Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company reported a 5.6% year-on-year increase in revenue for the first half of 2024, reaching 2.84 billion yuan, and a 28.1% increase in net profit attributable to shareholders, amounting to 730 million yuan [5] - The industry remains in a high-growth phase, with the company's revenue growth recovering to 15.8% in Q2 2024, driven by sustained demand and new products like chromatography immunoglobulin [5] - The company has significantly increased its plasma collection stations from 59 at the end of 2020 to 102 by mid-2024, with plasma collection volume growing approximately 15% year-on-year [6] - The introduction of new products, particularly the fourth-generation chromatography immunoglobulin, is expected to enhance profit margins and drive future revenue growth [6] - Profit forecasts for 2024-2026 estimate net profits of 1.41 billion, 1.73 billion, and 2.03 billion yuan, with respective growth rates of 27.0%, 22.5%, and 17.8% [5] Revenue and Profitability - In H1 2024, the company achieved revenue of 1.11 billion yuan from albumin, a decrease of 6.9%, while revenue from immunoglobulin reached 1.34 billion yuan, an increase of 22.0% [5] - The gross margin for albumin was 52.6%, up 8.4 percentage points year-on-year, while immunoglobulin's gross margin was 57.5%, up 11.4 percentage points year-on-year [5] - The company's net profit margin improved to 25.6% in H1 2024 from 21.1% in the same period last year [5] Market Position and Future Outlook - The company is positioned to become a global leader in the biopharmaceutical sector, supported by its strong parent company, China National Pharmaceutical Group [6] - The ongoing development of a robust product pipeline, including several products in clinical trials, is expected to further enhance the company's profitability [6]

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 ...

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].