NEPTUNUS(SZ:000078) Sou Hu Wang·2026-01-06 08:45Core Insights - The pharmaceutical industry is undergoing a transformation driven by policy collaboration, technological breakthroughs, and industrial restructuring, with a clear shift from price competition to value creation [1] - Shenzhen Haiwang Bioengineering Co., Ltd. is leveraging the new management team's arrival to implement asset optimization, focus on core businesses, and enhance innovation and research, marking a transition from scale expansion to quality and efficiency improvement [1] Industry Policy - The new national medical insurance drug list and the first commercial insurance innovative drug list took effect on January 1, 2026, creating a multi-tiered insurance system that opens diverse payment channels for innovative drugs [1] - The national centralized procurement has entered a new phase aimed at stabilizing clinical practices, ensuring quality, preventing collusion, and countering internal competition, guiding companies towards R&D innovation and quality enhancement [1] Management and Asset Optimization - The new management team established a strategic agenda focused on increasing sales gross margin, ensuring asset safety, improving financing channels, and optimizing capital returns, injecting strong momentum into the transformation [2] - The company is actively divesting non-core assets to enhance the operational quality and profitability of subsidiaries while reallocating limited funds to high-value areas to improve overall profitability [2] Business Focus and Innovation - Haiwang Bio is concentrating on three core sectors: pharmaceutical distribution, pharmaceutical manufacturing, and pharmaceutical R&D, driving business collaboration upgrades [3] - The pharmaceutical distribution sector showed strong performance, with medical device agency revenue reaching 4.986 billion yuan in the first half of 2025, establishing solid partnerships with industry leaders [3] - The pharmaceutical manufacturing sector has a gross margin of 36.14%, with strategies to promote production and sales collaboration [3] - R&D investment reached 31.68 million yuan in the first three quarters of 2025, with ongoing clinical trials for innovative drugs and expansion into traditional Chinese medicine and specialized food sectors [3] Governance Upgrade - The company has revised internal management systems to enhance governance transparency and decision-making efficiency, strengthening internal controls and shareholder return systems [3] - The management team has committed to focusing on high-efficiency business development over the next three years, particularly in the medical device and pharmaceutical manufacturing sectors [3] Industry Outlook - Industry experts note that Haiwang Bio's deep transformation aligns with the demands for high-quality development, showcasing determination and strength through asset optimization, business focus, innovation, and governance upgrades [4] - With the dual drivers of policy benefits and strategic focus, Haiwang Bio is expected to transition from a traditional pharmaceutical company to a technology-driven healthcare service provider, reconstructing its competitive edge [4]