主营介绍

运营业务数据

最新公告日期:2018-04-28 
业务名称 2017-12-31
医药制造:药品库存量(元) 1.58亿
医药制造:食品、保健品库存量(元) 3617.12万
医药商业流通库存量(元) 31.34亿

主营构成分析

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营业收入 X

单位(%) 单位(万元)
注:通常在中报、年报时披露 
业务名称 营业收入(元) 收入比例 营业成本(元) 成本比例 利润比例 毛利率
按行业 医药流通 150.86亿 86.48% 134.80亿 87.81% 76.77% 10.65%
医疗器械 19.62亿 11.25% 16.54亿 10.77% 14.74% 15.72%
医药制造 2.38亿 1.37% 1.33亿 0.87% 5.02% 44.03%
食品、保健品 1.57亿 0.90% 8455.05万 0.55% 3.47% 46.23%
按产品 采购商品 170.48亿 97.73% 151.33亿 98.58% 91.51% 11.23%
公司产品 3.96亿 2.27% 2.18亿 1.42% 8.49% 44.90%
按地区 华东地区 84.92亿 48.68% 75.29亿 49.05% 46.03% 11.34%
华中地区 52.53亿 30.11% 46.13亿 30.05% 30.59% 12.19%
华南地区 22.28亿 12.77% 18.72亿 12.19% 17.03% 15.99%
其他地区 7.51亿 4.31% 6.96亿 4.53% 2.65% 7.39%
北方地区 7.19亿 4.12% 6.42亿 4.18% 3.69% 10.73%

董事会经营评述

  一、概述  报告期内,在行业增速整体放缓,融资成本大幅上升,政府"去杠杆"大背景下,公司管理层、各部门、各分子公司齐心协力下,实现了营业收入和净利润的大幅增长,彰显了公司的强劲实力。  报告期内公司实现营业收入约175.51亿元,同比增长90.32%;实现归属于上市公司股东的净利润约3.27亿元,同比增长38.66%;实现归属于上市公司股东的扣除非经常性损益的净利润约2.90亿元,同比增长21.89%。  各版块具体经营情况如下:  1、医药商业  在公司统筹管理和各相关部门、各分子公司配合下,报告期内,公司医药商业版块实现营业收入约170.48亿元,同比增长92.03%。虽行业整体增速有... 查看全部▼

  一、概述
  报告期内,在行业增速整体放缓,融资成本大幅上升,政府"去杠杆"大背景下,公司管理层、各部门、各分子公司齐心协力下,实现了营业收入和净利润的大幅增长,彰显了公司的强劲实力。
  报告期内公司实现营业收入约175.51亿元,同比增长90.32%;实现归属于上市公司股东的净利润约3.27亿元,同比增长38.66%;实现归属于上市公司股东的扣除非经常性损益的净利润约2.90亿元,同比增长21.89%。
  各版块具体经营情况如下:
  1、医药商业
  在公司统筹管理和各相关部门、各分子公司配合下,报告期内,公司医药商业版块实现营业收入约170.48亿元,同比增长92.03%。虽行业整体增速有所放缓,但公司医药商业板块经营性净利润依然保持良好增长态势,确保了公司在激烈竞争的市场环境下得以健康发展,对公司业绩快速增长做出了积极贡献。
  截至报告期末,公司建立了覆盖全国20多个省份(直辖市、自治区)的庞大的医药商业业务网络体系,已形成具有区域性优势的大型配送体系和组织架构,努力向全国性的医药配送商发展。报告期内,公司着力加强内部管理,发挥集团化管理优势,提高资源整合及协同,促进整体业绩稳步增长。
  2、医药工业
  公司医药工业版块分为医药制造及食品两大版块。
  报告期内,医药制造版块实现营业收入约2.38亿元,同比增长7.11%。在市场行情不断变化,医药企业之间竞争日趋激烈的情况下,公司根据不断变化的市场形势,实施灵活的营销策略,结合公司产品资源不断开拓市场,努力培育重点品种。
  同时,紧抓内部控制管理,产品质量管理,保证安全生产。
  报告期内,健康科技主要产品通过婴幼儿奶粉配方注册制认证,销售有较大增长。食品版块实现营业收入约1.57亿元,同比增长48.06%。
  3、医药研发
  报告期内,海王研究院在研药品研究试验工作有序开展。在研抗肿瘤新药"二甲苯磺酸萘普替尼片"的临床研究申请获得美国食品药品监督管理局批准,启动美国I期临床试验;完成仿制药西地那非片临床备案申报,开展生物等效性(BE)临床研究。
  报告期内,仿制药质量一致性评价药学研究平台投入全面使用,开展5个项目一致性评价研究工作,完成2个项目预生物等效性研究,开展1个项目的正式生物等效性研究、2个项目的准备工作。
  报告期内,海王研究院共有5项发明专利获得授权,提交新发明专利申请6项。
  4、国际化业务及精准医疗布局
  为实现本公司在肿瘤治疗和精准医疗领域跨越式发展并提升行业影响力及竞争力,2016年度,公司入股美国Provision Healthcare, LLC,并与Provision Healthcare医疗集团共同设立中国合资公司深圳中美海惠国际医疗发展有限公司在中国境内独家经营Provision Healthcare质子治疗系统,加强拓展精准医疗业务并加大国际化业务布局的力度。目前中美海惠与国内多家肿瘤医院和综合性三甲医院签署战略合作协议,将在中国落地建设运营质子治疗中心。
  5、拓展和优化融资渠道情况
  公司积极拓展和优化融资渠道,满足公司发展资金需求,并进一步完善融资模式以降低公司资产负债率。
  报告期内,"建投-海王生物1期应收账款债权资产支持专项计划"成立,募集资金9.87亿元(含本公司认购的次级份额);公司2018年非公开发行公司债券(额度25亿元)取得深圳证券交易所无异议函,并于2018年7月成功发行第一期,募集资金8亿元;报告期内,公司成功获得北京金融资产交易所《接受备案通知书》,以公司下属企业对公立医院合格应收账款为基础资产的20亿元额度的债权融资计划备案申请,并于2017年7月成功发行第一期8.9亿元。
  报告期内,公司第七届董事局第十八次会议及2018年第二次临时股东大会审议通过了公司2018年度配股公开发行证券相关事项,拟配股募集资金总额预计不超过50亿元,用于偿还银行贷款和补充公司流动资金。通过实施配股公开发行证券,有利于优化公司资本结构,推动公司长远快速发展。
  公司将继续建设和完善多样化融资渠道,降低融资渠道单一带来的系统风险,为业务规模增长提供强有力的资金支持。
  截至本报告披露日,公司已完成2017年面向合格投资者公开发行公司债券(第一期)及2017年度第一期中期票据第一个计息年度的付息;完成了2017年度发行的合计25亿元的短期债券的本息兑付。

  二、公司面临的风险和应对措施
  1、宏观经济波动风险
  2018年是实施"十三五"规划的重要一年,也是推进供给侧结构性改革的深化之年,经济运行有望总体企稳。但目前全球经济贸易依旧持续低迷,国内产能过剩和需求结构升级的矛盾仍然突出,一些领域的风险显现,企稳积极因素虽逐渐增多但下行压力依然较大。公司所处行业虽然受到国家政策大力支持,但仍不能排除宏观经济发生不可预测的变动而对公司业绩造成的风险。
  公司将加强对宏观经济信息的收集和研究,提高预测和分析能力,提前采取应对措施。
  2、政策风险
  医药行业作为民生行业受政策支持的影响得到了资金的青睐,行业投资情况良好。近两年,行业内企业正在加快业务布局,行业外的大量资本也快速进入医药健康领域,致使行业竞争格局加剧。同时随着新医改的推进,医保控费越来越严、医院药占比越来越小、药品招标降价和辅助用药、抗生素、大输液限制力度加大等政策均可能导致公司医药商业流通业务和医药工业业务增速放缓,影响公司的盈利水平。公司将持续密切关注行业动态,持续加强对行业政策的研究与分析,提前采取应对措施以适应市场的变化。
  3、运营管理风险
  为了实现跨越式发展,近两年公司加快了收购兼并和资源整合的力度,一些并购企业的盈利能力、资产质量,债务情况、诉讼纠纷等不确定性、多样性变化都会带来不容忽视的收购风险。另外,并购之后企业的管理人员、管理队伍、管理手段与公司能否具有一致性、协调性,管理水平能否适应公司的发展要求,这些都存在不确定性,可能会造成管理风险。
  结合公司的运营情况和实际管理要求,公司采取了完善的风险管理措施,从多层面多角度对公司进行管控。在子公司治理上,公司对所有新收购公司都进行规范化的法人治理,对股东会、董事局、监事会、管理层的权利责任明确界定及贯彻执行,对各自职权进行约束。在内部核心岗位上,下属公司财务负责人,下属各集团公司的财务负责人、法务负责人、审计负责人、人力资源负责人均由公司直接委派,直接管理。2017年度公司六大区域集团公司成立,对所属区域子公司进行直接管控,进一步强化了对子公司的管理。

  三、核心竞争力分析
  公司成立于1992年,1998年12月18日在深圳证券交易所上市,多年来致力于医药产业的发展,目前已形成医药研发、医药工业、医药商业流通等产业平台;依托强大的自主创新能力、先进的医药商业模式、完整的产业链条、专业的管理团队、领先的品牌价值,逐步将公司打造成为了综合实力雄厚的医药企业。
  1、医药商业模式优势
  公司医药商业业务以全资子公司银河投资为投资管理平台,并通过山东海王集团、苏鲁海王集团、河南海王集团、湖北海王集团、安徽海王集团、黑龙江海王集团六大集团公司及多个管理平台,对下属医药商业企业进行管控。截至报告期末,公司已建立了覆盖全国20多个省份(直辖市、自治区)的庞大的医药商业业务网络体系。公司是业内最早开展医院用药集中配送探索的公司之一,通过集中配送模式,公司缩短了药品流通渠道,实现政府、医院、患者等各方的多赢格局。
  为顺应行业发展趋势,公司积极探索新业务模型,延伸供应链服务创新获取高附加值。继续通过探索发展"医药电商""专业第三方物流"等创新供应链服务模式进一步开拓商业业务,提升附加值和客户粘性。公司全资子公司银河科技承建的威海市立医院院内物流系统和自动化药房改造项目,入选国家商务部第一批医药物流服务延伸示范项目;子公司山东海王银河医药有限公司被授予山东省药品保障动员中心。
  2、产业链整合优势
  海王生物自创立以来始终坚持专注于医药产业发展,注重培育自主创新能力,目前已经形成了涵盖医药产品研发、制造、医药商业流通的完善的产业链,并在品牌、研发、制造、流通环节上具备了一定的竞争优势。公司处于医药行业完整产业链的环境中,具备产业链整合的优势。
  3、研发创新能力
  公司一直将创新视为生存和发展的生命线,坚持以市场为导向、产品为核心,形成产学研和产销研相结合的技术创新体系。目前公司已经拥有国家高新技术研究发展计划成果产业化基地、南海海洋生物技术国家工程研究中心、广东省教育部产学研结合示范基地等,并发展成为一个包含新药药学研究、药理药效筛选、分析测试、中试放大、临床研究、药事报批等功能的专业化、规范化企业技术创新体系,形成了一个专业、高效的新产品产业化开发和成果转化系统。公司强大的研发实力,是保持公司持续稳定发展的重要因素。
  海王仿制药一致性评价研究中心已正式启动。海王医药研究院于2017年11月被广东省科技厅认定为广东省新型研发机构。
  4、医药工业优势
  公司医药工业业务主要分为药品和食品两大部分,以心脑线和肿瘤线产品开发为主导,非处方药和处方药战略互补性开发为基础,拥有品规数百余种。目前已搭建了多元化、多层次的医药产品结构,在抗肿瘤、麻醉精神类药、肠外营养药、基础输液类、现代中成药、呼吸系统等疾病领域均形成了具有较强竞争力的优势产品。公司医药工业板块的海王福药、海王金象均为省级高新技术企业。此外,海王福药于2017年3月获得福州市人民政府颁发的《十佳专家工作站》称号,在福建省医药行业具有竞争优势;食品板块以婴幼儿基础营养和强化营养食品等为主,具有较强竞争力的产品品种。
  5、加速国际化业务及精准医疗布局
  为实现本公司在肿瘤治疗和精准医疗领域跨越式发展并提升行业影响力及竞争力,2016年度,公司入股美国Provision Healthcare, LLC,并与Provision Healthcare医疗集团共同设立中国合资公司深圳中美海惠国际医疗发展有限公司在中国境内独家经营Provision Healthcare质子治疗系统,加强拓展精准医疗业务并加大国际化业务布局的力度。
  6、股权激励及员工持股计划增强员工积极性
  公司于2015年度公司推出了限制性股票激励计划,于2017年度实施了员工持股计划,均分别对包括公司主要管理层在内的100多名员工进行激励,解锁条件及业绩考核指标均与公司经营性利润相结合,以实现激励员工,增强员工工作的积极性和创造性,实现公司效益最大化的目标。
  目前公司实施的股权激励措施除上市公司本部外还有研发体系激励措施、商业体系激励措施等,相关激励措施均附加业绩要求。
  上述激励措施的有效执行,将有利于驱动公司的经营效果。 收起▲