Di Yi Cai Jing Zi Xun·2025-12-03 06:15Core Viewpoint - The stock price of Haiwang Biological (000078.SZ), considered a "flu concept stock," has hit the limit up for six consecutive trading days due to the flu season, with a significant increase in demand for related medications [2][3]. Group 1: Market Context - The flu is currently widespread, with a positive detection rate exceeding 45% in 17 provinces, and a peak in flu cases is expected in mid-December [2]. - Haiwang Biological does not produce flu vaccines but distributes various vaccines through its subsidiaries and manufactures cold treatment medications such as Chlorpheniramine and Mebendazole [3]. Group 2: Business Performance - Haiwang Biological's largest revenue source is pharmaceutical distribution, which accounted for 88.96 billion yuan in revenue in the first half of 2025, making up 62.16% of total revenue, but with a low gross margin of 8.04% [4]. - The pharmaceutical manufacturing segment generated only 2.81 billion yuan in revenue, representing 1.96% of total revenue, with a higher gross margin of 36.14% [4]. - The company's profits in the pharmaceutical distribution sector have been compressed due to national and regional procurement policies, leading to continuous pressure on overall performance [4]. - The net profit attributable to shareholders for 2023 and 2024 is projected to be a loss of 1.69 billion yuan and 1.193 billion yuan, respectively [4]. - In the first three quarters of 2025, the net profit attributable to shareholders was 25.703 million yuan, a year-on-year decline of 44.39%, with a net loss of 77.6018 million yuan after excluding non-recurring gains and losses [4]. Group 3: Financial Health - Haiwang Biological has a high asset-liability ratio of 89.57%, the highest in the A-share pharmaceutical distribution sector [5].