Core Viewpoint - The recent announcement by Haocen Medical indicates a change in control, leading to a state of no actual controller, amidst ongoing financial struggles and legal disputes. Group 1: Control Change - Haocen Medical's largest shareholder, Guangzhou Huiyin Rifen Investment Partnership, has undergone a control change, resulting in the company having no actual controller [1][3] - The control change stems from a long-standing cooperation dispute between Huiyin Aofeng and Beijing Shoutuo Ronghui, which was confirmed by a court ruling [2][3] Group 2: Financial Performance - Haocen Medical has reported continuous losses for five consecutive years, with cumulative losses exceeding 700 million yuan from 2020 to 2024 [6] - In the first three quarters of 2025, the company achieved a revenue of 527 million yuan, a year-on-year decrease of 17.0%, with a net profit loss of 26.41 million yuan, a decline of 295.7% [7] Group 3: Business Challenges - The decline in the core dental medical service business is a significant factor in the company's revenue drop, with this segment accounting for 91.98% of total revenue and experiencing a 17.39% year-on-year decrease in the first half of 2025 [8] - Haocen Medical's subsidiary, Delun Medical, has faced a court-ordered freeze on 51% of its shares due to a creditor dispute, which poses risks to the company's operations [9] Group 4: Attempts at Recovery - The company has made unsuccessful attempts to recover financially, including failed auctions of bank shares and attempts to secure loans, which have not alleviated its financial strain [10]

Core Viewpoint - Haocen Medical, established in 1998 and listed in 2011, operates in the medical services sector with a focus on oral healthcare, but its financial performance lags behind industry leaders [1][2]. Financial Performance - For Q3 2025, Haocen Medical reported revenue of 527 million yuan, ranking 14th in the industry, significantly lower than the top player Aier Eye Hospital's 17.48 billion yuan and second-place Meinian Health's 6.93 billion yuan [2]. - The company's main revenue source is oral medical services, generating 288 million yuan, accounting for 91.98% of total revenue, while industrial switch products contributed 24.11 million yuan (7.69%) and other income was 1.04 million yuan (0.33%) [2]. - The net profit for the same period was -31.03 million yuan, placing it 13th in the industry, far behind Aier Eye Hospital's 3.367 billion yuan and Tongce Medical's 616 million yuan [2]. Financial Ratios - As of Q3 2025, Haocen Medical's debt-to-asset ratio was 71.72%, up from 68.55% year-on-year and above the industry average of 46.74% [3]. - The gross profit margin stood at 47.72%, slightly down from 47.97% year-on-year but still above the industry average of 31.10% [3]. Management and Shareholder Information - The chairman, Lu Lu, has a salary of 1.2 million yuan for 2024, unchanged from 2023 [4]. - As of September 30, 2025, the number of A-share shareholders decreased by 4.97% to 46,200, while the average number of shares held per shareholder increased by 5.23% to 18,200 [5].

Group 1 - The stock price of Haocen Medical (002622) closed at 3.94 yuan on September 3, 2025, with an increase of 3.96% and a trading volume of 706,500 hands, resulting in a transaction amount of 274 million yuan [1] - On September 3, 2025, the net inflow of main funds was 8.9685 million yuan, accounting for 3.27% of the total transaction amount, while retail investors experienced a net outflow of 36.7847 million yuan, representing 13.42% of the total transaction amount [1] - The company's main business includes oral medical services and the research, production, and sales of permanent magnet switches and complete sets of high and low voltage switchgear [2] Group 2 - Haocen Medical's total market value is 3.31 billion yuan, with a net asset of 408 million yuan and a net profit of -23.7511 million yuan, ranking 37th, 39th, and 36th respectively in the medical service industry [2] - The company's revenue for the first half of 2025 was 314 million yuan, a year-on-year decrease of 17.9%, while the net profit attributable to shareholders was -23.7511 million yuan, a year-on-year decline of 4391.18% [2] - The gross profit margin of Haocen Medical is 43.16%, which is higher than the industry average of 35.92%, while the net profit margin is -11.04%, significantly lower than the industry average of 3.8% [2]

Company Performance - As of August 6, 2025, Haocen Medical (002622) closed at 3.04 yuan, down 1.62% with a trading volume of 193,900 hands and a transaction amount of 59.17 million yuan [1] - The company's main business includes oral medical services and the research, production, and sales of permanent magnet switches and high/low voltage switchgear [2] Financial Metrics - Total market value of Haocen Medical is 2.55 billion yuan, significantly lower than the industry average of 19.63 billion yuan, ranking 41st out of 42 in the industry [2] - The net profit for the company is -12.21 million yuan, a decline of 167.13% year-on-year, with a net profit margin of -12.6%, ranking 36th out of 42 [2] - The company's gross profit margin stands at 38.5%, which is above the industry average of 34.85%, ranking 18th out of 42 [2] Recent Trading Activity - On August 6, 2025, the net outflow of main funds was 3.88 million yuan, accounting for 6.56% of the total transaction amount, while retail funds saw a net inflow of 5.88 million yuan, making up 9.94% of the total [1] - Over the past five days, the stock has experienced fluctuations in fund flows, with notable net outflows from main funds on multiple days [1]