Core Viewpoint - The company is preparing for its 2024 annual shareholders' meeting, emphasizing the protection of shareholders' rights and the efficiency of the meeting process [1][2][3]. Meeting Procedures - The board of directors is committed to maintaining order and efficiency during the shareholders' meeting, adhering to relevant laws and regulations [1]. - Shareholders must register according to the meeting notice and present valid identification to attend [1]. - Late arrivals will not be counted in the voting unless approved by the meeting's working group [1]. - Shareholders have the right to speak, consult, and vote during the meeting, and must respect the rights of other shareholders [1][2]. Meeting Agenda - The meeting will cover several key topics, including the review of the 2024 board and supervisory reports, financial statements, and profit distribution plans [3][4]. - The company achieved a revenue of 6.03 billion yuan in 2024, a year-on-year increase of 16.44%, and a net profit of 1.55 billion yuan, up 39.58% [4]. Operational Highlights - The company has focused on enhancing blood source development, achieving a collection of 2,781 tons of plasma in 2024, a 15.15% increase year-on-year [4][5]. - The company has implemented various quality management systems to ensure the safety of plasma donors and the quality of raw plasma [5][6]. - The production of blood products has been optimized through the adoption of advanced information systems, leading to improved efficiency and product yield [5][6]. Research and Development - The company has made significant progress in drug development, with several products completing clinical trials and receiving regulatory approvals [7]. - In 2024, the company was granted 22 patents, including 3 invention patents [7]. Market Strategy - The company is actively expanding its market presence, focusing on pediatric, neurological, and critical care sectors, and has established connections with over 700 top-tier hospitals across more than 30 provinces [8]. - The company is also pursuing international market opportunities, with products registered for sale in Macau and participation in international trade exhibitions [8]. Investment and Growth - The company completed the acquisition of a 100% stake in Zhongyuan Ruide for 185 million USD, adding new plasma collection stations and increasing plasma collection capacity [9][10]. - Ongoing investments in existing plasma stations are aimed at expanding blood source capabilities [10]. Compliance and Governance - The company has established a robust internal control system to ensure compliance with legal and regulatory requirements, enhancing risk management capabilities [10][11]. - The board of directors and supervisory committee have conducted regular meetings to oversee the company's operations and ensure adherence to governance standards [12][19]. Future Plans - The company aims to strengthen budget control, enhance blood source management, optimize production processes, and expand international operations in 2025 [15][16][17].

2024 年年度股东大会文件 二零二五年五月 2024 年年度股东大会文件 2024 年年度股东大会会议须知 为维护股东的合法权益，确保北京天坛生物制品股份有限公司 （以下简称"公司"）2024 年年度股东大会的正常秩序和议事效率， 根据《中华人民共和国公司法》、中国证券监督管理委员会《上市公 司股东会规则》等法律、法规和《公司章程》的规定，现就会议须知 通知如下： 一、董事会以维护全体股东的合法权益、维持大会正常秩序和提 高议事效率为原则，认真履行《公司章程》规定的职责，做好召集、 召开股东大会的各项工作。 二、参加股东大会的股东（包括股东代表，下同）请按本次股东 大会会议通知要求的会议登记方法办理登记手续，出示相应证件，经 验证合格后领取股东大会会议资料，方可出席会议。 三、股东请按时进入会场，按工作人员安排入座。 四、股东大会正式开始后，迟到股东人数、股权额不计入表决数。 特殊情况，应经股东大会工作组同意并向见证律师申报同意后方可计 入表决数。 2024 年年度股东大会文件 | 常用词语释义 | | | | --- | --- | --- | | 公司、天坛生物 | 指 | 北京天坛生物制品股份有限公司 ...

Group 1 - The 2024 Annual General Meeting (AGM) of Beijing Tiantan Biological Products Co., Ltd. has been postponed from May 20, 2025, to May 27, 2025, due to scheduling conflicts with important meetings that prevented several directors from attending [2][3] - The new date and time for the AGM is set for May 27, 2025, at 13:30 [3] - The network voting for the AGM will be available on the same day, from 9:15 to 15:00, with specific time slots for trading system voting [3] Group 2 - The postponement of the AGM complies with relevant laws, regulations, and the company's articles of association [2] - The equity registration date and other details remain unchanged, as referenced in the previous notice published on April 26, 2025 [3]

Core Viewpoint - The blood products sector is experiencing revenue growth among listed companies, but profitability is declining due to price reductions driven by increased competition and centralized procurement policies [1][2]. Group 1: Company Performance - In 2024, all nine listed companies in the blood products sector achieved revenue growth, with seven companies reporting an increase in net profit [1]. - In Q1 2024, eight companies reported a decline in net profit year-on-year, including Shanghai Raist and Tian Tan Biological, with declines of 25.20% and 22.90% respectively [1][2]. - Tian Tan Biological attributed its profit decline to a greater reduction in product prices than the increase in sales volume, primarily due to intensified market competition and centralized procurement [2][5]. - Shanghai Raist's net profit decline was also linked to increased credit impairment losses, which surged by 481% due to a rise in accounts receivable [2]. Group 2: Market Dynamics - The price of human albumin has been decreasing, with terminal prices dropping by 10% and 20% for human albumin and intravenous immunoglobulin respectively in Q1 2024 [5]. - The blood products market is characterized by a limited number of qualified players, with fewer than 30 companies holding production qualifications [1]. - The industry is facing pressure from imported human albumin, which is expected to account for 68% of total batch issuance in 2024, creating competitive challenges for domestic producers [7][12]. Group 3: Industry Trends - Centralized procurement has been a significant factor in price reductions, but its impact is considered manageable due to the rigid clinical demand for blood products [6]. - The blood products industry is heavily reliant on plasma supply, with a noted shortage in domestic plasma availability to meet market demand [7][12]. - Companies are actively pursuing acquisitions of plasma collection stations to secure raw material supply, indicating a competitive landscape for plasma resources [14][15].

证券代码：600161 证券简称：天坛生物 公告编号：2025-020 一、原股东大会有关情况 1. 原股东大会的类型和届次 2024年年度股东大会 | 股份类别 | 股票代码 | 股票简称 | 股权登记日 | | --- | --- | --- | --- | | Ａ股 | 600161 | 天坛生物 | 2025/5/13 | 二、股东大会延期原因 北京天坛生物制品股份有限公司 关于2024年年度股东大会的延期公告 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。 重要内容提示： 会议延期后的召开时间：2025 年 5 月 27 日 3. 延期召开的股东大会股权登记日及其他事项不变，具体请参照公司2025 年 4 月 26 日刊登的《北京天坛生物制品股份有限公司关于召开 2024 年年度股东 大会的通知》（公告编号：2025-018）。 四、其他事项 因重要会议时间冲突，多名董事无法于原定时间参加本次股东大会。经慎重 考虑，公司决定将原计划于 2025 年 5 月 20 日召开的 2024 年年度股东大会延期 至 2025 ...

Investment Rating - The investment rating for the company is "Buy" [4][8]. Core Insights - The company reported a total operating revenue of 6.032 billion yuan in 2024, representing a year-on-year increase of 16.44%, and a net profit attributable to shareholders of 1.549 billion yuan, up 39.58% [1][8]. - In Q1 2025, the company achieved total operating revenue of 1.318 billion yuan, a growth of 7.84%, but the net profit attributable to shareholders decreased by 22.90% due to a decline in product prices [1][2]. - The company has expanded its blood plasma collection capabilities, with a total of 107 plasma collection stations across 16 provinces, achieving a plasma collection volume of 2,781 tons, which is a 15.15% increase [2][3]. - The revenue from blood products reached 6.013 billion yuan in 2024, with significant contributions from human albumin (2.510 billion yuan, +11.70%) and immunoglobulin (2.758 billion yuan, +18.90%) [2][3]. Summary by Sections Financial Performance - For 2024, the company reported operating revenue of 6,032 million yuan and a net profit of 1,549 million yuan, with respective growth rates of 16.44% and 39.58% [1][8]. - The forecast for 2025 indicates an expected net profit of 1,644 million yuan, with an EPS of 0.83 yuan per share [8][12]. Business Expansion - The acquisition of 100% equity in Zhongyuan Ruide for 1.85 billion USD has added a new blood product manufacturing enterprise and five operational plasma collection stations [2][3]. - The company maintains a leading position in the domestic market with a plasma collection market share of approximately 20% [2]. Research and Development - The company has made significant progress in R&D, with several products receiving clinical trial approvals and market applications, including human fibrinogen and recombinant coagulation factors [3][8]. - The company is actively pursuing new treatment indications for existing products, enhancing its product pipeline [3][8]. Profitability and Cost Management - The gross margin for 2024 was reported at 54.70%, reflecting a year-on-year increase of 3.94 percentage points, while the gross margin for Q1 2025 was 45.87%, a decrease of 10.20 percentage points [8]. - The company has improved its cost control measures, with a reduction in the combined sales, management, and financial expense ratios [8].

QYResearch的观点和数据因被众多国内外知名企业、证券公司及媒体频繁引用与转载，而享有高度的 品牌知名度。其权威认证确保了所提供的行业分析及定制报告的可信度与专业度，是业界信赖的优选。 0 1 恒州博智的LED照明报告被深圳民爆光电公司中的年报引用 民爆光电（301362）2024年度管理层讨论与分析 据恒州博智发布的《2023年中国LED照明行业全景图谱》显示，2023年，全球LED防爆照明市场销售额达到 了49亿元，并预测在2028年将达到79亿元，期间的复合年增长率（CAGR）约为7.8%。这一增长可归因于 LED防爆灯在石油和采矿、军事基地、机场以及其他商业和工业领域的广泛应用，这些领域对于安全照明有着 极高的要求。 来源：证券之星 更多：https://stock.stockstar.com/RB2025040100020605.shtml 最新报告推荐：2025年全球及中国极端温度LED照明企业出海开展业务规划及策略研究报告 0 2 深圳思创策划咨询有限公司引用了恒州博智出版的外墙翻新服务市场分析报告 深圳建筑外立面改造项目可行性研究报告——市场分析 根据 QYR（恒州博智）的统计及预测，2 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is expected to achieve steady growth in plasma collection, leading to stable long-term performance [5] - The company maintains a leading position in the domestic market with a projected plasma collection volume of approximately 2,781 tons in 2024, representing a year-on-year growth of 15.15% [7] - The introduction of new products, such as the fourth-generation chromatographic immunoglobulin, is anticipated to significantly enhance profit margins [7] Financial Summary - Revenue projections for the company are as follows: - 2023: 5,180 million RMB - 2024: 6,032 million RMB (growth of 16.44%) - 2025E: 6,716 million RMB (growth of 11.35%) - 2026E: 7,633 million RMB (growth of 13.65%) - 2027E: 8,627 million RMB (growth of 13.02%) [6] - Net profit forecasts are as follows: - 2023: 1,110 million RMB - 2024: 1,549 million RMB (growth of 39.58%) - 2025E: 1,626 million RMB (growth of 4.93%) - 2026E: 1,859 million RMB (growth of 14.37%) - 2027E: 2,124 million RMB (growth of 14.25%) [6] - The company’s earnings per share (EPS) are projected to be: - 2023: 0.56 RMB - 2024: 0.78 RMB - 2025E: 0.82 RMB - 2026E: 0.94 RMB - 2027E: 1.07 RMB [6] Market Performance - The closing price of the company's stock is 19.10 RMB, with a total market capitalization of approximately 37,767.79 million RMB [3]

Core Viewpoint - The blood products industry, once considered a "golden track," is facing significant challenges in Q1 2025, with major companies experiencing over 20% declines in net profits, contrasting sharply with their strong performance in 2024. This downturn is attributed to a combination of price wars, inventory buildup, and technological substitution [1]. Group 1: Financial Performance - TianTan Bio reported a revenue increase of 7.84% to 1.318 billion yuan, but its net profit plummeted by 22.9%. Operating cash flow fell by 65.75%, and accounts receivable surged by 1093%, indicating deteriorating sales collection efficiency [2]. - Boya Bio's revenue grew by 19.49%, yet its net profit decreased by 8.25%, with core products like human albumin seeing price declines of 2.65% to 12% [2]. - Pailin Bio experienced a revenue drop of 14% and a net profit decline of 26.95%, with operating expenses rising to 18.04%, indicating a failure in cost control [2]. - Shanghai Laishi's net profit growth rate fell from 23.25% to -25.20%, highlighting operational pressures despite expansion efforts [2]. Group 2: Industry Dynamics - The industry's sudden performance decline is driven by price wars, inventory accumulation, and technological substitution. In 2024, blood product inventory growth (36.02%) significantly outpaced cost growth (7.12%), forcing companies to lower prices to clear stock. The terminal price of human albumin has dropped to 350-380 yuan per bottle [3]. - Although not included in national procurement, regional alliance negotiations and competition from imported products create "invisible procurement pressure," with imported albumin's market share rising to 69% and over 70% in tertiary hospitals [3]. - Disruptive technologies are eroding the industry's competitive advantages, with plant-based recombinant albumin potentially reducing costs to below 10 yuan per gram, halving current blood-derived product prices. Additionally, recombinant coagulation factor VIII has captured a 30 billion yuan market share, further compressing the premium space for blood-derived products [3]. Group 3: Opportunities and Challenges - The reliance on imports and the threat from recombinant technologies make domestic production crucial for overcoming current challenges. Tariffs on imports from the U.S. could increase imported albumin prices by 10%-15%, highlighting the cost-effectiveness of domestic products, which currently hold a 31% market share that needs to rise above 50% [4]. - Leading companies are accelerating technological advancements, with TianTan Bio achieving a revenue of over 6 million yuan per ton of plasma and aiming for a 50% domestic production rate for coagulation factors. Shanghai Laishi is investing 4.2 billion yuan to acquire Nanyue Bio, increasing its plasma collection stations to over 50, with the top five companies controlling over 80% of plasma collection [4]. - However, the disruptive threat from recombinant technologies remains, with the clinical adaptation and market education for recombinant albumin expected to take 5-8 years, providing traditional companies with a valuable window for transformation [4]. Group 4: Conclusion - The blood products industry's challenges are not coincidental but rather a painful transition in market logic. As price wars and inventory pressures push companies towards efficiency competition, the race for survival in this trillion-yuan market will test not only the number of plasma collection stations but also product quality, cost control, and strategic foresight [5].

证券代码：600161 证券简称：天坛生物 公告编号：2025-019 北京天坛生物制品股份有限公司 关于召开 2024 年度业绩暨现金分红说明会公告 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。 重要内容提示： 会议召开时间：2025 年 5 月 12 日(星期一)10:00-11:30 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 4 月 30 日(星期三)至 5 月 9 日(星期五)16:00 前登录 上证路演中心网站首页点击"提问预征集"栏目或通过公司投资者关系邮箱 ttswdb@sinopharm.com 进行提问。公司将在说明会上对投资者普遍关注的问题进 行回答。 一、说明会类型 北京天坛生物制品股份有限公司（以下简称"公司"）已于 2025 年 3 月 29 日 发布公司 2024 年年度报告、2024 年度利润分配预案及 2025 年度中期 ...