通策医疗控股股东部分股票继续质押公告详细解读

关键信息摘要

• 控股股东宝群实业继续质押部分股份，涉及数量为10,825,231股，占其持股7.14%，占公司总股本2.42%。
• 宝群实业累计质押股份数为101,036,672股，占其所持股份66.65%，占公司总股本22.59%。
• 宝群实业一致行动人吕建明先生持有2,091,088股（0.47%），无质押行为。
• 本次质押展期不涉及新增融资，质押权人为中信证券股份有限公司，期限为2026年4月24日至2027年4月24日。
• 控股股东未来半年到期质押股份为56,991,441股（占持股37.60%，占总股本12.74%），未来一年到期质押股份为76,486,672股（占持股50.46%，占总股本17.10%）。

详细情况解读

通策医疗股份有限公司（600763）于2026年4月30日发布公告，控股股东杭州宝群实业集团有限公司（简称“宝群实业”）将其持有的部分股份继续质押，质押展期涉及1,082.5231万股（即10,825,231股），质押起始日为2026年4月24日，质押到期日为2027年4月24日，质权人依旧为中信证券股份有限公司。本次质押不涉及新增融资。

截至公告日，宝群实业合计持股151,589,199股，占通策医疗总股本的33.89%。累计已质押股份达101,036,672股，占其持股66.65%，占公司总股本22.59%。加上一致行动人吕建明先生（持有2,091,088股，无质押），宝群实业及一致行动人共持有153,680,287股，占公司总股本34.36%，累计质押股份数占其合计持股的65.74%，占公司总股本的22.59%。

需要注意的是，未来半年内宝群实业有56,991,441股质押股份到期，约占其持股37.60%，占公司总股本12.74%；未来一年内质押到期股份则为76,486,672股，占其持股50.46%，占总股本17.10%。

对股东和投资者的重要提示

• 大比例质押风险： 宝群实业目前有66.65%的持股处于质押状态，高于市场普遍认为的安全线。这意味着一旦股价波动或质押平仓线触发，存在被动减持或股权变动的风险，或对公司股价造成压力。
• 实际控制权稳定性： 公告称宝群实业资信状况良好，具备偿还能力，质押风险可控，现阶段不会影响公司主营业务及实际控制权。但如遇极端情况，公司实际控制权仍存在变动可能性。
• 未来到期压力： 未来半年及一年内有大量质押股份到期，需关注届时宝群实业的资金安排及再融资能力，若无法妥善应对，可能对市场信心及公司股价造成负面影响。
• 无违规担保或非经营性资金占用： 控股股东不存在违规担保、关联交易或业绩补偿义务，整体公司治理结构较为规范。
• 公司将按规定及时披露后续风险应对情况： 若出现平仓风险，宝群实业将以补充质押、提前购回等措施应对，公司也将依法及时披露。

投资者需关注的潜在市场影响

由于控股股东质押比例较高，通策医疗股票存在一定的质押平仓风险，尤其在市场波动或公司基本面出现变动时，容易引发投资者担忧，进而影响股价表现。虽然公司公告说明风险可控，但大比例质押本身即为市场关注焦点，相关投资者需密切关注后续公告，及时评估个人投资风险。

免责声明

本文仅供参考，不构成任何投资建议。投资者据此操作，风险自担。请仔细阅读公司公告及相关风险提示，理性决策。

English Version

Detailed Analysis of Tongce Medical’s Controlling Shareholder Stock Pledge Extension

Key Highlights

• Main shareholder Baoqun Industrial extends pledge for 10,825,231 shares, accounting for 7.14% of its holdings and 2.42% of company total shares.
• Total pledged by Baoqun Industrial is 101,036,672 shares, 66.65% of its holding and 22.59% of company total shares.
• Acting-in-concert shareholder Mr. Lü Jianming holds 2,091,088 shares (0.47%) with no pledge.
• This pledge extension involves no new financing; pledgee is CITIC Securities; duration from April 24, 2026 to April 24, 2027.
• Pledged shares expiring in the next 6 months: 56,991,441 shares (37.60% of holding, 12.74% of total shares); expiring within a year: 76,486,672 shares (50.46% of holding, 17.10% of total shares).

Detailed Situation

On April 30, 2026, Tongce Medical Co., Ltd. (600763) announced controlling shareholder Hangzhou Baoqun Industrial Group Co., Ltd. (Baoqun Industrial) would extend the pledge of 10,825,231 shares. The new pledge period is from April 24, 2026, to April 24, 2027, with CITIC Securities as the pledgee and no new financing involved.

As of the announcement, Baoqun Industrial holds 151,589,199 shares (33.89% of total shares), and cumulatively pledged 101,036,672 shares (66.65% of its holding, 22.59% of total shares). Together with acting-in-concert shareholder Mr. Lü Jianming (2,091,088 shares, unpledged), the combined holding is 153,680,287 shares (34.36% of total shares), with cumulative pledged shares making up 65.74% of their combined holding (22.59% of total company shares).

Notably, 56.99 million pledged shares will mature in the next six months (37.60% of Baoqun’s holdings, 12.74% of company shares), and 76.49 million within a year (50.46% of holdings, 17.10% of shares).

Key Points for Shareholders and Investors

• High Pledge Ratio Risk: Baoqun Industrial has 66.65% of its shares pledged, well above market safety lines. This increases the risk of forced liquidation or shareholding changes if the share price falls, potentially impacting the stock price.
• Control Stability: While the announcement claims Baoqun Industrial’s credit is sound and risks are controllable, extreme scenarios could still endanger control of the company if margin calls occur.
• Upcoming Maturity Pressure: Large amounts of pledged shares mature in the next 6-12 months. Investors should watch for Baoqun’s refinancing ability and potential market impact.
• No Irregular Guarantees or Non-operating Occupancy: There are no cases of irregular guarantees, related transactions, or performance compensation obligations by the controlling shareholder, indicating sound corporate governance.
• Timely Disclosure Commitment: The company promises timely disclosure if risks arise, with Baoqun prepared to respond by supplementing pledges or repurchasing shares.

Potential Market Impact

The high pledge ratio of the controlling shareholder is a significant risk factor and could pressure the share price, especially in periods of market volatility or deteriorating fundamentals. The company’s statement that risk is under control may provide some reassurance, but investors should remain alert and keep watch for further disclosures.

Disclaimer

This article is for reference only and does not constitute investment advice. Investors are advised to read official announcements and risk warnings carefully and make rational decisions.

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