深圳市海王生物工程股份有限公司（以下简称"公司"）控股股东深圳海王集 团股份有限公司（以下简称"海王集团"）合计质押公司股份数量为1,214,318,878 股，占其合计持有公司股份数量的比例为99.83%，占公司总股本的46.15%。公司 控股股东质押的股票均为场外质押，质押在银行等金融机构；质押用途基本为融 资增信用途，不存在质押平仓风险。 证券代码：000078 证券简称：海王生物 公告编号：2025-036 深圳市海王生物工程股份有限公司 关于股东部分股份解押及质押的公告 本公司及董事局全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 特别提示： 2、控股股东海王集团质押的股票均为场外质押，质押在银行等金融机构； 质押用途基本为融资增信用途，未约定具体解押日期，不存在兑付及平仓风险。 公司于近日收到公司控股股东海王集团通知获悉：海王集团因业务需要，办 理了其所持公司部分股份的解押及再质押手续。具体情况如下： 股东名称 是否为控股 股东或第一 大股东及其 一致行动人 本次解除质押股 份数量（股） 占其所持 股份比例 占公司 总股本比例 起始日期 解除日期 质权人 海王集 ...

Core Viewpoint - The termination of the control change agreement between Haiwang Bio and the Guangdong Silk Textile Group, along with the cancellation of the A-share issuance plan, marks the end of a three-year effort to secure a strategic partnership aimed at alleviating the company's financial difficulties [1][2][4]. Group 1: Control Change Agreement - Haiwang Bio announced the termination of its control change agreement with Guangdong Silk Textile Group and its major shareholder, Shenzhen Haiwang Group, after nearly three years of planning [1][2]. - The original plan involved Haiwang Group transferring 12% of its shares to Silk Textile Group, which would have made the latter the controlling shareholder [1][2]. - The termination was described as a "friendly separation," with both parties agreeing to not pursue any liabilities [2][4]. Group 2: Financial Performance - Haiwang Bio has reported significant financial losses over the past three years, with cumulative losses reaching 3.91 billion yuan [4][5]. - The company's revenue has declined from 37.83 billion yuan in 2022 to 30.32 billion yuan in 2024, while net profits were -1.03 billion yuan, -1.69 billion yuan, and -1.19 billion yuan for the same years [4]. - The decline in revenue is primarily attributed to adverse industry policies affecting the pharmaceutical distribution sector [4]. Group 3: Debt and Financial Health - As of March 2025, Haiwang Bio's debt-to-asset ratio stood at 89.76%, significantly higher than the industry average of 60%-70% [6]. - The company faces a short-term debt of 9.93 billion yuan, while its cash reserves are only 3.28 billion yuan, indicating a strained liquidity position [6]. - Accounts receivable have reached 15.37 billion yuan, exceeding 200% of the company's revenue for the period [6]. Group 4: Governance and Regulatory Issues - Haiwang Bio has faced regulatory scrutiny, receiving corrective orders from the Shenzhen Securities Regulatory Bureau for various governance issues, including inadequate disclosure and internal control deficiencies [7][8]. - The company has also been involved in numerous legal disputes, with claims totaling approximately 472 million yuan, primarily related to hospital clients [6][7]. Group 5: Future Plans - Despite the failed partnership with Guangdong Silk Textile Group, Haiwang Bio intends to continue seeking strategic cooperation opportunities with other state-owned entities [8]. - The company plans to focus on resource integration and market expansion in the medical device sector to drive business transformation and upgrade [8].

Core Viewpoint - Haiwang Bio, once a leading player in the pharmaceutical distribution sector, is currently facing a severe financial crisis, highlighted by the termination of its control transfer agreement with Guangdong Silk Textile Group, marking the end of a three-year state-owned enterprise restructuring plan [2][5]. Financial Performance - In 2023 and 2024, Haiwang Bio reported significant losses, with a cumulative loss nearing 3 billion yuan. As of the end of Q1 2025, the company's debt-to-asset ratio reached 89.76%, and accounts receivable amounted to 15.367 billion yuan, equivalent to twice its annual revenue [5][14]. - For the fiscal year 2024, Haiwang Bio's revenue was 30.337 billion yuan, a decrease of 16.75% year-on-year, with a net loss of 1.482 billion yuan. The company also reported a basic earnings per share of -0.4536 yuan [11][12]. Restructuring Efforts - The company initiated a mixed-ownership reform plan in March 2022, aiming to alleviate financial pressure by introducing strategic investors. However, the restructuring process faced numerous challenges and ultimately failed [6][15]. - The planned transfer of 315.7 million shares to the Silk Textile Group at a price of 2.43 yuan per share was intended to provide much-needed capital, but the deal fell through due to delays in disclosing the restructuring plan [6][10]. Industry Context - The pharmaceutical distribution industry is undergoing significant changes, with policies like the "two-invoice system" and centralized procurement severely impacting profit margins. Haiwang Bio's gross margin has been declining, exacerbating its operational difficulties [13][14]. - The competitive landscape is increasingly favoring large state-owned enterprises, which are expanding their market share, leaving smaller private companies like Haiwang Bio at a disadvantage [14][15]. Future Outlook - Despite the failed restructuring, Haiwang Bio is still seeking external support and exploring partnerships with other state-owned entities to enhance resource integration and business collaboration [15]. - The company has identified a shift towards focusing on the medical device sector as part of its transformation strategy, although this transition is fraught with uncertainty due to high debt levels and ongoing losses [15].

深圳市海王生物工程股份有限公司 2024 年年度股东大会决议公告 本公司及董事局全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 证券代码：000078 证券简称：海王生物 公告编号：2025-035 深圳市南山区科技园科技中三路 1 号海王银河科技大厦 24 楼会议室 （三）会议召集人 深圳市海王生物工程股份有限公司董事局 （四）投票方式 （二）现场会议召开地点 一、重要提示 本次会议召开期间无增加、否决或变更提案的情况。 二、会议召开情况 （一）会议召开时间 （2）网络投票：2025年6月13日（星期五）。其中，通过深圳证券交易所交 易系统进行网络投票时间为2025年6月13日（星期五）上午9:15-9:25，9:30-11:30 和下午13:00-15:00；通过深圳证券交易所互联网投票系统投票时间为2025年6月 13日（星期五）9:15-15:00的任意时间。 （1）现场会议：2025年6月13日（星期五）下午14:50 （一）股东出席会议情况 股东出席的总体情况： 通过现场和网络投票的股东 511 人，代表股份 1,244,480,345 股，占公司有 表决权股份 ...

北京德恒（深圳）律师事务所 关于深圳市海王生物工程股份有限公司 2024 年年度股东大会的 法律意见 深圳市福田区金田路 4018 号安联大厦 B 座 11 层 电话：0755-88286488 传真：0755-88286499 邮编：518026 北京德恒（深圳）律师事务所 关于深圳市海王生物工程股份有限公司 2024 年年度股东大会的法律意见 北京德恒（深圳）律师事务所 关于深圳市海王生物工程股份有限公司 2024 年年度股东大会的 法律意见 致：深圳市海王生物工程股份有限公司 深圳市海王生物工程股份有限公司（以下简称"公司"）2024 年年度股东 大会（以下简称"本次会议"）于 2025 年 6 月 13 日（星期五）召开。北京德恒 （深圳）律师事务所（以下简称"德恒"）受公司委托，指派曹中海律师、郭芷 菱律师（以下简称"德恒律师"）出席了本次会议。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》"）《深圳市海王生物工程股份有限公司章程》（以下简称"《公司 章程》"）的规定 ...

| | 证券代码：000078 | | | | 证券简称：海王生物 | | | | | 公告编号：2025-034 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 深圳市海王生物工程股份有限公司 | | | | | | | | | | | | | | | | | 本公司及董事局全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 | | | | | | | | | | | | | 导性陈述或重大遗漏。 | | | | | | | | | | | | | | | | 特别提示： | | | | | | | | | | | | | | | | | | | 深圳市海王生物工程股份有限公司（以下简称"公司"）控股股东深圳海王集 | | | | | | | | | | | | | | | 团股份有限公司（以下简称"海王集团"）合计质押公司股份数量为1,214,318,878 | | | | | | | | | | | | | | | | 股， ...

证券代码：000078 证券简称：海王生物 公告编号：2025-034 深圳市海王生物工程股份有限公司 深圳市海王生物工程股份有限公司（以下简称"公司"）控股股东深圳海王集 团股份有限公司（以下简称"海王集团"）合计质押公司股份数量为1,214,318,878 股，占其合计持有公司股份数量的比例为99.83%，占公司总股本的46.15%。公司 控股股东质押的股票均为场外质押，质押在银行等金融机构；质押用途基本为融 资增信用途，不存在质押平仓风险。 公司于近日收到公司控股股东海王集团通知获悉：海王集团因业务需要，办 理了其所持公司部分股份的解押及再质押手续。具体情况如下： 股东名称 是否为控股 股东或第一 大股东及其 一致行动人 本次解除质押股 份数量（股） 占其所持 股份比例 占公司 总股本比例 起始日期 解除日期 质权人 海王集团 是 111,500,000 9.17% 4.24% 2024 年 6 月 6 日 2025 年 6 月 4 日 中国光大银行 股份有限公司 深圳分行 合计 - 111,500,000 9.17% 4.24% - - - 一、 本次解除质押情况 二、 本次质押情况 股东名称 是否为 ...

Core Viewpoint - The failure of Haiwang Bio's long-planned "recruitment" strategy raises questions about the company's future prospects, particularly as it grapples with poor performance in its pharmaceutical distribution business, which accounts for over 66% of its revenue [1][2]. Financial Performance - Haiwang Bio's revenue for 2022, 2023, and 2024 is approximately 378.3 billion, 364.2 billion, and 303.2 billion respectively, with corresponding net profits of -10.27 billion, -16.9 billion, and -11.93 billion [2]. - The decline in revenue is primarily attributed to the pharmaceutical distribution sector, impacted by national procurement policies and reduced purchasing by public medical institutions [2]. - The company's accounts receivable totaled 153 billion in 2024, representing 53.2% of total assets, while its debt-to-asset ratio increased from 83.14% in 2022 to 90.13% in 2024 [2]. Industry Context - The current situation of Haiwang Bio reflects a broader trend in the pharmaceutical distribution industry, which is moving away from rapid growth and facing ongoing industry consolidation [2]. - The gross margin for Haiwang Bio's pharmaceutical distribution segment dropped to 8.54% in 2024, down from 12.22% in 2019 [2]. Potential Opportunities - Haiwang Bio's potential for recovery lies in attracting external investors, including state-owned enterprises, to address its financial challenges [3]. - Recent policy changes, such as the introduction of a prepayment mechanism for medical insurance funds, may alleviate the cash flow issues faced by medical institutions, thereby improving the accounts receivable situation for pharmaceutical distributors [3]. - The company is exploring innovative business models to enhance operational efficiency, similar to successful strategies employed by industry leaders like Shanghai Pharmaceuticals and Jiuzhoutong [4].

Core Viewpoint - The plan for the acquisition of Haiwang Biological by Guangdong State-owned Assets has been terminated, marking the failure of a three-year effort to sell the company [1][2]. Company Overview - Haiwang Biological, established in 1992, is a veteran enterprise in China's pharmaceutical distribution sector, with main businesses including pharmaceutical commercial circulation (approximately 64% of revenue), medical devices (about 33%), and pharmaceutical manufacturing (minor share) [3]. - The company ranked eighth in the national pharmaceutical commercial circulation scale in 2022 but began seeking a change in ownership due to severe losses [3]. Acquisition Attempt - In early 2024, Haiwang Biological identified Silk Group, a subsidiary of Guangxin Group, as a potential buyer, with plans to transfer 12% of shares and relinquish voting rights [3][4]. - The initial share transfer price was set at 3.13 yuan per share, totaling 861 million yuan, but the price was later adjusted downward due to a decline in stock price [3][4]. Financial Performance - From 2022 to 2024, Haiwang Biological reported revenues of approximately 378.3 billion yuan, 364.2 billion yuan, and 303.2 billion yuan, with net losses of 10.27 billion yuan, 16.9 billion yuan, and 11.93 billion yuan respectively, accumulating over 38 billion yuan in losses [6][7]. - The company's asset-liability ratio reached 89.76% as of the first quarter of 2024, indicating a precarious financial situation [6][7]. Industry Challenges - The pharmaceutical distribution industry has faced significant challenges due to national procurement policies, leading to reduced profit margins and increased difficulty in industry consolidation [4][10]. - Haiwang Biological's aggressive acquisition strategy from 2016 to 2018 resulted in high goodwill, which has since led to substantial impairment losses, further deteriorating financial performance [7]. Future Outlook - Despite the failed acquisition, Haiwang Biological possesses certain core advantages, including licenses for handling narcotic drugs and a nationwide logistics network, which could facilitate a transition to modern pharmaceutical logistics [10]. - The company plans to continue discussions with potential state-owned partners for future cooperation, but it must first address its high debt levels and ongoing operational challenges [10].

Group 1 - The stock price of Haiwang Bio has broken through the top of a six-month trading range, with a cumulative increase of 8.97% over nine trading days, significantly outperforming the industry average of 3.36% [1][2] - The trading volume reached 664.55 million shares, with a total capital inflow of 1.71 billion yuan, indicating a notable increase in trading activity [1][2] Group 2 - Despite facing significant cyclical pressures in recent years, Haiwang Bio's revenue for 2024 is expected to maintain a substantial level of 30.317 billion yuan, driven by strategic adjustments and optimization of low-efficiency subsidiaries [4] - The company anticipates a net loss attributable to shareholders of 1.193 billion yuan for 2024, which represents a significant reduction compared to the previous year's loss of 1.69 billion yuan [4] - The company has been actively reducing goodwill impairment, which is nearing completion, laying a foundation for long-term growth [4] Group 3 - The Chinese pharmaceutical industry is undergoing a critical phase of quality upgrades, with policies accelerating the exit of small distributors, benefiting leading companies like Haiwang Bio [6] - Haiwang Bio is enhancing its competitive edge through a nationwide logistics network and is transitioning from product provision to service solutions, including customized SPD services for medical institutions [6] - The company has received clinical trial approval for its self-developed NEP018 tablet, a small molecule enzyme inhibitor targeting gastrointestinal tumors, which is expected to open a new growth avenue as the market for small molecule anti-tumor drugs is projected to exceed 200 billion yuan by 2030 [6]