截图来自天坛生物公告 公告内，天坛生物表示利润下滑的主要原因包括产品价格下降，尽管销量有所增长，但产品价格的下降导致利润减少幅度超过了销量增长对利润的贡献。此 外，血液制品市场竞争激烈，公司在销售模式和销售策略方面面临不确定性，导致利润水平受到波动影响。同时，成本的上升也可能对利润产生了一定的挤 压，使得公司在价格下降的同时，利润空间进一步缩小。 4月15日晚间，天坛生物发布2025年一季报显示，公司实现营业收入13.18亿元，同比增长7.84%，但归属于上市公司股东的净利润却出现了显著下滑，为 2.44亿元，同比下降22.90%；扣除非经常性损益后的归属于上市公司股东的净利润为2.39亿元，同比减少23.71%。 | 项目 | 本报告期 | 上年同期 | 增减 | | --- | --- | --- | --- | | 营业总收入 | 131,776.64 | 122, 195. 52 | | | 营业利润 | 40, 624. 71 | 51, 626. 39 | | | 利润总额 | 40, 627. 85 | 51, 622. 23 | | | 归属于上市公司股东的净利 润 | 24, 414. 57 ...

Core Viewpoint - Tian Tan Biological has experienced a decline in stock price over the past four trading days, with a cumulative drop of -5.57% [1] Company Overview - Beijing Tian Tan Biological Products Co., Ltd. was listed in 1998 and specializes in the research, manufacturing, sales, and consulting services of blood products [1] Shareholder Information - E Fund's E Fund CSI 300 Pharmaceutical ETF has entered the top ten shareholders of Tian Tan Biological, marking a new entry in the fourth quarter of last year [1] - The fund manager of E Fund's CSI 300 Pharmaceutical ETF is Yu Haiyan, who has extensive experience in investment management [4][5] Performance Metrics - The year-to-date return for the E Fund CSI 300 Pharmaceutical ETF is -3.41%, ranking 2040 out of 3440 in its category [1] - Recent performance metrics show a weekly increase of 0.84%, a monthly decrease of -4.94%, and a quarterly increase of 1.67% [2]

Financial Performance - Total revenue for Q1 2025 reached ¥131,776.64 million, an increase of 7.84% compared to ¥122,195.52 million in the same period last year[2] - Operating profit decreased by 21.31% to ¥40,624.71 million from ¥51,626.39 million year-on-year[2] - Net profit attributable to shareholders fell by 22.90% to ¥24,414.57 million, down from ¥31,667.40 million in the previous year[2] - Basic earnings per share decreased to ¥0.12, a decline of 22.90% from ¥0.16 in the same period last year[2] - The weighted average return on equity decreased by 1.00 percentage point to 2.17% from 3.17% year-on-year[2] Assets and Equity - Total assets increased by 2.31% to ¥1,623,534.38 million from ¥1,586,952.22 million at the beginning of the period[2] - Shareholders' equity attributable to the company rose by 2.19% to ¥1,138,285.00 million from ¥1,113,870.44 million[2] Strategic Plans - The company plans to enhance production and sales coordination and control costs to improve profitability[4] Market Conditions - The decline in profit was attributed to a greater decrease in product prices compared to the increase in sales volume[3][4] - The company does not foresee any uncertainties affecting the accuracy of this earnings report[5]

天坛生物（600161）公告，2025年第一季度营业收入13.18亿元，同比增长7.84%。归属于上市公司股东 的净利润2.44亿元，同比下降22.90%。归属于上市公司股东的扣除非经常性损益的净利润2.39亿元，同 比下降23.71%。基本每股收益0.12元，同比下降22.90%。加权平均净资产收益率2.17%，同比下降1个百 分点。 ...

从上证健康产业指数持仓样本的行业来看，医药卫生占比39.44%、主要消费占比31.95%、工业占比 20.10%、公用事业占比8.51%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。每次调整的样本比例一般不超过20%。权重因子随样本定期调整而调整，调整时间与指数样本 定期调整实施时间相同。在下一个定期调整日前，权重因子一般固定不变。特殊情况下将对指数进行临 时调整。当样本退市时，将其从指数样本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照 计算与维护细则处理。 数据统计显示，上证健康产业指数近一个月上涨1.96%，近三个月上涨7.86%，年至今上涨0.71%。 据了解，上证健康产业指数从沪市证券中选取医疗保健、食品安全、环保等行业市值最大的50只上市公 司证券作为指数样本，采用等权重加权，以反映上海证券交易所健康产业相关上市公司证券的整体表 现。该指数以2013年12月31日为基日，以1000.0点为基点。 从指数持仓来看，上证健康产业指数十大权重分别为：北大荒（2.68%）、巨星农牧（2.55%）、益丰 药房（2.51%）、福龙马（2.47 ...

Group 1: Policy Support for Pharmaceutical Innovation - Beijing encourages local production of innovative pharmaceuticals, supporting enterprises in importing significant drug and medical device varieties, and promoting the industrialization and large-scale application of innovative products [1] - Shenzhen offers financial incentives for innovative drugs that complete clinical trials and achieve domestic and international market entry, with rewards up to 30 million yuan based on clinical trial phases [2] Group 2: Company Developments - Heng Rui Medicine grants exclusive commercialization rights of its new drug SHR7280 to Germany's Merck, receiving an upfront payment of 15 million euros and potential milestone payments and sales royalties [3] - East China Pharmaceutical's subsidiary receives approval for clinical trials of DR30206, a novel antibody fusion protein targeting PD-L1, VEGF, and TGF-β, marking a significant advancement in its development [4] Group 3: Market Trends and Opportunities - Blood product stocks, including Wei Guang Bio and Pai Lin Bio, experience a surge due to the rigid demand for blood products and potential price increases from U.S. tariffs, benefiting domestic companies and presenting strategic opportunities for market share growth [6]

Core Viewpoint - The recent imposition of a 34% tariff on U.S. imports by China is expected to benefit domestic blood product companies, as it may lead to a price increase for imported human albumin, thereby enhancing the market share of domestic products [3][4]. Group 1: Market Impact - The demand for blood products is relatively inelastic, and the tariff is unlikely to significantly affect overall demand due to its essential nature [4]. - China imports over 60% of its human albumin products, with the U.S. being a major supplier, exporting $54.6 billion in blood products in 2024 [4]. - The price of imported human albumin is expected to rise, reducing its competitive advantage over domestic products, which may lead to an increase in market share for local companies [5]. Group 2: Pricing Dynamics - As of April 6, 2025, domestic human albumin prices are slightly higher than imported ones, but the tariff may eliminate the price advantage of imports [5]. - For example, the price range for imported human albumin (10g specification) is between 345-438 RMB, while domestic products range from 359-580 RMB [5]. Group 3: Supply Chain and Industry Structure - The blood product industry is characterized by a limited number of manufacturers, creating an oligopoly with companies like Tian Tan Bio, Shanghai Raist, and Hualan Biological [6]. - The industry is less affected by geopolitical risks due to its self-sufficient supply chain and the nature of its products [6][7]. - The ongoing trade tensions may enhance the internal circulation advantages of the blood product industry, supporting its long-term growth prospects [7].

消息面上，美国时间4月2日，特朗普"对等关税"落地 ，政策采用全面"地毯式"关税与"一国一税率"的国 别式关税叠加，涵盖超过60个经济体。本次加征关税的范围和幅度大超此前市场预期，若关税完全落 地，美国有效关税率将超过1930年《斯穆特-霍利关税法案》实施后美国的关税水平。 中金公司指出，本次加征关税虽难免对中国经济带来挑战，但相比2018年或者相比过去3年，中国股票 市场具备较多有利条件，包括地缘叙事和科技叙事的变化，以及中国资产本身的估值优势和宏观政策发 力的空间。 2025年4月7日，A股市场全面大幅下跌。A股上市公司需要在4月底前披露完2024年年报，市场关注有望 回归基本面，A500和A50指数通过行业均衡配置和聚焦优质龙头，契合资金关注主线。 A股核心资产代表，"A股的标普500"：A500ETF（159339）跟踪的A500指数以不足A股市场10%的成份 股数量，覆盖全市场63%的总营收和70%的总净利润，或是大家长期布局我国资本市场高质量发展趋势 的有力工具。 各行业超级龙头，"漂亮50"：A50ETF基金（159592）跟踪的A50指数布局各行业超大市值龙头股，这 些绩优大白马在供给侧改革的 ...

Investment Rating - The report suggests a positive outlook for the pharmaceutical industry, indicating a potential for outperformance compared to the overall market [27]. Core Insights - The report highlights the impact of the recent U.S. tariff measures, which include a 34% additional tariff on Chinese goods, and the subsequent Chinese countermeasures that may benefit domestic pharmaceutical companies [3][4][5]. - It emphasizes the growth in China's pharmaceutical exports, particularly to the U.S., which reached $19.05 billion in 2024, marking an 11.7% increase year-on-year [6][7]. - The report identifies specific sectors within the pharmaceutical industry that may benefit from the tariff situation, including blood products, high-end raw materials, medical devices, and innovative drugs [18][19]. Summary by Sections Tariff Impact - The U.S. has implemented a 34% tariff on Chinese goods, which affects a wide range of medical supplies and devices, while China has responded with similar tariffs on U.S. imports [4][5]. - The tariffs are expected to disrupt the supply of imported blood products, potentially increasing demand for domestic alternatives [18]. Trade Statistics - In 2024, China's total pharmaceutical trade amounted to $199.376 billion, with exports at $107.964 billion and imports at $91.412 billion, showing a slight decline in imports but a recovery in exports [6][11]. - The U.S. remains the largest market for Chinese pharmaceutical exports, accounting for 17.6% of total exports [7][11]. Sector Opportunities - Blood Products: The tariff on U.S. imports may lead to increased domestic production and sales of blood products, with companies like Tian Tan Biological, Hualan Biological, and others positioned to benefit [18]. - High-End Raw Materials: The report suggests that domestic manufacturers of critical raw materials and consumables may gain market share due to reduced competition from U.S. imports [18]. - Medical Devices: Companies focusing on high-value medical devices are recommended for their potential to capture market share from imported products [18]. - Innovative Drugs: The report encourages investment in companies involved in the development of innovative drugs, particularly those that can replace U.S. imports in oncology and vaccine sectors [19].

买入 （维持） 当前价：20.71 元 [ T able_StockInfo] 2025 年 04 月 01 日 证券研究报告•2024 年报点评 天坛生物（600161）医药生物 目标价：——元（6 个月） 业绩快速增长，持续拓展新品 | [Table_MainProfit] 指标/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 6031.87 | 6734.35 | 7439.64 | 8319.21 | | 增长率 | 16.44% | 11.65% | 10.47% | 11.82% | | 归属母公司净利润（百万元） | 1549.16 | 1616.02 | 1686.26 | 1860.88 | | 增长率 | 39.58% | 4.32% | 4.35% | 10.36% | | 每股收益 EPS（元） | 0.78 | 0.82 | 0.85 | 0.94 | | 净资产收益率 ROE | 14.53% | 13.41% | 12.49% | 12.32% | | PE | ...