证券代码：002252 证券简称：上海莱士 公告编号：2025-025 上海莱士血液制品股份有限公司 公司首次回购股份的时间、回购股份数量、回购股份价格及集中竞价交易的 委托时段均符合《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》 的相关规定，具体包括： 关于回购股份进展暨首次回购公司股份的公告 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 1 月 13 日召开了第六 届董事会第七次（临时）会议，审议通过了《关于回购公司股份方案的议案》， 同意公司使用自有或自筹资金以集中竞价交易方式从二级市场回购公司股份，用 于实施员工持股计划或股权激励，拟回购股份的资金总额为不低于人民币 2.5 亿 元（含）且不超过人民币 5 亿元（含），拟回购股份价格不超过人民币 9.55 元/ 股（含），具体回购股份数量以回购股份方案实施完毕或回购实施期限届满时实 际回购情况为准。回购期限自股东大会审议通过本次回购股份方案之日起 12 个 月内，如果触及回购股份方案提及的相关条件时，回购期限提前届满。公司于 20 ...

事件 3 月26 日公司发布公告，拟以现金42 亿元收购南岳生物100%股权；若2025 年达到目标采浆量305 吨， 则另付其实控人或有对价5000 万元。 根据公司公告，南岳生物目前在湖南省内拥有9 个浆站，2024 年度采浆量278 吨，拥有3 大类8 种产品 20 个规格的血制品批准文号，24Q1-Q3 实现营业收入4.47 亿元，实现归母净利润7218 万元；23年全年 实现营业收入6.57 亿元，实现归母净利润9635 万元。若按吨浆市值计算，公司收购对价约为1511 万元/ 吨，对价合理。 投资建议 海尔集团入主后，公司坚持"拓浆"和"脱浆"齐步走战略，本次收购是公司战略稳步推进的关键一步。湖 南省作为我国第八大人口大省，其省内浆站资源对血制品企业发展也具有重要的意义。此外公司在湖南 本身有浆站布局，在湖南省内拥有3 家浆站，本次收购后，公司在湖南省的影响力有望持续提升。我们 维持"买入"评级，预计公司2024~2026 年将实现营业总收入85.38/96.78/109.14 亿元（同比 +7.2%/13.4%/12.8%）；将实现归母净利润22.92/26.03/29.37 亿元（同比+28. ...

自2024年6月海尔集团以125亿元入主后，上海莱士成为其"盈康一生"大健康生态的关键拼图。此次收购 是"拓浆"（扩大浆源）战略的直接体现，与海尔生物的血浆冷链管理、盈康生命的医疗服务形成协同。 值得关注的是，海尔曾试图通过吸收合并上海莱士实现产业链整合，虽因交易复杂度暂缓，但此次并购 仍可视为其医疗资源控制战略的延续。 商誉高悬 现金压力陡升 交易后上海莱士商誉将突破80亿元，占净资产比例大幅提高（2024Q3净资产174.75亿元）。历史教训显 示，上海莱士曾因收购效果不佳计提巨额商誉。 30亿元并购贷款将打破上海莱士"零有息负债"的财务结构。以当前LPR 3.45%计算，30亿元年利息支出 达1.035亿元，占2023年净利润的5.6%。更危险的是，标的资产2023年净利润仅9，635万元，利息覆盖 率太低，若采浆成本上升或产品降价，偿债能力将承压。并购后资产负债率预计突破15%，现金流压力 显著——2024Q3货币资金37.12亿元，扣除交易对价后寥寥无几，或难以覆盖日常运营。 2025年3月26日，上海莱士宣布以42亿元现金收购南岳生物制药有限公司100%股权，引发资本市场震 动。此次交易不仅将新增 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative increase in stock price of over 15% compared to the CSI 300 index within the next six months [10]. Core Views - The acquisition of Nanyue Biological Pharmaceutical Co., Ltd. for 4.2 billion yuan is a significant step in the company's "plasma expansion" strategy, which is expected to enhance overall plasma collection by over 18% [5][4]. - Nanyue Biological is the only blood product manufacturer in Hunan with GMP certification, operating nine plasma collection stations with a designed capacity of 500 tons [4]. - The company anticipates revenue growth from 85.98 billion yuan in 2024 to 114.52 billion yuan in 2026, with net profit expected to rise from 22.88 billion yuan to 31.41 billion yuan during the same period [6]. Summary by Sections Company Overview - The company has a total share capital of 6.638 billion shares and a market capitalization of 456.69 billion yuan, with a 12-month high of 8.68 yuan and a low of 6.42 yuan [3]. Financial Projections - Revenue projections for 2024, 2025, and 2026 are 85.98 billion yuan, 103.01 billion yuan, and 114.52 billion yuan, respectively, with year-on-year growth rates of 8%, 20%, and 11% [6]. - Net profit forecasts for the same years are 22.88 billion yuan, 28.29 billion yuan, and 31.41 billion yuan, reflecting growth rates of 29%, 24%, and 11% [6]. Strategic Developments - The acquisition of Nanyue Biological is part of a broader strategy to enhance the company's market position and operational capacity, supported by Haier Group's involvement in the company's health sector initiatives [5]. - The company will control 12 out of 17 plasma collection stations in Hunan, significantly boosting its market presence [5].

Core Viewpoint - The blood products industry is experiencing intensified competition due to the scarcity of blood product brands, leading to increased mergers and acquisitions among leading companies [1][8]. Company Summary - Shanghai Laishi announced on March 27 that it plans to acquire 100% of Nanyue Biopharmaceutical Co., Ltd. for a cash consideration of 4.2 billion yuan, with an additional contingent payment of 50 million yuan if the company achieves a plasma collection volume of 305 tons in 2025 [3][4]. - The acquisition is expected to add approximately 3 billion to 3.4 billion yuan in goodwill to Shanghai Laishi's balance sheet, which already had goodwill of 5.073 billion yuan as of the end of Q3 2024 [5][7]. - The acquisition will enhance Shanghai Laishi's plasma collection resources in Hunan Province, where Nanyue Biopharmaceutical operates nine plasma collection stations, and will help expand the company's existing plasma collection capacity [4][6]. Industry Summary - The blood products industry is seeing a trend of increasing consolidation, with major players like Boya Biotech and Tiantan Biological also pursuing acquisition strategies to enhance their market positions [8][9]. - Since May 2001, no new blood product manufacturing companies have been approved in China, leading to a limited number of operational companies and heightened competition among existing firms [9]. - The scarcity of plasma collection stations and the ability to collect plasma are critical factors influencing the growth and competitiveness of blood product companies [9].

Core Viewpoint - Shanghai Laishi plans to acquire 100% equity of Nanyue Biological for 4.2 billion yuan, which is expected to enhance its revenue and profit scale, but will also increase goodwill [1][5]. Group 1: Acquisition Details - The acquisition involves purchasing 87.9766% of Nanyue Biological for 3.695 billion yuan and 12.0234% for 505 million yuan [2]. - The estimated value of Nanyue Biological is between 4.11 billion yuan and 4.519 billion yuan, resulting in an appreciation rate of approximately 400% [2][3]. - If Nanyue Biological's plasma collection reaches 305 tons by 2025, an additional payment of 50 million yuan will be made to the controlling shareholder [2]. Group 2: Industry Context - The blood product industry in China has a high entry barrier, with fewer than 30 operational blood product companies, leading to a supply shortage of plasma [3]. - The number and quality of plasma collection stations are critical for the profitability and cost structure of blood product companies [3]. Group 3: Financial Impact - Nanyue Biological is the only blood product company in Hunan Province, with projected revenues of 657 million yuan for 2023 and 447 million yuan for the first nine months of 2024 [4]. - Post-acquisition, Shanghai Laishi's revenue, gross profit, and net profit attributable to shareholders are expected to increase by 447 million yuan, 81 million yuan, and 72 million yuan, respectively, representing growth rates of approximately 7%, 4%, and 4% [5]. Group 4: Goodwill Concerns - The acquisition will result in significant goodwill, adding to the existing high goodwill from previous acquisitions, which totaled 14.187 billion yuan as of Q3 2023 [7][8]. - The company has a history of frequent acquisitions, spending 7.4 billion yuan on multiple blood product companies, which has contributed to its rapid revenue growth from under 500 million yuan in 2013 to nearly 8 billion yuan in 2023 [7].

Core Viewpoint - Shanghai Laishi plans to acquire 100% equity of Nanyue Biological for a maximum consideration of 4.25 billion yuan, aiming to enhance its plasma resources and production base in the blood products industry [1][2]. Group 1: Acquisition Details - The acquisition price consists of a base price and contingent consideration, with the base price set at 4.2 billion yuan [3]. - The estimated valuation of Nanyue Biological ranges from 4.11 billion to 4.52 billion yuan, indicating an appraisal premium of approximately 389.87% to 438.62% [3]. - If Nanyue Biological achieves a plasma collection volume of 305 tons in 2025, an additional contingent payment of 50 million yuan will be made [3]. Group 2: Industry Context - The blood products industry in China is characterized by high resource attributes and strict regulatory barriers, with no new blood product enterprises approved since 2001, leading to a high concentration of the industry [2]. - As of June 2024, there are fewer than 30 operational blood product manufacturers in China, with major players like Tian Tan Biological, Shanghai Laishi, Hualan Biological, and Pailin Biological accounting for approximately 58.44% of the total operational plasma collection stations [2]. Group 3: Strategic Implications - The acquisition will provide Shanghai Laishi with exclusive access to plasma resources in Hunan province and enhance its existing plasma collection capabilities [4]. - The transaction aligns with Shanghai Laishi's strategic plan to strengthen its market position as a leading blood product enterprise in China [2][4]. Group 4: Company Background - Nanyue Biological is the only blood product enterprise in Hunan province, with reported revenues of 657 million yuan in 2023 and 447 million yuan for the first nine months of 2024 [3]. - The actual controller of Nanyue Biological, Liu Ling'an, has a notable background in the pharmaceutical industry and has previously held significant positions in other companies [5].

Core Viewpoint - Shanghai Laishi Blood Products Co., Ltd. held its ninth (temporary) meeting of the sixth board of directors on March 25, 2025, where significant resolutions were made regarding acquisitions and bank loans [1][2]. Group 1: Meeting Details - The meeting was convened by the chairwoman, Ms. Tan Lixia, and all nine directors attended, ensuring compliance with the Company Law and the company's articles of association [1]. - The meeting allowed all directors to express their opinions fully before voting [1]. Group 2: Resolutions Passed - A unanimous decision was made to approve the acquisition of equity in Nanyue Biopharmaceutical Co., Ltd., with a voting result of 9 votes in favor, 0 against, and 0 abstentions [1]. - The board also approved an announcement regarding the application for a bank merger loan, with the same voting results [2].

Group 1 - The core point of the announcement is that Shanghai Laishi plans to acquire 100% equity of Nanyue Biopharmaceutical Co., Ltd. for a base price of 4.2 billion RMB and a contingent payment of 50 million RMB, using self-raised funds [1][2] - The acquisition was approved during the board meeting held on March 25, 2025, and Nanyue Biopharmaceutical will become a wholly-owned subsidiary of Shanghai Laishi upon completion [1][2] - The company intends to apply for a merger loan from large listed banks and national joint-stock commercial banks to finance the acquisition and replace previously paid equity purchase prices [2] Group 2 - The application for the merger loan aligns with the company's operational needs and structured financing arrangements, supporting future funding plans and business expansion [2] - The company currently has a good operational status and debt repayment capability, indicating that the merger loan will not pose significant financial risks [2]

证券代码：002252 证券简称：上海莱士 公告编号：2025-024 上海莱士血液制品股份有限公司 关于向银行申请并购贷款的公告 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（以下简称"上海莱士"或"公司"）于 2025 年 3 月 25 日召开第六届董事会第九次（临时）会议，审议通过了《上海莱士血 液制品股份有限公司关于向银行申请并购贷款的议案》，现将具体事项公告如下： 一、公司并购事项基本情况 公司于 2025 年 3 月 25 日召开第六届董事会第九次（临时）会议，审议通过 了《上海莱士血液制品股份有限公司关于收购南岳生物制药有限公司股权暨签署 股权转让协议的议案》，同意公司以基础对价 42 亿元人民币及或有对价 5,000 万 元人民币的自有资金或自筹资金收购刘令安、长沙德信生物技术合伙企业（有限 合伙）、陈玉、肖汉族、王香英及湖南兴湘南岳私募基金合伙企业（有限合伙）、 湖南兴湘隆银高新产业投资合伙企业（有限合伙）合计持有的南岳生物制药有限 公司（以下简称"南岳生物"）100%的股权。收购完成后南岳生物将成为公司全 资 ...