Financial Performance - The company's revenue for Q1 2025 was CNY 2,005,843,502.82, a decrease of 2.45% compared to CNY 2,056,305,681.88 in the same period last year[4] - Net profit attributable to shareholders decreased by 25.20% to CNY 566,082,988.41 from CNY 756,816,119.50 year-on-year[4] - The basic earnings per share fell by 25.44% to CNY 0.085 from CNY 0.114 in the previous year[4] - The company's total assets increased by 3.13% to CNY 34,682,214,928.65 compared to CNY 33,631,225,254.06 at the end of the previous year[4] - The company's weighted average return on equity decreased by 0.76 percentage points to 1.76% from 2.52% year-on-year[4] - The company's net profit from investments was CNY 90.35 million, down from CNY 268.70 million, indicating a decline of about 66.5%[28] - The net profit for the current period is CNY 566,224,805.20, a decrease of 25.3% compared to CNY 757,077,509.35 in the previous period[29] - The total comprehensive income for the current period is CNY 566,537,724.60, down from CNY 805,024,200.32 in the previous period, reflecting a decline of 29.6%[30] - Basic and diluted earnings per share are both CNY 0.085, compared to CNY 0.114 in the previous period, representing a decrease of 25.4%[30] - The operating profit for the current period is CNY 675,204,586.86, down from CNY 915,962,967.17 in the previous period, reflecting a decline of 26.2%[29] Cash Flow and Assets - Cash flow from operating activities improved by 3.29% to CNY 775,555,509.78 from CNY 750,871,567.39 year-on-year[4] - Cash inflow from investment activities totaled CNY 739,071,739.82, an increase from CNY 640,477,093.89 in the previous period[32] - The net cash flow from investment activities is CNY 192,997,880.61, compared to CNY 168,575,235.31 in the previous period, indicating a growth of 14.5%[32] - The net cash flow from financing activities is CNY 23,752,392.40, a significant improvement from a negative CNY 8,577,082.47 in the previous period[32] - The total cash and cash equivalents at the end of the period amount to CNY 2,327,563,555.98, down from CNY 4,107,317,479.17 in the previous period[33] - The company's cash and cash equivalents increased by 35.35% to CNY 4,037,081,864.80 from CNY 2,982,705,503.57 at the beginning of the period[8] Shareholder and Equity Information - The number of ordinary shareholders at the end of the reporting period was 107,443[10] - Haier Group will control a total of 1,875,224,208 shares of Shanghai Laishi, representing 28.25% of the company's total share capital, after the completion of the transaction with Grifols, S.A.[11] - As of April 7, 2025, Haier Group holds 1,438,154,552 shares of Shanghai Laishi, representing 21.67% of the total share capital[17] - The company plans to repurchase shares with a total amount not less than RMB 250 million and not exceeding RMB 500 million, with a maximum repurchase price of RMB 9.55 per share[12] - As of April 7, 2025, the company has repurchased a total of 15,649,851 shares, accounting for 0.24% of the total share capital, with a total transaction amount of RMB 108,426,420.12[14] - The first share buyback was completed with a total of 72,439,700 shares acquired, representing 1.09% of the total share capital, for approximately RMB 496.83 million[15] - The second share buyback plan aims to acquire shares with an amount not less than RMB 250 million and not exceeding RMB 500 million[16] - The maximum transaction price for the repurchased shares has not exceeded the upper limit set in the buyback plan[14] - The company has not disclosed any relationships among the other top 10 shareholders outside of the known entities[11] Research and Development - Research and development expenses decreased by 33.98% to CNY 33,065,109.12 from CNY 50,086,978.94 in the same period last year[9] - Research and development expenses decreased from CNY 50.09 million to CNY 33.07 million, a reduction of approximately 34%[28] - The company plans to enhance its product matrix through the integration of the target company's R&D resources, aiming to accelerate new product development[19] Acquisitions and Transactions - The company plans to acquire 100% equity of Nanyue Biological Pharmaceutical Co., Ltd. for a base price of RMB 4.2 billion, with an additional payment of RMB 50 million if the company achieves a plasma collection volume of 305 tons in 2025[18] - The acquisition will integrate the target company into Shanghai Laishi's consolidated financial statements, enhancing its plasma collection capabilities in Hunan Province[19] - After the transaction, Shanghai Laishi will operate 11 plasma collection stations and 1 branch in Hunan, becoming the market leader in blood products in the region[19] - Haier Group and Grifols, S.A. have agreed to a 36-month lock-up period for their respective shares following the completion of the transaction[11] Liabilities - The total liabilities rose from CNY 1.69 billion to CNY 2.17 billion, an increase of about 28.5%[25]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [7][14]. Core Insights - The company's blood products business is experiencing steady growth, with a projected revenue of 8.176 billion yuan for 2024, reflecting a 2.67% increase year-on-year. The net profit attributable to shareholders is expected to reach 2.193 billion yuan, marking a significant increase of 23.25% [3][7]. - The company has successfully increased its plasma collection volume to over 1,600 tons, achieving a historical high. This growth is supported by the acquisition of 100% equity in Nanyue Biological, which will enhance its production capacity and market position [4][6]. - The company’s self-operated blood products generated revenue of 4.43 billion yuan, with a gross margin of 60.4%, indicating strong profitability despite a temporary slowdown in revenue growth due to industry policies [4][5]. Financial Projections - Revenue forecasts for the company from 2025 to 2027 are 8.804 billion yuan, 9.311 billion yuan, and 9.756 billion yuan, respectively. The net profit attributable to shareholders is projected to be 2.374 billion yuan, 2.605 billion yuan, and 2.851 billion yuan for the same years [7][11]. - The company’s earnings per share (EPS) is expected to grow from 0.33 yuan in 2024 to 0.43 yuan by 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 20.36 to 15.84 over the same period [11][12].

证券研究报告：医药生物 | 公司点评报告 发布时间：2025-04-25 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 6.72 | | --- | --- | | 总股本/流通股本（亿股）66.38 | / 66.34 | | 总市值/流通市值（亿元）446 | / 446 | | 52 周内最高/最低价 | 8.13 / 6.51 | | 资产负债率(%) | 5.0% | | 市盈率 | 20.36 | | 第一大股东 | 海盈康(青岛)医疗科技 | | 有限公司 | | 研究所 分析师:蔡明子 SAC 登记编号:S1340523110001 Email:caimingzi@cnpsec.com 分析师:陈成 SAC 登记编号:S1340524020001 Email:chencheng@cnpsec.com 上海莱士(002252) 血制品业务稳健发展，盈利能力维持高水平 l 血制品业务稳健发展 公司自营血制品实现收入 44.3 亿元（+2.5%），其中白蛋白 14.9 亿元（+4.4%）、静丙 17.0 亿元（-5.9%）、其他血制品 12.3 亿元 （+14 ...

证券代码： 002252 证券简称：上海莱士 上海莱士血液制品股份有限公司 投资者关系活动记录表 编号： 2025-001 | 投资者关系活动 | √特定对象调研 | | | □ | 分析师会议 | | --- | --- | --- | --- | --- | --- | | 类别 | □ 媒体采访 | | | □ | 业绩说明会 | | | □ 新闻发布会 | | | □ | 路演活动 | | | □ 现场参观 | | | | | | | □ 其他 | | （请文字说明其他活动内容） | | | | 参与单位名称及 | 西南证券 | | 杜向阳 | 王彦迪 | | | 人员姓名 | 东方证券 | | 赵博宇 | | | | | 中信证券 | | 张恒楠 | | | | | 中邮证券 | 陈成 | | | | | | 国泰君安资管 | | 吴佳玮 | | | | | 远桥资产 | 汪睿 | | | | | | 摩根基金 | 李恒 | | | | | | 君和资本 | | 崔雨菲 | | | | | 圆合金控 | | 陈家华 | | | | | 国投瑞银 | | 苗慧军 | 刘泽序 | | | | 光大保德信 ...

Core Viewpoint - Shanghai Laishi (002252.SZ) reported a solid performance in its 2024 annual report, with revenue of 8.176 billion yuan, a year-on-year increase of 2.67%, and a net profit attributable to shareholders of 2.193 billion yuan, up 23.25% [1] Financial Performance - The company plans to distribute a cash dividend of 0.33 yuan per 10 shares at the end of 2024, totaling approximately 219 million yuan [1] - The total cash dividend for the year is projected to be 464 million yuan, representing 21.16% of the net profit attributable to shareholders [1] Industry Position and Strategy - Shanghai Laishi is a leading player in the blood products industry in China, characterized by a well-structured product range and high plasma utilization [2] - The company aims to achieve a record high plasma collection volume of over 1,600 tons in 2024, driven by a strategy focused on both enhancing existing plasma stations and expanding into new regions [2] Marketing and R&D Initiatives - The company is enhancing its marketing strategies by focusing on academic promotion and project management to improve market share [3] - R&D investment increased by 44.42% to 251 million yuan, with the number of R&D personnel rising from 179 to 195, reflecting a commitment to innovation [3] Strategic Partnerships and Ecosystem Development - The acquisition by Haier Group presents new growth opportunities, enabling the company to optimize operations and expand its market presence [4] - The company is building a comprehensive blood ecosystem by integrating technology and digital transformation, focusing on the entire value chain from plasma collection to clinical application [4] Innovation and Collaboration - The company is developing an innovative R&D system that integrates technology and market strategies, while also enhancing collaborations with academic institutions and research organizations [5] - The company has secured exclusive agency rights for key blood products in China, aiming to expand its international market presence [6]

持续加大研发创新，开辟差异化增长曲线 4月17日晚，上海莱士血液制品股份有限公司(股票简称：上海莱士，股票代码：002252.SZ)发布2024年 年报。 上海莱士是国内血液制品行业中结构合理、产品种类齐全、血浆利用率较高的领先生产企业，自2024年 海尔集团成为实控人以来，海尔集团积极支持公司推进"拓浆""脱浆"齐步走战略，强调技术创新与数智 化建设，通过内生外延，借助产业经营和资本运营双引擎赋能企业发展。公司年报显示，2024年全年实 现营业收入81.76亿元，同比增长2.67%；实现归属于上市公司股东的净利润21.93亿元，同比增长 23.25%。 "存量增效+增量突破"，提升资源效能与产业布局 全球领先企业能够从血浆中提取20余种产品，覆盖更广泛的临床需求，而国内血液制品企业目前最多只 有10余种产品，且以人血白蛋白和静注人免疫球蛋白为主，凝血因子类产品只有部分企业可以生产，且 每年产量相对较少。上海莱士产品覆盖白蛋白类、免疫球蛋白类及凝血因子类三大类，是目前国内少数 可从血浆中提取六种组分的血液制品生产企业之一，也是国内同行业中凝血因子类产品种类最为齐全的 生产企业之一。 2024年，公司紧抓存量浆 ...

资本层面，公司持续推进投资者回报机制。2024年，公司控股股东和高管合计完成超520万元的股份增持；2025年初，公 司正式启动最高5亿元股份回购计划，展现长期发展信心。上海莱士方面表示，未来，公司将继续围绕"浆源整合、产品升级、 终端精耕、外延协同"四大主线，强化全链路运营能力，持续巩固作为国内血液制品龙头企业的行业地位。 （编辑 张伟） 本报讯 （记者金婉霞）4月17日晚间，上海莱士血液制品股份有限公司（下称"上海莱士"）披露2024年年度报告。报告期 内，公司实现营业收入81.76亿元，同比增长2.67%；归属于上市公司股东的净利润21.93亿元，同比增长23.25%；归母扣非净利 润20.60亿元，同比增长13.47%。 公司称，2024年，公司业绩稳中有进，主要得益于浆源效率提升、核心品类市场份额扩大及整体管理效能增强。报告显 示，2024年，上海莱士全年采浆量突破1600吨，达到历史新高。此外，公司在全国共布局44家单采血浆站，覆盖11个省区（不 含收购中的南岳生物新增9站），稳居行业前列。 在主营业务方面，上海莱士人血白蛋白、静注人免疫球蛋白等产品销售表现稳定，凝血因子类产品销售快速增长。同时， ...

Group 1 - Shanghai Laishi (002252.SZ) reported its 2024 annual report on April 18, 2025, with 355 institutional investors holding a total of 3.934 billion shares, accounting for 59.26% of the total share capital [1] - The top ten institutional investors collectively hold 49.02% of the shares, with a decrease of 1.55 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, 12 funds increased their holdings, with a total increase ratio of 0.33%, while 26 funds decreased their holdings, with a total decrease ratio of 0.58% [2] - A total of 307 new public funds were disclosed this period, including major funds like E Fund CSI 300 ETF and Huaxia CSI 300 ETF [2] Group 3 - In terms of foreign investment, one foreign fund, Hong Kong Central Clearing Limited, increased its holdings by 0.36%, while RAAS CHINA LIMITED decreased its holdings by 0.69% [3] - GRIFOLS, S.A. was newly disclosed as a foreign institution this period [3]

证券代码：002252 证券简称：上海莱士 公告编号：2025-028 上海莱士血液制品股份有限公司 关于第六届董事会第十次会议决议的公告 2、《2024年度财务决算报告》 表决结果：9票同意、0票反对、0票弃权；本议案尚需提交公司2024年度股 东大会审议。 《2024年度财务决算报告》全文刊登于巨潮资讯网（www.cninfo.com.cn）， 供投资者查阅。 3、《2024年度董事会工作报告》 表决结果：9票同意、0票反对、0票弃权；本议案尚需提交公司2024年度股 东大会审议。 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"）第六届董事会第十次会议于 2025 年 4 月 6 日以电话和邮件方式发出会议通知，并于 2025 年 4 月 16 日上午 9 点以 现场结合通讯方式召开。 本次会议应出席董事 9 名，实际出席董事 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 ...

证券代码：002252 证券简称：上海莱士 公告编号：2025-030 上海莱士血液制品股份有限公司 关于 2024 年度利润分配预案的公告 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"）于 2025 年 4 月 16 日召开第六届 董事会第十次会议及第六届监事会第五次会议，审议通过了《2024 年度利润分 配预案》等，本次利润分配预案尚需提交公司 2024 年度股东大会审议。现将具 体情况公告如下： 一、利润分配预案的基本情况 1、分配基准：2024年度 2、经毕马威华振会计师事务所（特殊普通合伙）审计，公司2024年度实现 净利润为1,457,768,578.56元（母公司报表），按《公司法》、《公司章程》及国家 有关法律、法规的规定，提取10%的法定公积金145,776,857.86元，加上年初未分 配利润3,814,996,859.17元，减去2024年度已支付现金股利444,684,977.43元，2024 年度实际可供股东分配的利润为4,682,303,602.44元（母公司报表）。 3、根据中国证监会《上 ...