Group 1 - The company, Beijing Tiantan Biological Products Co., Ltd., will hold a half-year performance briefing on September 16, 2025, from 9:30 to 10:30 [2][3] - The briefing will take place at the Shanghai Stock Exchange Roadshow Center and will be conducted through online interaction [4] - Investors can submit questions for the briefing from September 9 to September 15, 2025, and the company will address common concerns during the session [2][4][5] Group 2 - Key participants in the briefing will include the company's board members and executives, such as Mr. He Yanlin, the Deputy General Manager, and Mr. Wang Hongqing, the Chief Financial Officer [4] - After the briefing, investors can access the main content and details of the event on the Shanghai Stock Exchange Roadshow Center website [5]

证券代码：600161 证券简称：天坛生物 公告编号：2025-043 北京天坛生物制品股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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： 会议召开时间：2025 年 9 月 16 日（星期二）9:30-10:30 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 9 月 9 日（星期二）至 9 月 15 日（星期一）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。 公司董事、副总经理（主持日常经营工作）何彦林先生；独立董事张木先生； 财务总监兼董事会秘书王虹青先生等。（如有特殊情况，参会人员将可能进行调整） 四、投资者参加方式 （一）投资者可在 20 ...

Core Viewpoint - The blood products industry is experiencing significant performance differentiation among listed companies due to fluctuating terminal medical demand, ongoing centralized procurement policies, and intensified competition for plasma station resources [1][2]. Revenue Performance - The blood products industry has shown a clear tiered revenue structure, with leading companies benefiting from resource barriers while smaller firms struggle with revenue growth [2][3]. - Shanghai Raist achieved a revenue of 3.952 billion yuan, with a year-on-year plasma collection increase of nearly 12% [2]. - Tian Tan Bio reported a revenue of 3.110 billion yuan, a year-on-year increase of 9.47%, supported by its stable plasma collection capabilities [2]. - Hualan Bio generated a revenue of 1.798 billion yuan, up 8.8% year-on-year, with its blood products segment contributing 1.737 billion yuan, a 7.57% increase [2]. - The top three companies accounted for 74.64% of the total revenue of the eight listed companies in the industry [2]. Profitability Analysis - There is a significant disparity in net profit performance, with only two companies reporting positive year-on-year growth in net profit [4][5]. - Shanghai Raist led with a net profit of 1.03 billion yuan, while Hualan Bio saw a notable increase of 17.19% in net profit to 516 million yuan, driven by improved gross margins [4]. - Tian Tan Bio's net profit decreased by 12.88% to 633 million yuan, impacted by declining product sales prices and reduced interest income [4]. - The profitability of smaller companies is under pressure, with Baiya Bio reporting a net profit of 225 million yuan and a cash dividend plan reflecting shareholder returns [5]. - Bai Lin Bio's net profit fell by 27.89% to 236 million yuan due to capacity expansion efforts, while Wei Guang Bio's net profit slightly decreased by 2.02% to 108 million yuan [5][6]. Industry Challenges - The industry faces challenges such as weak terminal demand, ongoing centralized procurement pressures, and financial and R&D constraints [6]. - The demand for conventional products like human albumin has decreased due to adjustments in treatment rhythms at medical institutions [6]. - Centralized procurement policies continue to exert pressure on pricing, affecting revenue from related business lines [6]. - Companies are experiencing tight funding issues as they invest in expanding plasma stations and advancing new product development [6].

Core Viewpoint - The company reported a revenue of 3.11 billion yuan in the first half of 2025, representing a year-on-year growth of 9.47%, while the net profit attributable to shareholders decreased by 12.88% to 633 million yuan [1] Group 1: Financial Performance - In Q2 2025, the company achieved a revenue of 1.793 billion yuan, with a year-on-year growth of 10.70%, but the net profit attributable to shareholders fell by 5.13% to 388 million yuan [1] - For H1 2025, the company’s plasma collection volume was approximately 1361 tons, a year-on-year increase of 0.7%, holding about 20% of the domestic market share [2] - The revenue from immunoglobulin (IVIG) reached 1.43 billion yuan in H1 2025, up 6.56% year-on-year, with a gross margin of 49.8%, down 7.67 percentage points [2] - Albumin revenue was 1.35 billion yuan, showing a year-on-year increase of 20.8%, with a gross margin of 41.0%, down 11.61 percentage points [2] - Other blood products generated 330 million yuan in revenue, down 13.2% year-on-year, with a gross margin of 43.3%, a decrease of 14.8 percentage points [2] Group 2: Market Position and Growth Potential - The company maintains a leading position in the domestic plasma collection industry, with 107 plasma collection stations, of which 85 are operational as of H1 2025 [2] - The company is expected to achieve significant results in acquiring new plasma collection stations due to the strength of its controlling shareholder, China National Pharmaceutical Group [2] - The launch of the fourth-generation chromatography immunoglobulin (10%) is anticipated to enhance profit margins, as it is safer and more efficient compared to the third generation [3] - The company has several products in the pipeline, including subcutaneous immunoglobulin and recombinant coagulation factors, which are in various stages of clinical trials [3] Group 3: Profit Forecast - The company’s projected net profits for 2025-2027 are 1.44 billion, 1.67 billion, and 1.91 billion yuan, with year-on-year growth rates of -6.8%, 15.5%, and 14.4% respectively [3] - The current price-to-earnings ratios are estimated to be 28, 24, and 21 times for the years 2025, 2026, and 2027 [3] Group 4: Investment Rating - The company maintains a "Buy" rating [4]

Core Viewpoint - TianTan Biological announced the completion of the legal representative change and the issuance of a new business license, with Yang Huichuan now serving as the legal representative [1] Group 1 - The company will hold its first extraordinary general meeting of shareholders on August 20, 2025, to review the proposal for changing the legal representative [1] - The company has completed the registration of the legal representative change with the Beijing Economic and Technological Development Zone Market Supervision Administration [1] - The business license information has been updated to reflect the change in the legal representative, while other information remains unchanged [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a stable revenue but faced profit pressure due to price adjustments in albumin products, leading to slightly lower-than-expected performance [6] - The company is actively expanding its plasma resource base through strategic partnerships and has a leading position in the domestic market with 107 plasma collection stations [6] - Continuous innovation in product offerings is evident, with several new products in the pipeline and ongoing clinical trials [6] - The profit forecast has been adjusted downwards due to the impact of price pressures on profitability, with expected net profits for 2025 and 2026 revised to 1.569 billion and 1.748 billion respectively [6] Financial Summary - For the first half of 2025, the company achieved total revenue of 31.10 billion yuan, a year-on-year increase of 9.47%, and a net profit of 6.33 billion yuan, a year-on-year decrease of 12.88% [6] - The revenue from human albumin was 13.45 billion yuan, up 20.79% year-on-year, while the revenue from immunoglobulin was 14.27 billion yuan, up 6.56% year-on-year [6] - The company’s gross margin for human albumin was 41.02%, down 11.61 percentage points year-on-year, and for immunoglobulin, it was 49.82%, down 7.67 percentage points year-on-year [6] - The projected total revenue for 2025 is 66.66 billion yuan, with a compound annual growth rate of 10.5% from 2024 [5]

Group 1 - Beijing Tiantan Biological Products Co., Ltd. has completed the registration of the change of its legal representative and obtained a new business license from the Beijing Economic and Technological Development Zone Market Supervision Administration [1] - The company held its first extraordinary general meeting of shareholders on August 20, 2025, where the proposal to change the legal representative was approved [1] - The new legal representative is Mr. Yang Huichuan, while other information on the business license remains unchanged [1] Group 2 - The board of directors and all directors of the company guarantee that the announcement contains no false records, misleading statements, or major omissions, and they bear legal responsibility for the authenticity, accuracy, and completeness of its content [1] - The announcement was published on August 28, 2025 [1]

北京天坛生物制品股份有限公司（以下简称"公司"）于2025年8月20日召开 2025年第一次临时股东会，审议通过《关于变更法定代表人的议案》。 近日，公司已完成法定代表人工商变更登记工作，并取得北京经济技术开发区 市场监督管理局换发的《营业执照》，《营业执照》信息中的公司法定代表人变更 为杨汇川先生，《营业执照》其他信息不变。 证券代码：600161 证券简称：天坛生物 公告编号：2025-042 北京天坛生物制品股份有限公司 关于完成工商变更登记并取得换发《营业执照》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。 特此公告。 北京天坛生物制品股份有限公司 2025 年 8 月 28 日 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is expected to see steady growth in plasma collection, with new products anticipated to drive revenue growth [5] - The projected net profit for the company from 2025 to 2027 is estimated at 1.44 billion, 1.67 billion, and 1.91 billion yuan respectively, with year-on-year growth rates of -6.8%, 15.5%, and 14.4% [6] - The current stock price corresponds to a price-to-earnings (PE) ratio of 28, 24, and 21 for the years 2025, 2026, and 2027 respectively [6] Financial Performance Summary - In the first half of 2025, the company achieved operating revenue of 3.11 billion yuan, a year-on-year increase of 9.47%, and a net profit of 633 million yuan, a year-on-year decline of 12.88% [6] - For Q2 2025, the operating revenue was 1.793 billion yuan, with a year-on-year growth of 10.70%, and a net profit of 388 million yuan, down 5.13% year-on-year [6] - The company maintained a leading position in the industry with a plasma collection volume of approximately 1361 tons in the first half of 2025, representing a year-on-year growth of 0.7% [6] Product and Market Insights - The company has a total of 107 plasma collection stations, with 85 currently operational [6] - Revenue from immunoglobulin products in the first half of 2025 was 1.43 billion yuan, up 6.56% year-on-year, while revenue from albumin was 1.35 billion yuan, up 20.8% year-on-year [6] - The fourth-generation chromatography immunoglobulin product has been launched, which is expected to significantly enhance profit margins [6] Future Growth Potential - The company is expected to achieve notable results in acquiring new plasma collection stations due to the strength of its controlling shareholder, China National Pharmaceutical Group [6] - The ongoing clinical trials for various new products, including subcutaneous immunoglobulin and recombinant coagulation factors, are anticipated to contribute to future revenue growth [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 3.11 billion yuan in the first half of 2025, representing a year-on-year increase of 9.47%. However, the net profit attributable to the parent company decreased by 12.88% to 633 million yuan [4] - The company is optimistic about its long-term development due to its plasma collection capabilities and potential, maintaining profit forecasts for 2025-2027 with expected net profits of 1.739 billion, 2.194 billion, and 2.490 billion yuan respectively [4] - The current stock price corresponds to a PE ratio of 23.4, 18.6, and 16.4 times for 2025, 2026, and 2027 respectively [4] Financial Performance - In the first half of 2025, the company reported a gross margin of 45.05%, down 10.32 percentage points, and a net margin of 29.48%, down 4.69 percentage points [4] - The company’s human albumin revenue grew by 20.79% to 1.345 billion yuan, while the revenue from immunoglobulin increased by 6.56% to 1.427 billion yuan [5] - The company operates 107 plasma collection stations across 16 provinces, maintaining a domestic market share of approximately 20% [5] Research and Development - The company invested 143 million yuan in R&D in the first half of 2025, with an R&D expense ratio of 1.83% [6] - Several products are in the research phase, including subcutaneous immunoglobulin and recombinant coagulation factor VIIa, which are currently under drug review [6] Financial Summary and Valuation Metrics - The company’s projected revenue for 2025 is 7.092 billion yuan, with a year-on-year growth of 17.6% [7] - The projected net profit for 2025 is 1.739 billion yuan, reflecting a year-on-year increase of 12.2% [7] - The gross margin is expected to stabilize around 54.8% for 2025, while the net margin is projected at 24.5% [7]