南模生物“内战”警示录：“双话事人”失衡，治理撕裂下的反噬 | 深度

Core Viewpoint - The recent board meeting of Nanmo Biology (688265.SH) marked a significant management reshuffle, with the company's actual controller Wang Mingjun not re-elected as general manager, highlighting internal governance issues and strategic conflicts within the company [1][12]. Group 1: Company Governance Issues - The dual-controller structure of Nanmo Biology, involving Chairman Fei Jian and General Manager Wang Mingjun, initially provided complementary strengths but has evolved into a source of governance deadlock and internal strife post-IPO [2][9]. - The internal conflicts have escalated, leading to public disputes over strategic decisions, such as the establishment of facilities in economically disadvantaged areas and IT infrastructure investments, which have adversely affected company performance [10][11]. Group 2: Business Development and Market Position - Nanmo Biology operates in the innovative drug industry, focusing on genetically modified animal models, particularly mice, which are essential for drug development processes [3][4]. - The company experienced a pivotal growth phase after the introduction of CRISPR technology in 2012, which allowed for the mass production of genetically engineered mouse models, significantly expanding market opportunities [4][5]. - Despite initial success and a successful IPO in December 2021, the company has faced ongoing losses and a declining stock price, exacerbated by internal conflicts and strategic misalignments [7][11]. Group 3: Recent Developments - The board's recent restructuring resulted in a new leadership team, with Zhang Chunming appointed as general manager, following the removal of Wang Mingjun, indicating a shift in control dynamics within the company [13][14]. - The ongoing internal strife has drawn regulatory scrutiny, with the Shanghai Stock Exchange issuing inquiries regarding the governance issues and the board's decision-making processes [1][12]. Group 4: Market Outlook - The market for genetically modified mice in China is projected to grow significantly, with a compound annual growth rate of 24% from 2019 to 2024, indicating potential future opportunities for Nanmo Biology if governance issues can be resolved [15][16].