证券代码：000403 证券简称：派林生物 公告编号：2025-023 派斯双林生物制药股份有限公司 关于参加山西辖区上市公司2025年投资者 网上集体接待日活动的公告 特此公告。 派斯双林生物制药股份有限公司 董 事 会 二〇二五年五月十五日 1 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。 为进一步加强与投资者的互动交流，派斯双林生物制药股份有限公司（以下简称"公 司"）将参加由山西证监局、山西省上市公司协会与深圳市全景网络有限公司联合举办 的"山西辖区上市公司2025年投资者网上集体接待日暨年报业绩说明会"，现将相关事 项公告如下： 本 次 活 动 将 采 用 网 络 远 程 的 方 式 举 行 ， 投 资 者 可 登 录 " 全 景 路 演 " 网 站 （http://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP，参与本次互 动交流，活动时间为 2025 年 5 月 20 日（周二）14:00-17:00。 出席本次投资者网上集体接待日活动的公司人员有：公司总经理荣先奎先生、董事 会秘书赵玉林先生、财务总监王晔弘女士， ...

Core Viewpoint - The internal control issues of the blood product company, Pailin Biological, have been exposed, leading to regulatory warnings for its two former chairpersons and general managers [1][3]. Summary by Relevant Sections Internal Control Issues - Pailin Biological has been found to have multiple internal control deficiencies and inadequate management of insider information, resulting in regulatory actions [2][3]. - The company has been ordered to rectify these issues and improve its internal control systems by June 8, 2024 [3][4]. Financial Performance - From 2018 to 2024, Pailin Biological's net profit attributable to shareholders grew over eightfold [2]. - In Q1 2024, the company experienced a rare decline in both revenue and net profit, with revenues and net profits of 375 million and 89 million respectively, marking year-on-year decreases of 14% and 26.95% [9]. - The decline was attributed to production capacity not meeting operational needs, as two wholly-owned subsidiaries are undergoing expansion [2][9]. Management Changes - In 2023, Pailin Biological underwent significant management changes, with a power struggle leading to the appointment of Fu Shaolan as co-chairperson [2][5]. - Fu Shaolan's salary in 2024 was reported at 3.7723 million, an increase of 721,300 from 2023, making her the highest-paid among the board members [2]. Production Capacity Expansion - The company is currently expanding its production capacity, with the second phase of expansion at its subsidiary, Paisifiko, expected to increase annual capacity to 1,600 tons [9]. - The total annual production capacity is projected to exceed 3,000 tons after the completion of expansions, which is anticipated to positively impact future financial performance [9]. Market Performance - Pailin Biological's stock price has seen a significant decline, dropping over 50% from a peak of 49.82 yuan per share in August 2020 to 21.82 yuan per share as of May 13, 2024 [9].

Group 1 - The forum on May 10 focused on the innovation and development of the health wine industry, highlighting the growing demand for health-oriented products in the alcohol sector [1][3][6] - The health wine market has expanded significantly, growing from 20 billion in 2014 to over 50 billion, with an annual growth rate of 30% [6][8] - Experts emphasized the importance of integrating traditional culture with modern technology to enhance product quality and consumer experience in the health wine sector [10][12] Group 2 - The chairman of the China Alcohol Circulation Association praised the efforts of the Zhen Dong Group in promoting health products and suggested a dual approach to innovation in manufacturing and consumption [8][19] - The significance of using authentic medicinal materials in health wine production was highlighted, with a focus on the geographical origin of ingredients [12][15] - The forum featured discussions on the need for continuous innovation in marketing, standards, and taste to meet diverse consumer demands [17][23] Group 3 - The launch of new products by Zhen Dong Health Group was a key highlight, showcasing their commitment to quality and health-oriented offerings [28][30] - The company aims to become a leading brand in the health wine sector, with plans to achieve sales of 10 billion in five years [19][33] - The successful signing of partnership agreements with various businesses, totaling over 450 million, indicates strong market interest and collaboration potential [33][35]

Group 1 - Aikolan's controlling shareholder Liu Yi terminated the share transfer agreement for 4 million shares, which represents 5% of the company's total share capital, with no change in control [1] - Wancheng Group announced a cash dividend of 4.00 yuan per 10 shares, totaling 71.9959 million yuan, with the record date on May 19, 2025 [1] - Wanda Film plans to invest in Lezi Tiancheng and engage in strategic cooperation, acquiring a total of 7% equity in the company [2] Group 2 - China Resources Double Crane's subsidiaries received approval for two drugs, indicating progress in their product pipeline [3] - Fosun Pharma's subsidiary's drug was included in the breakthrough therapy program, highlighting its innovative potential [4] - Zhongheng Group's subsidiary received approval for naloxone injection, enhancing its product offerings [5] Group 3 - Shenzhen Airport reported a passenger throughput of 5.3202 million in April, a year-on-year increase of 23.50% [8] - Hangzhou Bank successfully issued 5 billion yuan in technology innovation bonds, aimed at supporting tech innovation [10] - Jiuzhou Pharmaceutical received approval for a raw material drug used in treating severe depression, expanding its product range [12] Group 4 - Aihua Group reported a 25.38% decline in revenue for the first four months of the year, indicating potential challenges [27] - Changhua Group received a project designation notice from a well-known new energy vehicle company, with an expected total sales amount of approximately 108 million yuan [28] - Nanchao Food reported a slight revenue decrease of 0.98% in April, reflecting market conditions [30]

Group 1 - The private equity issuance market has seen a significant increase in activity, with nearly 3,500 new private securities investment funds registered this year, representing a nearly 40% growth compared to the same period last year [1] - NIO plans to issue H-shares at a maximum price of 263 HKD per share, with the pricing expected between May 13 and May 16, and trading to commence on May 20 [1] - A trend of consumer companies going public overseas has emerged, with several new consumption brands planning listings in Hong Kong and the US, driven by the need for international expansion and brand enhancement [1] Group 2 - Shanghai Ladder Medical Technology has successfully conducted a clinical trial of an invasive brain-computer interface system, allowing a participant to control a game using thoughts after implant surgery [2] - Samsung has reportedly reached an agreement with major clients to increase DRAM prices, with DDR4 prices rising by double-digit percentages and DDR5 prices increasing by single-digit percentages [2] - Polestar is recalling 3,664 vehicles in the US due to a rearview camera issue that may reduce driver visibility, with software updates planned to address the problem [2] Group 3 - Specialized Medical Company in Saudi Arabia successfully completed a $500 million IPO, with all shares sold within hours, indicating strong demand [3] - Mirxes Holding Company Limited has passed the listing hearing at the Hong Kong Stock Exchange, focusing on miRNA technology for cancer screening [4] Group 4 - Huiyuan Juice has issued a statement refuting rumors about its financial difficulties, emphasizing that such claims are malicious and damaging to its reputation [5] - Hualan Biological Engineering announced that its major shareholder plans to reduce its stake by up to 3% within three months [6] - Pilin Bio received an administrative regulatory decision from the Shanxi Securities Regulatory Bureau due to internal control deficiencies and inaccurate information disclosure [7] Group 5 - ST Jinke has received court approval for its restructuring plan, allowing the company and its subsidiary to enter the execution phase of the plan [8]

Core Viewpoint - Hemophilia is a hereditary bleeding disorder primarily treated through factor replacement therapy, with significant advancements in drug development leading to increased demand and market growth in China [1][6][20]. Industry Definition and Categories - Hemophilia is characterized by a deficiency in clotting factors, leading to prolonged bleeding tendencies, and can be classified into Hemophilia A and B, with A being more prevalent [2][3]. Current Industry Status - The demand for hemophilia drugs is on the rise due to advancements in diagnosis and treatment, with a projected demand of 5.8236 million doses in 2024 and 7.3154 million doses in 2025, reflecting a growing market size from 5.361 billion yuan in 2024 to 5.856 billion yuan in 2025 [6][9]. Market Competition Landscape - Major domestic companies in the hemophilia drug market include Beijing Shenzhou Cell Engineering, Shandong Taibang Biological Products, Henan Hualan Biological Engineering, and Shanghai Raist Blood Products, among others [13][14]. Industry Development Trends - The hemophilia drug industry is expected to benefit from technological innovations and increased awareness, leading to a broader market outlook as more patients can afford treatment and government support for rare diseases grows [20].

Group 1 - Palin Bio received an administrative regulatory decision from Shanxi Securities Regulatory Commission due to internal control deficiencies and inaccurate information disclosure, leading to warnings for its management [1] - Maiwei Bio's chairman Liu Datao is under investigation for suspected short-term trading, which may affect investor confidence and the company's reputation despite claims of no impact on daily operations [2] - Gilead Sciences reached a settlement of $202 million with the U.S. government over kickback allegations, which could negatively impact investor confidence and the company's reputation if compliance issues are not addressed [3] Group 2 - Rongchang Bio's ADC drug, Vidisicimab, received approval from NMPA for treating HER2-positive advanced breast cancer, marking a significant market opportunity and potential revenue increase for the company [4] - Hansoh Pharma's innovative drug Amivantamab received NMPA approval for a new indication, expanding its market potential and likely boosting sales and investor interest [5]

Mergers and Acquisitions - *ST Jinke and its wholly-owned subsidiary's restructuring plan has been approved by the court [1] Performance Disclosure - Yisheng Shares reported a 7.28% year-on-year decline in sales revenue for white feather broiler chicks in April, with sales quantity at 48.932 million and revenue at 141 million yuan [2] Share Buyback and Increase - Guizhou Tire's controlling shareholder plans to increase its stake in the company by investing between 50 million and 100 million yuan [3] - Jiadu Technology will complete the cancellation of 10.2049 million repurchased shares on May 12, 2025, changing the purpose of these shares from employee stock ownership plan to capital reduction [4] Risk Matters - Hualan Shares announced that shareholder Ruizhong Life Insurance plans to reduce its stake by up to 3%, amounting to a maximum of 3.789267 million shares [5] - Dongpeng Holdings' shareholders plan to collectively reduce their stake by up to 1.5% of the company's total share capital [6] - Huilong Pharmaceutical's shareholder Shanghai Shuangsa plans to reduce its stake by up to 2.997%, equating to a maximum of 12.6956 million shares [7] Regulatory Actions - Pilin Bio received an administrative regulatory decision from the Shanxi Securities Regulatory Bureau, which includes corrective measures [8]

证券代码：000403 证券简称：派林生物 公告编号：2025-022 派斯双林生物制药股份有限公司 关于收到山西证监局行政监管措施决定书的公告 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。 派斯双林生物制药股份有限公司（以下简称"公司"）于近日收到中国证券监督管 理委员会山西监管局（以下简称"山西证监局"）出具的《关于对派斯双林生物制药 股份有限公司采取责令改正措施的决定》（[2025]18 号）和《关于对李昊、荣先奎、 赵玉林、付绍兰、袁华刚采取出具警示函措施的决定》（[2025]19 号）（以下简称"《行 政监管措施决定书》"）。现将相关内容公告如下： 一、 行政监管措施决定书的具体内容 经查，公司存在以下违规行为： 一是公司子公司与个别客户及推广商针对部分销售事项签署了附带责任义务条 款的补充协议、备忘录等，但相关协议签署及承诺安排未纳入公司内控管理体系，公 司内部对业务及合同管控存在缺陷，导致相关信息披露不准确。二是公司部分重大事 项未进行内幕信息知情人登记，部分内幕信息知情人登记档案不完整。 上述行为违反了《企业内部控制应用指引第 9 号——销 ...

降本增效显著，采浆快速增长 ——派林生物 2024 年报&2025 年一季报点评 核心观点 盈利预测与投资建议 ⚫ 考虑到公司产能扩增带来的短期影响，我们下调盈利预期，预测公司 2025-2027 年 每股收益分别为 1.23、1.42、1.60 元（原预测值 2025-2026 年分别为 1.28/1.47 元），参考可比公司平均市盈率，我们给予公司 2025 年 23 倍 PE 估值，对应目标价 28.29 元，维持"买入"评级。 风险提示 ⚫ 行业估值水平波动的风险；采浆量不达预期风险；新品上市不达预期风险；行业政 策变动风险；商誉减值风险等。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 2,329 | 2,655 | 3,217 | 3,637 | 4,043 | | 同比增长 (%) | -3.2% | 14.0% | 21.2% | 13.1% | 11.2% | | 营业利润(百万元) | 695 | 880 | 1,018 | 1 ...