNY in 2024, and net profits decreasing from 82.72 million CNY to 27.57 million CNY [5]. Group 3: Regulatory Attention - The abnormal trading activities of HeFu China have attracted the attention of regulatory bodies, with the Shanghai Stock Exchange indicating that the trading situation constitutes severe abnormal fluctuations [5].

Core Viewpoint - The stock of HeFu China (603122) has experienced a significant surge, reaching a limit-up for eight consecutive trading days, prompting the company to issue a risk warning regarding potential rapid declines due to a disconnect from its fundamental performance [1][3][6]. Stock Performance - From October 28 to November 6, HeFu China's stock price increased by 114.67%, with a trading volume spike on November 6, where the turnover rate reached 31.50% [3][9]. - Prior to this surge, from January 1 to October 27, the stock had a modest performance, with a cumulative decline of 2.9%, while the Shanghai Composite Index rose over 19% during the same period [8]. Business Fundamentals - HeFu China specializes in the centralized procurement of in vitro diagnostic products and medical product distribution, primarily serving hospitals [9]. - The company has established strategic partnerships with over a hundred tertiary hospitals for comprehensive procurement services [9]. Financial Performance - For the first three quarters, HeFu China reported a revenue of 549 million yuan, a year-on-year decline of 22.80%, and a net loss attributable to shareholders of 12.39 million yuan, down 146.65% [10]. - In the third quarter alone, revenue was 181 million yuan, a decrease of 21.27%, with a net loss of 504,800 yuan compared to a profit of 403,000 yuan in the same period last year [10]. Valuation Concerns - As of November 6, the company's static price-to-earnings (P/E) ratio was 207.07, significantly higher than the industry average of 29.06, indicating a potential valuation bubble [5][6]. - The company cautioned investors about the risks of market sentiment overheating and the disconnect between its stock price and fundamental performance [6].