海王生物(代码：000078.SZ)于 1 月 30 日晚间披露 2025 年年度业绩预告，预计全年实现归母净亏损 4.9 亿元 - 6.0 亿元，上年同期为亏损 11.9 亿元；扣除非经常性损益后净亏损 5.8 亿元 - 6.8 亿元，上年同期 为亏损 12.4 亿元。值得关注的是，公司亏损规模已连续两年持续收窄，在行业格局深度调整的背景 下，前期推进的战略转型及提质增效各项举措逐步落地，经营改善成效开始显现。 依托全国性物流网络优势、完备的产品资质储备、研发与商业双轮驱动的创新能力，以及精细化的治理 架构与风险管控体系，公司的核心竞争力与转型发展根基并未动摇，反而在产业结构持续优化的过程 中，价值优势愈发突出。 转型攻坚破局：三大主线锚定长期增长方向 展望2026年，行业政策红利与公司战略落地形成共振，业绩拐点值得期待。从行业趋势看，新版医保目 录与首版商保创新药目录同步落地，构建"医保保基本、商保补高端"的支付体系，为创新药与高价值医 疗器械开辟多元化市场空间。中银证券发布的研报显示，未来"产品驱动"的相关公司的产业逻辑仍然持 续。从公司战略看，资产优化仍在持续，非核心业务剥离完成后，资金与资源将集中投 ...

Core Insights - The company has completed a new board election, marking a new development phase with a focus on enhancing sales margins, ensuring asset security, improving financing channels, and optimizing capital returns [1] - The company is transitioning from scale expansion to a profound transformation focused on quality and efficiency, demonstrating clear strategic vision and strong execution [1] Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 21.513 billion yuan, with significant investment gains of approximately 878 million yuan from the disposal of non-core and inefficient assets [1] - The overall cash flow remains robust, with positive operating cash flow per share, supporting strategic transformation and ongoing operations [1] Business Segments - The company focuses on three core sectors: pharmaceutical distribution, pharmaceutical manufacturing, and pharmaceutical research and development [2] - The pharmaceutical distribution segment has shown significant improvement, with medical device agency business generating revenue of 4.986 billion yuan in the first half of 2025, becoming a key growth driver [2] - The pharmaceutical manufacturing segment, while smaller in revenue, has a high profit potential with a gross margin of 36.14% in the first half of 2025, crucial for optimizing profit structure [2] Innovation and R&D - The company invested 31.68 million yuan in R&D in the first three quarters of 2025, with positive progress in its R&D pipeline, including the completion of Phase I clinical trials for the innovative drug HW130 injection [2] - The management emphasizes a focus on profitability, planning to exit low-margin businesses and concentrate resources on high-value areas to enhance overall profitability and asset return levels [2] Governance and Sustainability - The company has revised 26 internal management systems and improved the operation mechanism of committees led by independent directors, reinforcing internal controls and shareholder return systems [3] - Under the new board's leadership, the company is steadily advancing along the path of focusing on core business and enhancing quality and efficiency, injecting strong momentum for future development [3]