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]

中国经济网北京6月9日讯 海王生物（000078）（000078.SZ）6月7日发布关于终止控制权变更及向特定 对象发行股票事项的公告。近日，公司、海王集团及丝纺集团签署了《<关于深圳市海王生物工程股份 有限公司之合作协议书>解除协议》，丝纺集团与海王集团及其一致行动人张思民、张锋、王菲签署了 《<关于深圳市海王生物工程股份有限公司之股份转让协议>及<关于深圳市海王生物工程股份有限公司 之表决权放弃协议>解除协议》，公司本次控制权变更事项终止。 鉴于公司控制权变更事项终止，公司于2025年6月6日召开了2025年第三次独立董事专门会议、第九届董 事局第二十四次会议、第九届监事会第二十次会议，审议通过了终止向特定对象发行A股股票事项的相 关事项，同意终止向特定对象发行A股股票，并签署股份认购协议的解除协议。 海王生物2024年7月30日披露《2024年度向特定对象发行A股股票预案》称，本次向特定对象发行A股股 票的发行对象为丝纺集团及其控股股东广新集团。丝纺集团、广新集团拟以现金方式认购公司本次发行 的全部股票。 丝纺集团取得上市公司控制权后，按照拟发行股数计算，本次发行完成后，丝纺集团及其一致行动人持 有的上 ...

Group 1 - Arvinas and Pfizer submitted a New Drug Application (NDA) for Vepdegestrant, the first PROTAC drug to seek approval, targeting advanced or metastatic breast cancer patients with ESR1 mutations [1] - The approval of Vepdegestrant could fill a significant treatment gap in the breast cancer market, attracting substantial investment and enhancing the overall industry valuation [1] Group 2 - Beijing Tide Pharmaceutical's TDI01 has been proposed for inclusion as a breakthrough therapy for chronic graft-versus-host disease (cGVHD), indicating its potential in a complex treatment area [2] - TDI01 is a novel ROCK2 inhibitor, and its breakthrough designation could significantly enhance the company's valuation and attract investor interest, bolstering China's innovative drug competitiveness [2] Group 3 - Anke Biotech anticipates significant sales growth for its trastuzumab product, Ansaiting, projecting over 100 million yuan in revenue for 2024 [3] - The positive market performance of Ansaiting enhances Anke Biotech's position in the oncology sector, potentially attracting more investors and supporting future research and market expansion [3] Group 4 - Haiwang Bio announced the termination of its control change and stock issuance, indicating ongoing discussions with state-owned entities for potential equity cooperation [4] - The proactive approach to resource integration and business collaboration may create new growth opportunities for Haiwang Bio, positively influencing market perceptions of its long-term value [4] Group 5 - Green Valley Pharmaceutical has ceased production of its Alzheimer's drug, Ganluo Sodium Capsules, following concerns over its efficacy and safety [6] - The shutdown reflects significant operational adjustments for the company, potentially leading to investor concerns about its future prospects and market confidence [6]

长江商报消息 ●长江商报记者 徐佳 如今易主广东国资失败，作为国内综合性大型医药企业的海王生物当前仍处于困境。 长江商报记者注意到，2022年至2024年，海王生物已连续三年业绩亏损，归属于上市公司股东的净利润 （净利润，下同）合计为-39.1亿元。且自2019年以来，海王生物已连续六年未分红。 前期密集对外并购扩张产生高额，如今海王生物计提商誉减值损失，则成为拖累公司业绩的主要因素。 2022年至2024年，海王生物计提商誉减值损失共计18.78亿元。 值得一提的是，截至今年3月末，海王集团持有海王生物46.23%股份，质押率高达99.83%。 终止易主广东国资 早在2024年初，广东国资就有意与海王生物"联姻"。 彼时，海王生物的控股股东海王集团拟以3.13元/股的价格，向丝纺集团转让所持公司2.75亿股，占公司 总股本的10%，对应交易总价约为8.61亿元。 逾半年后，交易双方再次约定，海王集团拟作价2.43元/股，将其持有的海王生物3.16亿股转让给丝纺集 团，占公司当时总股本的11.48%，交易总价为7.67亿元。同时，海王集团及其一致行动人张思民、张 锋、王菲将放弃其持有的海王生物股份对应的表决权 ...

Core Viewpoint - The control change of Haiwang Biological has been terminated, ending the planned shell sale and stock issuance to specific parties due to significant financial losses and regulatory issues [1][2][4]. Group 1: Control Change and Agreements - The initial plan involved a shell sale for 767 million and a stock issuance of up to 1.488 billion [2]. - Agreements were signed in January 2024 for the transfer of shares from Haiwang Group to Silk Group, with a total of 315,734,800 shares (12% of total shares) at a price of 2.43 yuan per share [2][3]. - Following the agreements, Silk Group was set to become the controlling shareholder, holding 12% of shares and corresponding voting rights, while Haiwang Group would hold no voting rights [3]. Group 2: Financial Performance and Losses - Haiwang Biological reported a massive loss of 1.1 billion in 2024, following losses of 990 million in 2022 and 1.71 billion in 2023, marking three consecutive years of significant losses [4][5]. - The company committed to achieving a cumulative net profit of 1.2 billion over three years (2025-2027), with specific annual targets of 300 million, 400 million, and 500 million for each respective year [4]. Group 3: Regulatory Issues - The company faced regulatory scrutiny from the Shenzhen Securities Regulatory Bureau for non-compliance in information disclosure and financial accounting practices [6][7]. - Specific issues included failure to disclose external guarantees, incomplete disclosure of restricted cash, and inaccuracies in financial reporting related to guarantees and tax assets [8][9][10][11][12][13][14].