Core Viewpoint - The establishment of a 1 billion yuan investment fund by companies under China Resources, in collaboration with Shanghai Fosun Pharmaceutical and Chengdu state-owned enterprises, aims to focus on the pharmaceutical and health sectors, particularly in innovative drug development and strategic emerging industries [2][4]. Group 1: Fund Structure and Partners - The fund, named China Resources Pharmaceutical (Chengdu) Innovation Investment Fund, has a total capital of 100 million yuan, with various partners contributing different amounts [3]. - The general partner (GP) is China Resources Pharmaceutical (Chengdu) Enterprise Management Partnership (Limited Partnership), while limited partners (LPs) include several pharmaceutical companies and investment funds [2][3]. - The fund's lifespan is set for 7 years, with a 3-year investment period and a 4-year exit period, extendable by 1 year upon partner approval [3]. Group 2: Investment Focus - The fund will concentrate on the pharmaceutical health sector and strategic emerging industries, targeting areas such as chemical innovative drugs, biological drugs (including vaccines), high-end medical devices, and traditional Chinese medicine [4]. - The involvement of the Chengdu Bio-City Jingchuang Equity Investment Fund indicates a strong potential for project implementation within the Chengdu Tianfu International Bio-City [4]. Group 3: Historical Context - An earlier fund, the China Resources Pharmaceutical (Shantou) Industry Investment Fund, was established 8 years ago but did not perform as expected, failing to reach its initial target of 2.5 billion yuan [4][6]. - The Shantou fund entered a liquidation phase in December 2024, having not achieved the anticipated scale, which affected the contributions of its partners [5][6].

Group 1 - The company held its 11th meeting of the 8th Supervisory Board on July 17, 2025, which was conducted via both in-person and remote voting methods [1][2] - The Supervisory Board approved the company's participation in the establishment of the second phase of the China Resources Pharmaceutical Industry Investment Fund, stating that the transaction aligns with the company's overall strategic planning and is fair and reasonable [1][2] - The Supervisory Board concluded that the transaction would not have a significant adverse impact on the company's cash flow or operating performance, nor would it affect the company's independence or harm the interests of the company and its shareholders [1]

证券代码：300294 证券简称：博雅生物 公告编号：2025-052 华润博雅生物制药集团股份有限公司 关于参与设立华润医药产业投资基金二期暨关联交易的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 一、关联交易概述 为落实华润博雅生物制药集团股份有限公司（以下简称公司或华润博雅生物） 发展战略，有效控制创新项目前期风险，储备优质战略项目资源，提升公司中长 期持续发展与盈利能力，公司于 2025 年 7 月 17 日召开第八届董事会第十四次会 议、第八届监事会第十一次会议，审议通过了《关于参与设立华润医药产业投资 基金二期暨关联交易的议案》，公司拟与普通合伙人华润医药(成都)企业管理合 伙企业(有限合伙)(暂定名，以工商核准名为准)及华润医药投资有限公司等 10 家 有限合伙人共同设立华润医药(成都）创新投资基金合伙企业（有限合伙）(暂定 名，以工商核准名为准，以下简称本基金或该基金)。该基金规模为 10 亿元人民 币，深圳市华润资本股权投资有限公司为该基金管理人。公司拟作为有限合伙人， 以自有资金认缴出资总额 6,000 万元人民币，持有该基金 6%的财产 ...

证券代码：300294 证券简称：博雅生物 公告编号：2025-053 关于申请设备更新改造专项贷款额度的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 为积极响应国家政策号召，加快推进产业升级，根据《推动大规模设备更新 和消费品以旧换新行动方案》（国发〔2024〕7 号）及财政部、中国人民银行等 部委配套政策，中央财政对符合条件的设备更新贷款提供贴息支持，华润博雅生 物制药集团股份有限公司（简称公司或华润博雅生物）血液制品智能工厂（一期） 建设项目（简称智能工厂项目）符合国家设备更新改造专项贷款政策要求，其中 工艺设备采购支出符合专项贷款支持范围。2025 年 7 月 17 日，公司召开第八届 董事会第十四次会议，审议通过了《关于申请设备更新改造专项贷款额度的议案》， 现拟申请 3.2 亿元设备更新改造专项贷款额度，同步追加调整 2025 年财务预算， 并授权管理层在额度内根据实际需要提款及办理相关手续。具体内容如下： 一、智能工厂项目设备投资概况 智能工厂项目设备预计购置费 9.5 亿元。根据智能工厂项目进度，按已签署 合同总设备投资额剩余未支付金额以及待 ...

第八届监事会第十一次会议决议公告 华润博雅生物制药集团股份有限公司 本公司及监事会全体成员保证公告内容真实，准确和完整，没有虚假记载， 误导性陈述或重大遗漏。 证券代码：300294 证券简称：博雅生物 公告编号：2025-051 关联监事周娇回避表决。 表决结果：2 票同意，0 票反对，0 票弃权。 三、备查文件 1、公司第八届监事会第十一次会议决议。 一、监事会会议召开情况 华润博雅生物制药集团股份有限公司（以下简称公司）第八届监事会第十一 次会议于 2025 年 7 月 12 日以邮件及通讯方式通知，并于 2025 年 7 月 17 日在公 司会议室以现场加通讯表决的方式召开。会议应到表决监事 3 人，实到表决监事 3 人。会议由监事会主席周娇女士主持，公司部分高级管理人员列席会议。本次 会议符合《中华人民共和国公司法》《中华人民共和国证券法》《深圳证券交易 所创业板股票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号——创 业板上市公司规范运作》及《公司章程》等相关规定。经充分讨论，审议通过了 以下议案。 二、监事会会议审议情况 1、审议通过《关于参与设立华润医药产业投资基金二期暨关联交易的议 ...

证券代码：300294 证券简称：博雅生物 公告编号：2025-050 华润博雅生物制药集团股份有限公司 第八届董事会第十四次会议决议公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 一、董事会会议召开情况 华润博雅生物制药集团股份有限公司（以下简称公司）第八届董事会第十四 次会议于 2025 年 7 月 12 日以邮件及通讯方式通知，并于 2025 年 7 月 17 日在公 司会议室以现场加通讯表决的方式召开。会议应到表决董事 9 人，实到表决董事 9 人。会议由董事长邱凯先生主持，公司监事及高级管理人员列席了会议。本次 会议符合《中华人民共和国公司法》《中华人民共和国证券法》《深圳证券交易 所创业板股票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号——创 业板上市公司规范运作》及《公司章程》等相关规定。经充分讨论，审议通过了 以下议案。 二、董事会会议审议情况 关联董事邱凯、于晓辉、梁小明回避表决。 表决结果：6 票同意，0 票反对，0 票弃权。 2、审议通过《关于申请设备更新改造专项贷款额度的议案》 为积极响应国家政策号召，加快推进产业升级，根据 ...

Core Insights - Human fibrinogen is recognized globally for its clinical application value in regulating coagulation function, with increasing demand driven by aging populations and rising living standards [1][13] - The market size for human fibrinogen in China is projected to grow from 1.529 billion yuan in 2021 to 2.15 billion yuan in 2024, reflecting a compound annual growth rate (CAGR) of 12.0% [1][13] - The production process of human fibrinogen is expected to improve with technological advancements, leading to enhanced product quality and continuous market growth [1][13] Industry Overview - Fibrinogen is a key substrate in the coagulation and hemostasis process, essential for maintaining normal coagulation and promoting platelet aggregation [3] - Human fibrinogen is derived from healthy human plasma, processed to remove viruses, and is used as an effective replacement therapy for fibrinogen deficiency [3] - The normal concentration of fibrinogen in the human body is maintained at 2-4 g/L, and it is crucial for correcting hypofibrinogenemia and improving coagulation disorders [3] Market Dynamics - The number of blood collection stations and plasmapheresis stations in China is increasing, with 3 new stations approved and 17 new operational stations in 2024, leading to a steady rise in plasma collection [8] - The total plasma collection volume in 2024 is expected to reach 13,400 tons, a year-on-year increase of 10.94%, with major companies like Tian Tan Biological, Taibang Biological, and Shanghai Raist accounting for approximately 80% of the domestic plasma collection [8] - The growth in the number of medical institutions, driven by an aging population and increased health awareness, is expected to boost the demand for human fibrinogen [11] Competitive Landscape - The human fibrinogen industry is attracting significant attention from capital markets, with increasing competition as more companies enter the field [17] - Key players in the industry include Huaren Boya Biological Pharmaceutical Group, Shanghai Raist Blood Products, and Beijing Tiantan Biological Products, among others [17][18] Future Trends - Continuous government policy support is expected to benefit the human fibrinogen market, with initiatives aimed at improving the quality and safety of blood products [22] - Companies are focusing on optimizing production processes and enhancing plasma utilization rates, which will drive overall industry progress [23] - The expansion of medical insurance coverage and rising consumer spending on healthcare are anticipated to gradually increase the market demand for human fibrinogen [24]

证券代码：300294 证券简称：博雅生物 公告编号：2025-049 华润博雅生物制药集团股份有限公司 关于挂牌转让江西博雅欣和制药有限公司 80%股权进展的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 华润博雅生物制药集团股份有限公司(以下简称公司)在上海联合产权交易 所（以下简称上联交所）通过公开挂牌方式出售江西博雅欣和制药有限公司 80% 股权。挂牌期间仅征集到抚州高新区财投集团有限公司一个意向受让方，根据产 权交易规则，2025 年 7 月 8 日，抚州高新区财投集团有限公司按挂牌价 15,816.55 万元成功摘牌，成为该交易标的受让方。具体情况如下： 一、受让方基本情况 抚州高新区财投集团有限公司近一年（经审计）及一期（未经审计）的主要 财务数据如下： 单位：人民币万元 | | 项目 | 12 日 | 2024 年 月 | 31 | 2025 年 月 | 3 | 31 日 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | （经审计） | | | （未经审计） | | | | 资产 ...

Core Viewpoint - The recent equity transfer actions of Boya Biological, a key player in China's blood products sector, have raised significant market concerns due to continuous price reductions and operational challenges [2][3]. Equity Transfer and Pricing Adjustments - Boya Biological's subsidiary, Boya Xinhao, has seen its 80% equity stake listed at a latest price of 170 million yuan, down nearly 20% from the initial listing price of 213 million yuan [2]. - This marks the third price adjustment within three months, with previous attempts at 213 million yuan and 192 million yuan failing to attract buyers [2]. - If no buyer emerges, the price may drop further to below 160 million yuan, representing a decline of over 25% from the initial listing price [2]. Financial Performance and Challenges - Boya Xinhao's financial performance has been poor, with 2023 revenue at 10.37 million yuan and a net loss of 56.87 million yuan [6]. - Despite efforts to reduce losses in 2024, revenue remained below 20 million yuan, primarily due to delays in product development and external pressures from procurement policies [6][10]. - Boya Biological's overall revenue growth has sharply declined from 5.47% in 2021 to a negative growth of -3.87% in 2023, with a further drop of 34.58% in 2024 [8][9]. Strategic Focus and Industry Context - Boya Biological emphasizes a strategic focus on blood products, aiming to optimize resource allocation by divesting non-core assets [8]. - The company aims to double its plasma collection capacity and key financial metrics during the 14th Five-Year Plan period (2021-2025) [6]. - The blood products industry faces challenges such as tight plasma supply and expanding procurement ranges, which may further compress operational space for companies [2][10]. Market Dynamics and Future Outlook - The blood products sector is undergoing significant changes, with increasing regulatory scrutiny and market competition leading to a consolidation trend [11]. - Boya Biological's recent actions reflect a broader industry shift towards specialization and the need for sustainable competitive advantages amid evolving market conditions [11][12].

Core Viewpoint - The Chinese blood products industry is undergoing significant consolidation, with major players engaging in aggressive mergers and acquisitions to capture plasma resources, leading to the emergence of potential super giants in the sector [1][5]. Industry Landscape - The blood products industry in China is characterized by a "four-way" competitive landscape, dominated by four major groups: China National Pharmaceutical Group (Sinopharm), Haier Group, China Resources, and Hualan Biological Engineering [2][4]. - The industry has transitioned into a stock competition era since 2001, with new entrants needing to acquire existing licensed companies due to a moratorium on new licenses [2][3]. Mergers and Acquisitions - Significant acquisitions include China Resources' acquisition of Boya Biological for 4.8 billion yuan, Haier's 12.5 billion yuan acquisition of Shanghai Laishi, and Sinopharm's 4.5 billion yuan acquisition of Pilin Biological [1][2]. - The consolidation trend has led to a sharp increase in market concentration, with the top five companies' market share rising from under 50% in 2019 to over 70% by 2024 [4]. Plasma Collection and Utilization - Sinopharm's network includes 154 plasma collection stations, accounting for nearly 40% of the national total, with a collection volume of over 4,000 tons by mid-2025 [3]. - The cost structure of blood products heavily relies on raw plasma, which constitutes over 60% of total costs, making scale efficiency crucial for profitability [5][6]. Market Demand and Supply Gap - The domestic blood products market surpassed 60 billion yuan in 2023, with a demand gap of 4,000 tons, highlighting the need for leading companies to enhance their supply capabilities through technological upgrades [5][6]. - China's per capita consumption of blood products is significantly lower than that of developed countries, indicating a structural supply-demand imbalance [7][8]. Technological Advancements - Companies are shifting from a resource-driven model to a dual strategy of resource acquisition and research and development to overcome technological barriers and meet high-value product demands [9][10]. - Sinopharm and Hualan Biological are focusing on developing high-purity albumin and advanced coagulation factors, with significant investments in R&D to support these initiatives [10][11]. Future Outlook - The ongoing consolidation and technological advancements suggest that the Chinese blood products industry is on the verge of producing a super giant capable of competing globally [5][11]. - The combination of policy support, resource acquisition, and technological innovation is expected to drive the industry towards a more competitive and innovative future [10][11].