At noon on February 5, Guanhao Biotech suddenly announced that the company and relevant responsible persons received a warning letter from the Guangdong Securities Regulatory Bureau. 
The company's penalty was due to the problems found by the regulator during the on-site inspection, mainly due to the failure to disclose material information in a timely manner, one is the failure to timely disclose the major progress of major litigation matters, and the other is the failure to timely disclose the termination of the subsidiary's exclusive distribution right. Zhang Yongming, as the chairman of the company, Wang Xinzhi, as the general manager of the company, and Zhao Junhui, as the secretary of the board of directors of the company, are mainly responsible for the company's above-mentioned violations. Guanhao Bio is mainly engaged in regenerative medicine materials, listed on the GEM in 2011, and the company's net profit has hovered at the level of tens of millions of yuan since its listing, and in occasional years, due to the impairment of assets such as goodwill, hundreds of millions of yuan have been exposed, such as in 2019 and 2022. The company has just announced that the company's performance in 2023 may turn losses into profits, but it is still only tens of millions of yuan. Delay in the disclosure of material matters in two aspectsAccording to the penalty decision of the Guangdong Securities Regulatory Bureau, Guanhao Biotech has two major matters that are not disclosed in a timely manner. First, the company failed to disclose the material progress of the material litigation matters in a timely manner. On August 23, 2022, Guanhao Biotech disclosed the "Announcement on the Company's Involvement in Major Litigation", Guangdong Kunlong Technology Group *** hereinafter referred to as Kunlong Technology) filed a civil lawsuit with the Guangzhou Huangpu District People's Court (hereinafter referred to as the Huangpu District Court) for the dispute over the project dispute between it and Guanhao Biotechnology to develop the "Guangdong Guanhao Life and Health Industrial Park (Phase I)" project, with a lawsuit amount of 10.5 billion yuan, accounting for 1417%。Regarding the above dispute, on December 9, 2022, Guanhao Biotech filed a counterclaim against Kunlong Technology to the Huangpu District Court, with a lawsuit amount of 1900 million yuan, a major change in the amount of litigation, is a major progress that should be disclosed. On January 5, 2023, the Huangpu District Court served the Company with a Notice of Acceptance of the Case. The Company failed to disclose the major progress of the above-mentioned major litigation matters in a timely manner, and did not disclose it in the Announcement on the Progress of Major Litigation and Arbitration until July 18, 2023 at the latest. Second, the Company failed to disclose the termination of the subsidiary's exclusive distribution right in a timely manner. Zhuhai Xiangle Medical Equipment***hereinafter referred to as Zhuhai Xiangle) is a wholly-owned subsidiary of the company, and its main business is the sales of AAEN Scientific Inc(hereinafter referred to as AIRUI) intraocular lens, the operating income of intraocular lens sales in 2021 accounted for 22% of the operating income of Guanhao Bio54%, which is an important subsidiary of Guanhao Biotechnology. On May 20, 2022, AIRUI sent the Notice of Termination of the Agreement to Zhuhai Xiangle, terminating the exclusive distribution right of Zhuhai Xiangle to sell AIRUI intraocular lenses in accordance with the agreement. The termination of Zhuhai Xiangle's exclusive distribution right is a matter that should be disclosed in a timely manner. The Company failed to disclose the above matters in a timely manner, and did not disclose them in the "Announcement on the Company's Impairment Provision for the Half Year of 2022" until August 26, 2022 at the latest. Zhang Yongming, as the chairman of the board of directors of the company, Wang Xinzhi as the general manager of the company, and Zhao Junhui, as the secretary of the board of directors of the company, failed to perform their duty of diligence and diligence in accordance with Article 4 of the Administrative Measures for Information Disclosure of Listed Companies, and were mainly responsible for the company's above-mentioned violations. In accordance with the provisions of Article 52 of the Administrative Measures for Information Disclosure of Listed Companies, the Guangdong Securities Regulatory Bureau decided to take administrative supervision measures of issuing warning letters to Guanhao Biotech, Zhang Yongming, Wang Xinzhi and Zhao Junhui. The stock price has fallen by more than 70% in three and a half yearsThe main business of Guanhao Biotech is the R&D, production and sales of regenerative medical materials and regenerative medical implantable devices. According to the company's official website, the company "continues to deploy in the business fields of biomaterials, cell stem cells, pharmaceuticals, as well as advanced medical technology and products, and its core business has formed a '3+1' pattern, that is, three major business segments of materials, cells and pharmaceuticals and a technology incubation platform". The company was successfully listed on the GEM in 2011, but its performance has not been able to grow after listing, and the years with high non-net profit are only more than 50 million yuan, and the low years are only more than 10 million yuan, and occasionally there will be large losses of hundreds of millions of yuan, such as 2019 and 2022. In 2019, the company deducted a non-net profit loss of 4RMB7.5 billion, due to the impairment of goodwill generated by the acquisition of assets, and the provision for goodwill impairment was about 2500 million yuan, and about 100 million yuan of impairment provision for impairment of other assets. In 2022, the company happened again 3The large loss of 3.2 billion yuan was still due to the total provision of 32.5 billion yuan, of which goodwill impairment was 2$1.4 billion. 
In 2023, the company's performance will return to normal, but it will still be at the level of tens of millions of yuan. On January 26, the company released a performance forecast, which is expected to have a net profit attributable to the parent company of 28 million yuan to 33 million yuan in 2023, and a net profit of 23.85 million yuan to 28.85 million yuan after deducting non-net profit. 
The company explained that the main reasons are that the operating income of some of the company's membrane products, benvitimod cream, and cell technology services increased compared with the same period last year; Second, during the reporting period, the company's investment losses and asset impairment losses decreased significantly compared with the same period last year; Third, it is expected that the impact of non-recurring gains and losses on net profit in 2023 will decrease significantly. Similar to the performance, the company's share price is also tepid, and since July 2020, it has been on a continuous downward channel, with the stock price from 40The high point of 5 yuan (before the right to reset) has reached a new low of 8 today77 yuan, a decrease of more than 75%. On February 5, the company's stock price plummeted by about 127%, and the latest market value is less than 2.3 billion yuan. 
Editor: Xiao Mo.
Review: Muyu.