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"）第十届董事会第十五次会议 于 2025 年 5 月 30 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。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：2025-026 派斯双林生物制药股份有限公司 第十届董事会第十五次会议决议公告 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。 三、备查文件 第十届董事会第十五次会议决议。 特此公告。 1 与会董事经过认真讨论，审议了以下议案： 1、《关于审议<中国证券监督管理委员会山西监管局行政监管措施决定书的整改 报告>的议案》 公司高度重视行政监管措施决定书中所指出的违规问题，已积极进行整改并明确 管理要求，董事会同意关于《中国证券监督管理委员会山西监管局行政监管措施决定 书的整改报告》。未来将严格遵守相关规定，提高规范运作意识，加强内控合规管理， 强化子公司规范管理，严格履行信息披露义务，切实维护公司及全 ...

关于2024年度利润分配实施的公告 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。 一、股东大会审议通过利润分配方案的相关情况 1、派斯双林生物制药股份有限公司（以下简称"公司"或"本公司"）2024年度 利润分配方案已获2025年5月21日召开的2024年度股东大会审议通过，具体内容为： 以2025年4月20日公司的总股本731,074,913股为基数，按每10股派发现金红利3.5元（含 税）向全体股东分配，共派发现金255,876,219.55元，现金分红金额占2024年度归属于 上市公司股东的净利润的比率为34.33%，剩余未分配利润结转以后年度。2024年度每 10股以资本公积金转增3股，不送红股，本次转增后公司总股本为950,397,387股，转增 金额未超过2024年末资本公积—股本溢价的余额。根据《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》的规定，在利润分配方案公布后至实 施前，出现股权激励行权、可转债转股、股份回购等情形时，公司将按照"现金分红 金额、送红股金额、资本公积金转增股本金额固定不变"的原则进行方案调整。 ...

Core Viewpoint - Taiyuan City is focusing on industrial transformation and the cultivation of strategic emerging industries, enhancing innovation and establishing a green manufacturing system to drive high-quality economic development [1][31]. Group 1: Macroeconomic Analysis - Taiyuan's GDP for 2024 is projected to be CNY 541.887 billion, with a growth rate of 1.2%. The primary, secondary, and tertiary industries contribute CNY 4.785 billion, CNY 166.671 billion, and CNY 370.431 billion respectively, with the tertiary sector growing by 1.6% [2][4]. - The proportion of strategic emerging industries in Taiyuan's industrial output is increasing, with a 2024 forecast showing a 37.3% contribution to the total industrial output, up 1.4 percentage points from the previous year [4]. Group 2: Investment Trends - Fixed asset investment in Taiyuan is expected to grow by 0.5% in 2024, with 136 ongoing projects valued over CNY 1 billion, representing 35.9% of total investment [6]. - Industrial investment is projected to account for 27.7% of total investment, with a significant increase of 24.7% year-on-year [6]. Group 3: Industrial Structure - Taiyuan is constructing a modern industrial system centered around the "1233" key industrial chain system, which includes nine major industrial chains contributing approximately 70% of the city's industrial output [10][31]. - The "1233" system focuses on high-end metal materials, advanced carbon-based materials, and advanced biological materials, among others, with 118 key enterprises involved [10][31]. Group 4: Innovation and R&D - In 2023, Taiyuan's R&D expenditure reached CNY 12.79 billion, ranking first in Shanxi Province, indicating a strong focus on innovation [8]. - The city is implementing four major projects to enhance innovation capabilities, including optimizing the innovation ecosystem and promoting the transformation of innovative results [8]. Group 5: Key Industries - The high-end metal materials industry is a pillar of Taiyuan's economy, with significant products including special steel and new magnesium alloys, generating CNY 118.3 billion in revenue in 2023 [19][20]. - The carbon-based materials industry is leveraging local coal resources and advanced research capabilities, with a focus on both traditional and cutting-edge carbon materials [25][27]. - The advanced biological materials and biopharmaceutical industry is developing rapidly, focusing on bio-based new materials and recombinant human collagen protein [29]. Group 6: Policy Framework - Taiyuan has introduced several policies to support high-quality development, including plans for digital transformation and the establishment of advanced manufacturing bases [16][18]. - The city aims to achieve significant results in industrial high-quality development by 2025, enhancing its competitive advantages [16].

Core Viewpoint - The blood products market is experiencing intense competition due to its vast potential, leading to both external corporate rivalries and internal conflicts within companies like Pailin Biological [2][3]. Company Overview - Pailin Biological, a leading player in the blood products sector, has faced regulatory penalties due to internal control deficiencies, with key executives held accountable [2][6]. - The company reported a revenue decline of 14.00% and a net profit drop of 26.95% in Q1 2025, ending a six-year streak of positive net profit growth since 2018 [2][14]. Financial Performance - Pailin Biological's revenue and net profit figures from 2020 to 2024 show fluctuations, with a notable revenue of 26.55 billion yuan in 2024, marking a 14.00% increase year-on-year, and a net profit of 7.45 billion yuan, up 21.76% [7][8]. - The company’s revenue in 2023 was 23.29 billion yuan, a slight decrease of 3.18%, while net profit grew by 4.25% to 6.12 billion yuan [8]. Market Dynamics - The blood products market is projected to exceed 60 billion yuan in 2024, with an expected annual compound growth rate of 9.89% from 2024 to 2031, driven by increasing demand due to aging populations and rising incidences of diseases [10][11]. - The industry faces challenges in plasma supply, with the number of operational single plasma collection stations increasing from approximately 220 in 2016 to 320 in 2024, yet still insufficient to meet market demand [11]. Strategic Developments - Pailin Biological is expanding its production capacity, with plans for 3,100 tons of new capacity to be gradually put into operation by mid-2025, which is expected to alleviate supply pressures and support future growth [12][14]. - The company is also focusing on high-value products, such as recombinant coagulation factor VIII, to enhance profit margins, despite the competitive and technologically demanding nature of the blood products industry [14].

Group 1: Company Strategy and Growth - The company will focus on its core business of blood products, enhancing plasma supply capacity and marketing management, while actively expanding into overseas markets and improving product R&D capabilities [1] - The company aims to increase annual production capacity to over 3,000 tons following the expansion of its subsidiary, with production expected to resume in June 2025 [2][3] - The company plans to achieve a sales expense ratio of under 10% and a management expense ratio of under 7% in 2025 [2] Group 2: Product Development and Market Position - The subsidiary Guangdong Shuanglin Jiuyin is expected to obtain listing approval in 2026, while the fourth-generation intravenous immunoglobulin is anticipated to receive approval in 2027 [2] - The company expects a more than 20% year-on-year increase in plasma output in 2025 due to expanded production capacity [3] - Currently, over 60% of albumin in the market is imported, indicating potential for domestic alternatives in the future [4] Group 3: Shareholder Engagement and Financial Management - The company will implement the 2024 dividend plan promptly after approval at the annual shareholders' meeting [2] - The major shareholder will continue to support the company's development and has initiated a share buyback plan [4] - The company has maintained a high dividend payout ratio for two consecutive years and plans to continue this trend [4]

Meeting Overview - The shareholders' meeting of Pailin Biopharmaceutical Co., Ltd. was held on May 21, 2025, with both on-site and online voting options available [1][2] - All proposals presented at the meeting were approved without any rejections [1] Attendance and Voting - The meeting was attended by company directors, supervisors, and senior management, with legal representatives from Beijing Jiayuan Law Firm present to witness the proceedings [2] - The voting results showed a high level of agreement among shareholders, with significant majorities in favor of all proposals [2][3] Proposal Voting Results - Proposal 1: 2024 Annual Board Work Report received 98.5551% approval from shareholders [2] - Proposal 2: 2024 Annual Supervisory Board Work Report received 99.7636% approval [2] - Proposal 3: 2024 Annual Report and its Summary received 99.7699% approval [3] - Proposal 4: 2024 Annual Financial Settlement Report received 99.8072% approval [3] - Proposal 5: 2024 Annual Profit Distribution Plan received 98.8167% approval [3] - Proposal 6: Appointment of Directors and Senior Management received 99.6818% approval [3] Legal Opinion - The legal opinion provided by Beijing Jiayuan Law Firm confirmed that the meeting's procedures, qualifications of attendees, and voting processes complied with relevant laws and regulations [3]

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 2024 年年度股东大会的 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 嘉源(2025)-04-354 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2024年年度股东大会(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。 派 霍师事务所 A YUAN LAW OFFICES 北京 BEI JING · 上海 SHANGHAI · 深圳| SHENZHEN · 香港 HONGKONG · 广州 GUANGZHOU · 西安 XI`AN 致:派斯双林生物制药股份有限公司 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 2024 年年度股东大会的 法律意见书 为出具本法律意 ...

证券代码：000403 证券简称：派林生物 公告编号：2025-024 派斯双林生物制药股份有限公司 2024年年度股东大会决议公告 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。 特别提示： 本次股东大会的议案全部获得通过，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： 2、现场会议地点：上海市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 （1）现场会议时间：2025 年 5 月 21 日（星期三）下午 14:30 （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 5 月 21 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 5 月 21 日上午 9:15 至下午 15:00 期间的任意时间。 4、会议召集人：公司董事会 5、会议主持人：董事长李昊先生 6、本 ...

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of RMB 27.86, compared to the current price of RMB 21.90 [1][9]. Core Insights - The company expects 2024 revenue to reach RMB 2.66 billion, representing a 14.00% year-on-year growth, and a net profit attributable to shareholders of RMB 745 million, which is a 21.76% increase [9]. - The company is enhancing its plasma collection capabilities with 19 stations, of which 17 are operational, and anticipates plasma collection to exceed 1,400 tons in 2024, showing rapid growth year-on-year [9]. - The report highlights ongoing capacity expansion efforts, projecting annual production capacity to exceed 3,000 tons, with a 20% year-on-year increase in collection expected in 2025 [9]. Financial Summary - The financial summary indicates the following projections: - Revenue for 2023A: RMB 2,329 million, 2024A: RMB 2,655 million (+14.0%), 2025E: RMB 3,090 million (+16.4%) [3]. - Net profit attributable to shareholders for 2023A: RMB 612 million, 2024A: RMB 745 million (+21.8%), 2025E: RMB 886 million (+18.8%) [3]. - Earnings per share (EPS) forecast for 2025E is RMB 1.21, with an adjustment for 2026E to RMB 1.39 and a new forecast for 2027E at RMB 1.56 [9]. Market Position and Strategy - The company is actively pursuing both organic growth and external expansion strategies, with a focus on increasing plasma collection and enhancing product development [9]. - The report notes that the company is advancing its R&D efforts, with over 10 products in fast-track development, including several in clinical trial stages [9]. - The company is also expanding its export strategy, with sales initiated in Pakistan and ongoing regulatory efforts for markets like Brazil [9].

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of RMB 27.86, compared to the current price of RMB 21.90 [1][8]. Core Insights - The company expects 2024 revenue of RMB 2.66 billion, representing a 14.00% year-over-year increase, and a net profit attributable to shareholders of RMB 745 million, which is a 21.76% increase [8]. - The company is actively expanding its plasma collection capacity, with 19 stations, 17 of which are operational, and anticipates plasma collection to exceed 1,400 tons in 2024, showing rapid growth [8]. - The report highlights ongoing R&D efforts, with a total of 11 product types expected by the end of 2024 and over 10 products in fast-track development, including clinical trials for new products [8]. Financial Summary - For 2023, the company reported revenue of RMB 2,329 million, with a projected increase to RMB 2,655 million in 2024, and further growth to RMB 3,090 million in 2025 [3][5]. - Net profit attributable to shareholders is expected to rise from RMB 612 million in 2023 to RMB 745 million in 2024, and to RMB 886 million in 2025 [3][5]. - The report adjusts the EPS forecast for 2025 to RMB 1.21 and for 2026 to RMB 1.39, with a new forecast for 2027 set at RMB 1.56 [8]. Market Position and Strategy - The company is pursuing both organic growth and external expansion strategies, with significant investments in capacity expansion expected to exceed 3,000 tons annually post-expansion [8]. - The report notes the company's efforts in short-term export sales and ongoing regulatory registration for overseas markets, including sales in Pakistan and potential opportunities in Brazil [8].