经济观察网康惠股份（603139）近期披露多项重要公告，涉及2025年业绩预亏、关联交易计划及对外担 保事项，同时股价在年内上涨但资金呈流出状态。 业绩经营情况 康惠股份于2026年1月23日发布业绩预告，预计2025年全年归属于母公司所有者的净利润亏损约3.27亿 元，扣除非经常性损益的净利润亏损约2.08亿元，主要因控股子公司陕西友帮停产及计提坏账准备和资 产减值影响。该预告为初步测算，未经会计师事务所审计。 财务状况 康惠股份为控股子公司四川春盛药业提供800万元连带责任保证担保，担保期限为主债务履行期届满起 三年。截至公告日，公司及控股子公司对外担保总额占最近一期经审计净资产的10.48%。 关联交易情况 公司于2026年第一次临时股东会审议通过2026年度日常关联交易预计议案，计划关联交易总额5,480万 元，主要为关联方提供技术服务和房屋租赁，涉及亿安天下、安华数据等企业。 截至2026年2月9日，康惠股份股价报23.82元/股，今年以来上涨16.37%，但主力资金呈净流出趋势。 以上内容基于公开资料整理，不构成投资建议。 股票近期走势 ...

证券代码：603139 证券简称：康惠股份 公告编号：2026-006 陕西康惠制药股份有限公司2026年第一次临时股东会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 本次会议是否有否决议案：无 一、会议召开和出席情况 (一)股东会召开的时间：2026年1月30日 (二)股东会召开的地点：北京市昌平区超前路17号十纪科技大厦10层会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： ■ (四)表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 本次股东会由公司董事会召集，以现场和网络投票相结合的方式召开，现场会议由公司董事长李红明先 生主持。本次股东会的召集、召开和决策程序，符合《公司法》、《公司章程》的规定。 (五)公司董事和董事会秘书的列席情况 1、公司在任董事9人，列席9人； 2、董事会秘书董娟女士出席本次会议；公司高级管理人员及公司聘请的见证律师列席本次股东会。 二、议案审议情况 1、议案名称：关于2025年度日常关联交易发生情况及2026年度日常关 ...

北京市金杜律师事务所上海分所 关于陕西康惠制药股份有限公司 2026 年第一次临时股东会 之法律意见书 致：陕西康惠制药股份有限公司 北京市金杜律师事务所上海分所（以下简称本所）接受陕西康惠制药股份有 限公司（以下简称公司）委托，根据《中华人民共和国证券法》（以下简称《证券 法》）、《中华人民共和国公司法》（以下简称《公司法》）、中国证券监督管理委员 会《上市公司股东会规则》（以下简称《股东会规则》）等中华人民共和国境内（以 下简称中国境内，为本法律意见书之目的，不包括中国香港特别行政区、中国澳 门特别行政区和中国台湾省）现行有效的法律、行政法规、规章和规范性文件和 现行有效的《陕西康惠制药股份有限公司章程》（以下简称《公司章程》）有关规 定，指派律师出席并见证公司于 2026 年 1 月 30 日召开的 2026 年第一次临时股 东会（以下简称本次股东会），并就本次股东会相关事项出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 1. 经公司 2025 年第四次临时股东会审议批准的《公司章程》； 2. 公司 2026 年 1 月 15 日刊登于巨潮资讯网、《中国证券报》 ...

证券代码：603139 证券简称：康惠股份 公告编号：2026-006 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 57 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 20,006,187 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 29.4562 | | 份总数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 本次股东会由公司董事会召集，以现场和网络投票相结合的方式召开，现场 会议由公司董事长李红明先生主持。本次股东会的召集、召开和决策程序，符合 《公司法》、《公司章程》的规定。 (一) 股东会召开的时间：2026 年 1 月 30 日 (二) 股东会召开的地点：北京市昌平区超前路 17 号十纪科技大厦 10 层会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 陕西康惠制药股份有限公司 2026年第一次临时股东会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任 ...

Core Insights - The report provides an analysis of the hair medical industry in China, highlighting key players, market share, and competitive dynamics. Group 1: Industry Overview - The main listed companies in the hair medical industry include Yonghe Medical, Xianju Pharmaceutical, ST Meigu, Yisheng Pharmaceutical, Zhendong Pharmaceutical, International Medical, Kanghui Pharmaceutical, Kangyuan Pharmaceutical, Kang Enbei, and Furuida [1]. - The competitive landscape shows that companies with registered capital exceeding 1.5 billion yuan are in the leading position, while those with capital between 500 million to 1.5 billion yuan are in the first tier, and companies with less than 500 million yuan are in the second tier [1]. Group 2: Regional Distribution - Representative enterprises in the hair medical industry are mainly distributed across provinces such as Shaanxi, Zhejiang, Jilin, Liaoning, Shandong, and Jiangsu, with a notable concentration in Shaanxi and Zhejiang [4]. Group 3: Market Dynamics - As of November 21, 2025, leading hair transplant chains like Yonghe Hair Transplant, Dama Micro-needle (Kefa Source), and Bilian Sheng have over 30 stores each [7]. - The market for Minoxidil, a common hair growth medication, is highly concentrated, with the top three brands holding over 97% market share in online pharmacies as of 2024 [10][14]. Group 4: Competitive Analysis - The hair transplant sector has many institutions with low concentration, leading to intense competition, while the market for Minoxidil is dominated by a few key players [12][16]. - The threat of new entrants is moderate due to certain industry barriers, while substitutes like wigs and hair tattoos pose a threat due to their lower cost and quicker application [16].

Core Viewpoint - The company, Shaanxi Kanghui Pharmaceutical Co., Ltd., is expected to report a significant loss for the fiscal year 2025, with a projected net profit attributable to the parent company of approximately -327 million yuan [2][4]. Group 1: Performance Forecast - The performance forecast period is from January 1, 2025, to December 31, 2025 [3]. - The estimated net profit attributable to the parent company is projected to be around -327 million yuan [4]. - The estimated net profit, excluding non-recurring gains and losses, is expected to be approximately -208 million yuan [5]. Group 2: Previous Year Performance - In the same period last year, the total profit was -121.54 million yuan, with a net profit attributable to the parent company of -89.63 million yuan [7]. - The net profit, excluding non-recurring gains and losses, was -67.02 million yuan [7]. - The earnings per share for the previous year were -0.90 yuan [8]. Group 3: Reasons for Performance Decline - The primary reason for the expected loss is the suspension of operations at the company's subsidiary, Shaanxi Youbang Biomedical Technology Co., Ltd., which has filed for pre-restructuring [9]. - The company has made provisions for bad debts amounting to approximately 125 million yuan due to the subsidiary's situation, impacting the current performance [9]. - Additionally, the subsidiary's asset impairment and operational losses are estimated to affect the net profit by around 114 million yuan [9]. - The company has also faced a slight decline in sales revenue due to changes in the pharmaceutical industry policies and macroeconomic conditions, leading to increased operational costs [9].

Core Viewpoint - Kanghui Co., Ltd. expects to report a net profit attributable to shareholders of approximately -327 million yuan for the year 2025, indicating a significant loss [2] - The company anticipates a net profit attributable to shareholders, excluding non-recurring gains and losses, of around -208 million yuan for the same period [2] Financial Summary - The projected net profit for 2025 is -327 million yuan, reflecting a challenging financial outlook for the company [2] - The expected net profit, after excluding non-recurring items, is -208 million yuan, suggesting ongoing operational difficulties [2]

Core Viewpoint - Kanghui Co., Ltd. (603139.SH) is expected to report a net loss attributable to shareholders of approximately 327 million yuan for the fiscal year 2025, indicating a significant downturn in profitability [1] Financial Performance - The company anticipates a net profit attributable to shareholders, excluding non-recurring gains and losses, of around 208 million yuan in 2025 [1]

Financial Performance - The company expects a net loss of approximately ¥327 million for the fiscal year 2025, attributed to various factors including operational challenges [2]. - The estimated net profit attributable to the parent company, excluding non-recurring gains and losses, is projected to be around ¥208 million in loss [4]. - The previous year's net profit attributable to the parent company was a loss of ¥89.63 million, with a total profit of -¥121.54 million [5]. Reasons for Loss - The primary reason for the anticipated loss is the shutdown of the subsidiary Shaanxi Youbang Biopharmaceutical Technology Co., which has led to a bad debt provision impacting the company's performance by approximately ¥125 million [7]. - The subsidiary's asset impairment, based on an evaluation, is expected to affect the net profit by about ¥87 million, contributing to a total impact of approximately ¥114 million on the company's performance [7]. Sales and Operational Challenges - The company's sales revenue has slightly declined due to changes in the pharmaceutical industry policies and macroeconomic conditions, prompting adjustments in sales strategies [7]. - The company is increasing investments in channel and brand development to counteract the decline in sales revenue [7]. - The operational costs remain high due to the simultaneous operation of new and old production bases during the product transition phase [7]. Financial Reporting - The financial data provided is preliminary and subject to change upon the completion of the official audited annual report for 2025 [9]. - The company assures that there are no significant uncertainties affecting the accuracy of this earnings forecast [8].

Core Viewpoint - The company, Shaanxi Kanghui Pharmaceutical Co., Ltd., is providing a guarantee for its subsidiary, Sichuan Chunsheng Pharmaceutical Group Co., Ltd., for a credit facility of 8 million RMB from Sichuan Tianfu Bank, which is aimed at supporting the subsidiary's operational needs [1][2]. Group 1: Guarantee Details - The company will provide a joint liability guarantee for the credit facility, covering the principal amount of 8 million RMB along with interest, penalties, and other related costs, with a guarantee period of three years from the debt maturity date [2][5]. - The subsidiary's shareholder, Mr. Luo Chunming, and Ms. Yin Nianjuan have signed a counter-guarantee agreement, assuming a counter-guarantee responsibility of 3.92 million RMB, which aligns with the company's guarantee period [2][6]. Group 2: Internal Decision-Making Process - The company’s board of directors approved the guarantee for the subsidiary during meetings held on April 27, 2025, and May 20, 2025, allowing for a total guarantee limit of 199 million RMB for the fiscal year 2025, with a specific limit of 34 million RMB for Chunsheng Pharmaceutical [3][9]. Group 3: Necessity and Reasonableness of the Guarantee - The guarantee is deemed necessary and reasonable as it aligns with the operational needs of the subsidiary and is within the approved limits by the shareholders, with the subsidiary currently having a stable operational status and no overdue debts [8][9]. Group 4: Cumulative Guarantee Situation - As of the announcement date, the total guarantee amount provided by the company for its subsidiaries is 87.03 million RMB, which represents 10.48% of the company's latest audited net assets as of the end of 2024 [11]. - If the subsidiary draws the 8 million RMB loan, the total guarantee amount will increase to 97.83 million RMB, accounting for 11.41% of the company's net assets [11].