Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has shown significant cost reduction and efficiency improvement, leading to rapid growth in plasma collection [1] - The company has adjusted its earnings forecast for 2025-2027, predicting earnings per share of 1.23, 1.42, and 1.60 yuan respectively, with a target price of 28.29 yuan based on a 23x PE valuation for 2025 [2] Financial Performance Summary - Revenue for 2023 was 2,329 million yuan, with a projected increase to 2,655 million yuan in 2024 (+14.0%), and further growth to 3,217 million yuan in 2025 (+21.2%) [4] - Operating profit is expected to rise from 695 million yuan in 2023 to 880 million yuan in 2024 (+26.6%), and to 1,018 million yuan in 2025 (+15.6%) [4] - Net profit attributable to the parent company is forecasted to grow from 612 million yuan in 2023 to 745 million yuan in 2024 (+21.8%), reaching 899 million yuan in 2025 (+20.6%) [4] - The company achieved a net profit margin of 28.1% in 2024, an increase of 1.8 percentage points from the previous year [8] - The company aims to collect over 1,600 tons of plasma in 2025, building on a collection of over 1,400 tons in 2024 [8]

证券研究报告 医药生物 | 生物制品 非金融|公司点评报告 hyzqdatemark 2025 年 04 月 30 日 证券分析师 刘闯 SAC：S1350524030002 liuchuang@huayuanstock.com 李强 SAC：S1350524040001 liqiang01@huayuanstock.com 市场表现： | 基本数据 | | | 2025 | 年 | 04 | 月 | 29 | 日 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | 22.04 | | | | 一 年 内 高 / 低 | 最 | 最 | | | | | | | 30.48/19.46 | | （元） | | | | | | | | | | | 总市值（百万元） | | | | | | | 16,112.89 | | | | 流通市值（百万元） | | | | | | | 15,933.44 | | | | 总股本（百万股） | | | | | | | 731.07 | | | | 资产 ...

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].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has experienced a short-term decline in performance due to temporary production stoppages, but it is expected to benefit from capacity expansion and sustained high growth in plasma collection [4][5] - In 2024, the company achieved a revenue of 2.655 billion yuan, representing a 14% increase year-on-year, and a net profit of 745 million yuan, which is a 21.76% increase [4] - The company’s plasma collection volume exceeded 1,400 tons in 2024, with an expected growth rate of over 15% [6] - The company has signed exclusive licensing and supply agreements to enhance its market presence both domestically and internationally [6] - The company’s gross margin for 2024 was 49.13%, with a net margin of 28.07%, indicating effective cost management and profitability [7] Financial Summary - The company’s projected revenues for 2025, 2026, and 2027 are 3.112 billion yuan, 3.702 billion yuan, and 4.214 billion yuan respectively, with corresponding net profits of 894 million yuan, 1.095 billion yuan, and 1.231 billion yuan [8][11] - The expected growth rates for revenue from 2024 to 2027 are 14%, 17.24%, 18.93%, and 13.83% respectively [11] - The company’s earnings per share (EPS) are projected to increase from 1.02 yuan in 2024 to 1.68 yuan in 2027 [11]

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].

Industry Outlook - The blood products industry in China is expected to maintain high growth due to factors such as improved consumption structure, enhanced plasma utilization, normalized exports, and increased government support [1] - The market capacity for blood products is projected to exceed 100 billion RMB in the future [2] Company Performance - In 2024, the company reported a revenue of 2.655 billion RMB, a year-on-year increase of 14%, and a net profit of 745 million RMB, up 21.76% [4] - The net profit margin for 2024 was 28.07%, reflecting a year-on-year increase of 1.81 percentage points [5] Production and Capacity - The company’s plasma collection volume in 2024 exceeded 1,100 tons, with an expected increase to over 1,400 tons in 2025, representing a growth of over 20% [5][6] - Post-expansion, the annual production capacity is anticipated to exceed 3,000 tons [6][8] Growth Strategies - The company plans to increase the number of plasma collection stations through both organic growth and acquisitions [3] - Continuous R&D efforts will be made to enhance product variety and improve profit margins per ton of plasma [3] Market Position - The overall performance of the blood products industry is strong, with the company positioned favorably compared to peers [4] - The company has received over 10 county-level and 5 city-level approvals for new plasma stations, aiming for significant expansion in 2025 [7] Future Projections - The company aims to maintain double-digit profit growth in 2025 [6] - The fourth-generation intravenous immunoglobulin is expected to be approved in the first half of 2027 [8] Shareholder Engagement - The company has implemented a value management system and is actively pursuing share buyback plans, maintaining a high dividend payout ratio [10]

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 24.42 CNY, compared to the current stock price of 21.64 CNY [4]. Core Views - The company achieved a revenue of 2.655 billion CNY in 2024, representing a year-on-year growth of 14.00%. The net profit attributable to shareholders was 745 million CNY, up 21.76% year-on-year [1]. - In Q4 2024, the company reported a revenue of 764 million CNY, a decline of 19.86% year-on-year, and a net profit of 203 million CNY, down 29.14% year-on-year [1]. - The company is expanding its production capacity, with the annual capacity of the Picefiko project increasing to 1,600 tons and the Guangdong Shuanglin project expected to reach 1,500 tons by mid-2025, ensuring long-term sustainable development [2][3]. Summary by Sections Financial Performance - In 2024, the company achieved a net profit margin of 28.07%, an increase of 1.81 percentage points year-on-year, and a period expense ratio of 16.70%, a decrease of 4.26 percentage points year-on-year [1]. - For Q1 2025, the company reported a revenue of 375 million CNY, a decrease of 14.00% year-on-year, and a net profit of 89 million CNY, down 26.95% year-on-year [2]. Plasma Collection and Expansion - The company adopted a dual strategy of internal growth and external expansion in plasma collection, achieving over 1,400 tons of plasma collection in 2024, which supports product supply and rapid growth in annual operating performance [3]. - The company has completed the acceptance of new plasma stations and is expanding the number of plasma donors to increase collection rates [3]. Product Development - The company has over 10 products in advanced stages of research and development, with significant progress in clinical trials for several key products, enhancing market competitiveness [4]. - The comprehensive utilization rate of plasma is expected to continue increasing with the launch of new products [9]. Future Projections - Revenue growth is projected at 16.2%, 13.9%, and 12.2% for 2025 to 2027, respectively, with net profit growth of 19.8%, 16.5%, and 14.2% during the same period [9].

Core Viewpoint - The recent financial report of Palin Biotech (000403) indicates a significant decline in both revenue and net profit for Q1 2025 compared to the same period in 2024, raising concerns about the company's financial health and operational efficiency [1]. Financial Performance - Total revenue for Q1 2025 was 375 million yuan, a decrease of 14.0% year-on-year [1]. - Net profit attributable to shareholders for Q1 2025 was 89.09 million yuan, down 26.95% from the previous year [1]. - The gross profit margin fell to 48.06%, a decline of 6.53% year-on-year [1]. - The net profit margin decreased to 23.74%, down 15.14% compared to the same period last year [1]. - Total expenses (selling, administrative, and financial) amounted to 67.59 million yuan, representing 18.04% of total revenue, an increase of 30.03% year-on-year [1]. Key Financial Ratios - Return on Invested Capital (ROIC) for the previous year was 8.42%, indicating average capital returns [3]. - The net profit margin for the previous year was 28.07%, suggesting high added value in products or services [3]. Shareholder Information - The company has raised a total of 5.241 billion yuan since its listing and has distributed 432 million yuan in dividends, resulting in a dividend-to-financing ratio of 0.08 [3]. - Analysts project that the company's performance for 2025 will reach 887 million yuan, with an average earnings per share of 1.21 yuan [3]. Fund Holdings - The largest fund holding Palin Biotech is the Huazhang Select Mixed Fund, which has reduced its holdings recently [4]. - Other funds, such as E Fund Balanced Growth and E Fund Kexiang Mixed, have maintained or increased their positions in the company [4].

派斯双林生物制药股份有限公司 一、监事会召开情况 2024 年度，监事会共召开 6 次会议，会议召开均按照程序及规定执行，所有会议的 决议都合法有效。监事会会议召开的具体情况如下表： | 序号 | 届次 | 召开时间及召 | | | 出席人员 | | 议案审议情况 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 开方式 | | | | | | | | | | | | | | 审议通过了《关于使用闲置募集资金暂时补充流动 | | | 第十届监事会 | 年 2024 | 3 | 月 | 应出席监事 | 5 | 资金的议案》《关于使用暂时闲置的募集资金进行 | | 1 | 第三次会议 | 10 | 日 | | 名，实际出 | | 现金管理的议案》《关于2024年度以自有闲置资金 | | | | （通讯会议） | | | 席监事 5 | 名 | 进行委托理财的议案》《关于2024年度子公司申请 | | | | | | | | | 银行授信及为子公司提供担保的议案》。 | | | | | | | | | 审议通过了《2023 年度监事会工作报告》《20 ...

证券代码：000403 证券简称：派林生物 公告编号：2025-017 派斯双林生物制药股份有限公司 关于2024年度募集资金存放与使用情况的专项报告 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。 根据中国证券监督管理委员会发布的《上市公司监管指引第 2 号——上市公司募 集资金管理和使用的监管要求》《深圳证券交易所上市公司自律监管指引第 1 号—— 主板上市公司规范运作》《深圳证券交易所上市公司信息披露公告格式第 21 号：上 市公司募集资金年度存放与使用情况的专项报告格式》等有关规定，派斯双林生物制 药股份有限公司（以下简称"公司""上市公司"）编制了 2024 年度募集资金存放与 使用情况的专项报告。 一、公司募集资金的基本情况 经中国证券监督管理委员会《关于核准南方双林生物制药股份有限公司向哈尔滨 同智成科技开发有限公司等发行股份购买资产并募集配套资金的批复》（证监许可 【2020】3412 号），同意公司向特定对象非公开发行人民币普通股（A 股）191,595,895 股股份购买相关资产，并发行股份募集配套资金不超过 16 亿元。公司本次向特定对 ...