Core Viewpoint - The blood products industry, once considered a "golden track," is facing significant challenges in Q1 2025, with major companies experiencing over 20% declines in net profits, contrasting sharply with their strong performance in 2024. This downturn is attributed to a combination of price wars, inventory buildup, and technological substitution [1]. Group 1: Financial Performance - TianTan Bio reported a revenue increase of 7.84% to 1.318 billion yuan, but its net profit plummeted by 22.9%. Operating cash flow fell by 65.75%, and accounts receivable surged by 1093%, indicating deteriorating sales collection efficiency [2]. - Boya Bio's revenue grew by 19.49%, yet its net profit decreased by 8.25%, with core products like human albumin seeing price declines of 2.65% to 12% [2]. - Pailin Bio experienced a revenue drop of 14% and a net profit decline of 26.95%, with operating expenses rising to 18.04%, indicating a failure in cost control [2]. - Shanghai Laishi's net profit growth rate fell from 23.25% to -25.20%, highlighting operational pressures despite expansion efforts [2]. Group 2: Industry Dynamics - The industry's sudden performance decline is driven by price wars, inventory accumulation, and technological substitution. In 2024, blood product inventory growth (36.02%) significantly outpaced cost growth (7.12%), forcing companies to lower prices to clear stock. The terminal price of human albumin has dropped to 350-380 yuan per bottle [3]. - Although not included in national procurement, regional alliance negotiations and competition from imported products create "invisible procurement pressure," with imported albumin's market share rising to 69% and over 70% in tertiary hospitals [3]. - Disruptive technologies are eroding the industry's competitive advantages, with plant-based recombinant albumin potentially reducing costs to below 10 yuan per gram, halving current blood-derived product prices. Additionally, recombinant coagulation factor VIII has captured a 30 billion yuan market share, further compressing the premium space for blood-derived products [3]. Group 3: Opportunities and Challenges - The reliance on imports and the threat from recombinant technologies make domestic production crucial for overcoming current challenges. Tariffs on imports from the U.S. could increase imported albumin prices by 10%-15%, highlighting the cost-effectiveness of domestic products, which currently hold a 31% market share that needs to rise above 50% [4]. - Leading companies are accelerating technological advancements, with TianTan Bio achieving a revenue of over 6 million yuan per ton of plasma and aiming for a 50% domestic production rate for coagulation factors. Shanghai Laishi is investing 4.2 billion yuan to acquire Nanyue Bio, increasing its plasma collection stations to over 50, with the top five companies controlling over 80% of plasma collection [4]. - However, the disruptive threat from recombinant technologies remains, with the clinical adaptation and market education for recombinant albumin expected to take 5-8 years, providing traditional companies with a valuable window for transformation [4]. Group 4: Conclusion - The blood products industry's challenges are not coincidental but rather a painful transition in market logic. As price wars and inventory pressures push companies towards efficiency competition, the race for survival in this trillion-yuan market will test not only the number of plasma collection stations but also product quality, cost control, and strategic foresight [5].

Group 1 - The Shanghai Composite Index opened lower and the CSI 300 Pharmaceutical and Biotechnology Index reported 7459.13 points [1] - The CSI 300 Pharmaceutical and Biotechnology Index has decreased by 3.80% over the past month, increased by 3.37% over the past three months, and has risen by 0.20% year-to-date [1] - The CSI 300 Index categorizes its 300 sample stocks into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] Group 2 - The top ten holdings in the CSI 300 Pharmaceutical and Biotechnology Index are: Heng Rui Medicine (24.67%), WuXi AppTec (16.06%), Pian Zai Huang (6.84%), Yunnan Baiyao (5.71%), Kelun Pharmaceutical (4.69%), New Horizon (3.81%), East China Pharmaceutical (3.6%), Shanghai Raist (3.44%), Fosun Pharma (3.37%), and Changchun High-tech (3.18%) [1] - The market share of the CSI 300 Pharmaceutical and Biotechnology Index is 63.43% from the Shanghai Stock Exchange and 36.57% from the Shenzhen Stock Exchange [2] - The industry composition of the index includes: chemical drugs (42.67%), pharmaceutical and biotechnology services (21.27%), traditional Chinese medicine (19.68%), and biological drugs (16.38%) [2] Group 3 - The index samples are adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December each year [2] - Weight factors are adjusted along with the sample adjustments, which are generally fixed until the next scheduled adjustment [2] - Temporary adjustments occur when the CSI 300 Index samples are modified, and changes in industry classification due to special events will also lead to corresponding adjustments in the CSI 300 industry index [2]

Core Viewpoint - The blood products industry is experiencing a significant divergence in performance among companies, with some reporting growth while others face declines in revenue and profit [1][2]. Group 1: Company Performance in 2024 - Shanghai Laisai (002252) and Tiantan Biological (600161) reported revenue growth of 2.67% and 16.44% respectively, with net profits increasing by 23.25% and 39.58% [1]. - Hualan Biological (002007), Boya Biological (300294), and Bohui Innovation (300318) experienced revenue declines of 18.02%, 34.58%, and 18.53% respectively, while Hualan's net profit fell by 26.57% [1]. - Bohui Innovation managed to turn a profit with a net profit of 0.09 billion yuan, compared to a loss in the previous year [1]. Group 2: Q1 2025 Performance - In Q1 2025, Tiantan Biological, Hualan Biological, and Boya Biological continued to show revenue growth, while Shanghai Laisai, Tiantan Biological, and Paillin Biological saw revenue declines of 2.45%, 0.57%, and 14% respectively [1]. - Hualan Biological's net profit increased by 19.62%, while Shanghai Laisai and Tiantan Biological reported net profit declines of 25.2% and 22.9% respectively [1]. - The decline in profits for Tiantan Biological was attributed to a decrease in product prices that outweighed the benefits of increased sales volume [1]. Group 3: Market Dynamics - The blood products market is expected to maintain stable growth in 2024, with significant competition in the human albumin market due to increased imports [2][3]. - The cancellation of certain medical insurance restrictions is expected to release market demand for coagulation factor products, contributing to their growth [2]. - The overall price trend for blood products is declining, influenced by increased competition and supply exceeding demand for certain products [3]. Group 4: Industry Consolidation - The blood products industry is characterized by high entry barriers, with fewer than 30 companies currently operating due to strict regulations on blood product production [6][7]. - Recent mergers and acquisitions are expected to enhance industry concentration, with leading companies gaining competitive advantages through resource acquisition [6][7]. - Companies like Tiantan Biological and Shanghai Laisai have made significant acquisitions to expand their production capabilities and market presence [7]. Group 5: Market Size and Growth Projections - The blood products market in China reached a scale of 600 billion yuan in 2024, with projections to grow to 780 billion yuan by 2027, reflecting a compound annual growth rate of 11.6% from 2022 to 2027 [8].

Group 1 - The core viewpoint of the article highlights the performance of the CSI Hong Kong-Shanghai Biotech Theme Index, which reflects the overall performance of listed companies in the biotech sector from mainland China and Hong Kong [1][3] - The CSI Hong Kong-Shanghai Biotech Theme Index has shown an increase of 0.82% over the past month, 12.93% over the past three months, and 12.21% year-to-date [1] - The index consists of 50 sample companies involved in biopharmaceuticals, pharmaceuticals, and biotech services, with a base date of December 28, 2018, set at 1000.0 points [1] Group 2 - The top ten weighted companies in the index include: Heng Rui Medicine (13.16%), BeiGene (10.43%), WuXi AppTec (8.41%), Mindray Medical (7.71%), WuXi Biologics (5.15%), Innovent Biologics (4.82%), CanSino Biologics (3.91%), Shanghai Pharmaceuticals (2.74%), China National Pharmaceutical Group (2.45%), and Shanghai RAAS Blood Products (1.83%) [1] - The market share of the index holdings is distributed as follows: Hong Kong Stock Exchange 41.72%, Shanghai Stock Exchange 35.62%, and Shenzhen Stock Exchange 22.66% [1] Group 3 - In terms of industry composition, biopharmaceuticals account for 43.26%, chemical drugs for 25.78%, pharmaceutical and biotech services for 21.39%, and medical devices for 9.57% [2] - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2] - Special circumstances may lead to temporary adjustments to the index, including the removal of samples that are delisted or changes due to mergers, acquisitions, or other corporate actions [2]

Core Points - The Shanghai Composite Index opened lower and the CSI 300 Pharmaceutical and Biotechnology Index reported 7479.61 points [1] - The CSI 300 Pharmaceutical and Biotechnology Index has decreased by 0.64% in the past month, increased by 3.66% over the last three months, and has risen by 0.48% year-to-date [1] Industry Composition - The CSI 300 Pharmaceutical and Biotechnology Index is composed of 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] - The index is based on the performance of all securities in the CSI 300 Index classified by industry, with a base date of December 31, 2004, and a base point of 1000.0 [1] Index Holdings - The top ten holdings in the CSI 300 Pharmaceutical and Biotechnology Index are: - Heng Rui Medicine (24.75%) - WuXi AppTec (15.82%) - Pian Zai Huang (6.85%) - Yunnan Baiyao (5.7%) - Kelun Pharmaceutical (4.68%) - New Horizon (3.79%) - East China Pharmaceutical (3.64%) - Shanghai Raist (3.44%) - Fosun Pharma (3.38%) - Changchun High-tech (3.17%) [1] Market Distribution - The market distribution of the CSI 300 Pharmaceutical and Biotechnology Index shows that the Shanghai Stock Exchange accounts for 63.33% and the Shenzhen Stock Exchange accounts for 36.67% [2] Sector Breakdown - The sector breakdown of the index holdings indicates that: - Chemical drugs account for 42.69% - Pharmaceutical and biotechnology services account for 21.06% - Traditional Chinese medicine accounts for 19.74% - Biological drugs account for 16.51% [2] Sample Adjustment - The index samples are adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December each year [2] - Weight factors are adjusted in accordance with sample changes, and any special events affecting a sample company's industry classification will lead to corresponding adjustments in the index [2]

上海莱士 002252 外汇衍生品交易业务管理制度（2025 年试行） 上海莱士血液制品股份有限公司 外汇衍生品交易业务管理制度 （2025 年试行） 第一章 总则 第一条 为规范上海莱士血液制品股份有限公司（以下简称"公司"）外汇衍生品交易业 务及相关信息披露工作，加强对外汇衍生品交易业务的管理，防范投资风险，健全和完善公 司外汇衍生品交易业务管理机制，企业汇率风险管理的目标是降低外汇风险敞口，减少汇率 波动对企业整体经营造成的影响，将财务成本控制在可承受范围内。根据国家外汇管理局 《企业汇率风险管理指引（2024 年版）》、《中华人民共和国公司法》、《中华人民共和国 证券法》《深圳证券交易所股票上市规则》等有关法律、法规、规范性文件及《上海莱士血 液制品股份有限公司章程》（以下简称"《公司章程》"）等有关规定，结合根据公司实际业 务情况，特制定本制度。 第二条 本制度所称衍生品是指远期、互换、期权等产品或上述产品的组合。衍生品的 基础资产包括汇率，交易标的可涉及不同货币的兑换水平。衍生品合约既可采取实物交 割，也可采取现金差价结算，主要包括以下类型： 汇率类衍生品：以货币汇率为基础资产，包括远期结售汇、外 ...

上海莱士血液制品股份有限公司 关于开展外汇衍生品交易业务的可行性分析报告 一、公司开展外汇衍生品业务的背景 上海莱士血液制品股份有限公司（"公司"或"上海莱士"）与 Grifols,S.A.等签订了《排 他性战略合作协议》，约定双方将在生产质量规范、知识产权、技术研发、管理经验、销售 渠道、工程和协作服务等领域展开深入合作。根据《排他性战略合作协议》约定，自 2021 年 起，公司与关联方 Grifols Worldwide Operations Limited（"基立福全球"）和 Grifols Diagnostic Solutions Inc.（"GDS"）相继签署了独家代理协议/独家经销协议，指定上海莱士及其下属公 司为基立福白蛋白相关产品、GDS（血液筛查系统、血液筛查检测试剂以及血液筛查试剂盒） 产品在中国大陆地区的独家经销商。 上述代理业务交易金额较大，公司因此需支付大额美元应付款，汇率波动对公司经营成 果的影响较大，预计 2025 年公司将继续面临汇率波动加剧的风险，为降低资产及负债业务 的汇率风险影响，公司拟开展余额不超过 2 亿美元的外汇衍生品业务，以规避和降低汇率风 险，降低汇率波动对公司 ...

本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 证券代码：002252 证券简称：上海莱士 公告编号：2025-038 重要内容提示： 1、交易目的：为进一步提高上海莱士血液制品股份有限公司（"公司"）应 对外汇波动风险的能力，更好地规避和防范外汇汇率波动风险，增强公司财务稳 健性，公司及合并范围内子公司拟申请开展外汇衍生品业务。公司开展外汇衍生 品交易，以锁定成本、规避和防范汇率波动风险为目的。 上海莱士血液制品股份有限公司 2、投资金额：公司及其子公司拟开展的外汇衍生品交易业务余额不超过2亿 美元，额度使用期限自2024年度股东大会审议通过之日起12个月，在上述使用期 限及额度范围内，交易金额可循环滚动使用，但任一时点的投资余额不超过等值 2亿美元。 关于开展外汇衍生品交易业务的公告 3、风险提示：公司及合并范围内子公司开展外汇衍生品交易业务遵循合法、 谨慎、安全和有效的原则，不得进行投机性和单纯的套利交易，但外汇衍生品交 易操作仍存在市场风险、流动性风险、履约风险等，敬请投资者注意投资风险。 公司于 2025 年 4 月 24 日召开第六届董事会第十一次 ...

证券代码：002252 证券简称：上海莱士 公告编号：2025-039 上海莱士血液制品股份有限公司 关于召开2024年度股东大会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 上海莱士血液制品股份有限公司（"公司"）于2025年4月24日召开第六届董 事会第十一次（临时）会议，审议通过了《关于召集2024年度股东大会的议案》 等，会议定于2025年5月20日（星期二）14:00召开公司2024年度股东大会，现将 本次股东大会的有关事项通知如下： 一、召开会议的基本情况 1、股东大会届次：上海莱士 2024 年度股东大会； 2、股东大会的召集人：公司第六届董事会； 3、会议召开的合法、合规性：公司董事会召集本次股东大会会议符合有关 法律、行政法规、部门规章、规范性文件以及《公司章程》等有关规定； 4、会议召开的日期、时间： 现场会议召开时间为：2025 年 5 月 20 日（星期二）14:00； 网络投票时间为：2025 年 5 月 20 日（星期二）； 其中，通过深圳证券交易所交易系统进行网络投票的具体时间为：2025 年 5 月 20 日的交易时间 ...

证券代码：002252 证券简称：上海莱士 公告编号：2025-036 上海莱士血液制品股份有限公司 关于第六届董事会第十一次（临时）会议决议公告 本次会议应出席董事 9 名，实际出席会议董事 9 名。本次会议由公司董事长 谭丽霞女士召集和主持，公司监事、高级管理人员等列席会议。会议的召集、召 开与表决程序符合《公司法》和《公司章程》等有关规定。与会董事经过充分研 究和讨论，审议通过了如下议案： 1、审议通过《2025 年第一季度报告》 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 上海莱士血液制品股份有限公司（"公司"）第六届董事会第十一次（临时） 会议于 2025 年 4 月 19 日以电话和邮件方式发出会议通知，并于 2025 年 4 月 24 日上午 9 点以现场结合通讯方式召开。 《2025年第一季度报告》刊登于《证券时报》、《中国证券报》、《上海证券报》、 《证券日报》和巨潮资讯网（www.cninfo.com.cn），供投资者查阅。 2、审议通过《关于开展外汇衍生品交易业务的议案》 为进一步提高公司应对外汇波动风险的能力，更好地规避和防范外汇汇 ...