Group 1: Key Recommendations - Boya Bio (300294) shows steady growth in plasma collection, with high-concentration immunoglobulin approved for market launch. The company reported a revenue of 1.008 billion yuan in H1 2025, a year-on-year increase of 12.51%, while net profit decreased by 28.68% to 225 million yuan [5][6][8] - The RMB appreciation is driven by market forces rather than policy interventions, with the recent strengthening attributed to a weak dollar and increased attractiveness of RMB assets [9][10][11] - Anjuke Food (603345) faces short-term profit pressure but is expected to see demand improvement. The company achieved a revenue of 7.604 billion yuan in H1 2025, a slight increase of 0.80%, while net profit fell by 15.79% [14][15][19] Group 2: Company Performance Insights - Boya Bio's blood product business generated 852 million yuan in revenue in H1 2025, a year-on-year increase of 7.90%. The company is focusing on its core business after divesting from non-core assets [6][7] - Anjuke Food's core products showed mixed performance, with revenue from prepared foods declining by 1.94% in H1 2025, while dish products increased by 9.40% [16][18] - The gross margin for Anjuke Food decreased to 20.52% in H1 2025, primarily due to rising raw material costs and increased competition [18] Group 3: Market Trends and Economic Indicators - The A-share market is experiencing a downward trend, with the Shanghai Composite Index closing at 3813 points, down 1.16%. The market sentiment remains low, with significant net outflows of large funds [22][24] - The RMB's recent appreciation has not been affected by foreign capital outflows from the bond market, indicating a strategic shift by foreign investors towards equities [12][13] - The food industry is facing challenges from increased competition and rising raw material prices, impacting profit margins across companies [19][20]

（编辑 袁冠琳） 证券日报网讯 博雅生物9月3日在互动平台回答投资者提问时表示，公司一直高度重视投资者回报，在 经营稳定、现金流充分，满足持续经营和长远发展的前提下，公司会保持分红政策的连续性和稳定性， 积极回馈股东。 ...

[Table_Reportdate] 2025年09月03日 公 司 简 评 [Table_invest] 买入（维持） 报告原因：业绩点评 [博雅Table_NewTitle] 生物（300294）：采浆量稳健增长， 高浓度静丙获批上市 ——公司简评报告 [table_main] 投资要点 ➢ 风险提示：浆站获批进度不及预期风险；产品研发进展不及预期风险；产品降价风险；商 誉减值风险等。 [盈利预测与估值简表 Table_profits] | | 2022A | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 2759 | 2652 | 1735 | 1929 | 2248 | 2601 | | 增长率（%） | 4.08% | -3.87% | -34.58% | 11.18% | 16.56% | 15.70% | | 归母净利润（百万元） | 432 | 237 | 397 | 449 | 549 | 665 | | 增长率（%） | 25.45% | ...

Core Viewpoint - The blood products industry is experiencing significant performance differentiation among listed companies due to fluctuating terminal medical demand, ongoing centralized procurement policies, and intensified competition for plasma station resources [1][2]. Revenue Performance - The blood products industry has shown a clear tiered revenue structure, with leading companies benefiting from resource barriers while smaller firms struggle with revenue growth [2][3]. - Shanghai Raist achieved a revenue of 3.952 billion yuan, with a year-on-year plasma collection increase of nearly 12% [2]. - Tian Tan Bio reported a revenue of 3.110 billion yuan, a year-on-year increase of 9.47%, supported by its stable plasma collection capabilities [2]. - Hualan Bio generated a revenue of 1.798 billion yuan, up 8.8% year-on-year, with its blood products segment contributing 1.737 billion yuan, a 7.57% increase [2]. - The top three companies accounted for 74.64% of the total revenue of the eight listed companies in the industry [2]. Profitability Analysis - There is a significant disparity in net profit performance, with only two companies reporting positive year-on-year growth in net profit [4][5]. - Shanghai Raist led with a net profit of 1.03 billion yuan, while Hualan Bio saw a notable increase of 17.19% in net profit to 516 million yuan, driven by improved gross margins [4]. - Tian Tan Bio's net profit decreased by 12.88% to 633 million yuan, impacted by declining product sales prices and reduced interest income [4]. - The profitability of smaller companies is under pressure, with Baiya Bio reporting a net profit of 225 million yuan and a cash dividend plan reflecting shareholder returns [5]. - Bai Lin Bio's net profit fell by 27.89% to 236 million yuan due to capacity expansion efforts, while Wei Guang Bio's net profit slightly decreased by 2.02% to 108 million yuan [5][6]. Industry Challenges - The industry faces challenges such as weak terminal demand, ongoing centralized procurement pressures, and financial and R&D constraints [6]. - The demand for conventional products like human albumin has decreased due to adjustments in treatment rhythms at medical institutions [6]. - Centralized procurement policies continue to exert pressure on pricing, affecting revenue from related business lines [6]. - Companies are experiencing tight funding issues as they invest in expanding plasma stations and advancing new product development [6].

Core Viewpoint - The financial performance of China Resources Boya Biological Pharmaceutical Group Co., Ltd. (Boya Bio) reflects a challenging transition period, with revenue growth not translating into profit, highlighting the dual challenges of industry-wide centralized procurement and technological pressures [1][3][10] Financial Performance - In the first half of 2025, Boya Bio reported revenue of 1.008 billion yuan, a year-on-year increase of 12.51%, while net profit attributable to shareholders fell to 225 million yuan, a decline of 28.68% [1][2] - The gross profit margin decreased significantly by 14.02 percentage points to 53.01% compared to the same period last year [1][2] Industry Context - The "increase in revenue but decrease in profit" phenomenon is not unique to Boya Bio but is a common issue across the blood products industry, with major players experiencing net profit declines exceeding 20% in the first quarter of 2025 [3][4] - The price decline of blood products, influenced by regional centralized procurement initiatives, has put direct pressure on profit margins, with prices for certain products like immunoglobulin dropping by approximately 12.59% [3][4] Strategic Focus - Boya Bio is focusing on its core blood products business while divesting non-core assets, having sold stakes in several companies since 2023, with the latest sale in July 2025 resulting in a 25.8% discount from the initial listing price [5][6] - The company aims to stabilize operations at its remaining subsidiary, Xinbai Pharmaceutical, and enhance asset and product efficiency [1][5] Growth Initiatives - Boya Bio has expanded its plasma collection network, increasing the number of plasma stations to 21 across seven provinces, which is expected to enhance raw plasma supply [2][6] - The company is investing in research and development, with R&D expenditures reaching 44.72 million yuan in the first half of 2025, accounting for 4.44% of revenue [9] Challenges and Opportunities - The blood products industry is undergoing significant transformation, with tight plasma resources and increasing competition from imported products, which now account for 69% of the domestic market for albumin [8][10] - Boya Bio is actively pursuing technological innovations and collaborations to enhance its product offerings and operational efficiency, including the establishment of smart factories expected to improve production automation [9][10]

Core Viewpoint - The financial performance of China Resources Boya Biological Pharmaceutical Group Co., Ltd. (Boya Bio) reflects a challenging transition period, with revenue growth not translating into profit, highlighting the dual challenges of industry-wide centralized procurement and technological pressures [1][2][4]. Financial Performance - In the first half of 2025, Boya Bio reported revenue of 1.008 billion yuan, a year-on-year increase of 12.51%, while net profit attributable to shareholders fell to 225 million yuan, a decline of 28.68% [1][2]. - The gross profit margin decreased significantly by 14.02 percentage points to 53.01% compared to the same period last year [1][2]. - The decline in net profit was primarily due to inventory write-offs and depreciation expenses, which collectively impacted net profit by 52.26 million yuan [2]. Business Strategy - Boya Bio is focusing on expanding its core blood products business while divesting non-core assets, having sold stakes in Tianan Pharmaceutical, Fuda Pharmaceutical, and Boya Xinhao [1][7]. - The company aims to stabilize operations at its remaining subsidiary, Xinbai Pharmaceutical, and enhance asset and product efficiency [1]. Industry Challenges - The blood products industry is facing significant pressure from price declines due to centralized procurement initiatives, with some products experiencing price drops of approximately 12.59% [4][6]. - The first quarter of 2025 saw net profit declines exceeding 20% across major blood product companies, indicating a broader industry trend [4]. Growth Drivers - Boya Bio's revenue growth is attributed to the expansion of its plasma collection stations, which increased to 21 across seven provinces, contributing to a scale effect in plasma collection [2][4]. - The company reported a 10.4% increase in plasma collection volume in 2024, reaching 630.6 tons, although it still lags in the number of collection stations compared to industry peers [9][11]. Technological and Market Dynamics - The industry is undergoing profound changes due to tight plasma resources and the need for technological innovation, with traditional companies facing existential challenges [8][12]. - Boya Bio is investing in R&D, with a focus on enhancing the utilization of plasma components and has recently launched a new immunoglobulin product [12][13]. Future Outlook - The company is actively pursuing new plasma station approvals and aims to improve operational efficiency through technological upgrades and smart factory initiatives [11][13]. - The ongoing transformation in the blood products sector presents both challenges and opportunities, with successful adaptation likely to determine future competitive positioning [12][13].

Core Viewpoint - The financial performance of China Resources Boya Biological Pharmaceutical Group Co., Ltd. (Boya Bio) reflects a challenging transition period, with revenue growth not translating into profit, highlighting the dual challenges of industry-wide centralized procurement and technological pressures [2][4][11]. Financial Performance - In the first half of 2025, Boya Bio reported revenue of 1.008 billion yuan, a year-on-year increase of 12.51%, but the net profit attributable to shareholders fell to 225 million yuan, a decline of 28.68% [2][3]. - The gross profit margin decreased significantly by 14.02 percentage points to 53.01% compared to the same period last year [2][3]. - The decline in net profit was primarily due to inventory write-offs and depreciation expenses, which collectively impacted net profit by 52.26 million yuan [3]. Business Strategy - Boya Bio is focusing on expanding its core blood product business while divesting non-core assets, having sold stakes in Tianan Pharmaceutical, Fuda Pharmaceutical, and Boya Xinhao [2][6]. - The company aims to stabilize the operations of its remaining subsidiary, Xinbai Pharmaceutical, and enhance asset and product efficiency [2]. Industry Challenges - The blood product industry is facing significant pricing pressures due to centralized procurement initiatives, with prices for products like immunoglobulin dropping by approximately 12.59% [4][5]. - The first quarter of 2025 saw net profit declines exceeding 20% among the four major blood product companies, indicating a broader industry trend [4]. Market Dynamics - Boya Bio's plasma collection network has expanded to 21 stations across seven provinces, contributing to a gradual release of scale effects [3][4]. - Despite revenue growth, the company faces challenges from increased competition and pricing pressures from imported products, which now account for 69% of the domestic market for albumin [9][10]. Innovation and Development - Boya Bio is investing in research and development, with a reported expenditure of 44.72 million yuan in the first half of 2025, representing 4.44% of its revenue [10]. - The company is also working on establishing smart factories to enhance production efficiency, with a projected automation rate of 90% by 2027 [10]. Conclusion - The blood product industry is undergoing a significant transformation, with companies like Boya Bio navigating the challenges of traditional business pressures while seeking innovative solutions to remain competitive [11][12].

Market Overview - The biopharmaceutical sector experienced a decline of 2.85% on August 27, with Kanghua Biotech leading the drop [1] - The Shanghai Composite Index closed at 3800.35, down 1.76%, while the Shenzhen Component Index closed at 12295.07, down 1.43% [1] Individual Stock Performance - Wuwei Biotech (300357) saw a significant increase of 5.38%, closing at 30.95 with a trading volume of 299,000 shares and a transaction value of 915 million yuan [1] - Kanghua Biotech (300841) reported a notable decline of 8.89%, closing at 76.60 with a trading volume of 125,200 shares and a transaction value of 993 million yuan [2] - Anke Biotech (300009) also faced a drop of 5.59%, closing at 11.14 with a trading volume of 862,300 shares and a transaction value of 990 million yuan [2] Capital Flow Analysis - The biopharmaceutical sector experienced a net outflow of 1.853 billion yuan from institutional investors, while retail investors saw a net inflow of 1.543 billion yuan [2] - The capital flow for individual stocks indicates that Hualan Biotech (002007) had a net inflow of 32.28 million yuan from institutional investors, while it faced a net outflow of 40.67 million yuan from speculative funds [3] - The overall trend shows that retail investors are actively investing in the sector despite the institutional outflows [2][3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 1.008 billion yuan in the first half of 2025, representing a year-on-year increase of 12.51%. However, the net profit attributable to shareholders decreased by 28.68% to 225 million yuan, primarily due to a decline in gross profit from blood products and amortization from the acquisition of Green Cross [4][5] - The company maintains its profit forecast for 2025-2027, expecting net profits attributable to shareholders to be 551 million yuan, 653 million yuan, and 755 million yuan respectively, with current price-to-earnings ratios of 25.0, 21.1, and 18.3 times [4][5] Financial Performance - In the first half of 2025, the company reported a revenue of 1.008 billion yuan, with a net profit of 225 million yuan, and a non-recurring net profit of 166 million yuan. The non-recurring net profit margin was 16.43%, down by 12.47 percentage points [4][5] - The second quarter of 2025 saw a revenue of 472 million yuan, a 5.50% increase year-on-year, but the net profit dropped by 47.63% to 86 million yuan [4][5] Product Performance - The company’s main products showed varied performance: human albumin generated 249 million yuan in revenue (+6.68%), while human coagulation factor VIII revenue surged by 189.91% to 125 million yuan [5][6] - The company successfully obtained approval for its 10% intravenous immunoglobulin product, becoming the third company in China to have this product [6] Market Expansion - The company has 21 plasma collection stations, with a total plasma collection volume of 320.39 tons in the first half of 2025, a 7.2% increase year-on-year [6] - The company has made significant strides in international market expansion, obtaining drug registration certificates in the Dominican Republic and GMP certificates in Turkey for its products [6] Financial Summary and Valuation Metrics - The company’s projected revenues for 2025-2027 are 2.014 billion yuan, 2.383 billion yuan, and 2.785 billion yuan respectively, with corresponding net profits of 551 million yuan, 653 million yuan, and 755 million yuan [7][9] - The projected gross profit margins are expected to be 62.3%, 66.0%, and 68.1% for the years 2025, 2026, and 2027 respectively [7][9]

证券日报网讯博雅生物（300294）8月26日在互动平台回答投资者提问时表示，公司2025年8月20日含信 用账户合并名册的股东人数为29042户。 ...