证券代码:002880 证券简称:卫光生物 公告编号:2025-012 深圳市卫光生物制品股份有限公司 2024年度股东大会决议公告 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。 特别提示： 1.本次股东大会召开期间无否决议案的情况； 2.本次股东大会未涉及变更以往股东大会已通过议案的情况。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间： （1）现场会议：2025 年 5 月 19 日 14:30。 （2）网络投票：通过深圳证券交易所交易系统进行网络投票的时间为 2025 年 5 月 19 日 9:15–9:25、9:30–11:30、13:00–15:00；通过深圳证券交易所互联网投票系 统投票的时间为 2025 年 5 月 19 日 9:15 至 15:00。 现场会议出席情况：参加本次股东大会现场会议的股东及股东代理人共 2 名， 代表有表决权的公司股份数合计为 164,430,000 股，占公司有表决权股份总数的 72.5000%。 网络投票情况：通过网络投票表决的股东共 100 名，代表有表决权的公司股份 数合计为 1,806,03 ...

上海市锦天城（深圳）律师事务所 关于深圳市卫光生物制品股份有限公司 2024 年度股东大会的 法律意见书 地址：深圳市福田中心区福华三路卓越世纪中心 1 号楼 21-23 层 电话：0755-82816698 传真：0755-82816898 上海市锦天城（深圳）律师事务所 法律意见书 1 上海市锦天城（深圳）律师事务所 法律意见书 上海市锦天城（深圳）律师事务所 关于深圳市卫光生物制品股份有限公司 2024 年度股东大会的 法律意见书 致：深圳市卫光生物制品股份有限公司 上海市锦天城（深圳）律师事务所（以下简称"本所"）接受深圳市卫光生 物制品股份有限公司（以下简称"公司"）的委托，指派律师出席公司 2024 年度 股东大会（以下简称"本次股东大会"），并根据《中华人民共和国公司法》（以 下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、 《上市公司股东会规则》（以下简称"《股东会规则》"）等法律、法规和规范 性文件以及现行有效的《深圳市卫光生物制品股份有限公司章程》（以下简称"《公 司章程》"）的相关规定，对本次股东大会相关法律事项进行见证并出具本法律意 见书。公司已向本所提供了 ...

Group 1: Plasma Collection and Supply - The company has implemented strategies to enhance plasma collection, including maintaining existing donors and expanding new donor recruitment, resulting in a plasma collection volume of 562 tons in 2024, an increase of 8.7% year-on-year [3][4] - Currently, the company operates 9 plasma collection stations, all fully operational, with plans to apply for new stations to increase collection capacity [3][4] - The company aims to ensure stable plasma supply by optimizing existing stations and actively seeking acquisition opportunities for quality plasma stations [8][9] Group 2: Research and Development - The company maintains a high level of R&D investment, which is crucial for sustaining technological leadership and competitive advantage, with a focus on enhancing the utilization rate of raw plasma and diversifying product offerings [4][5] - As of the end of 2024, the company has been granted 64 patents, including 24 invention patents and 40 utility model patents, reflecting its commitment to innovation [5] Group 3: Market Outlook and Value Creation - The global blood products industry is expected to grow due to increasing patient numbers and higher usage rates, with significant market potential in China as per capita usage remains low [8][9] - The company has a strategy to enhance its market value through cash dividends, stock bonuses, and employee stock ownership plans, while also focusing on investor relations and information disclosure [4][9]

Core Insights - The company reported a revenue of 1.203 billion yuan for 2024, representing a year-on-year increase of 14.75%, and a net profit attributable to shareholders of 254 million yuan, up 15.95% year-on-year [1] - In Q1 2025, the company experienced a slight decline in revenue to 225 million yuan, down 0.57% year-on-year, and a net profit of 44 million yuan, down 6.54% year-on-year, indicating some pressure on performance [1] Financial Performance - The company achieved double-digit growth in both revenue and profit for the full year, with a notable increase in non-recurring net profit, which grew by 25.97% year-on-year, indicating enhanced business profitability [2] - In Q4 2024, the company recorded revenue of 349 million yuan, a year-on-year increase of 19.02%, while the net profit attributable to shareholders was 71 million yuan, down 2.78% year-on-year [2][3] Cost Management - The company improved its gross margin to 41.88%, an increase of 0.56 percentage points year-on-year, while the period expense ratio decreased to 11.81%, down 1.49 percentage points year-on-year [4] - The sales expense ratio decreased to 2.42%, primarily due to a reduction in sales service fees, while the financial expense ratio increased to 1.69% due to higher interest expenses [4] Business Growth - The blood products segment generated revenue of 1.072 billion yuan in 2024, an increase of 8.80% year-on-year, with a gross margin of 43.04%, up 2.28 percentage points [5] - Key products such as human albumin and human immunoglobulin saw revenues of 459 million yuan and 431 million yuan, respectively, both showing year-on-year growth of over 15% [5] Plasma Collection - The company achieved a plasma collection volume of 562 tons in 2024, an increase of 8.7% year-on-year, and operates nine single plasma collection stations [6] - The company has initiated a new plasma station project and completed the acquisition of Waning Weiguang Single Plasma Co., achieving 100% control [6] Investment Outlook - The company is expected to achieve revenues of 1.347 billion yuan, 1.497 billion yuan, and 1.653 billion yuan for 2025-2027, with year-on-year growth rates of 12.0%, 11.1%, and 10.4% respectively [7] - The projected net profits for the same period are 299 million yuan, 345 million yuan, and 396 million yuan, with corresponding growth rates of 18.0%, 15.3%, and 14.8% [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved double-digit growth in both revenue and profit for 2024, with a notable increase in non-recurring net profit growth [2][3] - The company's revenue for 2024 reached 1.203 billion yuan, a year-on-year increase of 14.75%, while the net profit attributable to shareholders was 254 million yuan, up 15.95% year-on-year [2] - The first quarter of 2025 showed a slight decline in revenue and profit, indicating some pressure on performance [2][3] Financial Performance - In 2024, the company reported a gross margin of 41.88%, an increase of 0.56 percentage points year-on-year, with a total expense ratio of 11.81%, down 1.49 percentage points [4] - The blood products segment generated revenue of 1.072 billion yuan in 2024, a year-on-year increase of 8.80%, with a gross margin of 43.04% [5] - The company’s plasma collection volume increased by 8.7% in 2024, reaching 562 tons [5][8] Future Projections - Revenue projections for 2025, 2026, and 2027 are 1.347 billion yuan, 1.497 billion yuan, and 1.653 billion yuan, respectively, with year-on-year growth rates of 12.0%, 11.1%, and 10.4% [9][10] - The net profit attributable to shareholders is expected to be 299 million yuan, 345 million yuan, and 396 million yuan for 2025, 2026, and 2027, respectively, with growth rates of 18.0%, 15.3%, and 14.8% [9][10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved double-digit growth in both revenue and profit for 2024, with a notable increase in non-recurring net profit growth [2][3] - The company reported a revenue of 1.203 billion yuan for 2024, representing a year-on-year increase of 14.75%, and a net profit attributable to shareholders of 254 million yuan, up 15.95% year-on-year [2] - The non-recurring net profit reached 264 million yuan, showing a significant year-on-year growth of 25.97% [2] - In Q1 2025, the company experienced a slight decline in revenue and net profit, with revenue at 225 million yuan, down 0.57% year-on-year, and net profit at 44 million yuan, down 6.54% year-on-year [2] Financial Performance - The company maintained a gross margin of 41.88% in 2024, an increase of 0.56 percentage points year-on-year [4] - The operating cash flow net amount was 178 million yuan, a decrease of 55.33% year-on-year, primarily due to reduced cash received from sales and increased cash outflows [4] - The blood products segment generated revenue of 1.072 billion yuan in 2024, up 8.80% year-on-year, with a gross margin of 43.04%, an increase of 2.28 percentage points [5] - The company’s core products, including human albumin and immunoglobulin, showed strong performance with revenues of 459 million yuan and 431 million yuan, respectively, both reflecting year-on-year growth of over 15% [5] Future Outlook - The company is expected to achieve revenues of 1.347 billion yuan, 1.497 billion yuan, and 1.653 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 12.0%, 11.1%, and 10.4% [9] - The net profit attributable to shareholders is projected to be 299 million yuan, 345 million yuan, and 396 million yuan for the same years, with growth rates of 18.0%, 15.3%, and 14.8% [9] - The company’s valuation is estimated at 21X, 18X, and 16X for the years 2025, 2026, and 2027, respectively [9]

Core Viewpoint - The company, Weiguang Biological, has received "buy" ratings from Zhongyou Securities and CITIC Jianan, driven by record-high revenue and profit in 2024, indicating a resurgence in institutional interest [1][2]. Group 1: Business Performance - In 2024, the company's blood product business achieved steady growth, with significant sales increases in albumin and immunoglobulin while maintaining a solid pricing structure [1]. - The company has nine wholly-owned or controlled plasma collection stations, with a plasma collection volume of 562 tons in 2024, reflecting an 8.7% year-on-year increase [1]. - The company has a diverse product line, including 11 varieties across three major categories: human albumin, immunoglobulin, and coagulation factors, with a high comprehensive utilization rate of plasma [1][2]. Group 2: Product Development - In 2024, the company obtained a drug registration certificate for prothrombin complex concentrate, further enriching its product line [2]. - New products, including a novel intravenous immunoglobulin and human fibrin adhesive, are in phase III clinical trials, indicating ongoing product diversification and potential for increased plasma utilization [2]. Group 3: Rental Business Growth - The company's rental business from the Weiguang Life Science Park generated revenue of 121 million yuan in 2024, a 250.44% year-on-year increase, with a gross margin of 28.5% [2]. - The life science park focuses on synthetic biology and brain science, successfully attracting high-quality enterprises and creating a biopharmaceutical ecosystem [2]. Group 4: Profit Forecast - Revenue projections for the company from 2025 to 2027 are estimated at 1.299 billion yuan, 1.411 billion yuan, and 1.534 billion yuan, with corresponding net profits of 282 million yuan, 318 million yuan, and 361 million yuan, reflecting year-on-year growth rates of 11.2%, 12.8%, and 13.4% respectively [3].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company achieved a revenue of 1.203 billion yuan in 2024, reflecting a growth of 14.75%, with a net profit attributable to shareholders of 254 million yuan, up by 15.95% [4][10]. - The company’s plasma collection volume increased steadily, reaching 562 tons in 2024, a year-on-year growth of 8.7% [5]. - The company is expanding its product range, having obtained a drug registration certificate for a new product, with ongoing clinical trials for new therapies [5]. - The life sciences park is showing industrial cluster effects, with rental income from the property business soaring by 250.44% in 2024 [6]. - Revenue projections for 2025-2027 are estimated at 1.288 billion, 1.415 billion, and 1.572 billion yuan, respectively, with corresponding net profits of 278 million, 317 million, and 369 million yuan [7][10]. Company Overview - The latest closing price of the company's stock is 27.88 yuan, with a total market capitalization of 6.3 billion yuan [3]. - The company has a debt-to-asset ratio of 31.9% and a price-to-earnings ratio of 24.94 [3].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company achieved a revenue of 1.203 billion yuan in 2024, reflecting a growth of 14.75%, with a net profit attributable to shareholders of 254 million yuan, up by 15.95% [4][10]. - The company’s plasma collection volume increased steadily, reaching 562 tons in 2024, a year-on-year growth of 8.7% [5]. - The company is expanding its product range, having obtained a drug registration certificate for a new product, and is advancing its pipeline with new products in clinical trials [5]. - The life sciences park is showing industrial cluster effects, with rental income from the property business soaring by 250.44% in 2024 [6]. - Revenue projections for 2025-2027 are estimated at 1.288 billion, 1.415 billion, and 1.572 billion yuan respectively, with net profits expected to be 278 million, 317 million, and 369 million yuan [7][10]. Company Overview - The latest closing price of the company's stock is 27.88 yuan, with a total market capitalization of 6.3 billion yuan [3]. - The company has a debt-to-asset ratio of 31.9% and a price-to-earnings ratio of 24.94 [3].

Group 1: Financial Performance - In 2024, the company achieved operating revenue of 1.203 billion (up 14.75%) and net profit attributable to shareholders of 254 million (up 15.95%) [1] - For Q4 2024, operating revenue was 349 million (up 11.51%) and net profit attributable to shareholders was 71 million (up 5.05%) [1] - In Q1 2025, the company reported operating revenue of 225 million (down 0.57%) and net profit attributable to shareholders of 44 million (down 6.54%) [1] Group 2: Plasma Collection and Product Development - In 2024, the company’s nine single plasma collection stations achieved a plasma collection volume of 562 tons (up 8.7%) [2] - The blood products business generated revenue of 1.071 billion (up 8.8%) with a gross margin of 43.04% (up 2.28 percentage points) [2] - The company obtained a drug registration certificate for prothrombin complex in May 2024, expanding its product range to 11 varieties across three categories [2] Group 3: Real Estate and Industry Development - In 2024, the company’s property rental business generated revenue of 121 million (up 250.44%) with a gross margin of 28.5% (up 11.32 percentage points) [3] - The company is developing a life sciences park focusing on synthetic biology and brain science, attracting high-quality enterprises in the biopharmaceutical sector [3] Group 4: Profit Forecast and Investment Recommendation - The company forecasts revenues of 1.288 billion, 1.415 billion, and 1.572 billion for 2025, 2026, and 2027 respectively, with net profits of 278 million, 317 million, and 369 million [4] - The corresponding price-to-earnings ratios are projected to be 23.1, 20.3, and 17.4 [4]