[Table_Title] 采浆量双位数增长，利润端增速超预期 [Table_StockName] ——天坛生物（600161）点评报告 [Table_ReportDate] 2024 年 08 月 29 日 [Table_Summary] 报告关键要素: 2024 年 8 月 27 日，公司发布 2024 年半年报。2024 年上半年，公司实 现营业收入 28.41 亿元，同比增长 5.59%；实现归母净利润 7.26 亿元， 同比增长 28.10%，主要由于产品价格上升、成本费用管控等因素带来 业绩增长。 投资要点 ⚫ 央企股东优势，浆站数量、采浆规模、血制品产能行业领先 ⚫ 截至 2024 年半年报，公司所属单采血浆站分布于全国 16 个省/自治区， 总数达 102 家（在营 80 家），血浆采集 1294 吨（+15.02%），约占国内 行业总采浆量的 20%。为进一步扩大生产规模，三个血液制品生产基地 成都蓉生永安厂区，上海血制云南项目，兰州血制兰州项目设计产能均 为 1200 吨，产品包含白蛋白、球蛋白和因子类产品，目前永安厂区已 投产运行，未来随着云南项目和兰州项目逐步投产，公司将拥有三个单 厂 ...

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company achieved a revenue of 2.841 billion yuan in H1 2024, representing a year-on-year increase of 5.59%, and a net profit attributable to shareholders of 726 million yuan, up 28.10% year-on-year [1]. - The revenue from biological products reached 2.831 billion yuan, with a gross margin of 55.66%, an increase of 7.18 percentage points year-on-year [1]. - The company continues to lead in blood plasma collection, achieving a record collection of 1,294 tons, a 15% increase year-on-year, ensuring a stable supply of products [1]. - R&D expenses increased significantly by 166.36% to 69 million yuan, with over ten products in development, indicating a strong focus on innovation [1]. - The company is expanding its international market presence, achieving overseas revenue of 1.5544 million yuan, a 12.98% increase year-on-year [1]. Summary by Relevant Sections Financial Performance - H1 2024 revenue: 2.841 billion yuan, up 5.59% YoY - H1 2024 net profit: 726 million yuan, up 28.10% YoY - H1 2024 gross margin for biological products: 55.66%, up 7.18 percentage points YoY [1][2]. Product and Market Position - The company has 15 types of blood products, leading the domestic market - Key products include human albumin with revenue of 1.114 billion yuan and a gross margin of 52.63%, and intravenous immunoglobulin with revenue of 1.339 billion yuan and a gross margin of 57.49% [1]. - The "Rongsheng" series blood products hold a significant market share in China [1]. R&D and Innovation - R&D expenses increased to 69 million yuan, up 166.36% YoY - The company is developing over ten products, focusing on blood products and gene recombination products [1]. - New products like the fourth-generation intravenous immunoglobulin are expected to enhance profitability [1]. International Expansion - The company is actively pursuing international market development, with overseas revenue of 1.5544 million yuan, a 12.98% increase YoY [1].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company achieved a revenue of 2.841 billion yuan in the first half of 2024, representing a year-on-year increase of 5.59%. The net profit attributable to shareholders was 726 million yuan, up 28.1% year-on-year, with a gross margin of 55.67%, an increase of 7.13 percentage points [6] - The company is expected to maintain its long-term growth trajectory, with projected net profits for 2024-2026 at 1.412 billion, 1.739 billion, and 2.194 billion yuan respectively, corresponding to a PE ratio of 33.4, 27.1, and 21.5 times [6] Financial Performance - In Q2 2024, the company reported revenue of 1.619 billion yuan, a year-on-year increase of 15.76%, and a net profit of 409 million yuan, up 34.28% year-on-year [6] - The company’s sales expense ratio decreased to 3.9% in the first half of 2024, down 1.78 percentage points year-on-year, indicating improved cost management [8] Product Performance - The revenue from human albumin was 1.135 billion yuan, down 6.93% year-on-year, while the revenue from immunoglobulin increased by 21.97% to 1.339 billion yuan [7] - The company collected 1,294 tons of plasma in the first half of 2024, a 15% increase year-on-year, capturing approximately 20% of the domestic market share [7] Research and Development - The company has several projects in progress, including the approval of human fibrinogen and ongoing clinical trials for various recombinant coagulation factors [8]

业绩简评 2024 年 8 月 27 日，公司发布 2024 年半年度报告，2024 年上半年 公司实现收入 28.41 亿元，同比增长 5.59%；实现归母净利润 7.26 亿元，同比增长 28.10%；实现扣非归母净利润 7.23 亿元， 同比增长 29.35%。分季度看，2024 年第二季度公司实现 16.19 亿 元，同比增长 15.76%；实现归母净利润 4.09 亿元，同比增长 34.28%；实现扣非归母净利润 4.10 亿元，同比增长 33.93%。 经营分析 静丙销售持续增长，血制品业务盈利能力持续提升。公司积极开 拓市场，加快投浆和产品交库进度，有效开展提质增效等工作。 上半年公司人血白蛋白实现收入 11.14 亿元，同比减少 6.93%； 静注人免疫球蛋白实现收入 13.39 亿元，同比增长 21.97%；其他 血液制品实现营业收入3.78亿元，同比减少2.56%。公司2024 年 上半年生物制品行业合计实现收入 28.31 亿元，毛利率为 55.66%，较上年增加 7.18 个百分点。 推进血源发展，浆量稳步提升。公司及所属血制公司依托国药集 团与各地战略合作背景，积极争取各级政府及卫生 ...

——天坛生物 2024 半年报点评 | --- | |-----------------------| | 谈嘉程(分析师) | | 021-38038429 | | tanjiacheng@gtjas.com | | S0880523070004 | 本报告导读： 公司 2024Q2 业绩强劲复苏，静丙涨价驱动 2024H1 业绩增长，资产负债表健康提示 业绩可持续性，维持增持评级。 投资要点： [Table_Summary] 维持增持评级。维持 2024-2026 年预测 EPS 为 0.71/0.89/1.07 元，参 考可比公司估值给予 2025 年 PE 31X，维持目标价为 27.59 元，维 持增持评级。 批签发扰动影响消除，Q2 强劲复苏。公司 2024H1 实现营收 28.41 亿元（同比+5.6%，下同），归母净利润 7.26 亿元（+28.1%），扣非 净利润 7.23 亿元（+29.4%）；2024Q2 单季度实现营收 16.19 亿元 （+15.8%），归母净利润 4.09 亿元（+34.3%），扣非净利润 4.10 亿 元（+33.9%）。2023 年底同步批签发政策取消导致 20 ...

业绩简评 2024 年 8 月 27 日，公司发布 2024 年半年度报告，2024 年上半年 公司实现收入 28.41 亿元，同比增长 5.59%；实现归母净利润 7.26 亿元，同比增长 28.10%；实现扣非归母净利润 7.23 亿元， 同比增长 29.35%。分季度看，2024 年第二季度公司实现 16.19 亿 元，同比增长 15.76%；实现归母净利润 4.09 亿元，同比增长 34.28%；实现扣非归母净利润 4.10 亿元，同比增长 33.93%。 经营分析 静丙销售持续增长，血制品业务盈利能力持续提升。公司积极开 拓市场，加快投浆和产品交库进度，有效开展提质增效等工作。 上半年公司人血白蛋白实现收入 11.14 亿元，同比减少 6.93%； 静注人免疫球蛋白实现收入 13.39 亿元，同比增长 21.97%；其他 血液制品实现营业收入3.78亿元，同比减少2.56%。公司2024 年 上半年生物制品行业合计实现收入 28.31 亿元，毛利率为 55.66%，较上年增加 7.18 个百分点。 推进血源发展，浆量稳步提升。公司及所属血制公司依托国药集 团与各地战略合作背景，积极争取各级政府及卫生 ...

北京天坛生物制品股份有限公司 关于对国药集团财务有限公司的风险持续评估报告 根据《上海证券交易所上市公司自律监管指引第5号—交易与关联交 易》的要求，北京天坛生物制品股份有限公司（以下简称"公司"）通 过查验国药集团财务有限公司（以下简称"国药财务"）《金融许可 证》、《营业执照》等资料，并审阅了包括资产负债表、利润表、现金 流量表等在内的定期财务报告，对其经营资质、业务和风险状况进行了 评估，具体情况报告如下： 一、国药财务基本情况 国药财务成立于2012年2月23日，是经中国银行保险监督管理委员会 批准成立的非银行金融机构。 注册地址：北京市海淀区知春路20号 法定代表人：杨珊华 金融许可证机构编码：L0145H211000001 企业法人营业执照注册号：9111000071783212X7 税务登记证号码：9111000071783212X7 经营范围：1.吸收成员单位存款；2.办理成员单位贷款；3.办理成 员单位票据贴现；4.办理成员单位资金结算与收付；5.提供成员单位委 托贷款、债券承销、非融资性保函、财务顾问、信用鉴证及咨询代理业 务；6.从事同业拆借；7.办理成员单位票据承兑；8.办理成员单位产 ...

证券代码：600161 证券简称：天坛生物 公告编号：2024-033 北京天坛生物制品股份有限公司 第九届董事会第十四次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 北京天坛生物制品股份有限公司(以下简称"公司") 第九届董事会第十四 次会议于 2024 年 8 月 16 日以电子方式发出会议通知，于 2024 年 8 月 26 日在北 京市朝阳区双桥路乙 2 号院办公楼三层第一会议室召开。会议由董事孙京林先生 主持，会议应到董事八人，实到董事六人，董事长杨汇川先生、董事胡立刚先生 因公务未能出席会议，均委托董事孙京林先生代为表决。监事会二名监事列席了 会议。会议出席人数符合《公司法》及《公司章程》规定的有效人数，会议按预 定程序审议了议程中全部议案。会议做出决议如下： 一、审议通过《2024 年半年度报告正本及其摘要》 审议通过《2024 年半年度报告正本及其摘要》，2024 年半年度财务报告已 经董事会审计与风险管理委员会事前认可。 表决结果：8 票同意，0 票反对，0 票弃权。 详见同日披露的《北京天坛 ...

Financial Performance - The company's operating revenue for the first half of 2024 reached ¥2,841,374,388.64, representing a 5.59% increase compared to ¥2,690,961,828.65 in the same period last year[13]. - The net profit attributable to shareholders of the listed company was ¥726,087,887.18, a 28.10% increase from ¥566,799,608.15 in the previous year[13]. - The net profit after deducting non-recurring gains and losses was ¥723,176,364.88, reflecting a 29.35% increase from ¥559,081,561.15 in the same period last year[13]. - The net cash flow from operating activities was ¥1,206,740,374.41, showing a decrease of 5.12% compared to ¥1,271,885,437.82 in the previous year[13]. - The total assets at the end of the reporting period were ¥15,139,377,670.87, which is a 6.71% increase from ¥14,188,056,936.91 at the end of the previous year[13]. - The net assets attributable to shareholders of the listed company increased by 5.02% to ¥10,315,627,409.75 from ¥9,822,579,168.54 at the end of the previous year[13]. - Basic earnings per share for the first half of 2024 were ¥0.37, up 28.10% from ¥0.29 in the same period last year[14]. - The diluted earnings per share also stood at ¥0.37, reflecting the same percentage increase of 28.10% compared to the previous year[14]. - The weighted average return on net assets increased by 0.92 percentage points to 7.16% from 6.24% in the previous year[14]. Market and Industry Overview - The company operates in the blood products industry, focusing on the research, production, and sales of blood products, which are essential for medical emergencies and public health[17]. - The main products include human albumin, immunoglobulins, and coagulation factors, which are critical for treating various medical conditions[17]. - The market for blood products in China is expected to continue expanding due to the aging population and increasing healthcare demands[17]. - The company has identified a substantial growth opportunity in the domestic market, with current production and per capita consumption still below levels seen in developed countries[17]. Research and Development - The company maintains a leading position in R&D capabilities, with over 100 researchers and advanced R&D facilities[20]. - The company focuses on product price increases and cost control as key drivers for revenue and profit growth[20]. - The company has over ten new products in development, including blood products and gene recombinant products[20]. - The company has established a comprehensive quality management system for R&D, ensuring high standards throughout the product lifecycle[19]. Operational Highlights - The company operates 102 plasma collection stations across 16 provinces/regions, with 80 stations currently in operation[20]. - The company collected 1,294 tons of plasma, accounting for approximately 20% of the total plasma collection in the domestic industry[20]. - New production bases in Chengdu, Kunming, and Lanzhou are designed to have a production capacity of 1,200 tons each, enhancing operational quality and efficiency[20]. - The average product yield of the company's blood products remains at an industry-leading level, with continuous improvements in production efficiency and quality management[32]. Financial Management and Investments - The company reported a significant increase in employee compensation liabilities, rising by 878.88% to approximately ¥233.60 million, reflecting accrued but unpaid year-end bonuses[44]. - The company completed multiple capital increases for plasma stations to support internal development and address funding needs[46]. - The cash flow from investment activities showed a significant improvement, with a net outflow of approximately -¥31.85 million compared to -¥646.69 million in the previous year[40]. - The company has made significant equity investments totaling RMB 83,500,000, with 100% ownership in multiple plasma collection companies[47]. Environmental Responsibility - The company has implemented strict compliance with national environmental protection laws and standards for waste treatment[66]. - The company’s subsidiaries have consistently maintained emissions below the regulatory limits for both wastewater and air pollutants[67]. - The company is committed to environmental responsibility and has taken measures to ensure compliance with pollution discharge standards[68]. - The company has established an energy certification system (ISO 50001) to strengthen energy conservation and emission reduction efforts[85]. Governance and Compliance - The company is focused on enhancing its governance structure, ensuring that all shareholder meetings and resolutions are legally valid and effective[63]. - The company has established a special incentive program for research personnel to encourage innovation and accelerate research progress[65]. - The company has implemented a comprehensive internal control system to enhance compliance and risk management, ensuring legal and regulatory adherence[37]. - The company has not reported any exceedance in solid waste emissions across its subsidiaries[68]. Related Party Transactions - The company commits to minimizing related party transactions and ensuring they are conducted on fair and reasonable commercial terms[94]. - The company ensures that related party transactions do not illegally transfer funds or profits from Tian Tan Biological to protect the interests of minority shareholders[94]. - The expected related party transaction amount for 2024 is estimated at 2,104.03 million RMB for purchase and sale of goods and provision of services, and 33.06 million RMB for leasing[96]. Shareholder Information - The total number of common stock shareholders was 44,169[108]. - The company completed a capital increase of 329,561,908 shares, raising the total share capital from 1,647,809,538 shares to 1,977,371,446 shares[108]. - The total number of shares held by the top ten unrestricted shareholders did not change compared to the previous period[110]. - The company has not experienced any changes in its controlling shareholder or actual controller during the reporting period[112]. Financial Reporting and Accounting Policies - The financial reports comply with the requirements of the enterprise accounting standards, reflecting the company's financial position and operating results accurately[148]. - The company recognizes significant capitalized R&D projects if their amount exceeds 0.5% of total assets[152]. - The company’s accounting year runs from January 1 to December 31[149]. - The company measures financial assets at fair value, with gains or losses recognized in the current profit or loss, unless part of a hedging relationship[160].

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据中国证券监督管理委员会（以下简称"中国证监会"）《上市公司监管指 引第 2 号——上市公司募集资金管理和使用的监管要求》和《上海证券交易所上市 公司自律监管指引第 1 号——规范运作》等有关规定，现将北京天坛生物制品股份 有限公司（以下简称"公司"或"天坛生物"）2024 年半年度募集资金存放与实际 使用情况报告如下： 一、募集资金基本情况 证券代码：600161 证券简称：天坛生物 公告编号：2024-035 北京天坛生物制品股份有限公司 2024 年半年度募集资金存放与实际使用情况的专项报告 经中国证券监督管理委员会《关于核准北京天坛生物制品股份有限公司非公开 发行股票的批复》（证监许可[2021]619 号）核准，公司获准非公开发行人民币普 通股（A 股）不超过 121,840,528 股。根据实际发行及询价情况，公司向 15 名认购 对象非公开发行人民币普通股（A 股）股票 118,734,447 股，发行价为每股人民币 28.13 元，募集资金总额为人民币 3,33 ...