Ninean Health, which sells reagent kits, locked its price limit again, having already invested in DeepSeek, Moonshot the Dark, and Stepwise Star Realm

According to Beating monitoring, Jiu’an Medical hit the daily trading limit for the fourth consecutive trading day, delivering a four-day consecutive limit-up streak. The company expects attributable net profit in the first half of the year to be between 2.8 billion yuan and 3.4 billion yuan, representing a year-on-year increase of 204.29% to 269.50%. The sharp rise in profit is mainly driven by valuation gains of the innovation-investment targets. The latest abnormality announcement discloses that Jiu’an Hong Kong indirectly invested 750 million yuan in DeepSeek through Tianjin Shixiang. After settlement, the look-through ownership stake is about 0.21%, and it does not participate in operations.

Jiu’an Medical has also invested in two other domestic large-model companies. In August 2023 and March 2024, its affiliated entities made two investments in Moonshot the Dark, with amounts of approximately $10 million and $20 million, respectively. In June 2026, the company indirectly invested 100 million yuan in Step-Function Xingchen through the Haitang Tonghui Fund. The ownership ratios in these investments are all relatively low and mainly serve as financial investments.

The 2025 annual report shows that Jiu’an Medical has subscribed for 2.48 billion yuan in the innovation fund mother fund. After leverage, the sub-fund pool is expected to be close to 13.7 billion yuan. The company also has six direct investment projects, with an investment amount of 330 million yuan. Medical devices remain the core business, but profits are increasingly influenced by the valuation of projects in the primary market. The company also notes that the relevant investments have long payback periods and low liquidity, and there are risks of valuation declines and losses.