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 ...

派斯双林生物制药股份有限公司 派斯双林生物制药股份有限公司 2024 年年度财务报告 派斯双林生物制药股份有限公司 2024 年年度财务报告 一、财务报表 财务附注中报表的单位为：元 1、合并资产负债表 编制单位：派斯双林生物制药股份有限公司 2024 年年度财务报告 | | | 单位：元 | | --- | --- | --- | | 项目 | 期末余额 | 期初余额 | | 流动资产： | | | | 货币资金 | 1,321,124,262.61 | 1,429,349,951.47 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | 282,702,336.48 | 423,337,138.12 | | 衍生金融资产 | | | | 应收票据 | 37,768,154.86 | 9,188,308.99 | | 应收账款 | 631,221,831.05 | 583,578,747.20 | | 应收款项融资 | 41,696,512.81 | 26,739,935.61 | | 预付款项 | 23,011,355.24 | 26,735,906.00 | | 应收保费 ...

派斯双林生物制药股份有限公司 关于会计师事务所履职情况评估报告 派斯双林生物制药股份有限公司（以下简称"公司"）聘请毕马威华振会计师事务所 （特殊普通合伙）（以下简称"毕马威华振"）作为公司 2024 年年度审计会计师事务所， 根据财政部、国务院国资委及中国证监会颁布的《国有企业、上市公司选聘会计师事务 所管理办法》，公司对毕马威华振 2024 年度履职情况进行了评估。经评估，公司认为毕 马威华振在经营资质和执业记录等方面合规有效，履职能够保持独立性，勤勉尽责，公 允表达意见。具体情况如下： 一、毕马威华振履行审计职责情况 公司于 2024 年 12 月与毕马威华振签订了 2024 年度审计业务约定书（以下简称"审 计业务约定书"）。毕马威华振已经按照审计业务约定书，遵循中国注册会计师审计准则 和其他执业规范，对公司 2024 年度财务报表及 2024 年 12 月 31 日的财务报告内部控制 的有效性进行了审计，出具了审计报告；同时对年度募集资金存放与使用情况、非经营 性资金占用及其他关联资金往来情况汇总表执行了相关的工作，并出具了鉴证报告和专 项报告。 在执行审计及其他鉴证工作的过程中，毕马威华振与公司治 ...

派斯双林生物制药股份有限公司 2024 年度内部控制评价报告 二〇二五年四月 公司内部控制的目标是：合理保证经营管理合法合规、资产安全、财务报告及相关 信息真实完整，提高经营效率和效果，促进实现发展战略。 | | | | 一、重要声明 2 | | --- | | 二、内部控制评价结论 2 | | 三、内部控制评价工作情况 2 | | （一）内部控制评价范围 3 | | （二）内部控制评价工作依据及内部控制缺陷认定标准 3 | | （三）内部控制缺陷认定及整改情况 5 | | 四、其他内部控制相关重大事项说明 5 | 派斯双林生物制药股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以 下简称"企业内部控制规范体系"），结合派斯双林生物制药股份有限公司（以下简称 "公司"）内部控制制度和评价办法，在内部控制日常监督和专项监督的基础上，我们 对公司 2024 年 12 月 31 日（内部控制评价报告基准日）的内部控制有效性进行了评价。 一、重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效 性，并如实披露内部控制评价报告是公司董事会的责任。 ...

派斯双林生物制药股份有限公司 2024 年度董事会工作报告 2024 年度，公司董事会严格按照《公司法》《证券法》《深圳证券交易所股票上市规 则》《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》等相 关法律法规和《公司章程》《董事会议事规则》等制度的规定，本着对全体股东负责的态 度，恪尽职守、诚实守信、勤勉尽责地履行义务及行使职权，认真贯彻落实股东大会的 各项决议，积极有效的开展董事会各项工作，保障了公司的良好运作和可持续发展。现 将董事会 2024 年度工作情况汇报如下： 一、公司总体经营情况 2024 年，我国经济运行总体平稳且稳中有进，血液制品行业总体发展良好，行业原 料血浆采集和市场销售规模持续增长。报告期内，公司专注血液制品核心主业，在确保 质量第一、生产安全和监管合规的前提下，坚定不移执行既定战略发展及经营规划，通 过内生与外延并举，公司经营业绩同比实现快速增长。2024 年度，公司实现营业收入 265,468.46 万元，同比增长 14.00%；归属于母公司股东的净利润 74,532.08 万元，同比 增长 21.76%；归属于上市公司股东的扣除非经常性损益的净利润 68 ...