（文章来源：证券日报） 证券日报网讯 9月18日晚间，天坛生物发布公告称，2025年半年度利润分配方案为A股每股现金红利 0.15元（含税），股权登记日为2025年9月24日，除权（息）日为2025年9月25日，现金红利发放日同为 2025年9月25日。 ...

证券代码：600161 证券简称：天坛生物 公告编号：2025-044 北京天坛生物制品股份有限公司 2025年半年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.15元 相关日期 1.发放年度：2025年半年度 2.分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分公司 （以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3.分配方案： 本次利润分配以方案实施前的公司总股本1,977,371,446股为基数，每股派发现金红利0.15 元（含税），共计派发现金红利296,605,716.90元（含税）。 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/9/24 | － | 2025/9/25 | 2025/9/25 | 差异化分红送转： 否 一、通过分配方案的股东会届次和日期 本次利 ...

北京天坛生物制品股份有限公司发布2025年半年度权益分派实施公告。本次利润分配经2025年8月20日 董事会审议通过，以总股本1,977,371,446股为基数，每股派发现金红利0.15元（含税），共计 296,605,716.90元（含税）。股权登记日为2025年9月24日，除权（息）日和现金红利发放日为9月25 日。分配实施方面，除部分自行发放对象外，委托中国结算上海分公司派发。不同类型股东扣税政策有 别，如自然人持股超1年暂免个税，QFII按10%扣税等。咨询可联系董事会办公室，电话010 - 65439720 。 ...

Core Viewpoint - The company is actively expanding its international market presence and enhancing its product offerings while addressing pricing strategies and production efficiency to meet annual targets [1][2]. Group 1: International Expansion and Product Development - The company has established an International Cooperation Department to focus on international market development and registration preparations, successfully exporting several immunoglobulin products [1]. - The company is advancing its key products towards international certification and registration, aiming to become a globally influential blood product enterprise [1]. Group 2: Pricing Strategy and Market Position - In response to investor concerns about declining gross margins due to falling prices of blood products, the management indicated that product prices have stabilized in 2025, although there was a decrease compared to the full year of 2024 [1]. - The company plans to implement multiple measures to achieve its annual goals, including increasing market share, boosting sales, and reducing inventory [1]. Group 3: Research and Development Progress - The company maintains a leading level of R&D investment in the industry, with over ten products under research, including blood products and gene-recombinant products [2]. - Two products have completed Phase III clinical trials and have submitted applications for marketing authorization, while others are progressing well in clinical trials [2]. Group 4: Production Capacity and Facility Development - The Yunnan project has completed key product registration inspections and is currently addressing inspection deficiencies, with plans to accelerate production site transfer for major products [2]. - The Yunnan facility is expected to commence production in 2026, focusing on human albumin, intravenous immunoglobulin, and prothrombin complex products [2].

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]