Core Viewpoint - Taiyuan City is focusing on industrial transformation and the cultivation of strategic emerging industries, enhancing innovation and establishing a green manufacturing system to drive high-quality economic development [1][31]. Group 1: Macroeconomic Analysis - Taiyuan's GDP for 2024 is projected to be CNY 541.887 billion, with a growth rate of 1.2%. The primary, secondary, and tertiary industries contribute CNY 4.785 billion, CNY 166.671 billion, and CNY 370.431 billion respectively, with the tertiary sector growing by 1.6% [2][4]. - The proportion of strategic emerging industries in Taiyuan's industrial output is increasing, with a 2024 forecast showing a 37.3% contribution to the total industrial output, up 1.4 percentage points from the previous year [4]. Group 2: Investment Trends - Fixed asset investment in Taiyuan is expected to grow by 0.5% in 2024, with 136 ongoing projects valued over CNY 1 billion, representing 35.9% of total investment [6]. - Industrial investment is projected to account for 27.7% of total investment, with a significant increase of 24.7% year-on-year [6]. Group 3: Industrial Structure - Taiyuan is constructing a modern industrial system centered around the "1233" key industrial chain system, which includes nine major industrial chains contributing approximately 70% of the city's industrial output [10][31]. - The "1233" system focuses on high-end metal materials, advanced carbon-based materials, and advanced biological materials, among others, with 118 key enterprises involved [10][31]. Group 4: Innovation and R&D - In 2023, Taiyuan's R&D expenditure reached CNY 12.79 billion, ranking first in Shanxi Province, indicating a strong focus on innovation [8]. - The city is implementing four major projects to enhance innovation capabilities, including optimizing the innovation ecosystem and promoting the transformation of innovative results [8]. Group 5: Key Industries - The high-end metal materials industry is a pillar of Taiyuan's economy, with significant products including special steel and new magnesium alloys, generating CNY 118.3 billion in revenue in 2023 [19][20]. - The carbon-based materials industry is leveraging local coal resources and advanced research capabilities, with a focus on both traditional and cutting-edge carbon materials [25][27]. - The advanced biological materials and biopharmaceutical industry is developing rapidly, focusing on bio-based new materials and recombinant human collagen protein [29]. Group 6: Policy Framework - Taiyuan has introduced several policies to support high-quality development, including plans for digital transformation and the establishment of advanced manufacturing bases [16][18]. - The city aims to achieve significant results in industrial high-quality development by 2025, enhancing its competitive advantages [16].

Core Viewpoint - The blood products market is experiencing intense competition due to its vast potential, leading to both external corporate rivalries and internal conflicts within companies like Pailin Biological [2][3]. Company Overview - Pailin Biological, a leading player in the blood products sector, has faced regulatory penalties due to internal control deficiencies, with key executives held accountable [2][6]. - The company reported a revenue decline of 14.00% and a net profit drop of 26.95% in Q1 2025, ending a six-year streak of positive net profit growth since 2018 [2][14]. Financial Performance - Pailin Biological's revenue and net profit figures from 2020 to 2024 show fluctuations, with a notable revenue of 26.55 billion yuan in 2024, marking a 14.00% increase year-on-year, and a net profit of 7.45 billion yuan, up 21.76% [7][8]. - The company’s revenue in 2023 was 23.29 billion yuan, a slight decrease of 3.18%, while net profit grew by 4.25% to 6.12 billion yuan [8]. Market Dynamics - The blood products market is projected to exceed 60 billion yuan in 2024, with an expected annual compound growth rate of 9.89% from 2024 to 2031, driven by increasing demand due to aging populations and rising incidences of diseases [10][11]. - The industry faces challenges in plasma supply, with the number of operational single plasma collection stations increasing from approximately 220 in 2016 to 320 in 2024, yet still insufficient to meet market demand [11]. Strategic Developments - Pailin Biological is expanding its production capacity, with plans for 3,100 tons of new capacity to be gradually put into operation by mid-2025, which is expected to alleviate supply pressures and support future growth [12][14]. - The company is also focusing on high-value products, such as recombinant coagulation factor VIII, to enhance profit margins, despite the competitive and technologically demanding nature of the blood products industry [14].

Group 1: Company Strategy and Growth - The company will focus on its core business of blood products, enhancing plasma supply capacity and marketing management, while actively expanding into overseas markets and improving product R&D capabilities [1] - The company aims to increase annual production capacity to over 3,000 tons following the expansion of its subsidiary, with production expected to resume in June 2025 [2][3] - The company plans to achieve a sales expense ratio of under 10% and a management expense ratio of under 7% in 2025 [2] Group 2: Product Development and Market Position - The subsidiary Guangdong Shuanglin Jiuyin is expected to obtain listing approval in 2026, while the fourth-generation intravenous immunoglobulin is anticipated to receive approval in 2027 [2] - The company expects a more than 20% year-on-year increase in plasma output in 2025 due to expanded production capacity [3] - Currently, over 60% of albumin in the market is imported, indicating potential for domestic alternatives in the future [4] Group 3: Shareholder Engagement and Financial Management - The company will implement the 2024 dividend plan promptly after approval at the annual shareholders' meeting [2] - The major shareholder will continue to support the company's development and has initiated a share buyback plan [4] - The company has maintained a high dividend payout ratio for two consecutive years and plans to continue this trend [4]

Meeting Overview - The shareholders' meeting of Pailin Biopharmaceutical Co., Ltd. was held on May 21, 2025, with both on-site and online voting options available [1][2] - All proposals presented at the meeting were approved without any rejections [1] Attendance and Voting - The meeting was attended by company directors, supervisors, and senior management, with legal representatives from Beijing Jiayuan Law Firm present to witness the proceedings [2] - The voting results showed a high level of agreement among shareholders, with significant majorities in favor of all proposals [2][3] Proposal Voting Results - Proposal 1: 2024 Annual Board Work Report received 98.5551% approval from shareholders [2] - Proposal 2: 2024 Annual Supervisory Board Work Report received 99.7636% approval [2] - Proposal 3: 2024 Annual Report and its Summary received 99.7699% approval [3] - Proposal 4: 2024 Annual Financial Settlement Report received 99.8072% approval [3] - Proposal 5: 2024 Annual Profit Distribution Plan received 98.8167% approval [3] - Proposal 6: Appointment of Directors and Senior Management received 99.6818% approval [3] Legal Opinion - The legal opinion provided by Beijing Jiayuan Law Firm confirmed that the meeting's procedures, qualifications of attendees, and voting processes complied with relevant laws and regulations [3]

北京市嘉源律师事务所 关于派斯双林生物制药股份有限公司 2024 年年度股东大会的 法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 嘉源(2025)-04-354 北京市嘉源律师事务所(以下简称"本所")接受派斯双林生物制药股份有 限公司(以下简称"公司")的委托,根据《中华人民共和国公司法》(以下简 称"《公司法》"）、《上市公司股东会规则》(以下简称"《股东会规则》") 等现行有效的法律、行政法规、部门规章、规范性文件(以下简称"法律法规") 以及《派斯双林生物制药股份有限公司章程》(以下简称"《公司章程》")的 有关规定,指派本所律师对公司2024年年度股东大会(以下简称"本次股东大 会")进行见证,并依法出具本法律意见书。 派 霍师事务所 A YUAN LAW OFFICES 北京 BEI JING · 上海 SHANGHAI · 深圳| SHENZHEN · 香港 HONGKONG · 广州 GUANGZHOU · 西安 XI`AN 致:派斯双林生物制药股份有限公司 北京市嘉源律师事务所 关于派斯双林生物制药股份有限公司 2024 年年度股东大会的 法律意见书 为出具本法律意 ...

证券代码：000403 证券简称：派林生物 公告编号：2025-024 派斯双林生物制药股份有限公司 2024年年度股东大会决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 特别提示： 本次股东大会的议案全部获得通过，未出现否决议案的情形。 本次股东大会不涉及变更前次股东大会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况： 1、召开时间： 2、现场会议地点：上海市闵行区虹桥商务区申滨路 168 号丽宝广场 T1B 号楼 3 层 1 号会议室 3、会议召开方式：现场投票与网络投票相结合方式 （1）现场会议时间：2025 年 5 月 21 日（星期三）下午 14:30 （2）网络投票时间：其中，通过深圳证券交易所交易系统网络投票的时间为： 2025 年 5 月 21 日上午 9:15—9:25；9:30—11:30，下午 13:00—15:00；通过深圳证券 交易所互联网投票系统网络投票时间为：2025 年 5 月 21 日上午 9:15 至下午 15:00 期间的任意时间。 4、会议召集人：公司董事会 5、会议主持人：董事长李昊先生 6、本 ...

采浆规模稳步提升，静待新产能释放 派林生物(000403) ——派林生物 2024 年报点评 股票研究 /[Table_Date] 2025.05.04 2025-05-15 [Table_Industry] 医药/必需消费 [Table_Invest] 评级： 增持 [Table_Target] 目标价格： 27.86 [Table_CurPrice] 当前价格： 21.90 [Table_Market] 交易数据 总市值（百万元） 16,011 总股本/流通A 股（百万股） 731/727 流通 B 股/H 股（百万股） 0/0 本报告导读： 公司当前共有 36 个在营浆站，2024 年采浆量超 1400 吨，二期产能扩产完成后投浆 能力和产品工艺水平都将进一步提升，维持优于大市评级。 投资要点： | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 2,329 | 2,655 | 3,090 | 3,460 | 3,834 | ...

采浆规模稳步提升，静待新产能释放 派林生物(000403) ——派林生物 2024 年报点评 股票研究 /[Table_Date] 2025.05.04 2025-05-15 [Table_Industry] 医药/必需消费 [Table_Invest] 评级： 增持 [Table_Target] 目标价格： 27.86 [Table_CurPrice] 当前价格： 21.90 [Table_Market] 交易数据 总市值（百万元） 16,011 总股本/流通A 股（百万股） 731/727 流通 B 股/H 股（百万股） 0/0 本报告导读： 公司当前共有 36 个在营浆站，2024 年采浆量超 1400 吨，二期产能扩产完成后投浆 能力和产品工艺水平都将进一步提升，维持优于大市评级。 投资要点： | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 2,329 | 2,655 | 3,090 | 3,460 | 3,834 | ...

证券代码：000403 证券简称：派林生物 公告编号：2025-023 派斯双林生物制药股份有限公司 关于参加山西辖区上市公司2025年投资者 网上集体接待日活动的公告 特此公告。 派斯双林生物制药股份有限公司 董 事 会 二〇二五年五月十五日 1 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏。 为进一步加强与投资者的互动交流，派斯双林生物制药股份有限公司（以下简称"公 司"）将参加由山西证监局、山西省上市公司协会与深圳市全景网络有限公司联合举办 的"山西辖区上市公司2025年投资者网上集体接待日暨年报业绩说明会"，现将相关事 项公告如下： 本 次 活 动 将 采 用 网 络 远 程 的 方 式 举 行 ， 投 资 者 可 登 录 " 全 景 路 演 " 网 站 （http://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP，参与本次互 动交流，活动时间为 2025 年 5 月 20 日（周二）14:00-17:00。 出席本次投资者网上集体接待日活动的公司人员有：公司总经理荣先奎先生、董事 会秘书赵玉林先生、财务总监王晔弘女士， ...

Core Viewpoint - The internal control issues of the blood product company, Pailin Biological, have been exposed, leading to regulatory warnings for its two former chairpersons and general managers [1][3]. Summary by Relevant Sections Internal Control Issues - Pailin Biological has been found to have multiple internal control deficiencies and inadequate management of insider information, resulting in regulatory actions [2][3]. - The company has been ordered to rectify these issues and improve its internal control systems by June 8, 2024 [3][4]. Financial Performance - From 2018 to 2024, Pailin Biological's net profit attributable to shareholders grew over eightfold [2]. - In Q1 2024, the company experienced a rare decline in both revenue and net profit, with revenues and net profits of 375 million and 89 million respectively, marking year-on-year decreases of 14% and 26.95% [9]. - The decline was attributed to production capacity not meeting operational needs, as two wholly-owned subsidiaries are undergoing expansion [2][9]. Management Changes - In 2023, Pailin Biological underwent significant management changes, with a power struggle leading to the appointment of Fu Shaolan as co-chairperson [2][5]. - Fu Shaolan's salary in 2024 was reported at 3.7723 million, an increase of 721,300 from 2023, making her the highest-paid among the board members [2]. Production Capacity Expansion - The company is currently expanding its production capacity, with the second phase of expansion at its subsidiary, Paisifiko, expected to increase annual capacity to 1,600 tons [9]. - The total annual production capacity is projected to exceed 3,000 tons after the completion of expansions, which is anticipated to positively impact future financial performance [9]. Market Performance - Pailin Biological's stock price has seen a significant decline, dropping over 50% from a peak of 49.82 yuan per share in August 2020 to 21.82 yuan per share as of May 13, 2024 [9].