二〇二五年九月 上市公司：派斯双林生物制药股份有限公司 上市地点：深圳证券交易所 证券简称：派林生物 证券代码：000403 中信建投证券股份有限公司 关于派斯双林生物制药股份有限公司 详式权益变动报告书 之 财务顾问核查意见 财务顾问 | 第二节 | 序言 3 | | --- | --- | | 第三节 | 声明 4 | | 第四节 | 财务顾问意见 5 | | 一、对本次详式权益变动报告书内容的核查 5 | | | 二、对信息披露义务人权益变动目的的核查 5 | | | 三、对信息披露义务人的核查 5 | | | 四、对信息披露义务人进行证券市场规范化运作辅导的情况 19 | | | 五、信息披露义务人的股权控制结构与其控股股东、实际控制人支配信息 | | | 披露义务人的方式 19 | | | 六、对信息披露义务人本次增持资金来源及合法性的核查 20 | | | 七、对信息披露义务人本次收购所履行的决策程序的核查 21 | | | 八、对是否已对收购过渡期间保持上市公司稳定经营作出安排，该安排是 | | | 否符合有关规定的核查 21 | | | 九、对信息披露义务人收购后续计划的核查 21 | | | ...

派斯双林生物制药股份有限公司 详式权益变动报告书 派斯双林生物制药股份有限公司 风险提示 本次权益变动尚需取得受让方有权国有资产监督管理部门的批复、经营者集中 审查通过、深交所合规性确认、股权出让方解除标的股份质押等。目前相关方正在 推进相关程序，本次权益变动能否完成前述程序存在不确定性，提请投资者注意相 关风险。 声明 一、本报告书系信息披露义务人依据《中华人民共和国公司法》《中华人民共和 国证券法》《上市公司收购管理办法》《公开发行证券的公司信息披露内容与格式 准则第 15 号——权益变动报告书》及《公开发行证券的公司信息披露内容与格式准 则第 16 号—上市公司收购报告书》及相关的法律、法规编写。 二、依据上述法律法规的规定，本报告书已全面披露了信息披露义务人在派斯 双林生物制药股份有限公司中拥有权益的股份。 详式权益变动报告书 上市公司名称：派斯双林生物制药股份有限公司 股票上市地点：深圳证券交易所 股票简称：派林生物 股票代码：000403 信息披露义务人：中国生物技术股份有限公司 注册地址/通讯地址：北京市朝阳区双桥路乙 2 号院 2 号楼 2 层 权益变动性质：股份增加（协议受让） 签署日期：二 ...

证券代码：000403 证券简称：派林生物 公告编号：2025-043 派斯双林生物制药股份有限公司 2025年第二次临时股东大会决议公告 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。 （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 09 月 08 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 09 月 08 日上午 9:15 至下午 15:00 期间的任 意时间。 2、现场会议地点：上海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 4、会议召集人：公司董事会 特别提示： 本次股东大会的议案获得通过，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： （1）现场会议时间：2025 年 09 月 08 日（星期一）下午 15:00 | | 现场会议出席情况 | ...

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 2025 年第二次临时股东大会的 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 E UME 3 PT YUAN LAW OFFICES 北京 BEIJING · 上海 SHANGHAI · 深圳 SHENZHEN · 香港 HONGKONG · 广州 GUANGZHOU · 西安 XI `AN 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 2025 年第二次临时股东大会的 法律意见书 嘉源(2025)-04-638 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 2025年第二次临时股东大会(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。 为出具本法律意见书,本所指派 ...

Core Viewpoint - The State-owned Assets Supervision and Administration Commission (SASAC) is focusing on accelerating the development of the biopharmaceutical industry among central enterprises, emphasizing innovation-driven, long-cycle, and differentiated development to enhance the industry's quality and impact [1]. Group 1: Industry Development - SASAC, in collaboration with the Chinese Academy of Sciences, held a high-level training course for central enterprises in the biopharmaceutical sector from August 27 to 30 [1]. - The initiative aims to align with the "Healthy China" strategy and promote high-quality development in the biopharmaceutical industry [1]. - SASAC encourages state-owned enterprises to utilize mergers and acquisitions, equity investments, and industrial funds to strengthen their influence in the biopharmaceutical sector, particularly in areas with weak industrial foundations [1]. Group 2: Recent Mergers and Acquisitions - Recently, China National Pharmaceutical Group (Sinopharm) announced the acquisition of leading companies in the blood products sector, including Palin Biotech, and in the pharmaceutical glass sector, Shandong Pharmaceutical Glass, marking significant examples of mergers in the pharmaceutical industry [1].

Core Viewpoint - The blood products industry is experiencing significant performance differentiation among listed companies due to fluctuating terminal medical demand, ongoing centralized procurement policies, and intensified competition for plasma station resources [1][2]. Revenue Performance - The blood products industry has shown a clear tiered revenue structure, with leading companies benefiting from resource barriers while smaller firms struggle with revenue growth [2][3]. - Shanghai Raist achieved a revenue of 3.952 billion yuan, with a year-on-year plasma collection increase of nearly 12% [2]. - Tian Tan Bio reported a revenue of 3.110 billion yuan, a year-on-year increase of 9.47%, supported by its stable plasma collection capabilities [2]. - Hualan Bio generated a revenue of 1.798 billion yuan, up 8.8% year-on-year, with its blood products segment contributing 1.737 billion yuan, a 7.57% increase [2]. - The top three companies accounted for 74.64% of the total revenue of the eight listed companies in the industry [2]. Profitability Analysis - There is a significant disparity in net profit performance, with only two companies reporting positive year-on-year growth in net profit [4][5]. - Shanghai Raist led with a net profit of 1.03 billion yuan, while Hualan Bio saw a notable increase of 17.19% in net profit to 516 million yuan, driven by improved gross margins [4]. - Tian Tan Bio's net profit decreased by 12.88% to 633 million yuan, impacted by declining product sales prices and reduced interest income [4]. - The profitability of smaller companies is under pressure, with Baiya Bio reporting a net profit of 225 million yuan and a cash dividend plan reflecting shareholder returns [5]. - Bai Lin Bio's net profit fell by 27.89% to 236 million yuan due to capacity expansion efforts, while Wei Guang Bio's net profit slightly decreased by 2.02% to 108 million yuan [5][6]. Industry Challenges - The industry faces challenges such as weak terminal demand, ongoing centralized procurement pressures, and financial and R&D constraints [6]. - The demand for conventional products like human albumin has decreased due to adjustments in treatment rhythms at medical institutions [6]. - Centralized procurement policies continue to exert pressure on pricing, affecting revenue from related business lines [6]. - Companies are experiencing tight funding issues as they invest in expanding plasma stations and advancing new product development [6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - Short-term capacity constraints are leading to performance pressure, but a potential change in major shareholder could open up long-term growth opportunities [5][7] - The company experienced a decline in revenue and net profit in the first half of 2025, but new capacity expansions are expected to drive revenue recovery in the latter half of the year [7] - The expected change in controlling shareholder to China National Pharmaceutical Group is anticipated to enhance the company's growth prospects in the blood products industry [7] Financial Summary - Revenue projections for 2023 to 2027 are as follows: 2,329 million in 2023, 2,655 million in 2024, 2,794 million in 2025E, 3,219 million in 2026E, and 3,644 million in 2027E, with growth rates of -3.18%, 14.00%, 5.25%, 15.22%, and 13.21% respectively [6] - Net profit forecasts for the same period are: 612 million in 2023, 745 million in 2024, 732 million in 2025E, 821 million in 2026E, and 911 million in 2027E, with growth rates of 4.25%, 21.76%, -1.82%, 12.19%, and 11.01% respectively [6] - The company's earnings per share (EPS) are projected to be 0.64 in 2023, 0.78 in 2024, 0.77 in 2025E, 0.86 in 2026E, and 0.96 in 2027E [6] Market Performance - As of August 26, 2025, the closing price of the company's stock is 18.24 yuan, with a total market capitalization of 17,335.25 million yuan [3]

Market Overview - The biopharmaceutical sector experienced a decline of 2.85% on August 27, with Kanghua Biotech leading the drop [1] - The Shanghai Composite Index closed at 3800.35, down 1.76%, while the Shenzhen Component Index closed at 12295.07, down 1.43% [1] Individual Stock Performance - Wuwei Biotech (300357) saw a significant increase of 5.38%, closing at 30.95 with a trading volume of 299,000 shares and a transaction value of 915 million yuan [1] - Kanghua Biotech (300841) reported a notable decline of 8.89%, closing at 76.60 with a trading volume of 125,200 shares and a transaction value of 993 million yuan [2] - Anke Biotech (300009) also faced a drop of 5.59%, closing at 11.14 with a trading volume of 862,300 shares and a transaction value of 990 million yuan [2] Capital Flow Analysis - The biopharmaceutical sector experienced a net outflow of 1.853 billion yuan from institutional investors, while retail investors saw a net inflow of 1.543 billion yuan [2] - The capital flow for individual stocks indicates that Hualan Biotech (002007) had a net inflow of 32.28 million yuan from institutional investors, while it faced a net outflow of 40.67 million yuan from speculative funds [3] - The overall trend shows that retail investors are actively investing in the sector despite the institutional outflows [2][3]

Group 1 - The core viewpoint of the article highlights the recent movements of social security funds in the A-share market, revealing that they have entered the top ten circulating shareholders of 71 new stocks in the second quarter of 2025 [1] - Su Shi Testing has the highest number of new social security fund holdings, with 3 new holdings, while Shanghai Jahwa and Xin Qiang Lian each have 2 new holdings [1] - The article provides a detailed list of companies that have seen new social security fund investments, including their respective shareholding numbers, quantities, and market values [2][3][4][5] Group 2 - Specific companies mentioned include Su Shi Testing with 1,486.20 thousand shares valued at 213 million yuan, Shanghai Jahwa with 1,150.51 thousand shares valued at 242 million yuan, and Xin Qiang Lian with 555.56 thousand shares valued at 199 million yuan [2][3] - Other companies with new social security fund holdings include Hengdian East Magnetic, Nuofushin, and Baichu Electronics, each with 1 new holding, along with their respective share quantities and market values [2][3][4] - The article lists a total of 71 companies that have received new investments from social security funds, indicating a diverse range of industries from agriculture to electronics and pharmaceuticals [2][3][4][5]

Core Viewpoint - The company, Palin Bio, is experiencing a decline in revenue and net profit due to capacity adjustments at its subsidiaries, but expects recovery in supply following the completion of its expansion project in the second half of the year [1]. Group 1: Company Performance - As of August 22, 2025, Palin Bio's stock price is 18.02 yuan, up 0.11% from the previous trading day, with a trading volume of 244 million yuan and a fluctuation of 1.50% [1]. - In the first half of 2025, the company reported operating revenue of 986 million yuan, a year-on-year decrease of 13.18%, and a net profit attributable to shareholders of 236 million yuan, down 27.89% year-on-year [1]. - The decline in performance is primarily attributed to capacity adjustments at its subsidiaries, but supply is expected to rebound after the completion of the second phase of expansion [1]. Group 2: Business Operations - Palin Bio specializes in the research, production, and sales of blood products, including human serum albumin, immunoglobulin, and coagulation factors [1]. - The company operates 38 plasma collection stations and is expected to collect over 1,400 tons of plasma in 2024, positioning it among the industry leaders [1]. - The controlling shareholder is set to change to China Biologic, which is anticipated to bring about resource integration opportunities [1]. Group 3: Market Activity - On August 22, 2025, the net outflow of main funds was 2.8337 million yuan, with a total net outflow of 91.3023 million yuan over the past five days [2].