Investment Rating - The report maintains a "Buy" rating for the company, considering the high barriers in the blood products sector and the company's excellent operational quality [3][5]. Core Insights - The company reported a revenue of 1.735 billion yuan in 2024, a decrease of 34.58% year-on-year, while the net profit attributable to shareholders was 397 million yuan, an increase of 67.18% year-on-year [1]. - The blood products segment generated a revenue of 1.514 billion yuan, accounting for 87.29% of total revenue, with a year-on-year growth of 4.32% [1]. - The company has 20 plasma collection stations and one under construction, with a total plasma collection volume of 630.6 tons in 2024, representing a year-on-year increase of 10.4% [1]. Summary by Sections Financial Performance - Revenue for 2024 was 1.735 billion yuan, with a net profit of 397 million yuan and a non-recurring net profit of 302 million yuan, showing significant growth of 110.77% [1][4]. - The company expects net profits to grow to 547 million yuan in 2025, 606 million yuan in 2026, and 675 million yuan in 2027, with respective growth rates of 37.81%, 10.80%, and 11.33% [3][4]. Product Development - Several ongoing projects are progressing well, with the 10% intravenous immunoglobulin expected to be approved in 2025, and the tetanus immunoglobulin also on track for approval [2]. - The company is enhancing its product pipeline with various research projects, which will strengthen its core competitiveness in the blood products sector [2]. Market Positioning - The company continues to solidify its leading position in the Chinese fibrinogen market, with a market share ranking third in the industry for PCC [2]. - The company is actively building its brand through academic conferences and expanding its marketing network across the country [2].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a revenue of 1.735 billion RMB in 2024, a decrease of 34.58% year-on-year, while achieving a net profit attributable to shareholders of 397 million RMB, an increase of 67.18% year-on-year [1] - The blood products business showed resilience, with a revenue of 1.514 billion RMB, a year-on-year growth of 4.32%, and other blood products revenue grew significantly by 108.20% [2] - The company has made significant progress in plasma collection, achieving 630.6 tons in 2024, a 10.4% increase year-on-year, and expanded its plasma collection stations to 21 [2] - The company is increasing its R&D investment, with several products in various stages of development, including IVIG and C1 esterase inhibitor [3] - Profit forecasts for 2025-2027 are adjusted to 560 million RMB (+41%), 636 million RMB (+14%), and 703 million RMB (+11%) respectively, with corresponding EPS of 1.11, 1.26, and 1.39 RMB [4] Summary by Sections Performance Review - In 2024, the company achieved a revenue of 1.735 billion RMB, down 34.58% year-on-year, and a net profit of 397 million RMB, up 67.18% year-on-year [1] Operational Analysis - The blood products business remained stable despite market competition, with a revenue of 1.514 billion RMB, a 4.32% increase year-on-year [2] - The company successfully expanded its plasma collection capabilities, achieving 630.6 tons collected in 2024, a 10.4% increase year-on-year [2] Research and Development - The company is focusing on product innovation and has several products in clinical stages, including IVIG and C1 esterase inhibitor [3] Profit Forecast and Valuation - The profit forecast for 2025-2027 is set at 560 million RMB, 636 million RMB, and 703 million RMB, with corresponding EPS of 1.11, 1.26, and 1.39 RMB [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing rapid growth in plasma collection, with high-concentration immunoglobulin and tetanus immunoglobulin expected to be approved for market launch [6] - In 2024, the company achieved revenue of 1.735 billion yuan, a year-on-year decrease of 34.58%, while net profit attributable to shareholders increased by 67.18% to 397 million yuan [4] - The company maintains its profit forecast for 2025-2026 and has added a forecast for 2027, expecting net profits of 551 million, 653 million, and 755 million yuan for 2025, 2026, and 2027 respectively [4] Financial Performance - In 2024, the company's revenue was 1.735 billion yuan, with a net profit of 397 million yuan, and a non-recurring net profit of 302 million yuan [4] - The gross profit margin for 2024 was 64.7%, an increase of 11.98 percentage points year-on-year [4] - The company’s plasma collection volume reached 630.6 tons in 2024, a year-on-year increase of 10.4%, with the parent company contributing 522.04 tons, growing by 11.7% [6] Product Performance - The revenue from immunoglobulin was 391 million yuan in 2024, down 12%, with a gross margin of 64.27% [5] - The revenue from human albumin was 403 million yuan, down 7.94%, with a gross margin of 59.88% [5] - The company’s blood product sales volume increased by 9.14% in 2024, while inventory levels decreased by 24.21% [5] Research and Development - The company invested 97 million yuan in R&D in 2024, accounting for 5.59% of its revenue [6] - The company has completed the listing application for high-concentration immunoglobulin and tetanus immunoglobulin, with several other products in development [6] Valuation Metrics - The current stock price is 28.08 yuan, with a market capitalization of 14.159 billion yuan [1] - The projected P/E ratios for 2025, 2026, and 2027 are 26.4, 22.3, and 19.2 respectively [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing rapid growth in plasma collection, with high-concentration immunoglobulin and tetanus immunoglobulin expected to be approved for market launch [1][6] - In 2024, the company achieved revenue of 1.735 billion yuan, a year-on-year decrease of 34.58%, while net profit attributable to shareholders increased by 67.18% to 397 million yuan [4][5] - The company maintains its profit forecast for 2025-2026 and has added a forecast for 2027, expecting net profits of 551 million yuan, 653 million yuan, and 755 million yuan for 2025, 2026, and 2027 respectively [4][8] Financial Performance - In 2024, the company's revenue was 1.735 billion yuan, with a net profit of 397 million yuan, and a non-recurring net profit of 302 million yuan [4] - The gross profit margin for 2024 was 64.7%, an increase of 11.98 percentage points year-on-year [4][8] - The company’s plasma collection volume reached 630.6 tons in 2024, a year-on-year increase of 10.4%, which is higher than the industry average growth rate [6] Product Performance - The revenue from immunoglobulin was 391 million yuan in 2024, down 12%, while the revenue from human albumin was 403 million yuan, down 7.94% [5] - The company has 20 operational plasma collection stations and one under construction, contributing to the steady growth in plasma collection [6] Future Outlook - The company is expected to see a recovery in revenue in 2025 with an estimated increase of 16.1% year-on-year [8] - The projected P/E ratios for 2025, 2026, and 2027 are 26.4, 22.3, and 19.2 respectively, indicating a favorable valuation trend [4][8]

业绩简评 2025 年 3 月 18 日，博雅生物发布 2024 年年报，公司 2024 年实现 收入 17.35 亿元，同比-34.58%；实现归母净利润 3.97 亿元，同 比+67.18%；实现扣非归母净利润 3.02 亿元，同比+110.77%。单季 度看，2024 年第四季度公司实现收入 4.90 亿元，同比+6.11%；实 现归母净利润-0.16 亿元，同比减亏；实现扣非归母净利润-0.35 亿元，同比减亏。 经营分析 产品销售攻坚克难，血制品业务整体稳健。公司在面对激烈的市 场竞争和纤维蛋白原价格持续下行的压力下，继续稳固其在纤维 蛋白原市场领先地位，PCC、 Ⅷ因子纯销超目标完成，其中 PCC 市 场占有率位居行业第三。2024年公司血液制品业务实现收入15.14 亿元，同比增长 4.32%；其中除静丙、人血白蛋白、纤原以外的其 他血液制品业务实现收入 3.12 亿元，同比增长 108.20%。 浆源拓展工作稳步推进，血浆采集再攀新高。公司持续加快投资 并购步伐，成功收购绿十字香港 100%股权，新增 1 张生产牌照、 4 家在营单采血浆站，2 个省份区域的浆站布局，阶段性实现了规 模化扩张战 ...

华润赋能聚焦血液制品主业 博雅生物2024年净利增 长超六成 博雅生物（300294）3月18日晚间发布2024年年度报告，报告期内公司实现营业收入17.35亿元，同 比减少34.58%；归属于上市公司股东的净利润3.97亿元，同比增长67.18%；扣非净利润3.02亿元，同比 增长110.77%。公司拟向全体股东每10股派发现金红利1.60元，预计派送现金8067.98万元。2024年10 月，博雅生物按每10股派送1.60元的分配方案，派送现金红利8067.98万元，完成了公司2024年半年度利 润分配。将上述两次利润分配金额合并计算，博雅生物2024年度派送现金红利1.62亿元，占2024年度公 司实现归属于上市公司股东的净利润的40.65%。 2024年，博雅生物持续聚焦血液制品主责主业，加大研发投入，优化产品结构，丰富产品管线，注 重提升生产工艺水平，吨浆产值和毛利率多年来始终保持行业前列。同时，公司围绕进一步聚焦血液制 品主业，积极推进非血液制品业务的处置或剥离工作。 报告期内，在华润医药的鼎力支持和高效协同下，博雅生物持续加快投资并购步伐，成功收购绿十 字香港100%股权，从而间接收购境内血液制 ...

Group 1 - The Ministry of Transport, National Development and Reform Commission, and Ministry of Finance support the scrapping and updating of old commercial vehicles that meet National III and IV emission standards, providing differentiated subsidies for early scrapping and purchasing new vehicles [2] - Xiaomi Group has raised its 2025 annual delivery target for electric vehicles to 350,000 units from the previous target of 300,000 units, indicating progress in production capacity [5] - The new stock N Hongjing listed on the ChiNext surged 282% on its debut, making it the most profitable new stock of the year with a profit of 59,100 yuan per lot [6] Group 2 - China Unicom reported a 10.5% year-on-year increase in net profit for 2024, with total revenue of 389.59 billion yuan, a 4.6% increase [11] - Daodaoquan achieved a net profit growth of 133.5% year-on-year for 2024, despite a 15.12% decline in revenue, and plans to distribute a cash dividend of 1.28 yuan per 10 shares [12] - Fuyou Glass reported a 33.2% increase in net profit for 2024, with revenue of 39.252 billion yuan, a growth of 18.37%, and plans to distribute a cash dividend of 1.8 yuan per share [14]

内部控制审计报告 毕马威华振审字第 2501749 号 华润博雅生物制药集团股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审计了华 润博雅生物制药集团股份有限公司（以下简称"贵公司"）2024 年 12 月 31日的财务报告内部控 制的有效性。 华润博雅生物制药集团股份有限公司 内部控制审计报告 2024 年 12 月 31 日 KPMG Huazhen LLP 8th Floor, KPMG Tower Oriental Plaza 1 East Chang An Avenue Beijing 100738 China Telephone +86 (10) 8508 5000 Fax +86 (10) 8518 5111 Internet kpmg.com/cn 毕马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街1号 东方广场毕马威大楼8层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 毕马威华振审字第 2501749 号 三、 内部控制的固有局限性 一、 ...

中信证券股份有限公司 2024 年度募集资金存放与使用情况的专项核查意见 根据《深圳证券交易所创业板股票上市规则》（以下简称《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》 （以下简称"《上市公司规范运作》"）等相关规定，中信证券股份有限公司（以 下简称"中信证券"或"保荐机构"）作为华润博雅生物制药集团股份有限公司（以 下简称"博雅生物"或"公司"）的持续督导保荐机构，对公司 2024 年度募集资金 存放与使用情况进行了核查。具体情况如下： 一、2018 年非公开发行募集资金基本情况 （一）募集资金金额和实际到账时间 根据公司2017年第二次临时股东大会会议决议及中国证券监督管理委员会 《关于核准博雅生物制药集团股份有限公司非公开发行股票的批复》（证监许可 〔2018〕117号），核准公司非公开发行不超过3,750万股股票。2018年4月4日博 雅生物制药集团股份有限公司完成了本次非公发行，实际发行32,247,662股，每 股发行价格31.01元。公司于2018年4月4日收到长城证券股份有限公司汇缴的出 资方认购款人民币999,999,998.62元扣 ...

华润博雅生物制药集团股份有限公司 自 2024 年 1 月 1 日 至 2024 年 12 月 31 日止年度财务报表 KPMG Huazhen LLP 8th Floor, KPMG Tower Oriental Plaza 1 East Chang An Avenue Beijing 100738 China Telephone +86 (10) 8508 5000 Fax +86 (10) 8518 5111 Internet kpmg.com/cn 毕马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街1号 东方广场毕马威大楼8层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 审计报告 毕马威华振审字第 2501750 号 华润博雅生物制药集团股份有限公司全体股东： 一、审计意见 我们审计了后附的华润博雅生物制药集团股份有限公司 (以下简称"华润博雅生物") 财务 报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度的合并及母公司利润 表、合并及母公司现金流量表、合并及 ...