Investment Rating - The report initiates coverage with a "Buy" rating for the company [1][2]. Core Views - The company has undergone a change in control with Shaanxi Coal and Chemical Industry Group becoming the largest shareholder, which is expected to enhance operational efficiency and resource support [1][16]. - The company is positioned among the top tier of domestic blood product enterprises, with significant growth potential driven by increased plasma collection and strategic partnerships [1][12]. - The blood products industry is experiencing a supply-demand imbalance, with high entry barriers and regulatory scrutiny, indicating a favorable environment for growth [29][30]. Summary by Sections Company Overview - The company, established in 1995, focuses on the research, production, and sales of blood products, with a significant increase in revenue and net profit in recent years [1][18]. - The company has expanded its operational scale through mergers and acquisitions, notably the acquisition of Haerbin Paisfiko, which has strengthened its market position [9][12]. Industry Analysis - The blood products industry is characterized by high entry barriers and a shortage of plasma resources, leading to a long-term supply-demand imbalance [29][30]. - The "14th Five-Year Plan" is expected to accelerate the approval of plasma collection stations, further increasing collection capacity and industry growth [34][35]. Financial Performance - The company reported a revenue of 1.14 billion RMB in the first half of 2024, a year-on-year increase of 60.2%, and a net profit of 330 million RMB, up 128.4% [1][18]. - The company’s revenue is projected to grow significantly over the next few years, with estimates of 2.9 billion RMB in 2024, 3.4 billion RMB in 2025, and 3.8 billion RMB in 2026 [2][18]. Future Outlook - With the support of Shaanxi Coal Group, the company is expected to enhance its operational management and efficiency, leading to improved financial metrics [1][16]. - The company aims to expand its plasma collection network and product offerings, positioning itself for sustained growth in the competitive blood products market [12][27].

Group 1: Strategic Considerations and Development Plans - Shaanxi Coal and Chemical Group aims to transform towards new energy, new materials, and strategic emerging chemical industries, following a path similar to world-class energy and chemical enterprises [3] - The acquisition of Pailin Bio is a strategic move for Shaanxi Coal Group to enter the biopharmaceutical sector, aligning with its transformation goals [3] Group 2: Product Development and R&D Goals - The company has over 10 products in the research phase, with significant progress on clinical trial approvals for several products [3] - The company plans to optimize existing products and expand their specifications and indications to enhance market competitiveness [4] Group 3: Mergers and Acquisitions Outlook - The blood product industry in China has a low concentration, indicating a trend towards industry consolidation, although current valuations for potential acquisition targets are high [4] Group 4: Market Demand and Growth - The demand for immunoglobulin (IVIG) is expected to grow significantly in the long term, driven by increased awareness and clinical usage [4] - The company anticipates a rise in plasma collection volumes, with projections of 400 tons for 2024, up from 300 tons in 2023 [4] Group 5: Financial Performance and Shareholder Returns - In 2023, the company increased its cash dividend payout to 27.34% of net profit, with plans to maintain a high dividend ratio in the future [4] - The company emphasizes creating value for shareholders through consistent returns [4] Group 6: Production Capacity and Expansion Plans - The company currently operates 38 plasma collection stations, with plans to expand capacity to 3,000 tons by 2025 [6] - The company is actively pursuing new plasma station approvals to enhance production capabilities [5] Group 7: Cost Management and Efficiency - Plasma collection costs are stable, with expected increases in costs due to new station depreciation, but overall costs are managed effectively [5] - Sales and management expense ratios are projected to decline as market recognition for key products increases [5] Group 8: International Market Strategy - The company is focusing on expanding its presence in overseas markets, particularly for IVIG, while ensuring domestic supply remains a priority [5]

证券代码：000403 证券简称：派林生物 公告编号：2024-048 派斯双林生物制药股份有限公司 第十届监事会第七次会议（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"）第十届监事会第七次会议（临 时会议）于2024年9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9月22日以通讯方式发出，会议应出席监事5人，实际出 席监事5人，会议程序符合《公司法》和《公司章程》的有关规定。 二、监事会会议审议情况 经综合考虑资本市场情况和公司经营发展规划，为提高公司长期投资价值并提升 每股收益水平，进一步增强投资者信心，公司拟将回购股份的用途进行变更，即"用 于员工持股计划或者股权激励计划及用于转换上市公司发行的可转换为股票的公司 债券的用途"变更为"用于注销并减少公司注册资本"，前述调整完成后，本次回购 的股份用途全部为"用于注销并减少公司注册资本"。公司通过回购专用证券账户， 以集中竞价交易方式回购公司股份1,968,378股， ...

一、回购股份实施情况 公司于2023年7月22日披露了《关于股份回购期限届满暨股份回购实施结果的公 告》（以下简称"本次回购"），截至2023年7月20日，公司本次回购股份期限届满， 公司通过回购专用证券账户，以集中竞价交易方式回购公司股份1,968,378股，最高 成交价为21.92元/股，最低成交价为16.99元/股，成交总金额为40,096,468.22元（不 含交易费用）。截至本公告披露日，公司暂未使用上述已回购股份。 二、本次变更回购股份用途原因及内容 公司于2022年7月6日披露《关于公司以集中竞价方式回购股份方案的公告（修 订后）》，本次回购股份的用途为本次回购股份数量的 30%用于减少公司注册资本、 回购股份数量的 30%用于员工持股计划或者股权激励计划、回购股份数量的 40% 用于转换上市公司发行的可转换为股票的公司债券，若公司未能在股份回购完成之 证券代码：000403 证券简称：派林生物 公告编号：2024-049 派斯双林生物制药股份有限公司 关于变更回购股份用途并注销的公告 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。 派斯双林生 ...

派林生物 舆情管理制度 派斯双林生物制药股份有限公司舆情管理制度 第一章 总 则 第一条 为提高派斯双林生物制药股份有限公司应对各类舆情的能力，建立快 速反应和应急处置机制，及时、妥善处理各类舆情对公司股价、商业信誉及正常生产 经营活动造成的影响，切实保护投资者合法权益，根据相关法律法规和《公司章程》， 结合公司实际情况，制定本制度。 第二条 本制度所称"舆情"包括： （一）报刊、杂志、电视、广播、网络等媒体对公司进行的负面报道； （二）社会上存在的已经或将会给公司造成不良影响的传言或信息； （三）可能或已经影响社会公众投资者投资取向，造成股价异常波动的信息； （四）其他涉及公司信息披露且可能对公司股票及其衍生品交易价格产生较大 影响的事件信息。 第二章 舆情管理的组织体系及其工作职责 第五条 舆情工作组是公司应对各类舆情处理工作的领导机构，统一领导公司 应对各类舆情的处理工作，就相关工作做出决策和部署，根据需要研究决定公司对外 发布信息，主要工作职责包括： （一）决定启动和终止各类舆情处理工作的相关事宜； （二）评估各类舆情对公司可能造成的影响和波及范围，拟定处理方案； （三）协调和组织各类舆情处理过程中对 ...

与会董事经过认真讨论，审议了以下议案： 1、《关于变更回购股份用途并注销的议案》 派斯双林生物制药股份有限公司 第十届董事会第九次会议（临时会议）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。 一、董事会会议召开情况 派斯双林生物制药股份有限公司（以下简称"公司"）第十届董事会第九次会议（临 时会议）于2024年9月24日以通讯方式召开，会议由公司董事长李昊先生召集并主持。 本次会议通知于2024年9月22日以通讯方式发出，会议应出席董事13人，实际出席董 事13人，会议程序符合《公司法》和《公司章程》的有关规定。 二、董事会会议审议情况 证券代码：000403 证券简称：派林生物 公告编号：2024-047 经综合考虑资本市场情况和公司经营发展规划，为提高公司长期投资价值并提升 每股收益水平，进一步增强投资者信心，公司拟将回购股份的用途进行变更，即"用 于员工持股计划或者股权激励计划及用于转换上市公司发行的可转换为股票的公司 债券的用途"变更为"用于注销并减少公司注册资本"，前述调整完成后，本次回购的 股份用途全部为"用于注销并减少公司注册资本" ...

派斯双林生物制药股份有限公司 关于召开2024年第二次临时股东大会的通知 证券代码：000403 证券简称：派林生物 公告编号：2024-050 3、会议召开的合法、合规性：本次会议的召集和召开符合《中华人民共和国公 司法》《派斯双林生物制药股份有限公司章程》的有关规定，合法有效。 6、股权登记日：2024 年 10 月 8 日（星期二） 4、会议召开时间： 现场会议时间：2024 年 10 月 15 日（星期二）15:00 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：2024 年 10 月 15 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：2024 年 10 月 15 日上午 9:15 至下午 15:00 期间的 任意时间。 5、会议召开方式：会议采取现场投票与网络投票相结合方式召开。 公司将通过深圳证券交易系统和互联网投票系统（http://wltp.cninfo.com.cn）向 全体股东提供网络形式的投票平台，股东可以在网络投票时间内通过上述系统行使 表决权。公司股东只能选择现场投票和网络投票中的 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark index within the next six months [11]. Core Insights - The company reported a significant revenue increase of 60.2% year-on-year, achieving 1.136 billion yuan in revenue for the first half of 2024, with a net profit of 327 million yuan, reflecting a 128.4% increase [2][3]. - The company is experiencing rapid growth in plasma collection, with an expected total of 1,400 tons for the year, supported by ongoing construction of new plasma collection stations [4]. - The blood products segment remains robust, with revenue of 1.133 billion yuan in the first half of 2024, also showing a 60.3% year-on-year increase, and the company is expanding its overseas sales efforts [4]. Financial Performance Summary - For 2024, the company is projected to achieve a net profit of 790 million yuan, with a growth rate of 29%, followed by 919 million yuan in 2025 and 1.044 billion yuan in 2026, with respective growth rates of 16% and 14% [4]. - The company's earnings per share (EPS) are expected to increase from 0.84 yuan in 2023 to 1.08 yuan in 2024, and further to 1.25 yuan in 2025 and 1.42 yuan in 2026 [8]. - The price-to-earnings (P/E) ratio is projected to decrease from 30 in 2023 to 23 in 2024, 20 in 2025, and 17 in 2026, indicating improving valuation metrics [8].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company reported a significant revenue increase of 60.23% year-on-year for the first half of 2024, reaching 1.136 billion yuan, with a net profit growth of 128.44% to 327 million yuan [5] - The company has seen a substantial rise in plasma collection volume, with approximately 700 tons collected in the first half of 2024, and all 38 plasma stations expected to be operational by year-end [5] - Profitability has improved, with a gross margin of 50.20% and a net profit margin of 28.78% for the first half of 2024, reflecting increases of 1.45 percentage points and 8.59 percentage points respectively [5] - The company is focusing on domestic market supply and sales, with core products experiencing strong growth, while also expanding its export business [5] - Future profit forecasts predict net profits of 771 million yuan, 917 million yuan, and 1.108 billion yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 24.3, 20.4, and 16.9 [5] Financial Performance - The company achieved a revenue of 2.846 billion yuan in 2024E, with a projected net profit of 771 million yuan [7] - The gross margin is expected to be 52.8% in 2024E, with a net profit margin of 27.1% [7] - The company’s earnings per share (EPS) is projected to increase from 0.84 yuan in 2023 to 1.05 yuan in 2024E [7] Market Comparison - The company's stock performance has shown a relative increase compared to the market, with a forecasted growth rate of 22.2% for 2024 [6][7] - The report indicates that the company is positioned to outperform the market, with a strong outlook based on operational improvements and market demand [5][6]

Investment Rating - The investment rating for the company is maintained at "Buy - A" with a 6-month target price of 30.00 CNY [3][7]. Core Views - The company reported significant growth in both revenue and net profit for the first half of 2024, with revenue reaching 1.136 billion CNY, a year-on-year increase of 60.23%, and net profit of 327 million CNY, up 128.44% [1][7]. - The increase in performance is attributed to a substantial rise in plasma collection volume and sustained high demand for products like immunoglobulin [1][2]. - The company is actively expanding its plasma collection stations and enhancing product development, which is expected to further increase the utilization rate of plasma [2][7]. Financial Performance Summary - In H1 2024, the gross margin was 50.20%, a slight increase of 1.45 percentage points year-on-year, while the expense ratio decreased to 17.32%, down 11.21 percentage points [1]. - The net profit margin improved to 28.78%, reflecting an increase of 8.61 percentage points year-on-year [1]. - The company aims for a plasma collection target of 1,400 tons for the full year, having collected approximately 700 tons in H1 2024 [2][7]. Revenue and Profit Forecast - Revenue growth is projected at 26.2%, 18.1%, and 12.8% for 2024, 2025, and 2026 respectively, with net profit growth expected at 28.3%, 17.9%, and 13.5% for the same years [7][8]. - The earnings per share (EPS) are forecasted to be 1.07 CNY, 1.26 CNY, and 1.43 CNY for 2024, 2025, and 2026 respectively [7][8]. Market Position and Strategy - The company has a total of 38 plasma collection stations, with ongoing efforts to expand and optimize existing facilities [2][7]. - Strategic partnerships, such as the extended collaboration with Xinjiang Deyuan, are in place to incentivize increased plasma supply [2][7].