（文章来源：证券日报） 证券日报网讯 2月9日，海王生物在互动平台回答投资者提问时表示，2025年公司以"增加销售毛利、保 障资产安全、改善融资渠道、优化资金回报"为经营管理指导思想，围绕现金流为核心，以效益最大化 为目标，组织开展各项经营活动。在推进业务拓展的同时，公司聚焦资产优化与资源整合，着力提升可 持续发展能力。公司对长期亏损、不符合核心战略的子公司或业务板块进行综合评估，通过股权转让、 资产出售、清算等方式剥离不良资产。 ...

Core Viewpoint - Haiwang Biological (000078) expects a net profit loss attributable to shareholders of approximately 490 million to 600 million yuan for the fiscal year 2025, representing an increase in loss of 49.72% to 58.94% compared to the previous year's loss of 1.193 billion yuan [1] Group 1: Financial Performance - The main reason for the performance change is the optimization of business structure, which is expected to impact net profit loss by approximately 110 million to 150 million yuan [1] - The company anticipates goodwill impairment of about 120 million to 150 million yuan, with the scale of impairment significantly reduced compared to previous years [1] - Expected credit impairment losses are estimated to be between 150 million to 220 million yuan, indicating a generally good credit foundation, although some public medical institutions face long-term debt recovery issues [1]

登录新浪财经APP 搜索【信披】查看更多考评等级 二、与会计师事务所沟通情况 本次业绩预告相关数据是公司财务部门初步测算的结果，未经会计师事务所审计。但公司已就业绩预告 有关重大事项与年度审计会计师事务所进行了预沟通，公司与会计师事务所在本报告期的业绩预告方面 不存在重大分歧。 三、业绩变动主要原因说明 1、优化业务结构布局，短期业绩受影响 2025年公司以"增加销售毛利、保障资产安全、改善融资渠道、优化资金回报"为经营管理指导思想，围 绕现金流为核心，以效益最大化为目标，组织开展各项经营活动。在推进业务拓展的同时，公司聚焦资 产优化与资源整合，着力提升可持续发展能力。公司对长期亏损、不符合核心战略的子公司或业务板块 进行综合评估，通过股权转让、资产出售、清算等方式剥离不良资产。公司已对部分子公司采取停止业 务措施，受相关清算程序尚未完成的影响，预计影响本报告期净利润亏损约11,000万元-15,000万元（最 终金额经会计师事务所审计后确定）。上述举措虽在短期内影响了公司整体经营规模与利润贡献，但有 效优化了资产质量与现金流，为促进公司长期健康稳步发展奠定坚实基础。 本公司及董事局全体成员保证信息披露的内容 ...

Group 1: Company Performance - Haiwang Bio (code: 000078.SZ) expects a net loss attributable to shareholders of 490 million to 600 million yuan for the year 2025, compared to a loss of 1.19 billion yuan in the previous year, indicating a continuous narrowing of losses for two consecutive years [1] - The company plans to focus on core business and asset integration by divesting 24 long-term loss-making subsidiaries, which is expected to impact net profit by 110 million to 150 million yuan this period [3] - The company anticipates goodwill impairment of 120 million to 150 million yuan, significantly lower than previous periods, indicating a gradual release of prior goodwill risks [3] Group 2: Industry Overview - The pharmaceutical distribution industry is undergoing a deep adjustment, with a decline in hospital and pharmacy terminal sales by 5.7% and 0.4% respectively in the first half of 2025 [2] - The new stage of centralized procurement emphasizes "stabilizing clinical use, ensuring quality, and countering internal competition," leading to structural adjustments in the procurement mechanism [2] Group 3: Strategic Transformation - 2025 is a critical year for Haiwang Bio's strategic transformation, with short-term business structure optimization and cost control pressures affecting performance [3] - The company is enhancing its core capabilities through collaboration with leading brands in the medical device sector and expanding value-added services [4] - The focus on high-margin industrial products and innovative research and development is expected to drive long-term growth, with a shift towards a "product + service" integrated business model [4][5] Group 4: Future Outlook - The company is expected to benefit from industry policy dividends and the implementation of its strategic initiatives, with a potential performance inflection point in 2026 [5] - The medical device sector will continue to deepen partnerships with top brands, aiming to expand its commercial platform to a "billion-level" target [5] - The company plans to accelerate the development of core pipelines and expand its matrix of products undergoing consistency evaluation, aiming to cultivate new profit growth points [7]

每经头条（nbdtoutiao）——核电建设热潮下，设备厂忙到"飞起"！订单已排至2028年，员工三班倒， 产线24小时不停 每经AI快讯，海王生物1月30日晚间发布业绩预告，预计2025年归属于上市公司股东的净利润亏损4.9亿 元~6亿元。基本每股收益亏损0.1862元至0.228元。上年同期归属于上市公司股东的净利润亏损约11.93 亿元。基本每股收益亏损0.4536元。业绩变动主要原因是，优化业务结构布局，短期业绩受影响。2025 年公司以"增加销售毛利、保障资产安全、改善融资渠道、优化资金回报"为经营管理指导思想，围绕现 金流为核心，以效益最大化为目标，组织开展各项经营活动。在推进业务拓展的同时，公司聚焦资产优 化与资源整合，着力提升可持续发展能力。公司对长期亏损、不符合核心战略的子公司或业务板块进行 综合评估，通过股权转让、资产出售、清算等方式剥离不良资产。公司已对部分子公司采取停止业务措 施，受相关清算程序尚未完成的影响，预计影响本报告期净利润亏损约1.1亿元~1.5亿元。上述举措虽 在短期内影响了公司整体经营规模与利润贡献，但有效优化了资产质量与现金流，为促进公司长期健康 稳步发展奠定坚实基础。 ...

证券代码：000078 证券简称：海王生物 公告编号：2026-007 深圳市海王生物工程股份有限公司 2025 年年度业绩预告 本公司及董事局全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 一、本期业绩预计情况 （一）业绩预告期间： 2025年1月1日至2025年12月31日 （二）业绩预告情况： 预计净利润为负值 （1）预计本报告期业绩情况 | 项 | 目 | | 本报告期 | | 上年同期 | | | --- | --- | --- | --- | --- | --- | --- | | 归属于上市公司 股东的净利润 | | 亏损：-49,000.00 | 万元至-60,000.00 | 万元 | 亏损：-119,341.50 | 万元 | | | | 比上年同期增长：49.72% | - | 58.94% | | | | 扣除非经常性损 益后的净利润 | | 亏损：-58,000.00 | 万元至-68,000.00 | 万元 | 亏损：-123,794.84 | 万元 | | | | 比上年同期增长：45.07%-53.15% | | | | | | 基本每股收益 ...

Core Insights - The Chinese generic drug industry is undergoing significant changes due to policy factors, including the implementation of the drug marketing authorization holder system and early resolution mechanisms for patent disputes, which are reshaping the competitive landscape [1][11]. Industry Overview - The number of generic drug products that have passed or are deemed to have passed evaluations in China reached 2,998 in 2024, an increase of 1,008 from 2023, representing a year-on-year growth of 50.65% [1][11]. - The proportion of contract manufacturing among these evaluated generic drug products reached 33% in 2024, up from 12% in 2020, indicating a trend towards deeper industry collaboration and resource allocation [1][11]. Generic Drug Consistency Evaluation - The consistency evaluation of generic drugs ensures that they meet the same quality and efficacy standards as original drugs, which is crucial for patient safety and effective treatment [2][3]. - The evaluation process includes determining reference formulations, conducting pharmaceutical research, and ongoing monitoring to ensure compliance with quality and safety standards [2][3]. Industry Policies - Recent policies have been introduced to enhance the quality of generic drugs and promote their market acceptance, including the 2025 guidelines for deepening drug regulation reforms [5][6]. - The establishment of a reference formulation directory is essential for conducting consistency evaluations, with 87 batches published by the National Medical Products Administration by the end of 2024 [9]. Market Dynamics - The market for chemical generic drugs in China is projected to be 868.3 billion yuan in 2024, showing a decline of 3% year-on-year, with the market share of chemical generics in the overall drug market decreasing from 60% in 2018 to 50% in 2024 [7][8]. - The competitive landscape is becoming increasingly polarized, with leading pharmaceutical companies gaining significant market share while smaller firms face challenges due to funding and research limitations [11]. Key Companies - Notable companies in the generic drug consistency evaluation sector include Tigermed Pharmaceutical Technology Co., Ltd., Huahai Pharmaceutical Co., Ltd., and Hengrui Medicine Co., Ltd., among others [1][11]. - Tigermed reported a revenue of 1.71 billion yuan in clinical trial services for the first half of 2025, reflecting a 3.07% increase year-on-year, while Hengrui Medicine achieved a revenue of 13.693 billion yuan, up 12.85% [12][14]. Future Trends - The focus of generic drug evaluations is expected to shift towards high-tech barrier products, such as controlled-release formulations and complex injectables, requiring enhanced reverse engineering and pharmaceutical research capabilities [15][16]. - The production model is transitioning from batch production to continuous manufacturing, which aims to ensure consistent quality and compliance with evaluation standards [15][16]. - Companies are encouraged to adopt a full lifecycle management approach for their products, emphasizing ongoing research and optimization post-evaluation to maintain market leadership [16].

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600829 | 人民同泰 | 11.77 | -4.70% | 30.18万 | 3.57亿 | | 603122 | 合富中国 | 17.80 | -4.20% | 24.82万 | 4.44/乙 | | 000078 | 海王生物 | 3.80 | -4.04% | 200.25万 | 7.71亿 | | 002589 | 瑞康医药 | 3.40 | -2.86% | 75.75万 | 2.60亿 | | 002788 | 鹭乖医药 | 15.81 | -2.23% | 34.74万 | 5.54亿 | | 600056 | 中国医药 | 11.04 | -1.52% | 31.67万 | 3.49 Z | | 300937 | 药易购 | 34.98 | -1.19% | 3.06万 | 1.08亿 | | 000950 | 重药控股 | 6.15 | -0.97% | 35.60万 | 2.19亿 | | 600713 | 南京医药 | ...

证券代码：000078 证券简称：海王生物 公告编号：2026-006 深圳市海王生物工程股份有限公司 关于为控股子公司提供担保实施情况的公告 本公司及董事局全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 一、担保情况概述 为支持子公司业务发展，深圳市海王生物工程股份有限公司（以下简称"公 司"或"本公司"）于2025年3月31日召开的第九届董事局第二十二次会议、2025年 4月18日召开的2025年第一次临时股东大会，审议通过了为控股子公司提供担保 等事项，担保决议有效期为自公司股东会审议通过该议案之日起一年。担保事项 均已提请公司股东会授权管理层，根据银行审批情况协商签订担保协议、办理相 关担保手续；具体情况请参见公司2025年4月1日、2025年4月19日刊登在《证券 时报》《上海证券报》《中国证券报》《证券日报》及巨潮资讯网上的相关公告。 在上述股东大会审批范围内，公司近期为以下子公司向银行或其他金融机构 申请综合授信额度等事项提供了担保： 1、苏鲁海王医药集团有限公司（以下简称"苏鲁海王集团"）向上海睿海创 世商业保理有限公司申请融资保理服务，公司为其在该公司不超 ...

Group 1 - The pharmaceutical commercial sector increased by 0.21% on January 26, with Haiwang Biological leading the gains [1] - The Shanghai Composite Index closed at 4132.61, down 0.09%, while the Shenzhen Component Index closed at 14316.64, down 0.85% [1] - Haiwang Biological's stock price rose by 9.95% to 4.20, with a trading volume of 2.84 million shares and a transaction value of 1.12 billion [1] Group 2 - The pharmaceutical commercial sector saw a net inflow of 6.12 million from institutional investors, while retail investors had a net inflow of 11 million [2] - Major stocks in the sector experienced varied performance, with some stocks like Hainan Biological and Ruikang Pharmaceutical showing significant gains, while others like Hefo China and Luhua Pharmaceutical faced declines [2][3] - The net inflow and outflow of funds indicate a mixed sentiment among different types of investors in the pharmaceutical sector [2][3]