Summary of Conference Call Company and Industry Overview - The conference call involved a discussion about the blood products industry, specifically focusing on the performance of a major supplier in the sector, referred to as "the company" [1][2]. - The company reported stable growth in revenue and profit despite pressures in the broader healthcare and pharmaceutical industries [1]. Key Financial Highlights - For the first three quarters of 2024, the company reported: - Revenue of 1.89 billion yuan, a year-on-year increase of 37.49% [2]. - Operating profit of 543 million yuan, a year-on-year increase of 66.38% [2]. - In Q3 alone, revenue was 754 million yuan, up 13.27% year-on-year [2]. - The company plans to maintain a high dividend payout ratio, with a mid-year dividend of 1.5 yuan per ten shares, totaling 1.1 billion yuan distributed to shareholders [3]. Industry Dynamics - The demand for blood products, particularly albumin, has increased due to heightened awareness during the pandemic [4]. - The supply-demand relationship for albumin is currently favorable, with wholesale quantities showing growth [4]. - The price of albumin has increased by approximately 40% in 2023 due to supply constraints, although a slight price correction is expected in 2024 [5]. Competitive Landscape - The company is optimistic about the growth potential of its competitors, noting that domestic demand remains strong and prices are expected to stabilize [5][11]. - The company is focusing on expanding its product offerings in response to market demand, particularly in the albumin and competitive products segments [10][11]. Future Outlook - The company anticipates an increase in production capacity, with plans to reach 1,600 tons in the coming year [7]. - The management expressed confidence in maintaining a high dividend payout and a commitment to shareholder returns [6]. - The company is also exploring international markets, emphasizing the importance of regulatory registration for overseas sales [17][18]. Additional Insights - The company is actively working on new product development, including fourth-generation products and other innovations in blood products [27]. - There is a focus on optimizing production processes to enhance profitability and market competitiveness [32]. - The management acknowledged the challenges posed by regulatory changes and market dynamics but remains committed to strategic growth and shareholder value [30][38]. Conclusion - The conference call highlighted the company's robust financial performance, positive industry trends, and strategic initiatives aimed at sustaining growth and enhancing shareholder returns in the competitive blood products market.

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [5]. Core Insights - The company reported significant revenue and profit growth in Q3 2024, with total revenue reaching 1.89 billion yuan, a year-over-year increase of 37.49%, and a net profit of 543 million yuan, up 66.38% year-over-year [2][3]. - The company has received approval for new plasma collection stations, which is expected to enhance its raw plasma supply capacity, with total annual production capacity projected to reach 3,000 tons by 2025 [3]. - The company's Q3 gross margin was 51.00%, with a slight year-over-year decrease of 0.43 percentage points, while the net profit margin improved by 1.16 percentage points to 28.62% [3]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 1.89 billion yuan and a net profit of 543 million yuan, with Q3 revenue at 754 million yuan and net profit at 216 million yuan [2][3]. - The report forecasts revenues of 2.95 billion yuan, 3.49 billion yuan, and 3.96 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 758 million yuan, 895 million yuan, and 1.02 billion yuan [4][8]. - The projected P/E ratios for the next three years are 22.39X, 18.95X, and 16.63X, indicating a favorable valuation trend [4][8].

Investment Rating - The report maintains an "Accumulate" rating for the company [3][6]. Core Views - The company continues to show growth in its performance, with new plasma stations contributing to incremental gains. The report highlights that the company has received certification for two new plasma stations, which are expected to enhance plasma collection capacity and market potential [4][6]. - The financial forecasts for EPS are maintained at 1.06, 1.28, and 1.54 CNY for 2024, 2025, and 2026 respectively, with a target price set at 30.72 CNY based on a PE ratio of 24x for 2025 [6]. Financial Summary - For the first three quarters of 2024, the company achieved a revenue of 1.89 billion CNY, representing a year-on-year increase of 37.5%. The net profit attributable to the parent company was 543 million CNY, up 66.4%, and the net profit excluding non-recurring items was 498 million CNY, an increase of 84.7% [6]. - In Q3 2024 alone, the company reported a revenue of 754 million CNY, a 13.3% increase year-on-year, with a net profit of 216 million CNY, up 17.9% [6]. - The company has a total of 38 plasma stations, with 17 currently operational and two new stations recently certified for operation, which is expected to further increase plasma collection capacity [6]. Market Data - The current stock price is 22.41 CNY, with a target price of 30.72 CNY, indicating significant upside potential [3][6]. - The company has a total market capitalization of 16.43 billion CNY and a total share capital of 733 million shares [8]. Comparative Valuation - The report includes a comparative valuation table showing the company’s market cap and PE ratios against peers in the biopharmaceutical sector, indicating a competitive position within the industry [13][14].

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 23.14 CNY and projected PE ratios of 22, 19, and 16 for the years 2024, 2025, and 2026 respectively [2][3]. Core Insights - The company reported strong performance in its Q3 2024 results, achieving revenue of 1.89 billion CNY, a year-on-year increase of 37.49%, and a net profit attributable to shareholders of 543 million CNY, up 66.38% year-on-year [2]. - The gross profit margin for the first three quarters of 2024 was 28.71%, reflecting a year-on-year increase of 0.47 percentage points, driven by the company's focus on high-margin products [2]. - The company has a diverse product range with 11 varieties across three major categories, and it ranks among the top in the industry for both the number of plasma collection stations and plasma collection scale [2]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a net profit margin of 28.71%, an increase of 5.01 percentage points year-on-year, supported by improved expense ratios [2]. - The company’s revenue for Q3 2024 was 754 million CNY, representing a year-on-year growth of 13.27% and a quarter-on-quarter increase of 7.64% [2]. - The projected net profits for 2024, 2025, and 2026 are 770 million CNY, 920 million CNY, and 1.05 billion CNY respectively, indicating a positive growth trajectory [2][4].

证券代码：000403 证券简称：派林生物 公告编号：2024-058 派斯双林生物制药股份有限公司 关于桦南县派斯菲科单采血浆有限公司和肇东市派斯菲科 单采血浆有限公司获得单采血浆许可证的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏。 派斯双林生物制药股份有限公司（以下简称"公司"）全资子公司哈尔滨派斯 菲科生物制药有限公司下属桦南县派斯菲科单采血浆有限公司和肇东市派斯菲科单 采血浆有限公司收到黑龙江省卫生健康委员会签发的《单采血浆许可证》，现将主 要信息公告如下： 一、桦南县派斯菲科单采血浆有限公司 机构名称：桦南县派斯菲科单采血浆有限公司 地址：桦南县经济开发区双果路与丰盛街交口 业务项目：采集健康人普通血浆和特免血浆 采浆区域（范围）：佳木斯市、七台河市、双鸭山市和鹤岗市所辖的区、县及 县级市 登记号：MA1C6J62923000016F2009 有效期：2024年10月28日至2026年10月27日 该单采血浆站经核准登记，准予执业。 二、肇东市派斯菲科单采血浆有限公司 机构名称：肇东市派斯菲科单采血浆有限公司 地址：肇东市北部新区移动公司北侧、 ...

Group 1: Financial Performance - The company's revenue for the first three quarters of 2024 reached 1.89 billion CNY, a year-on-year increase of 37.49% [2] - The net profit attributable to shareholders for the same period was 543 million CNY, up 66.38% year-on-year [2] - In Q3 2024, revenue was 754 million CNY, reflecting a year-on-year growth of 13.27%, with net profit of 216 million CNY, a 17.86% increase [2] - The total cash dividend distribution for 2023 and the mid-2024 dividend is 146 million CNY and 110 million CNY respectively, accounting for 41.79% of the net profit attributable to shareholders for 2023 [2] Group 2: Market and Product Insights - The blood products market is experiencing a favorable supply-demand relationship, with albumin being the only product allowed for import [3] - The supply of albumin is expected to increase in 2024, with prices slightly adjusted downwards, while immunoglobulin (IVIG) remains in high demand [3] - The company currently operates 38 plasma collection stations, with 17 in operation and 2 awaiting acceptance [4] - The company is focusing on expanding its overseas market, particularly for IVIG, with exports already established in countries like Brazil and Pakistan [4] Group 3: Future Plans and R&D - The company plans to increase its production capacity to 3,000 tons by 2025, with expansions at both subsidiaries [4] - The company has over 10 products in development, with significant progress on clinical trials for new products [4] - Plasma collection is projected to reach 1,400 tons in 2024 and 1,600 tons in 2025, with stable costs expected despite new station setups [5] - The company anticipates significant growth in the blood products market, particularly in albumin and IVIG, due to increasing demand and market potential [5]

财联社财经通讯社打开APP16:53:11【派林生物：前三季度净利润同比增长66.38%】财联社10月27日 电，派林生物发布2024年第三季度报告，前三季度公司实现营业收入18.90亿元，同比增长37.49%；归 属于上市公司股东的净利润5.43亿元，同比增长66.38%。 派林生物+0.66%A股公告速递查看公告原文财联社声明：文章内容仅供参考，不构成投资建议。 投资者据此操作，风险自担。 2024-10-27 16:53:1116548 阅读商务合作发送 ...

与会监事经过认真讨论，审议了以下议案： 1、《2024 年第三季度报告》 经审核，监事会认为董事会编制和审议公司2024年第三季度报告的程序符合法律、 行政法规及中国证监会的规定，报告内容真实、准确、完整地反映了上市公司的实际情 况，不存在任何虚假记载、误导性陈述或者重大遗漏。具体内容详见《派斯双林生物制 药股份有限公司2024年第三季度报告》，于同日刊登在《证券时报》和巨潮资讯网 （http://www.cninfo.com.cn）上。 表决结果：5票同意、0票反对、0票弃权。本议案表决结果为通过。 证券代码：000403 证券简称：派林生物 公告编号：2024-054 派斯双林生物制药股份有限公司 第十届监事会第八次会议（临时会议）决议公告 本公司及监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。 一、监事会会议召开情况 派斯双林生物制药股份有限公司（以下简称"公司"）第十届监事会第八次会议（临 时会议）于2024年10月24日以通讯方式召开，会议由公司监事会主席郭麾先生召集并主 持。本次会议通知于2024年10月21日以通讯方式发出，会议应出席监事5人，实际出席 ...

Financial Performance - Revenue for the third quarter reached 754.09 million yuan, a year-on-year increase of 13.27%[3] - Net profit attributable to shareholders of the listed company was 215.75 million yuan, up 17.86% year-on-year[3] - Total revenue for the quarter reached 1,890,265,336.27 yuan, a significant increase from 1,374,813,312.16 yuan in the same period last year[16] - Net profit for the quarter was 542,758,460.07 yuan, up from 325,813,319.79 yuan in the previous year[17] - Operating profit increased to 638,752,175.75 yuan, compared to 372,635,563.90 yuan in the prior year[17] - Comprehensive income for the period totaled 542,752,820.16 yuan, an increase from 325,834,307.14 yuan in the previous period[18] - Basic and diluted earnings per share were 0.7425 yuan, up from 0.4460 yuan in the previous period[18] Assets and Liabilities - Total assets as of the end of the reporting period were 9.05 billion yuan, an increase of 4.90% compared to the end of the previous year[3] - Total assets grew to 9,053,216,302.97 yuan, up from 8,630,474,084.53 yuan at the end of the previous quarter[13][15] - Fixed assets increased by 45.70% to 1.37 billion yuan as construction projects reached the expected usable state[6] - Fixed assets increased to 1,373,956,195.97 yuan, compared to 942,994,319.65 yuan in the previous quarter[13] - Total liabilities stood at 1,228,389,449.24 yuan, slightly higher than 1,208,610,202.73 yuan in the previous quarter[14] - Equity attributable to the parent company's shareholders increased to 7,831,710,847.17 yuan, up from 7,428,649,258.06 yuan in the previous quarter[15] Cash Flow and Investments - The company's cash flow from investment activities decreased by 78.03% to -841.55 million yuan, mainly due to increased purchases of cash management products[7] - Investment income surged by 574.51% to 29.39 million yuan due to realised gains from cash management products[7] - Cash received from sales of goods and services was 1,868,361,377.74 yuan, compared to 1,573,400,641.94 yuan in the previous period[19] - Net cash flow from operating activities was 227,534,196.54 yuan, slightly higher than 225,733,198.18 yuan in the previous period[20] - Cash received from investments was 940,000,000.00 yuan, doubling from 470,000,000.00 yuan in the previous period[20] - Net cash flow from investing activities was -841,549,214.80 yuan, a decrease from -472,711,848.24 yuan in the previous period[20] - Net cash flow from financing activities was -60,650,552.66 yuan, compared to 28,452,153.67 yuan in the previous period[20] - Net increase in cash and cash equivalents was -674,688,890.07 yuan, a decrease from -218,461,879.92 yuan in the previous period[21] - Ending cash and cash equivalents balance was 753,590,120.03 yuan, down from 781,808,629.21 yuan in the previous period[21] Research and Development - R&D expenditure increased by 36.16% to 92.10 million yuan, driven by increased capitalised R&D spending[6] - Research and development expenses decreased to 45,975,375.17 yuan, down from 53,761,401.55 yuan in the same period last year[16] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 19,784[8] - The largest shareholder, GQC Shengbang Yinghao Investment Partnership, holds 20.97% of the shares, amounting to 153,752,812 shares[8] - The second-largest shareholder, Harbin Tongzhicheng Technology Development Co., Ltd., holds 10.97% of the shares, amounting to 80,381,128 shares[8] - The third-largest shareholder, Shenzhen Shipping Health Technology Co., Ltd., holds 4.46% of the shares, amounting to 32,694,301 shares[8] Financial Position - The company's monetary funds at the end of the period were 754,186,603.94 yuan, a decrease from 1,429,349,951.47 yuan at the beginning of the period[12] - The company's trading financial assets increased to 1,000,209,682.43 yuan from 423,337,138.12 yuan at the beginning of the period[12] - The company's accounts receivable decreased to 571,175,853.29 yuan from 583,578,747.20 yuan at the beginning of the period[12] - The company's inventory increased to 1,139,194,714.69 yuan from 909,374,530.76 yuan at the beginning of the period[12] - The total current assets at the end of the period were 3,542,327,499.32 yuan, slightly increased from 3,426,074,653.60 yuan at the beginning of the period[12] Loans and Subsidies - The company's long-term loans rose by 38.33% to 271.23 million yuan, driven by increased fixed asset loans for project construction[6] - Government subsidies received during the period decreased by 33.96% to 6.41 million yuan[6] Return on Equity - The company's weighted average return on equity (ROE) increased by 0.18 percentage points to 2.79%[3] Construction Projects - The company's investment in construction projects decreased to 463,311,557.62 yuan, down from 582,699,721.94 yuan in the previous quarter[13] Financial Expenses - The company's financial expenses showed a net benefit of -36,946,315.96 yuan, compared to -42,850,779.46 yuan in the same period last year[16]

证券代码：000403 证券简称：派林生物 公告编号：2024-055 派斯双林生物制药股份有限公司 2024年中期利润分配方案的公告 公司已于 2024 年 10 月 24 日召开第十届董事会第十次会议（临时会议）和第十 届监事会第八次会议（临时会议）审议通过了《2024 年中期利润分配方案》，尚需提 1 交 2024 年第三次临时股东大会进行审议。 三、备查文件 特此公告。 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。 一、2024 年中期利润分配方案 根据公司 2024 年半年度财务报告（未经审计），2024 年上半年实现归属于上市 公司股东的净利润 326,984,394.22 元，截止 2024 年 6 月 30 日，公司合并报表未分配 利润为 1,993,195,756.29 元，母公司未分配利润为 262,914,858.98 元。 根据《上市公司监管指引第 3 号——上市公司现金分红》《公司章程》等相关规 定，结合公司自身发展阶段和资金需求，为更好的回报广大投资者，提高公司长期投 资价值，提振股东对公司未来发展的信心，同时积极贯彻落实国务院 ...