证券日报网讯1月23日，博雅生物（300294）在互动平台回答投资者提问时表示，公司二级市场股票价 格受宏观环境、市场政策、投资者风险偏好等因素影响。公司经营情况请参考公司定期报告。 ...

Group 1 - The biopharmaceutical sector increased by 0.19% on January 21, with Nearshore Protein leading the gains [1] - The Shanghai Composite Index closed at 4116.94, up 0.08%, while the Shenzhen Component Index closed at 14255.12, up 0.7% [1] - Key stocks in the biopharmaceutical sector showed significant price increases, with Nearshore Protein rising by 6.37% to a closing price of 48.76 [1] Group 2 - The biopharmaceutical sector experienced a net inflow of 77.04 million yuan from institutional investors, while retail investors saw a net outflow of 284 million yuan [2] - Major stocks like Watson Bio and Ganli Pharmaceutical attracted significant institutional investment, with net inflows of 64.45 million yuan and 55.25 million yuan, respectively [3] - Retail investors showed a negative trend in several stocks, with Watson Bio and Ganli Pharmaceutical experiencing net outflows of 33.30 million yuan and 39.14 million yuan, respectively [3]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [1] Core Views - The company is the largest OTC manufacturer in China, with a strong brand presence and a projected revenue compound annual growth rate (CAGR) of 7.5% from 2019 to 2024 [6][26] - The pharmaceutical manufacturing segment ranks second in the industry, while the pharmaceutical distribution segment ranks third [6][65] - The company has a robust pipeline of acquisitions to expand its business scope, particularly in traditional Chinese medicine and healthcare products [7][38] Summary by Sections Company Overview - China Resources Pharmaceutical Group Limited is a leading integrated pharmaceutical company, covering manufacturing and distribution of pharmaceuticals, healthcare products, and medical devices [20] - The company has a significant market presence, with a market capitalization of HKD 285.23 billion and a closing price of HKD 4.54 as of January 16, 2026 [1] Financial Performance - The company’s revenue for the first half of 2025 reached CNY 1,319 billion, with a year-on-year growth of 3% [26] - The distribution business accounted for approximately 80% of total revenue, with distribution revenue of CNY 1,045 billion, growing by 2% [26] - The pharmaceutical business generated CNY 218 billion in revenue, increasing its share from 15% in 2019 to 17% in the first half of 2025 [26] Pharmaceutical Manufacturing - The company produces 944 products, including traditional Chinese medicine, chemical drugs, biological products, and medical devices, covering a wide range of therapeutic areas [32] - The pharmaceutical business is expected to grow at a CAGR of 10.4% from 2022 to 2024 [36] Pharmaceutical Distribution - The company’s distribution revenue for the first half of 2025 was CNY 1,100 billion, ranking third in the industry, behind China National Pharmaceutical Group and Shanghai Pharmaceuticals [8][65] - The distribution model is evolving from traditional distribution to a dual approach of distribution and deep marketing [8] Profit Forecast and Valuation - The projected net profit attributable to ordinary shareholders for 2025-2027 is CNY 34.9 billion, CNY 37.6 billion, and CNY 40.5 billion, respectively, with growth rates of 4.0%, 7.9%, and 7.7% [9] - The report assigns a price-to-earnings (PE) ratio of 8.7x for 2026, suggesting a market value of HKD 353 billion, indicating a 24% upside potential from the current market value [8] Key Assumptions - The pharmaceutical business is expected to grow at rates of 4.1%, 6.0%, and 6.5% from 2025 to 2027 [12] - The distribution business is projected to grow at rates of 2.6%, 5.0%, and 5.3% during the same period [12] - The retail business is anticipated to grow at rates of 11.8%, 12.0%, and 12.0% from 2025 to 2027 [12]

Core Viewpoint - Boya Bio (300294) confirmed that according to the "Blood Product Management Regulations," a single plasma collection station can only supply raw plasma to one blood product manufacturer with which it has signed a quality responsibility agreement, prohibiting supply to any other entities [1] Group 1 - The regulation mandates that the plasma collected by the Green Cross (China) subsidiary must be processed and produced by Green Cross (China) [1]

证券日报网讯1月16日，博雅生物（300294）在互动平台回答投资者提问时表示，公司在营销团队建 设、商业渠道建设、学术推广体系建设等取得了显著进展。团队建设方面，建立了一支专业化、市场化 的营销队伍；学术推广方面，已基本覆盖全国主流医院，为产品直达终端提供了有力支持；商业渠道建 设方面，与主流商业形成了强强联合、优势互补。 ...

Group 1 - The company is focused on industry development trends and strategic opportunities that enhance its core competitiveness and create long-term value [1] - The company acknowledges that external mergers and acquisitions carry significant uncertainty [1] - Currently, the company has no plans for related mergers and acquisitions [1]

证券代码：300294 证券简称：博雅生物 公告编号：2026-002 华润博雅生物制药集团股份有限公司 | 是否为 | 是 | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 控股股 | 是否为 | 否 | 质 | 股 | 质 | | | | | | | | | | | | 东或第 | 本次质 | 占其所 | 占公司 | 限售股 | 为 | 质押 | 押 | 东 | 质权 | 押 | | | | | | | 一大股 | 押数量 | 持股份 | 总股本 | （如是， | 补 | 起始 | 到 | 名 | 人 | 用 | | | | | | | 东及其 | (股) | 比例 | 比例 | 注明限 | 充 | 日 | 期 | 称 | 途 | | | | | | | | 一致行 | 售类型） | 质 | 日 | | | | | | | | | | | | | | 动人 | 押 | 苏州 | | | | | | ...

Core Viewpoint - The company, Boya Biological, emphasizes its position as a cash-intensive blood product manufacturer with a long production cycle, highlighting the importance of inventory management strategies in response to various influencing factors [1] Group 1: Company Operations - The company acknowledges that inventory turnover is affected by multiple factors including industry characteristics, market supply and demand, and regulatory policies [1] - The company plans to align its product production schedule with its raw plasma supply scale to ensure adequate market supply and maintain reasonable inventory levels [1] Group 2: Inventory Management Strategy - The company intends to develop a comprehensive inventory management strategy that considers the aforementioned factors to optimize its operations [1]

证券日报网讯1月13日，博雅生物（300294）在互动平台回答投资者提问时表示，公司实行"一品一 策"的销售策略，推进业务重塑、组织重塑，探索精细化招商模式，提升组织效能，稳固、强化学术品 牌打造，构建学术品牌闭环管理体系，保障各产品的合理库存。 ...

证券日报网讯1月13日，博雅生物（300294）在互动平台回答投资者提问时表示，公司属于现金支付需 求高、产品生产周期较长的血液制品企业，公司将结合自身原料血浆规模严格规范产品排产计划，做好 产品市场供应，保持合理存货水平。 ...