逾三年易主“长跑”宣告终止，海王生物业绩困局待解

Core Viewpoint - The proposed change of control for Haiwang Bio has been officially terminated after over three years of planning, with the company deciding to halt the stock issuance to specific parties and the transfer of control [1][3][4]. Group 1: Control Change and Stock Issuance - Haiwang Bio announced the termination of its control change and stock issuance to specific parties, which was intended to be executed through stock transfer and voting rights relinquishment [1][3]. - The control change involved the transfer of 316 million unrestricted circulating shares from the controlling shareholder, Shenzhen Haiwang Group, to Guangdong Silk and Textile Group, representing 12% of the total shares [1][3]. - The termination was formalized through the signing of a termination agreement, with all parties confirming no breach of contract or other liabilities [3][4]. Group 2: Financial Performance - Haiwang Bio has reported consecutive losses over the past three years, with revenues of approximately 37.83 billion, 36.42 billion, and 30.32 billion yuan for 2022 to 2024, and corresponding net losses of about 1.03 billion, 1.69 billion, and 1.19 billion yuan [4]. - In the first quarter of this year, the company experienced a revenue decline of 8.81% year-on-year, totaling approximately 7.38 billion yuan, and a net profit drop of 44.38%, amounting to about 24 million yuan [5]. - The company's high debt ratio is concerning, with an asset-liability ratio of 89.76% reported at the end of the first quarter [5]. Group 3: Future Plans and Market Position - Despite the termination of the control change, Haiwang Bio plans to continue discussions with interested state-owned entities regarding equity cooperation to explore new development opportunities [4]. - The company has indicated that its business operations are proceeding normally and that the termination of the control change will not adversely affect its ongoing operations and stable development [4].