Financial Performance - Total operating revenue for the first three quarters of 2024 reached ¥407,336.18 million, an increase of 1.28% compared to ¥402,200.25 million in the same period last year[2] - Operating profit increased by 19.72% to ¥172,659.47 million from ¥144,224.99 million year-on-year[2] - Net profit attributable to shareholders of the listed company rose by 18.52% to ¥105,171.95 million, up from ¥88,740.04 million[2] - The basic earnings per share increased to ¥0.53, reflecting an 18.52% growth from ¥0.45[2] - The weighted average return on net assets improved to 10.27%, an increase of 0.67 percentage points from 9.60%[2] Assets and Equity - Total assets at the end of the reporting period were ¥1,555,362.07 million, a 9.62% increase from ¥1,418,805.69 million[2] - Shareholders' equity attributable to the listed company reached ¥1,064,125.90 million, up 8.33% from ¥982,257.92 million[2] - The number of shares outstanding increased by 20.00% to 197,737.14 million shares from 164,780.95 million shares[2] - The net asset per share attributable to shareholders decreased by 9.72% to ¥5.38 from ¥5.96[2] Revenue Drivers - The increase in sales revenue and profit margin was primarily driven by a rise in product sales prices year-on-year, contributing to an 18.52% increase in net profit attributable to shareholders[4]

（一） 产品信息 证券代码：600161 证券简称：天坛生物 公告编号：2024-040 北京天坛生物制品股份有限公司 关于所属企业获得药品注册证书并通过药品 GMP 符合性检查公告 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所属国药集团兰州生物制药有限公司（以下 简称"兰州血制"）于近日收到国家药品监督管理局签发的《药品注册证书》， 兰州血制研制的"人凝血酶原复合物"符合药品注册的相关要求。同时，兰州血 制相关生产场地已通过药品 GMP 符合性检查，并获得甘肃省药品监督管理局签发 的《药品 GMP 符合性检查告知书》（甘 GMP20240012）。具体情况如下： 一、 概况 生产范围：血液制品（人凝血酶原复合物） 检查结论：本次现场检查符合《药品生产质量管理规范（2010 年修订）》。 三、 对公司的影响及风险提示 | 产 | | | | | | 注 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 品 | 适应症 ...

Investment Rating - The report gives a "Recommend" rating for Tiantan Biological Products (600161 SH) as of September 20 2024 [6][7] Core Views - Tiantan Biological has transformed into a pure blood products company after restructuring in 2017, focusing on plasma-derived products [1] - The company has become the industry leader with 102 plasma collection stations (80 operational, 22 under construction) and 2415 tons of plasma collected in 2023 [1] - Tiantan Biological has expanded its product matrix to 8 approved products in 2023, with plans to increase to 9 products by covering all major categories of plasma-derived products [2] - The company is building three major plasma processing bases (Yong'an, Kunming, Lanzhou) with total planned capacity of 3600 tons/year to break through production bottlenecks [2][46] Business Restructuring - Tiantan Biological completed a two-step restructuring in 2017-2018 to focus on blood products [15] - Step 1: Transferred vaccine business to parent company and acquired Guizhou Zhongtai [16] - Step 2: Acquired three major blood product assets (Shanghai, Wuhan, Lanzhou) through Chengdu Rongsheng [16] - The restructuring achieved synergies in plasma station management, product complementarity, and R&D coordination [19][20] - The company exceeded its three-year performance commitment after restructuring [26] Plasma Collection Expansion - Tiantan Biological has expanded plasma collection through multiple channels [1] - Increased stake in Chengdu Rongsheng to 74 01% [27] - Obtained 43 new plasma station approvals in 2021-2022 [1] - Acquired Xi'an Huitian (63 69% stake) and Zhongyuan Ruide (100% stake) to expand in Shaanxi and Hubei [36][37] - The company's plasma collection increased from 1400 tons in 2017 to 2415 tons in 2023, with a CAGR of 9 6% [34] - New plasma stations typically take 3-4 years to reach full capacity, with 20 new stations starting operation in 2023 [1] Product Development - Tiantan Biological has expanded its product portfolio to cover all major categories of plasma-derived products [2] - 8 approved products in 2023, with plans to increase to 9 products [2] - Added recombinant coagulation factor VIII and high-purity IVIG (10%) to its product line [44] - The company's gross margin and net profit margin reached record highs in 2023 at 50 8% and 29 1% respectively [45] - Plasma utilization rate has improved with the expansion of product lines [39] Financial Projections - Revenue is projected to grow from 6 16 billion yuan in 2024 to 8 19 billion yuan in 2026, with a CAGR of 15 2% [3][55] - Net profit is expected to increase from 1 39 billion yuan in 2024 to 1 90 billion yuan in 2026, with a CAGR of 17 0% [3][55] - Plasma collection is forecasted to reach 2669 tons in 2024, 3079 tons in 2025, and 3418 tons in 2026 [54] Valuation - As of September 20 2024, Tiantan Biological's PE (TTM) is 32 1x, 13 4% higher than the industry average [6][7] - The company's ton-plasma market value is 20 60 million yuan, based on 2024E equity plasma volume of 1975 tons [7] - Tiantan Biological's ton-plasma output value reached 2 145 million yuan in 2023, still below the industry average of 2 408 million yuan [55]

Investment Rating - The report gives a "Buy" rating for the company, Tian Tan Biological, as it is positioned as a leading player in the blood products industry and is in a phase of rapid plasma volume growth [6][7]. Core Insights - The company has undergone significant restructuring to focus solely on blood products, divesting its vaccine business and consolidating blood product assets under its subsidiary, Chengdu Rongsheng, which has led to enhanced operational efficiency and market positioning [1][19]. - The company has expanded its plasma collection capabilities through acquisitions and new plasma stations, achieving a total of 102 plasma collection stations, with a significant increase in plasma collection volume [2][27]. - The product matrix has been strengthened, with the company achieving a record high in gross and net profit margins in 2023, supported by the completion of its coagulation product line [2][3]. Summary by Sections Focus: Restructuring of Vaccine and Blood Product Assets - The company initiated a two-step internal restructuring to eliminate competition with its controlling shareholder, transferring its vaccine business and acquiring blood product assets [15][16]. - The integration of blood product operations has resulted in a synergistic effect, enhancing production capacity and resource utilization [19][20]. - The company has exceeded its three-year performance commitments post-restructuring, demonstrating strong operational performance [26]. Expansion: Multi-Dimensional Growth of Plasma Sources - The company has increased its stake in Chengdu Rongsheng, raising its ownership to 74.01%, thereby enhancing its equity plasma share [27]. - It has successfully obtained approvals for new plasma stations, significantly increasing its plasma collection capacity [30][32]. - The average plasma collection per station has improved, with ongoing efforts to optimize existing stations [2][30]. Strengthening: Expanding Product Matrix - The company has enriched its product offerings, achieving a total of 9 blood product varieties in 2023, with a focus on coagulation products [2][3]. - Operational efficiency has improved, leading to record gross and net profit margins in 2023 [2][3]. - New production bases are being established to alleviate capacity constraints, with significant progress in the construction of key facilities [2][3]. Profit Forecast and Investment Rating - Revenue projections for 2024-2026 are estimated at 61.6 billion, 71.1 billion, and 81.9 billion yuan, with corresponding net profits of 13.9 billion, 16.4 billion, and 19.0 billion yuan, reflecting strong growth rates [3][7]. - The company's current market valuation is approximately 406.9 billion yuan, with a projected PE ratio of 29.3 for 2024, indicating a favorable investment outlook [6][7].

证券代码：600161 证券简称：天坛生物 公告编号：2024-039 （一） 产品信息 | 产品 | | 新增适应症 | 可以开展临床 | | | 规格 | 注册 | 剂型 | 研发 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | | | 试验的时间 | | | | 分类 | | 投入 | | 静 | 注 人 | 慢性炎性脱髓鞘 | | | | | 治疗用 | | | | 免 疫 球 | | | 2024 9 月 | 年 | 11 | 5g/瓶 | | | 824.34 | | 蛋 白 | | 性多发性神经根 | 日 | | | （10%，50ml） | 生物制 | 注射剂 | 万元 | | | | 神经病 | | | | | 品 | | | | （pH4） | | | | | | | | | | 上述产品获批新增适应症还需履行的主要审批程序包括：开展临床试验、提 交新增适应症许可申请、通过国家药品监督管理局药品审评中心审评及国家药品 监督管理局审批后，获批新增适应症。 （二） 同类产品市场情况 北京天坛生物制品股 ...

会议召开时间：2024 年 9 月 23 日（星期一）10:00-11:30 证券代码：600161 证券简称：天坛生物 公告编号：2024-038 北京天坛生物制品股份有限公司 关于召开 2024 年半年度业绩说明会公告 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 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 2024 年 9 月 12 日（星期四）至 9 月 20 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 2024 年 8 月 28 日 发布公司 2024 年半年度报告，公司计划于 2024 年 9 月 23 日 10 ...

Investment Rating - Buy (Maintained) [4] Core Views - The company's plasma collection volume continues to grow, and profitability has significantly improved [4] - Product structure optimization, especially the increased profitability from chromatographic intravenous immunoglobulin (IVIG) [4] - The company is actively expanding plasma resources through both internal and external means, including the acquisition of CSL's subsidiary Zhongyuan Ruide, which adds 5 operational plasma collection stations [4] - The company is continuously enriching its product pipeline, which is expected to further enhance profit per ton of plasma [5] - The company is expected to achieve net profits of 1.341 billion, 1.607 billion, and 1.881 billion yuan in 2024, 2025, and 2026, respectively, with corresponding EPS of 0.68, 0.81, and 0.95 yuan [5] Financial Performance - In H1 2024, the company achieved revenue of 2.841 billion yuan (YoY +5.59%), net profit attributable to the parent company of 726 million yuan (YoY +28.10%), and non-GAAP net profit of 723 million yuan (YoY +29.35%) [4] - In Q2 2024, the company achieved revenue of 1.619 billion yuan (YoY +15.76%), net profit attributable to the parent company of 409 million yuan (YoY +34.28%), and non-GAAP net profit of 410 million yuan (YoY +33.93%) [4] - The company's gross margin in H1 2024 was 55.67% (YoY +7.13ppt), driven by high demand for products like IVIG and the sales of newly approved chromatographic IVIG [4] Product Line and Profitability - Human albumin revenue in H1 2024 was 1.114 billion yuan (YoY -6.93%), with a gross margin of 52.63% (YoY +8.41ppt) [4] - IVIG (including chromatographic) revenue in H1 2024 was 1.339 billion yuan (YoY +21.97%), with a gross margin of 57.49% (YoY +11.42ppt) [4] - Other blood products revenue in H1 2024 was 378 million yuan (YoY -2.56%), with a gross margin of 58.07% (YoY -10.34ppt) [4] - The company's product pipeline is being enriched with new products like human fibrinogen and recombinant coagulation factors, which are expected to boost profit per ton of plasma [5] Plasma Collection and Expansion - The company has 102 plasma collection stations across 16 provinces/regions, with 80 operational stations [4] - Plasma collection in H1 2024 reached 1,294 tons (YoY +15.02%), accounting for approximately 20% of the domestic industry's total plasma collection [4] - The acquisition of Zhongyuan Ruide adds 5 operational plasma collection stations and a new blood product production facility, further enhancing the company's competitive position in the blood products industry [4] Future Projections - The company is expected to achieve revenue of 6.206 billion, 7.353 billion, and 8.564 billion yuan in 2024, 2025, and 2026, respectively, with YoY growth rates of 19.8%, 18.5%, and 16.5% [6] - Net profit attributable to the parent company is projected to be 1.341 billion, 1.607 billion, and 1.881 billion yuan in 2024, 2025, and 2026, respectively, with YoY growth rates of 20.8%, 19.9%, and 17.0% [6] - EPS is expected to be 0.68, 0.81, and 0.95 yuan in 2024, 2025, and 2026, respectively [6]

Investment Rating - The report initiates coverage with a "Buy" rating for the company Tian Tan Biological [4] Core Views - The blood products industry has high barriers to entry and increasing concentration, which is favorable for leading companies like Tian Tan Biological. The company is expected to see steady growth in revenue and profits due to its leading plasma collection scale and station numbers [6][7][25] - The company has a complete range of product approvals, with significant potential for profit improvement as it expands into high-margin products [7][23] - The company is positioned to benefit from its first-mover advantage in the market for chromatographic immunoglobulin, which is expected to contribute to long-term revenue growth [7][23] Summary by Sections Company Overview - Tian Tan Biological specializes in the research, production, and sales of blood products, holding a leading position in the industry with 15 product varieties [13][15] - The company has 102 plasma collection stations across 16 provinces, with 80 operational stations, capturing approximately 20% of the national plasma collection volume [17][18] Industry Analysis - The blood products industry is characterized by high entry barriers and steady demand growth, with significant market share held by top players [25][26] - The industry has seen a concentration of market share, with the top four listed companies in China accounting for over 50% of the total plasma collection volume [6][25] Growth Potential - The company has been increasing its plasma collection capacity, with a notable rise in the number of operational stations and plasma collection volume, which is expected to drive revenue and profit growth [17][18] - Revenue forecasts for 2024-2026 are projected at 60.11 billion, 69.37 billion, and 80.53 billion yuan, with net profits of 13.94 billion, 17.05 billion, and 20.74 billion yuan respectively [7][8] Financial Performance - The company reported a revenue of 5.18 billion yuan in 2023, with a year-on-year growth of 21.6%, and a net profit of 1.11 billion yuan, reflecting a 26.0% increase [19][23] - The gross margin is expected to improve, with projections of 55.6% in 2024 and 57.9% by 2026 [8][23]

Investment Rating - The investment rating for the company is "Buy - A" with a 6-month target price of 28.18 CNY [3][5]. Core Insights - The company reported a significant increase in profit for the first half of 2024, with a revenue of 2.841 billion CNY, up 5.59% year-on-year, and a net profit of 726 million CNY, up 28.10% year-on-year [1][5]. - The company is actively expanding its plasma collection capabilities, with 102 plasma stations across 16 provinces, achieving a plasma collection of 1,294 tons, representing a 15% increase year-on-year [1][5]. - The acquisition of Wuhan Zhongyuan Ruide for 185 million USD is expected to enhance the company's comprehensive strength and expand its plasma resources [5]. Financial Performance Summary - For H1 2024, the company achieved a gross margin of 55.67%, an increase of 7.14 percentage points year-on-year, and a net profit margin of 34.68%, up 5.91 percentage points year-on-year [1][5]. - The sales revenue from blood products, particularly immunoglobulin, showed robust growth, with a revenue of 1.339 billion CNY for immunoglobulin, up 21.97% year-on-year [1][5]. - The company expects revenue growth rates of 18.4%, 18.0%, and 16.3% for 2024 to 2026, with net profit growth rates of 25.5%, 19.9%, and 16.7% respectively [5][6]. Research and Development Progress - The company has made significant advancements in its R&D pipeline, with several products entering clinical trials and receiving regulatory approvals [2][5]. - The company is focusing on innovative products, including recombinant coagulation factors, which are expected to support long-term growth [5]. Market Position and Strategy - The company maintains a leading position in the domestic blood products industry, with a strong focus on expanding its market share through strategic acquisitions and enhanced production capabilities [5][6]. - The collaboration with CSL Group is anticipated to deepen partnerships and leverage resources in both domestic and international markets [5].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 23.77 yuan [4] Core Views - The company's H1 2024 revenue reached 2.841 billion yuan, a year-on-year increase of 5.6%, with net profit attributable to the parent company of 726 million yuan, up 28.1% year-on-year [1] - Q2 2024 performance exceeded expectations, with revenue of 1.619 billion yuan, up 15.8% year-on-year, and net profit attributable to the parent company of 409 million yuan, up 34.3% year-on-year [2] - The company's plasma collection volume reached 1,294 tons in H1 2024, a 15% year-on-year increase, maintaining a leading position in the domestic industry with a 20% market share [2] - Core product gross margins improved significantly, with albumin gross margin at 52.6% (+8.4 ppts year-on-year) and immunoglobulin (including chromatography) gross margin at 57.5% (+11.4 ppts year-on-year) [2] - The company's R&D pipeline is progressing well, with several products in clinical trials or awaiting approval, providing strong momentum for future growth [2] Financial Performance and Valuation - The company's 2024-2026 net profit attributable to the parent company is forecasted to be 1.34/1.56/1.83 billion yuan, with growth rates of 21%/16%/18% respectively [2] - The 2024-2026 P/E ratios are estimated at 35/30/26X, based on the current market capitalization [2] - The company's revenue is expected to grow from 5.18 billion yuan in 2023 to 8.62 billion yuan in 2026, with a CAGR of 18% [3] - Net profit is projected to increase from 1.11 billion yuan in 2023 to 1.83 billion yuan in 2026, with a CAGR of 18% [3] - The company's ROE is expected to improve from 8.7% in 2023 to 10.2% in 2026, driven by profitability and efficiency gains [6] Product and Market Analysis - The company's albumin revenue declined by 6.9% year-on-year to 1.113 billion yuan in H1 2024, while immunoglobulin (including chromatography) revenue grew 22.0% to 1.339 billion yuan [2] - The company's plasma collection strategy, including regional grid management and new media utilization, has been effective in driving growth [2] - The company's chromatography-based immunoglobulin product is expected to see significant market expansion, contributing to future revenue growth [2] R&D and Pipeline - The company's subsidiary, Chengdu Rongsheng, has obtained approval for its chromatography-purified fibrinogen product and passed GMP compliance checks [2] - Several other products, including subcutaneous immunoglobulin and recombinant coagulation factors, are progressing well in clinical trials [2] - The company's R&D pipeline includes multiple products in advanced stages, such as human prothrombin complex and coagulation factor IX, which have received clinical trial approvals [2]