证券代码：600161 证券简称：天坛生物 公告编号：2024-037 北京天坛生物制品股份有限公司 关于成都蓉生收购武汉中原瑞德生物制品有限责任 公司 100%股权的公告 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： 北京天坛生物制品股份有限公司（以下简称"公司"）控股子公司成都蓉 生药业有限责任公司（以下简称"成都蓉生"）拟以 185,000,000 美元总金额收 购 CSL BEHRING ASIA PACIFIC LIMITED（杰特贝林（亚太区）有限公司，以 下简称"CSL 亚太"）全资子公司武汉中原瑞德生物制品有限责任公司（以下简 称"中原瑞德"或"标的公司"）100%股权（以下简称"本次股权收购"），其 中：股权收购对价 137,800,000 美元，剩余款项 47,200,000 美元由成都蓉生向中 原瑞德提供借款，用于偿还 CSL 亚太对中原瑞德的股东借款（与本次股权收购 合称"本次交易"）。本次收购价格参考北京卓信大华资产评估有限公司出具并 经中国医药集团有限公司（以下简称"国药集团"）备 ...

北京天坛生物制品股份有限公司 同意成都蓉生与 CSL 亚太签署本次收购相关协议，并根据法律、法规、规范 性文件及有关要求的规定签署相关公告、通知及本次收购相关文件及备查文件， 包括但不限于股权买卖协议（含按工商登记要求签署的股权买卖协议）、资金监 管协议、交割协议、中原瑞德章程等。 本议案已经董事会战略与投资委员会事前认可。 表决结果：8 票同意，0 票反对，0 票弃权。 证券代码：600161 证券简称：天坛生物 公告编号：2024-036 第九届董事会第十五次会议决议公告 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")第九届董事会第十五次 会议于 2024 年 8 月 30 日召开。会议应参加表决董事八人，实际参加表决董事八 人。会议符合《公司法》及《公司章程》的有关规定，会议审议通过以下议案： 审议通过《关于成都蓉生收购武汉中原瑞德生物制品有限责任公司 100%股 权的议案》，同意公司控股子公司成都蓉生药业有限责任公司（以下简称"成都 蓉生"）以 185,000,000 ...

医药生物 证券分析师 刘闯 S1350524030002 liuchuang@huayuanstock.com 李强 S1350524040001 liqiang01@huayuanstock.com 市场表现： -19.00% 天坛生物 沪深300 相关研究 1.《天坛生物（600161.SH）：业绩 超预期，血制品龙头长期空间大》， 2024.07.14 1.《天坛生物（600161.SH）：血制 品龙头，十四五期间采浆站数量大幅 增长》，2024.05.26 2024 年 08 月 29 日 天坛生物 (600161.SH) 买入（维持） ——静丙快速放量，血制品龙头未来有望稳健增长 投资要点： ➢ 公司事件：公司发布 2024 半年报，2024 上半年实现营业收入 28.4 亿元，同比增长 5.6%，实现归 母净利润 7.3 亿元，同比增长 28.1%；24Q2，实现营业收入 16.19 亿元，同比增长 15.8%，实现 归母净利润 4.09 亿元，同比增长 34.3%，业绩符合市场预期。 ➢ 行业持续高景气，公司业绩稳健高增长。收入端，在 24Q1 短期增速承压的情况下，公司 24Q2 收 入在去年 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][15]. Core Insights - The company reported a revenue of 2.841 billion yuan for the first half of 2024, representing a year-on-year growth of 5.59%. The net profit attributable to shareholders was 726 million yuan, a year-on-year increase of 28.10%, primarily driven by rising product prices and effective cost control [3]. Summary by Sections Company Overview - The company has a leading position in the industry with advantages from state-owned enterprise shareholders, a large number of plasma collection stations, and blood product production capacity [4]. Plasma Collection and Production Capacity - As of the first half of 2024, the company operates 102 plasma collection stations across 16 provinces/regions in China, with 80 currently in operation. The total plasma collected reached 1,294 tons, an increase of 15.02%, accounting for approximately 20% of the national total [4]. Revenue and Profitability - The company produces 15 types of blood products, with blood product revenue for the first half of 2024 amounting to 2.831 billion yuan, a growth of 5.53%. The gross margin was 55.66%, up by 7.18 percentage points year-on-year, mainly due to rising product prices [5]. New Product Development - The company is actively developing over ten new products, focusing on high-concentration human immunoglobulin, blood-derived coagulation factors, and recombinant coagulation factors, maintaining a leading position in the domestic industry for these products [5][11]. Financial Forecast - The company is expected to achieve net profits of 1.358 billion yuan, 1.640 billion yuan, and 1.992 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 0.69 yuan, 0.83 yuan, and 1.01 yuan [12][14]. Market Position - The company is recognized as a leader in the blood products sector, benefiting from strong approval capabilities for plasma collection stations and a stable demand for its products [12].

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 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][8]. Core Views - The company achieved a revenue of 2.841 billion RMB in the first half of 2024, representing a year-on-year growth of 5.59%. The net profit attributable to shareholders reached 726 million RMB, up 28.10% year-on-year [1]. - The sales of intravenous immunoglobulin increased by 21.97% year-on-year, while the revenue from human albumin decreased by 6.93% [1]. - The company has made significant progress in blood source development, with a total of 102 plasma collection stations across 16 provinces, achieving a plasma collection volume of 1,294 tons, a 15% increase year-on-year [1]. - The company continues to invest heavily in R&D, with new products receiving regulatory approvals, enhancing its competitive position in the industry [1]. Summary by Sections Financial Performance - In the second quarter of 2024, the company reported a revenue of 1.619 billion RMB, a 15.76% increase year-on-year, and a net profit of 409 million RMB, up 34.28% year-on-year [1]. - The overall revenue for the biopharmaceutical industry reached 28.31 billion RMB in the first half of 2024, with a gross margin of 55.66%, an increase of 7.18 percentage points from the previous year [1]. Market Development - The company is actively expanding its market presence and improving operational efficiency, which has contributed to the growth in its blood products business [1]. - The company has established strategic partnerships with local governments and health authorities to support its blood source development initiatives [1]. R&D and Innovation - The company has maintained high levels of R&D investment, leading to significant advancements in product development, including the approval of new coagulation factor products [1]. - Clinical trials for several new products are progressing well, indicating a strong pipeline for future growth [1]. Profit Forecast and Valuation - The report forecasts net profits of 1.363 billion RMB (+23%), 1.654 billion RMB (+21%), and 1.972 billion RMB (+19%) for the years 2024 to 2026, respectively [1]. - The expected EPS for 2024-2026 is projected to be 0.69, 0.84, and 1.00 RMB, with corresponding PE ratios of 35, 29, and 24 times [1].

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 ...