证券代码：000403 证券简称：派林生物 公告编号：2025-045 派斯双林生物制药股份有限公司 第十届董事会第十八次会议（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"）第十届董事会第十八次会议（临 时会议）于2025年10月27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2025年10月24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 与会董事经过认真讨论，审议了以下议案： 1、《2025 年第三季度报告》 公司 2025 年第三季度报告按照中国证监会印发的《上市公司信息披露管理办法》 及深圳证券交易所《深圳证券交易所上市公司自律监管指南第 1 号——业务办理》的要 求编制。具体内容详见同日刊登于《证券时报》《上海证券报》和巨潮资讯网 （www.cninfo.com.cn）上的《派斯双林生物制药股份有限公司 2025 年第三季度报告》。 2、《关 ...

国泰海通证券股份有限公司 （二）募集资金用途变更方案 国泰海通证券股份有限公司（以下简称"国泰海通证券"、"独立财务顾问"） 作为派斯双林生物制药股份有限公司（以下简称"派林生物"、"上市公司"、"公 司"）发行股份及支付现金方式购买哈尔滨派斯菲科生物制药股份有限公司（以 下简称"派斯菲科"）100%股权（以下简称"本次重组"、"本次交易"）的独立 财务顾问，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》及《上市公司募集资金监管规则》等有关规定，对派林生物变更部 分募集资金用途情况进行了审慎核查，具体情况如下： 一、变更募集资金用途的概述 （一）募集资金使用基本情况 经中国证券监督管理委员会《关于核准南方双林生物制药股份有限公司向哈 尔滨同智成科技开发有限公司等发行股份购买资产并募集配套资金的批复》（证 监许可[2020]3412 号），同意公司向特定对象非公开发行人民币普通股（A 股） 191,595,895 股股份购买相关资产，并发行股份募集配套资金不超过 16 亿元。 根据派斯菲科实际经营需要及未来发展规划，结合行业监管要求及趋势等，2022 年 5 月 20 日经公司 ...

经中国证券监督管理委员会《关于核准南方双林生物制药股份有限公司向哈 尔滨同智成科技开发有限公司等发行股份购买资产并募集配套资金的批复》（证 监许可[2020]3412 号），同意公司向特定对象非公开发行人民币普通股（A 股） 191,595,895 股股份购买相关资产，并发行股份募集配套资金不超过 16 亿元。 根据派斯菲科实际经营需要及未来发展规划，结合行业监管要求及趋势等，2022 年 5 月 20 日经公司 2021 年年度股东大会审议通过《关于变更募集资金用途的 议案》，具体内容详见公司于 2022 年 4 月 30 日发布的《关于变更募集资金用 途的公告》（公告编号：2022-036）。截至 2025 年 9 月 30 日，募集资金使用 情况如下： 国泰海通证券股份有限公司 关于派斯双林生物制药股份有限公司 部分募投项目节余募集资金永久补充流动资金的核查意见 国泰海通证券股份有限公司（以下简称"国泰海通证券"、"独立财务顾问"） 作为派斯双林生物制药股份有限公司（以下简称"派林生物"、"上市公司"、"公 司"）发行股份及支付现金方式购买哈尔滨派斯菲科生物制药股份有限公司（以 下简称"派斯菲科"）10 ...

Core Insights - The company reported a revenue of 632 million yuan for the third quarter, representing a decline of 16.23% [1] - The net profit for the third quarter was 121 million yuan, down 43.74% [1] - For the first three quarters, the total revenue was 1.618 billion yuan, a decrease of 14.40% [1] - The net profit for the first three quarters was 357 million yuan, reflecting a decline of 34.19% [1]

Financial Performance - Revenue for Q3 2025 was CNY 631,664,756.11, a decrease of 16.23% compared to the same period last year[7] - Net profit attributable to shareholders was CNY 121,388,232.91, down 43.74% year-on-year[7] - The net profit after deducting non-recurring gains and losses was CNY 108,687,789.83, a decline of 46.09% compared to the previous year[7] - The basic earnings per share for the period was CNY 0.13, a decrease of 43.48% year-on-year[7] - Total operating revenue decreased to ¥1,618,146,526.33 from ¥1,890,265,336.27, representing a decline of approximately 14.4% year-over-year[23] - Net profit for the period was ¥357,497,339.78, down from ¥542,758,460.07, reflecting a decline of approximately 34.1% year-over-year[24] - Basic earnings per share decreased to ¥0.38 from ¥0.57, a decline of 33.3% year-over-year[25] Assets and Liabilities - Total assets at the end of the period were CNY 9,575,191,241.62, an increase of 3.56% from the end of the previous year[7] - Total current assets amount to 3,775,000,285.10 yuan, an increase from 3,578,948,533.75 yuan at the beginning of the period[19] - Total assets amount to 9,575,191,241.62 yuan, compared to 9,246,269,365.26 yuan at the beginning of the period[20] - The total liabilities increased to ¥1,556,024,436.76 from ¥1,328,766,729.91, an increase of approximately 17.0% year-over-year[22] - Total equity attributable to shareholders rose to ¥8,025,948,717.19 from ¥7,924,650,751.55, an increase of about 1.3% year-over-year[22] Cash Flow - Cash flow from operating activities was negative at CNY -96,486,845.09, a decline of 142.41% compared to the previous year[12] - The net cash flow from operating activities was -96,486,845.09, a decrease from 227,534,196.54 in the previous period, indicating a significant decline in operational performance[27] - Cash inflow from operating activities totaled ¥1,675,909,944.71, down from ¥1,898,641,784.43, a decrease of about 11.7% year-over-year[26] - Cash inflow from investment activities totaled 934,875,655.73, down from 1,004,387,646.63, reflecting a decrease in investment returns[27] - The net cash flow from investment activities was -575,403,916.88, an improvement from -841,549,214.80, suggesting reduced cash outflows in investments[27] - Cash inflow from financing activities was 534,368,741.72, compared to 366,326,135.38 in the previous period, indicating increased borrowing[27] - The net cash flow from financing activities was -75,628,923.45, slightly worse than -60,650,552.66, showing ongoing cash outflows related to financing[27] - The total cash and cash equivalents at the end of the period were 572,817,285.31, down from 753,590,120.03, indicating a decrease in liquidity[28] Inventory and Borrowings - The company reported a significant increase in inventory, which rose by 40.35% to CNY 1,730,902,371.57 due to increased production[11] - Short-term borrowings increased by 144.34% to CNY 758,641,928.53, reflecting the need for additional financing[11] - Short-term borrowings increased to 758,641,928.53 yuan from 310,489,207.30 yuan at the beginning of the period[20] - Inventory stands at 1,730,902,371.57 yuan, up from 1,233,248,553.27 yuan at the beginning of the period[19] Research and Development - Research and development expenses decreased by 32.76% to CNY 30,911,706.33, indicating a reduction in R&D activities[13] - Research and development expenses decreased to ¥30,911,706.33 from ¥45,975,375.17, a reduction of approximately 32.8% year-over-year[23] Shareholder Information - Total number of common shareholders at the end of the reporting period is 32,041[15] - The largest shareholder, Qiongqing City Shengbang Yinghao Investment Partnership, holds 21.03% of shares, totaling 199,878,656 shares, with 159,902,860 shares pledged[15] - The second-largest shareholder, Harbin Tongzhi Cheng Technology Development Co., Ltd., holds 10.99% of shares, totaling 104,495,466 shares, with 39,939,900 shares pledged[15] Other Financial Metrics - The company received government subsidies amounting to CNY 4,512,851.25 during the reporting period[9] - The company reported a decrease in investment income to ¥16,100,625.79 from ¥29,389,560.54, a decline of about 45.2% year-over-year[24] - Other comprehensive income after tax decreased to -¥6,950.72 from -¥5,639.91, indicating a worsening in comprehensive income performance[25] - The company paid 274,556,311.90 in employee-related cash outflows, an increase from 246,458,476.77, reflecting higher personnel costs[27] - The company incurred tax payments of 165,157,908.47, a decrease from 182,533,803.90, indicating a potential reduction in taxable income[27] - The cash outflow for purchasing fixed assets was 250,229,572.61, down from 295,950,586.09, suggesting a slowdown in capital expenditures[27] - The impact of exchange rate changes on cash and cash equivalents was -23,583.88, indicating minor fluctuations in currency valuation[28]

Core Viewpoint - The financing activities of Palin Biotech (000403) indicate a strengthening market sentiment, with a net financing purchase of 3.29 million yuan on October 22, 2025, and a total net purchase of 10.38 million yuan over the last three trading days [1][4]. Financing Summary - On October 22, 2025, the financing balance reached 729 million yuan, with a net financing purchase of 3.29 million yuan, representing 4.77% of the circulating market value [2]. - The financing activities over the past three trading days show a consistent net purchase, with the cumulative amount being 10.38 million yuan [1]. - The financing balance has shown an upward trend, increasing by 0.45% on October 22, 2025, compared to the previous day [4]. Margin Trading Summary - On October 22, 2025, the margin trading balance was 737 million yuan, reflecting a daily increase of 3.28 million yuan [4]. - The margin trading activities indicate a net short selling of 1,400 shares on October 22, 2025, with a remaining margin balance of 775,850 yuan [3]. - The overall margin trading balance has fluctuated, with a notable increase of 0.89% on October 21, 2025 [4].

Core Insights - The biopharmaceutical sector experienced a slight increase of 0.13% on October 16, with Sanofi leading the gains [1] - The Shanghai Composite Index closed at 3916.23, up 0.1%, while the Shenzhen Component Index closed at 13086.41, down 0.25% [1] Biopharmaceutical Sector Performance - Sanofi (688336) saw a significant rise of 13.02%, closing at 59.90 with a trading volume of 177,400 shares and a transaction value of 1.063 billion [1] - Other notable gainers included: - Nossland (920047) up 4.09% to 25.46 with a transaction value of 125 million [1] - Rongchang Bio (688331) up 3.28% to 99.20 with a transaction value of 684 million [1] - Conversely, several companies experienced declines, including: - Anke Bio (300009) down 2.48% to 10.23 with a transaction value of 315 million [2] - Kain Technology (688687) down 1.92% to 28.62 with a transaction value of 169 million [2] Capital Flow Analysis - The biopharmaceutical sector saw a net outflow of 2.7582 million from institutional investors, while retail investors experienced a net outflow of 140 million [2] - Notable capital inflows included: - Junshi Biosciences (688180) with a net inflow of 71.7936 million from institutional investors [3] - Sanofi (688336) with a net inflow of 67.508 million from institutional investors [3] - Conversely, significant outflows were observed in: - Sanofi (688336) with a retail net outflow of 540,300 [3] - Rongchang Bio (688331) with a retail net outflow of 4.41034 million [3]

Market Overview - The biopharmaceutical sector experienced a decline of 0.21% on September 25, with Nossland leading the drop [1] - The Shanghai Composite Index closed at 3853.3, down 0.01%, while the Shenzhen Component Index closed at 13445.9, up 0.67% [1] Stock Performance - Notable gainers in the biopharmaceutical sector included: - Aopu Mai (688293) with a closing price of 62.85, up 7.42% and a trading volume of 30,600 [1] - Rongchang Biotech (688331) closed at 108.50, up 3.43% with a trading volume of 89,200 [1] - Baipusais (301080) closed at 62.16, up 3.43% with a trading volume of 43,500 [1] - Major decliners included: - Nossland (430047) closed at 22.99, down 3.69% with a trading volume of 57,000 [2] - Wufan Biotech (301393) closed at 53.12, down 3.42% with a trading volume of 24,600 [2] - Kexing Pharmaceutical (688136) closed at 38.75, down 3.34% with a trading volume of 53,500 [2] Capital Flow - The biopharmaceutical sector saw a net outflow of 207 million yuan from institutional investors, while retail investors contributed a net inflow of 45.07 million yuan [2] - Notable capital flows included: - Rongchang Biotech (688331) with a net inflow of 1.021 billion yuan from institutional investors [3] - Junshi Biosciences (688180) with a net inflow of 35.36 million yuan from institutional investors [3] - Aopu Mai (688293) with a net inflow of 9.41 million yuan from institutional investors [3]

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" (maintained) [1] Core Insights - The industry is entering a new development phase driven by optimized procurement and innovation [3] - The raw material pharmaceutical sector is at a cyclical bottom, with companies actively transitioning to innovative drug development [5][8] - The vaccine sector is experiencing a decline in performance but is accelerating the layout of new technologies and products [6] - The medical services sector is leveraging AI technology to enhance efficiency and quality [7] Summary by Sections Raw Material Pharmaceutical Sector - The raw material pharmaceutical industry has faced a downturn for nearly four years, with prices of various products, such as sartans and heparins, reaching historical lows [5] - Revenue and net profit in the raw material pharmaceutical sector showed a downward trend in the first half of 2025 due to significant price drops in anti-infective products and increased R&D investments [5] - Companies like Huahai Pharmaceutical and Borui Pharmaceutical are focusing on innovative drug development, with several products in various clinical trial phases [5][68] Vaccine and Blood Products Sector - The vaccine industry is facing continuous performance decline due to a decrease in newborn numbers and changing competitive dynamics, although some companies are introducing new technologies and products [6] - The blood products sector is also experiencing a downturn, with revenue and net profit declining due to high inventory levels and suppressed demand from medical insurance [6][75] - The industry is expected to see increased consolidation as leading companies accelerate mergers and acquisitions [6][8] Medical Services Sector - The medical services sector's performance has declined due to DRGs and the consumption environment, but the application of AI technology is expected to enhance service quality and efficiency [7] - The core competitiveness of the medical services industry lies in acquiring and training quality doctors and hospital management [7] Investment Recommendations - The report suggests that companies in the raw material pharmaceutical sector are likely to enter a harvest period as they transition to innovative drugs [8] - The blood products sector is anticipated to accelerate consolidation, with significant mergers expected in the near future [8] - Recommended stocks include Federal Pharmaceutical, Pro Pharmaceutical, Guobang Pharmaceutical, and others, while benefiting stocks include Tianyu Co., Meinuo Pharma, and others [8]

Group 1: Core Insights - The controlling shareholder of Palin Bio, Shengbang Yinghao, has signed a share transfer agreement with China National Biotechnology Group, transferring 21.03% of the company's shares for a total price of 4.699 billion yuan, making China National the new controlling shareholder [1] - Following the acquisition, China National's plasma resource total will exceed 30% of the national total, significantly enhancing its industry control [2] Group 2: Company Performance - Palin Bio, which transitioned to focus on blood products in 2021, reported a revenue of 2.655 billion yuan and a net profit of 745 million yuan in 2024, but experienced a decline in 2025 with revenue and net profit dropping by 13.18% and 27.89% respectively [3] - The performance decline is attributed to capacity expansion at subsidiaries, which temporarily reduced supply, although production capacity is expected to increase to over 3,000 tons annually [3] Group 3: Industry Dynamics - The blood product industry in China is undergoing consolidation, with leading companies strengthening their positions amid increasing competition [2] - The industry is facing short-term pressure, with most companies experiencing declines in revenue and profit, while product prices are generally decreasing [5] - Strict regulations and high barriers to entry in the blood product industry highlight the importance of plasma station resources as a core competitive advantage [6] Group 4: Competitive Landscape - Concerns about potential competition between Tian Tan Bio and Palin Bio have arisen due to overlapping product lines, prompting China National to commit to resolving these issues within five years through various strategies [4] - Leading companies are adopting multi-path strategies to navigate industry challenges, such as Shanghai Laishi's dual-track strategy and He Yuan Bio's innovative plant-based albumin product [5]