NEPTUNUS(SZ:000078) Hua Xia Shi Bao·2025-06-13 14:50Core 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].