Group 1: Company Developments - The controlling shareholder of Pailin Biological has changed from Shengbang Yinghao to China National Pharmaceutical Group after signing a share transfer agreement, with nearly 200 million shares (21.03% of total shares) transferred for approximately 4.699 billion yuan at a price of 23.51 yuan per share [2] - Following the acquisition, Pailin Biological's stock price fell by 3.04% to 17.84 yuan per share, indicating a market reaction that did not align with the acquisition premium of 27.77% [2] - Pailin Biological's revenue for 2024 is projected to be 2.655 billion yuan, a 14% increase year-on-year, while net profit is expected to rise by 21.76% to 745 million yuan [4] Group 2: Industry Trends - The blood products industry in China is expected to experience consolidation, driven by government policies and market demands, with China National Pharmaceutical Group enhancing its position in the sector through this acquisition [3] - The blood products market in China is projected to grow from 60 billion yuan in 2024 to 95 billion yuan by 2030, indicating significant growth potential [7] - The industry is facing challenges, with many listed blood product companies reporting declining profits in the first half of 2025, attributed to price reductions in blood products [9] Group 3: Competitive Landscape - The acquisition of Pailin Biological by China National Pharmaceutical Group raises concerns about potential competition between Pailin and Tian Tan Biological, as their product lines overlap significantly [5][6] - The blood products industry is characterized by high entry barriers, with fewer than 30 companies currently operating, emphasizing the importance of resource acquisition through mergers and acquisitions [9] - Companies are exploring both traditional and innovative strategies to enhance their market positions, including expanding plasma collection capabilities and reducing reliance on human-derived plasma through technological advancements [10]

Core Viewpoint - The acquisition of Palin Biological by China National Pharmaceutical Group marks a significant shift in the blood products industry, with implications for market consolidation and competitive dynamics [1][2][4]. Company Summary - Palin Biological's controlling shareholder, Shengbang Yinghao, signed a share transfer agreement with China National Pharmaceutical, transferring nearly 200 million shares, representing 21.03% of the total share capital, for approximately 4.699 billion yuan at a price of 23.51 yuan per share [1]. - Following the acquisition, the controlling shareholder will change from Shengbang Yinghao to China National Pharmaceutical, with the actual controller shifting from the Shaanxi Provincial Government to China National Pharmaceutical Group [1]. - The acquisition price represents a 27.77% premium over Palin Biological's closing price of 18.4 yuan per share on September 9, but the market reacted negatively, with the stock closing at 17.84 yuan, down 3.04% [1]. - Palin Biological's revenue for 2024 is projected to be 2.655 billion yuan, a 14% increase year-on-year, while net profit is expected to rise by 21.76% to 745 million yuan [3]. Industry Summary - The blood products industry in China is expected to see significant consolidation, driven by government policies and market demands, with China National Pharmaceutical's acquisition of Palin Biological enhancing its competitive position [2]. - The blood products market in China is projected to reach 60 billion yuan in 2024 and grow to 95 billion yuan by 2030, indicating substantial growth potential [5]. - Despite the positive long-term outlook, the industry faced challenges in the first half of 2025, with many listed companies reporting declining revenues and profits due to price reductions in blood products [6][8]. - The industry is experiencing a shift from a previously profitable era to one requiring innovation and strategic acquisitions to maintain competitiveness [8][9]. - Companies are exploring strategies such as expanding plasma collection capabilities and diversifying into high-value biopharmaceuticals to navigate current market pressures [8][10].

证券代码：000403 证券简称：派林生物 公告编号：2025-044 派斯双林生物制药股份有限公司 关于控股股东签署《股份转让协议》暨公司控制权拟发生变更的 进展公告 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： 1、2025年9月7日，派斯双林生物制药股份有限公司（以下简称"派林生物"或"公 司"）控股股东共青城胜帮英豪投资合伙企业（有限合伙）（以下简称"胜帮英豪"）与 中国生物技术股份有限公司（以下简称"中国生物"）签署了《股份转让协议》，胜帮英 豪拟向中国生物转让其合计持有的公司199,878,656股无限售流通股股份，占公司总股本 的21.03%（以下简称"本次权益变动"或"本次转让"）。 2、若本次权益变动实施并完成，公司的控股股东及实际控制人将发生变更。中国 生物将成为公司的控股股东，中国医药集团有限公司将成为公司的实际控制人。 3、本次权益变动尚需取得深圳证券交易所的合规性确认意见并在中国证券登记结 算有限责任公司深圳分公司办理股份过户登记手续，以及完成相关法律法规要求可能涉 及的其他批准，该事项能否最终实施完成及实施结果尚存在 ...

派斯双林生物制药股份有限公司 简式权益变动报告书 上市公司名称：派斯双林生物制药股份有限公司 股票上市地点：深圳证券交易所 股票简称：派林生物 股票代码：000403 信息披露义务人：共青城胜帮英豪投资合伙企业（有限合伙） 住所及通讯地址：江西省九江市共青城市基金小镇内 股份变动性质：股份减少（协议转让） 信息披露义务人一致行动人（一）：西藏浙岩企业管理有限公司 住所及通讯地址：西藏自治区拉萨市柳梧新区海亮世纪新城一期河畔家园130 栋一单元801-2 信息披露义务人一致行动人（二）：沈和平 住所及通讯地址：上海市浦东新区****** 签署日期：2025年9月 1 信息披露义务人声明 一、信息披露义务人及其一致行动人依据《中华人民共和国证券法》(以 下简称"《证券法》")、《上市公司收购管理办法》（以下简称"《收购办 法》"）、《公开发行证券的公司信息披露内容与格式准则第15号—权益变动 报告书》（以下简称"《准则15号》"）及相关的法律、法规和规范性文件编 写本报告书。 二、信息披露义务人及其一致行动人签署本报告书已获得必要的授权和批 准。其履行亦不违反信息披露义务人章程或内部规则中的任何条款，或与之相 冲 ...

二〇二五年九月 上市公司：派斯双林生物制药股份有限公司 上市地点：深圳证券交易所 证券简称：派林生物 证券代码：000403 中信建投证券股份有限公司 关于派斯双林生物制药股份有限公司 详式权益变动报告书 之 财务顾问核查意见 财务顾问 | 第二节 | 序言 3 | | --- | --- | | 第三节 | 声明 4 | | 第四节 | 财务顾问意见 5 | | 一、对本次详式权益变动报告书内容的核查 5 | | | 二、对信息披露义务人权益变动目的的核查 5 | | | 三、对信息披露义务人的核查 5 | | | 四、对信息披露义务人进行证券市场规范化运作辅导的情况 19 | | | 五、信息披露义务人的股权控制结构与其控股股东、实际控制人支配信息 | | | 披露义务人的方式 19 | | | 六、对信息披露义务人本次增持资金来源及合法性的核查 20 | | | 七、对信息披露义务人本次收购所履行的决策程序的核查 21 | | | 八、对是否已对收购过渡期间保持上市公司稳定经营作出安排，该安排是 | | | 否符合有关规定的核查 21 | | | 九、对信息披露义务人收购后续计划的核查 21 | | | ...

派斯双林生物制药股份有限公司 详式权益变动报告书 派斯双林生物制药股份有限公司 风险提示 本次权益变动尚需取得受让方有权国有资产监督管理部门的批复、经营者集中 审查通过、深交所合规性确认、股权出让方解除标的股份质押等。目前相关方正在 推进相关程序，本次权益变动能否完成前述程序存在不确定性，提请投资者注意相 关风险。 声明 一、本报告书系信息披露义务人依据《中华人民共和国公司法》《中华人民共和 国证券法》《上市公司收购管理办法》《公开发行证券的公司信息披露内容与格式 准则第 15 号——权益变动报告书》及《公开发行证券的公司信息披露内容与格式准 则第 16 号—上市公司收购报告书》及相关的法律、法规编写。 二、依据上述法律法规的规定，本报告书已全面披露了信息披露义务人在派斯 双林生物制药股份有限公司中拥有权益的股份。 详式权益变动报告书 上市公司名称：派斯双林生物制药股份有限公司 股票上市地点：深圳证券交易所 股票简称：派林生物 股票代码：000403 信息披露义务人：中国生物技术股份有限公司 注册地址/通讯地址：北京市朝阳区双桥路乙 2 号院 2 号楼 2 层 权益变动性质：股份增加（协议受让） 签署日期：二 ...

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 2025 年第二次临时股东大会的 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 E UME 3 PT YUAN LAW OFFICES 北京 BEIJING · 上海 SHANGHAI · 深圳 SHENZHEN · 香港 HONGKONG · 广州 GUANGZHOU · 西安 XI `AN 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 2025 年第二次临时股东大会的 法律意见书 嘉源(2025)-04-638 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 2025年第二次临时股东大会(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。 为出具本法律意见书,本所指派 ...

证券代码：000403 证券简称：派林生物 公告编号：2025-043 派斯双林生物制药股份有限公司 2025年第二次临时股东大会决议公告 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。 （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 09 月 08 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 09 月 08 日上午 9:15 至下午 15:00 期间的任 意时间。 2、现场会议地点：上海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 4、会议召集人：公司董事会 特别提示： 本次股东大会的议案获得通过，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： （1）现场会议时间：2025 年 09 月 08 日（星期一）下午 15:00 | | 现场会议出席情况 | ...

Core Viewpoint - The State-owned Assets Supervision and Administration Commission (SASAC) is focusing on accelerating the development of the biopharmaceutical industry among central enterprises, emphasizing innovation-driven, long-cycle, and differentiated development to enhance the industry's quality and impact [1]. Group 1: Industry Development - SASAC, in collaboration with the Chinese Academy of Sciences, held a high-level training course for central enterprises in the biopharmaceutical sector from August 27 to 30 [1]. - The initiative aims to align with the "Healthy China" strategy and promote high-quality development in the biopharmaceutical industry [1]. - SASAC encourages state-owned enterprises to utilize mergers and acquisitions, equity investments, and industrial funds to strengthen their influence in the biopharmaceutical sector, particularly in areas with weak industrial foundations [1]. Group 2: Recent Mergers and Acquisitions - Recently, China National Pharmaceutical Group (Sinopharm) announced the acquisition of leading companies in the blood products sector, including Palin Biotech, and in the pharmaceutical glass sector, Shandong Pharmaceutical Glass, marking significant examples of mergers in the pharmaceutical industry [1].

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].