Jiuan Medical: If the U.S. tariff policy becomes further stringent in the future, operating performance will face risks

Questioning AI · How will changes in U.S. tariff policies affect companies’ overseas strategies?

Recently, Ji’an Medical (002432.SZ) issued an announcement regarding abnormal fluctuations in its stock trading. The stock’s closing price deviation exceeded 20% over two consecutive trading days. According to the Shenzhen Stock Exchange Trading Rules, this constitutes an abnormal stock trading fluctuation.

In response to the abnormal stock fluctuations, the company’s board of directors verified the relevant matters and inquired with the company’s controlling shareholder and actual controller. After investigation, the company confirmed that there is no information that needs correction or supplementation in the previously disclosed information; no recent public media reports have disclosed or suggested any material undisclosed information that could significantly impact the company’s stock trading price. Meanwhile, the company has noticed increased market attention on large-scale asset allocation businesses, with tech innovation investment being an important part of such allocations. The company primarily invests through venture capital fund contributions and direct equity investments, focusing on the broader technology-related fields. The company employs a diversified investment strategy; some investments and their respective markets are highly focused and exhibit significant fluctuations in fair value. Additionally, the company’s recent operations are normal, and there have been no major changes in the internal or external operating environment; the company, its controlling shareholder, and its actual controller have no major undisclosed matters or ongoing planning stages related to this matter; during the period of abnormal stock trading, the controlling shareholder and actual controller did not buy or sell the company’s stock.

The company also highlights several risks, including that over the past year, its stock price has consistently been below the net asset value per share attributable to shareholders of the most recent audited fiscal year. As of the date of this announcement, the stock price has risen above that net asset value, but there remains a risk of significant fluctuations or declines in the future.

Furthermore, the company’s large-scale asset allocation business is influenced by various factors such as macroeconomic conditions domestically and internationally, industry cycles, exchange rates, and interest rate fluctuations, which may lead to market and credit risks. Investment returns and fair value changes are uncertain. Redemption, sale, and realization of investment gains are affected by product pricing and must comply with relevant trading settlement rules and agreements, which may pose liquidity risks compared to cash holdings. The company recently disclosed its 2025 performance forecast, estimating net profit attributable to shareholders of the listed company to be between 2.02 billion and 2.35 billion yuan. This forecast is based on preliminary calculations by the company’s finance department and may differ from the upcoming 2025 annual report.

Additionally, the company’s past growth was mainly driven by a significant increase in sales of iHealth test kits, especially due to demand from U.S. government orders. However, sales of antigen home self-test kits are directly related to U.S. market demand and are influenced by local policies and market competition. Changes in these factors could reduce market demand for test kits and cause performance fluctuations. If U.S. tariff policies become more restrictive in the future, the company’s operations could face risks from trade frictions and adjustments in the global supply chain.