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 ...

Core Viewpoint - The blood products industry is experiencing a significant divergence in performance among companies, with some reporting growth while others face declines in revenue and profit [1][2]. Group 1: Company Performance in 2024 - Shanghai Laisai (002252) and Tiantan Biological (600161) reported revenue growth of 2.67% and 16.44% respectively, with net profits increasing by 23.25% and 39.58% [1]. - Hualan Biological (002007), Boya Biological (300294), and Bohui Innovation (300318) experienced revenue declines of 18.02%, 34.58%, and 18.53% respectively, while Hualan's net profit fell by 26.57% [1]. - Bohui Innovation managed to turn a profit with a net profit of 0.09 billion yuan, compared to a loss in the previous year [1]. Group 2: Q1 2025 Performance - In Q1 2025, Tiantan Biological, Hualan Biological, and Boya Biological continued to show revenue growth, while Shanghai Laisai, Tiantan Biological, and Paillin Biological saw revenue declines of 2.45%, 0.57%, and 14% respectively [1]. - Hualan Biological's net profit increased by 19.62%, while Shanghai Laisai and Tiantan Biological reported net profit declines of 25.2% and 22.9% respectively [1]. - The decline in profits for Tiantan Biological was attributed to a decrease in product prices that outweighed the benefits of increased sales volume [1]. Group 3: Market Dynamics - The blood products market is expected to maintain stable growth in 2024, with significant competition in the human albumin market due to increased imports [2][3]. - The cancellation of certain medical insurance restrictions is expected to release market demand for coagulation factor products, contributing to their growth [2]. - The overall price trend for blood products is declining, influenced by increased competition and supply exceeding demand for certain products [3]. Group 4: Industry Consolidation - The blood products industry is characterized by high entry barriers, with fewer than 30 companies currently operating due to strict regulations on blood product production [6][7]. - Recent mergers and acquisitions are expected to enhance industry concentration, with leading companies gaining competitive advantages through resource acquisition [6][7]. - Companies like Tiantan Biological and Shanghai Laisai have made significant acquisitions to expand their production capabilities and market presence [7]. Group 5: Market Size and Growth Projections - The blood products market in China reached a scale of 600 billion yuan in 2024, with projections to grow to 780 billion yuan by 2027, reflecting a compound annual growth rate of 11.6% from 2022 to 2027 [8].

证券代码：600161 证券简称：天坛生物 公告编号：2025-017 北京天坛生物制品股份有限公司 2025年度"提质增效重回报"行动方案 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"）为深入贯彻党的二十 大和中央金融工作会议精神，落实国务院《关于进一步提高上市公司质量的意见》 的要求，积极响应上海证券交易所《关于开展沪市公司"提质增效重回报"专项 行动的倡议》，推动公司高质量发展和投资价值提升，保护投资者合法权益，制 定《2025 年度"提质增效重回报"行动方案》。方案内容如下： 一、聚焦主营业务，增强核心竞争力 公司是国内最早开始从事血液制品工业化生产的企业之一，血液制品生产历 史可追溯至 1966 年，目前公司拥有人血白蛋白、人免疫球蛋白、人凝血因子等 三大类及重组凝血因子产品、15 个品种、90 个血液制品生产文号，生产的血液 制品在中国血液制品市场中占有较大市场份额，拥有质量、规模和品牌等综合优 势。经过多年的努力，公司已建立了科学有效的运营管理机制，在血源管理、人 ...

证券代码：600161 证券名称：天坛生物 编号：2025-016 北京天坛生物制品股份有限公司 关于修订《公司章程》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。 北京天坛生物制品股份有限公司（以下简称"公司"）拟对《公司章程》作出修 订，主要修订内容如下： | 修订前 | 修订后 | 第一条 | 为维护公司、股东和债权人的 | 第一条 | 为维护公司、股东、职工和 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合法权益，规范北京天坛生物制品股份有限 | 债权人的合法权益，规范北京天坛生物制 | 公司（以下简称"公司"）的组织和行为， | 品股份有限公司（以下简称"公司"）的 | | | | | | | | | | | | | 根据《中华人民共和国公司法》（以下简称 | 组织和行为，根据《中华人民共和国公司 | 《公司法》）、《中华人民共 ...

证券代码：600161 证券简称：天坛生物 公告编号：2025-018 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 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： 股东大会召开日期：2025年5月20日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 一、召开会议的基本情况 （一） 股东大会类型和届次 2024年年度股东大会 （二） 股东大会召集人：北京天坛生物制品股份有限公司董事会 （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票 相结合的方式 （四） 现场会议召开的日期、时间和地点 召开的日期时间：2025 年 5 月 20 日 13 点 30 分 召开地点：北京市朝阳区双桥路乙 2 号院会议室 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 5 月 20 日 至2025 年 5 月 20 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东 ...

证券代码：600161 证券名称：天坛生物 编号：2025-015 表决结果：3票同意，0票反对，0票弃权。 详见同日披露的《北京天坛生物制品股份有限公司2025年第一季度报告》。 北京天坛生物制品股份有限公司 第九届监事会第九次会议决议公告 本公司监事会及全体监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"）第九届监事会第九次 会议于 2025 年 4 月 18 日以电子方式发出会议通知，于 2025 年 4 月 25 日以通讯 表决方式召开。会议应参加表决监事三人，实际参加表决监事三人。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： 一、审议通过《2025 年第一季度报告》，并提出审核意见如下： （一）公司 2025 年第一季度报告的编制和审议程序符合法律、法规、公司 章程和公司内部管理制度的各项规定； （二）公司 2025 年第一季度报告的内容真实地反映了公司 2025 年第一季度 的经营管理和财务状况等事项； （三）截至本意见提出之日，未发现参与 2025 年第一季度报 ...

证券代码：600161 证券简称：天坛生物 公告编号：2025-014 北京天坛生物制品股份有限公司 第九届董事会第二十次会议决议公告 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")第九届董事会第二十次 会议于 2025 年 4 月 18 日以电子方式发出会议通知，于 2025 年 4 月 25 日以通讯 表决方式召开。会议应参加表决董事七人，实际参加表决董事七人。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： 一、审议通过《关于增补董事的议案》 本议案已经董事会提名委员会事前认可。 同意补选张洁明先生、汪祺先生担任公司第九届董事会董事，任期至第九届 董事会换届。（简历附后） 同意将本议案提交股东大会审议。 表决结果：7 票同意，0 票反对，0 票弃权。 二、审议通过《2025 年第一季度报告》 其中：2025 年第一季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：7 票同意，0 票反对，0 票弃权。 详见同日披露的《北京天坛生物制品股份有 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 1,317,766,404.91, representing a 7.84% increase compared to CNY 1,221,955,159.91 in the same period last year[4] - Net profit attributable to shareholders decreased by 22.90% to CNY 244,145,675.45 from CNY 316,673,978.07 year-on-year[4] - Basic and diluted earnings per share both decreased by 22.90% to CNY 0.12 from CNY 0.16 in the same period last year[4] - The net profit for the first quarter of 2025 was CNY 337,283,020.12, a decrease of 22% from CNY 432,127,203.32 in the first quarter of 2024[22] - The company reported a total profit of CNY 406,278,490.58 for the first quarter of 2025, down 21.3% from CNY 516,222,287.60 in the first quarter of 2024[21] Cash Flow - The net cash flow from operating activities was negative at CNY -301,639,713.20, a decline of 164.34% compared to CNY 468,822,105.59 in the previous year[4] - The net cash flow from operating activities for the first quarter of 2025 was negative CNY 301,639,713.20, compared to positive CNY 468,822,105.59 in the first quarter of 2024[25] - Cash and cash equivalents at the end of the first quarter of 2025 were CNY 1,009,596,840.81, down from CNY 2,516,181,677.81 at the end of the first quarter of 2024[26] - The net cash inflow from investment activities was 96,576,284.63, while the net cash outflow was 627,560,430.00, resulting in a net cash flow of -530,984,145.37 from investment activities[33] - The cash flow from investment activities was significantly negative, indicating a potential need for strategic reassessment[33] Assets and Liabilities - Total assets increased by 2.31% to CNY 16,235,343,799.62 from CNY 15,869,522,217.56 at the end of the previous year[5] - Current assets as of March 31, 2025, totaled RMB 8,054,263,131.79, up from RMB 7,722,300,180.61 as of December 31, 2024[14] - Total liabilities were reported at RMB 1,364,862,198.88, slightly up from RMB 1,336,323,636.94, showing an increase of 2.1%[16] - The company's equity attributable to shareholders reached RMB 11,382,850,030.26, an increase from RMB 11,138,704,354.81, reflecting a growth of 2.2%[16] - Total current liabilities increased to CNY 22,702,419.88 as of March 31, 2025, from CNY 11,235,450.23 on December 31, 2024, marking an increase of approximately 102.0%[28] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 74,179[10] - The largest shareholder, China National Biotechnology Group Corporation, holds 45.64% of the shares, totaling 902,500,488 shares[10] Operational Changes - The company is implementing new sales credit policies, which have led to a significant decrease in cash flow from operating activities[8] - The company plans to implement new accounting standards starting from 2025, which may affect the financial statements[33] Research and Development - The company incurred research and development expenses of CNY 30,297,221.48 in the first quarter of 2025, an increase of 23.5% from CNY 24,452,750.69 in the same period of 2024[21] Other Income and Expenses - The company reported other income of CNY 182,640.61 in Q1 2025, compared to CNY 111,548.33 in Q1 2024, reflecting an increase of approximately 63.9%[30] - The company's financial expenses showed a significant improvement, with a net income of CNY -1,463,790.52 in the first quarter of 2025 compared to CNY -14,434,224.27 in the same period of 2024[21]