格隆汇8月29日丨上海莱士(002252.SZ)公布2025年半年度报告，上半年公司实现营业收入39.52亿元，同 比下降7.06%；归属于上市公司股东的净利润10.30亿元，同比下降17.00%；归属于上市公司股东的扣除 非经常性损益的净利润10.40亿元，同比下降7.84%；基本每股收益0.155元。 ...

Core Insights - Shanghai Laishi reported significant improvements in operating cash flow and a strong cash reserve of 3.489 billion yuan as of June 2025, indicating robust financial health and resilience [1] - The company achieved a revenue of 3.952 billion yuan and a net profit attributable to shareholders of 1.03 billion yuan in the first half of 2025, reflecting a solid performance in the blood products sector [1] - The company has expanded its production capabilities with six blood product manufacturing bases and 55 plasma collection stations across 11 provinces, leading to a nearly 12% increase in plasma collection volume year-on-year [1] Industry Developments - The market for coagulation factor products is rapidly growing, driven by policy guidance and clinical demand, with sales of human fibrinogen increasing by 29.70% and human coagulation factor VIII by 34.40% in the first half of 2025 [2] - Shanghai Laishi's innovative research in the field of hemophilia treatment has progressed, with the "SR604" injection entering phase IIb clinical trials, focusing on prevention treatment for bleeding episodes in patients with von Willebrand disease [2]

Core Viewpoint - Shanghai Raas has reported a decline in revenue and net profit for the first half of 2025, but has shown significant improvement in cash flow from operating activities, alongside growth in key product sales and strategic acquisitions [1][2]. Financial Performance - The company achieved operating revenue of 3.952 billion yuan, a year-on-year decrease of 7.06% [1] - The net profit attributable to shareholders was 1.03 billion yuan, down 17.00% year-on-year [1] - Operating cash flow improved significantly to 739 million yuan [1] Product Sales and Market Position - Sales volume of human fibrinogen increased by 29.70%, maintaining the company's leading market share [1] - Sales volume of human coagulation factor VIII rose by 34.40%, indicating enhanced market competitiveness and potential as a new growth driver [1] Resource Management and Expansion - The company increased plasma collection volume by nearly 12% in the first half of 2025, ensuring stable expansion of plasma supply [1] - The successful acquisition of Nanyue Biological in June 2025 has further enhanced the company's scale and coverage of plasma stations [1] - Strengthened plasma source management capabilities and scale advantages are established to meet future market demand and support new product launches [1] Innovation and R&D - The company is accelerating the development of high-value-added products and expanding the indications of existing products in the fields of coagulation and immunoglobulin [2] - The innovative research result "SR604" injection for hemophilia has entered Phase IIb clinical trials, with a recent application for clinical trials for the prevention of bleeding episodes in patients with von Willebrand disease accepted by the National Medical Products Administration [2] - The company aims to expedite the product launch to meet clinical needs [2] Business Overview - Shanghai Raas is primarily engaged in the production and sale of blood products, including human albumin, intravenous immunoglobulin, specific immunoglobulin, and coagulation factor products, making it one of the largest blood product manufacturers in China [2]

Core Viewpoint - Shanghai Laishi (SZ 002252) announced its sixth board meeting on August 28, 2025, where it reviewed the full and summary reports for the first half of 2025 [1] Company Summary - For the year 2024, Shanghai Laishi's revenue composition is as follows: blood products production and sales account for 98.48%, testing equipment and reagents account for 1.48%, and other businesses account for 0.03% [1] - As of the report, Shanghai Laishi has a market capitalization of 45.7 billion yuan [1]

上海莱士血液制品股份有限公司 2025 年上半年非经营性资金占用及其他关联资金往来情况汇总表 金额单位：万元 | 非经营性资金占用 | | 资金占用方名称 | 占用方与上市公司 | 上市公司核算的 | 2025年期初占 | 2025年上半年度占用 | 2025年上半年度占 | | 2025年上半年度 | | 2025年中期期末占 | 占用形成原因 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 的关联关系 | 会计科目 | 用资金余额 | 累计发生金额(不含利 | 用资金的利息(如 | | 偿还累计发生金 | | 用资金余额 | | | | | | | | | | 息) | 有) | | 额 | | | | | | 主要股东及其附属企业 | 海盈康（青岛）医疗科技有限 公司 | | 主要股东 | ——— | - | | - | - | | - | - | ——— | ——— | | | 中信银行股份有限公司 | | 主要股东 | ——— | - | | ...

上海莱士血液制品股份有限公司 上海莱士血液制品股份有限公司 2025 年半年度财务报告 2025 年半年度财务报告 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 二、财务报表 财务附注中报表的单位为：元 1、合并资产负债表 编制单位：上海莱士血液制品股份有限公司 2025 年 6 月 30 日 披露日期：2025 年 08 月 30 日 上海莱士血液制品股份有限公司 2025 年半年度财务报告 一、审计报告 单位：元 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 2,630,600,006.84 | 2,982,705,503.57 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | | | | 衍生金融资产 | | | | 应收票据 | | | | 应收账款 | 2,005,520,798.69 | 1,398,534,714.31 | | 应收款项融资 | 403,259,398.68 | 411,824,830.44 | | 预付款项 | 61,188,549.05 | 31 ...

《2025年半年度报告》全文刊登于巨潮资讯网（www.cninfo.com.cn），《2025 年半年度报告摘要》同时刊登于《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。 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"）第六届董事会第十三次会议于 2025 年 8 月 18 日以电话和邮件方式发出会议通知，并于 2025 年 8 月 28 日下午 3 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，审议通过了如下议案： 1、《2025 年半年度报告全文及摘要》 表决结果：9票同意、0票反对、0票弃权。 证券代码：002252 证券简称：上海莱士 公告编号：2025-059 上海莱士血液制品股份有限公司 关于第六届董事会第十三次会议决议的公告 ...

Section I Important Notice, Table of Contents, and Definitions [Important Notice](index=2&type=section&id=Important%20Notice) The Board guarantees report accuracy, highlights key risks, and confirms no dividend distribution or capital reserve conversion. - The Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the report content[4](index=4&type=chunk) - The report's forward-looking statements are based on current conditions, do not constitute substantive commitments, and caution investors about risks including raw material supply, rising plasma costs, product safety, and goodwill impairment[5](index=5&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[6](index=6&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section presents the complete report directory, comprising nine main chapters covering company profile, management discussion, corporate governance, significant matters, share changes, bond information, financial reports, and other submitted data. - The report directory includes nine main chapters, ranging from the company profile to financial reports and other submitted data[8](index=8&type=chunk) [Reference Documents](index=4&type=section&id=Reference%20Documents) This section lists reference documents including the full text of the 2025 semi-annual report, financial statements, original announcements, and all documents publicly disclosed on designated media and websites. - Reference documents include the full report signed by the legal representative, financial statements, original disclosure documents from designated media, and other materials[10](index=10&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines common terms and company names used in the report, including regulatory bodies, exchanges, the company itself, major related parties (e.g., Haier Group, Grifols), and key product names. - The definitions section clarifies regulatory bodies, exchanges, company names, major related parties (e.g., Haier Group, Grifols), and product names mentioned in the report[12](index=12&type=chunk) Section II Company Profile and Key Financial Indicators [1. Company Profile](index=6&type=section&id=1.%20Company%20Profile) Shanghai RAAS Blood Products Co., Ltd. is listed on the Shenzhen Stock Exchange under stock code "002252", with Jun Xu as its legal representative. Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Shanghai RAAS | | Stock Code | 002252 | | Listing Exchange | Shenzhen Stock Exchange | | Legal Representative | Jun Xu (徐俊) | [2. Contact Persons and Information](index=6&type=section&id=2.%20Contact%20Persons%20and%20Information) The company's Board Secretary is Liu Zheng and Securities Affairs Representative is Qiu Hong, both sharing the same contact address, phone, fax, and email. Company Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Liu Zheng | No. 2009 Wangyuan Road, Fengxian District, Shanghai | 021-22130888-217 | 021-37515869 | raas@raas-corp.com | | Securities Affairs Representative | Qiu Hong | No. 2009 Wangyuan Road, Fengxian District, Shanghai | 021-22130888-217 | 021-37515869 | raas@raas-corp.com | [3. Other Information](index=6&type=section&id=3.%20Other%20Information) The company's registered address, office address, website, email, and information disclosure locations remained unchanged during the reporting period. - The company's registered address, office address, website, email, and other contact information remained unchanged during the reporting period[16](index=16&type=chunk) - Information disclosure and filing locations remained unchanged during the reporting period[17](index=17&type=chunk) [4. Key Accounting Data and Financial Indicators](index=7&type=section&id=4.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In H1 2025, revenue decreased by 7.06% to **3.95 billion yuan**, and net profit attributable to shareholders fell by 17.00% to **1.03 billion yuan**, while operating cash flow significantly improved to **739 million yuan**. Key Accounting Data and Financial Indicators (H1 2025 vs. Prior Year Period) | Indicator | Current Period (RMB) | Prior Year Period (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 3,952,191,668.60 | 4,252,338,864.23 | -7.06% | | Net Profit Attributable to Shareholders of Listed Company | 1,029,892,162.06 | 1,240,798,423.17 | -17.00% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | 1,040,256,033.97 | 1,128,729,566.55 | -7.84% | | Net Cash Flow from Operating Activities | 739,253,135.43 | -47,549,432.62 | N/A | | Basic Earnings Per Share (RMB/share) | 0.155 | 0.187 | -17.11% | | Diluted Earnings Per Share (RMB/share) | 0.155 | 0.187 | -17.11% | | Weighted Average Return on Net Assets | 3.19% | 4.10% | Decrease of 0.91 percentage points | | **End of Current Period vs. End of Prior Year** | | | | | Total Assets | 38,135,693,552.05 | 33,631,225,254.06 | 13.39% | | Net Assets Attributable to Shareholders of Listed Company | 32,408,939,858.40 | 31,926,258,696.02 | 1.51% | [5. Accounting Data Differences Under Domestic and International Accounting Standards](index=7&type=section&id=5.%20Accounting%20Data%20Differences%20Under%20Domestic%20and%20International%20Accounting%20Standards) The company reported no differences in net profit and net assets between international/overseas accounting standards and Chinese accounting standards. - The company has no accounting data differences under domestic and international accounting standards[20](index=20&type=chunk) [6. Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=6.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) The company's total non-recurring gains and losses amounted to **-10.36 million yuan**, primarily from non-current asset disposal, government grants, and other non-operating income/expenses. Non-Recurring Gains and Losses Items and Amounts | Item | Amount (RMB) | | :--- | :--- | | Gains or losses on disposal of non-current assets (including the write-off portion of asset impairment provisions) | 48,613.79 | | Government grants recognized in current profit or loss (excluding those closely related to the company's ordinary activities, compliant with national policies, enjoyed according to fixed standards, and with a sustained impact on the company's profit or loss) | 2,764,083.85 | | Other non-operating income and expenses apart from the above | -14,848,742.71 | | Less: Income tax impact | -1,680,496.01 | | Impact on minority interests (after tax) | 8,322.85 | | **Total** | **-10,363,871.91** | Section III Management Discussion and Analysis [1. Main Business Activities During the Reporting Period](index=9&type=section&id=1.%20Main%20Business%20Activities%20During%20the%20Reporting%20Period) The company produces and sells blood products, distributes Grifols' imports, and advances innovative drug R&D, with coagulation factor sales and plasma collection growing. [(I) Company's Main Business](index=9&type=section&id=(I)%20Company's%20Main%20Business) The company's main business is the production and sale of blood products, including albumin, immunoglobulins, and coagulation factors, and it also exclusively distributes Grifols' imported albumin and blood screening products. - The company's main business is the production and sale of blood products, making it one of China's largest blood product manufacturers[24](index=24&type=chunk) - Key products include human albumin, intravenous human immunoglobulin, specific human immunoglobulin, and coagulation factor products[24](index=24&type=chunk) - The company exclusively distributes imported human albumin and blood screening related products from its related party, Grifols[24](index=24&type=chunk) [(II) Company's Main Products and Uses](index=9&type=section&id=(II)%20Company's%20Main%20Products%20and%20Uses) The company produces three major categories of blood products—albumin, immunoglobulin, and coagulation factors—totaling up to nine products, essential for medical emergencies and specific disease treatments. Product Categories and Quantities of the Company and its Subsidiaries | Product Category | Product Name | Shanghai RAAS | Zhengzhou RAAS | Tonglu Bio | Zhejiang Haikang | Guangxi RAAS | Nanyue Bio | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Albumin Products | Human Albumin | √ | √ | √ | √ | √ | √ | | Immunoglobulin Products | Human Immunoglobulin | | √ | √ | √ | √ | √ | | | Intravenous Human Immunoglobulin (pH4) | √ | √ | √ | √ | √ | √ | | | Lyophilized Intravenous Human Immunoglobulin (pH4) | | | √ | | | | | | Hepatitis B Human Immunoglobulin | | √ | √ | √ | | √ | | | Tetanus Human Immunoglobulin | | | √ | |

Group 1 - The core point of the article is that Haier Group became the actual controller of Shanghai Laishi on July 30, 2024, and the company held its first board meeting on the same day to discuss the new compensation and assessment committee [2] - The new board's compensation plan will be developed by the compensation and assessment committee based on the annual performance and target responsibility completion of the executives [2]

Core Viewpoint - The demand for tetanus passive immunization agents in China is increasing due to rising injury cases from industrial accidents and traffic incidents, alongside a growing public awareness of health and preventive vaccinations [1][6][7]. Market Overview - The market size of China's tetanus passive immunization agents reached 3.23 billion yuan in 2022, with a year-on-year growth of 17.45% [1][7]. - However, the market is projected to decline to 2.66 billion yuan by 2024 due to a slowdown in real estate development and a decrease in the number of construction workers, who are the primary consumers of these immunization agents [1][7]. Industry Policies - The Chinese government has implemented various policies to support the development of the biological products industry, including tetanus passive immunization agents, creating a favorable environment for industry growth [4]. Industry Chain - The upstream of the tetanus passive immunization agents industry includes plasma, cell culture media, and other biological materials, while the midstream focuses on research and production, and the downstream involves medical institutions and consumers [4][5]. Competitive Landscape - The tetanus passive immunization agents market is divided into four segments, with Jiangxi Biological Products Research Institute holding a significant market share of 65.8% in the tetanus antitoxin sector [7][8]. - The market for tetanus human immunoglobulin is more competitive, with numerous companies including Shenzhen Weiguang Biological Products Co., Ltd. and Hualan Biological Engineering Co., Ltd. [8]. Development Trends - Future advancements in the tetanus passive immunization agents field are expected to include the application of monoclonal antibodies and recombinant DNA technology, leading to more efficient production methods and improved product safety [10][11]. - The increasing coverage of cold chain logistics and the promotion of hierarchical medical policies will enhance the role of grassroots medical institutions in tetanus prevention and treatment, unlocking further market potential [10][11].