Investment Rating - The report maintains a "Buy" rating for the company [2][6] Core Views - The company reported a significant decline in revenue for the first half of 2024, with operating income at 896 million yuan, down 41.87% year-on-year, and a net profit of 316 million yuan, down 3.05% year-on-year [3][4] - The company has seen an increase in plasma collection volume, reaching 247 tons in the first half of 2024, which is a 14.63% increase [4] - The acquisition of Green Cross has expanded the company's operational capabilities, adding one blood product brand license and four plasma stations [5] - The company expects to see a recovery in net profit growth from 2024 to 2026, with projected net profits of 567 million yuan, 629 million yuan, and 692 million yuan respectively [6][8] Financial Summary - The company's total market capitalization is 16.2 billion yuan, with a circulating market capitalization of 13.7 billion yuan [1] - The company's earnings per share (EPS) is projected to increase from 1.12 yuan in 2024 to 1.37 yuan in 2026 [6][8] - The price-to-earnings (P/E) ratio is expected to decrease from 28.56 in 2024 to 23.42 in 2026, indicating potential valuation improvement [6][8]

Financial Performance - In the first half of 2024, the company achieved total revenue of 896 million CNY, with a net profit attributable to shareholders of 316 million CNY, and blood products revenue of 790 million CNY, reflecting a year-on-year growth of 3.64% [2] - The decline in consolidated revenue is primarily due to the transfer of Tianan Pharmaceutical and Fuda Pharmaceutical in the second half of 2023, which changed the scope of consolidation [2] - The company reported a collection volume of 246.89 tons from 14 operational plasma stations, marking a growth of 14.63% compared to the previous year [3] Strategic Expansion - The company acquired 100% of Green Cross Hong Kong Holdings, adding one production license and four operational plasma collection stations, expanding its presence into two new provincial regions [2] - The company is actively applying for new plasma stations in eligible areas, with four new county and city-level approvals obtained in the first half of the year [3] Product Development - The new product PCC and factor VIII have shown strong market performance, contributing positively to the company's profits [3] - The company is expected to launch the 10% immunoglobulin product next year, with a pricing strategy that will follow existing market products, potentially contributing 1.8 times the profit per ton of plasma compared to existing products [4] Cost and Profitability - The decline in gross margin is attributed to a less than 2% increase in plasma cost per ton, driven by higher blood plasma collection and screening costs, as well as increased production costs due to investments in smart factory construction [3] - The company plans to enhance production capacity and quality, with the smart factory project nearing completion, aiming to become a leading and efficient facility in the industry [5] Shareholder Returns - The company announced a cash dividend of 1.60 CNY (including tax) per 10 shares, based on a total of 504,248,738 shares [3] Future Outlook - The company is optimistic about the performance growth of the blood products sector in the second half of 2024, focusing on capacity expansion, quality improvement, and efficiency enhancement [5] - The strategic focus includes optimizing production capabilities and expanding the number of plasma stations, with a goal to achieve a balanced product structure among albumin, immunoglobulin, and factor products [5]

Investment Rating - The investment rating for the company is "Buy" [4][11]. Core Views - The company's blood product business shows steady growth, with a focus on the blood product sector. In the first half of 2024, the blood product business generated revenue of 790 million yuan, an increase of 3.60% year-on-year, while net profit was 319 million yuan, a decrease of 42.22% [2][7]. - The company has expanded its plasma collection resources, owning 16 single plasma collection stations as of the first half of 2024, with a raw plasma collection volume of 246.89 tons, a year-on-year increase of 14.63% [3]. - The company aims to enhance its profitability per ton of plasma through increased plasma scale and product diversification, with ongoing research and development focused on both long-term and short-term innovations in blood products [3][7]. Summary by Sections Financial Performance - In the first half of 2024, the company reported total revenue of 896 million yuan, a decrease of 41.87% compared to the same period last year. The net profit attributable to shareholders was 316 million yuan, down 3.05% year-on-year [1][2]. - The revenue from the blood product business was 790 million yuan, with specific products like human albumin, immunoglobulin, and fibrinogen generating revenues of 233 million yuan (+3.48%), 220 million yuan (-14.27%), and 208 million yuan (-1.64%) respectively [2]. Market Position and Strategy - The company has strategically focused on the blood product sector, with a significant reduction in revenue from its biochemical and chemical drug businesses, which saw declines of 44.98% and 3.85% respectively [2]. - The acquisition of Green Cross (Hong Kong) has significantly enhanced the company's raw plasma scale, indicating a strong commitment to expanding its blood product capabilities [3]. Future Outlook - The company forecasts a gradual recovery in revenue and net profit over the next few years, with expected net profits of 533 million yuan, 554 million yuan, and 595 million yuan for 2024, 2025, and 2026 respectively [7][9]. - The earnings per share (EPS) are projected to be 1.06 yuan, 1.10 yuan, and 1.18 yuan for the same years, with corresponding price-to-earnings (PE) ratios of 29.92, 28.74, and 26.79 [7][9].

Investment Rating - The report maintains a "Buy" rating for the company [2][8]. Core Views - The company reported a revenue of 896 million RMB in the first half of 2024, a year-on-year decrease of 41.87%, while the net profit attributable to the parent company was 316 million RMB, an increase of 3.05% [1]. - The blood products business showed steady growth, with a revenue of 790 million RMB in the first half of 2024, up 3.64% year-on-year. New products like PCC and factor VIII have performed well in the market [1]. - The company is actively expanding its plasma sourcing, having acquired 100% of Green Cross (China) Biological Products Co., Ltd. for 1.82 billion RMB, which significantly enhances its raw plasma supply [1]. - Continuous investment in R&D is expected to optimize the product structure, with several projects progressing well, including IVIG and vWF [1]. Summary by Sections Performance Overview - In Q2 2024, the company achieved a revenue of 447 million RMB, down 39.14% year-on-year, while the net profit attributable to the parent company was 164 million RMB, up 5.36% [1]. - The first half of 2024 saw a net profit of 316 million RMB, with a non-recurring net profit of 259 million RMB, reflecting a slight increase of 0.57% [1]. Business Analysis - The blood products segment generated 790 million RMB in revenue, with human albumin contributing 233 million RMB (up 3.48%), while immunoglobulin revenue decreased by 14.27% [1]. - The company has made significant strides in academic promotion and market competitiveness, particularly with new product launches [1]. R&D and Future Outlook - The company is increasing its R&D investment, with ongoing projects such as IVIG and vWF entering clinical trials, which are expected to enhance the product lineup [1]. - The forecast for net profit from 2024 to 2026 is projected to be 554 million RMB (+133%), 615 million RMB (+11%), and 674 million RMB (+10%) respectively, with corresponding EPS of 1.10, 1.22, and 1.34 RMB [2].

证券代码：300294 证券简称：博雅生物 公告编号：2024-053 华润博雅生物制药集团股份有限公司 第八届董事会第五次会议决议公告 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）第八届董事会第五次 会议于 2024 年 8 月 12 日以邮件及通讯方式通知，并于 2024 年 8 月 22 日在公司 会议室以现场加通讯表决的方式召开。会议应参加表决董事 9 人，实参加表决董 事 9 人。会议由董事长邱凯先生主持，公司全体监事出席会议，全体高级管理人 员列席会议。本次会议符合《中华人民共和国公司法》（以下简称《公司法》）、 《中华人民共和国证券法》（以下简称《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 1、审议通过《关于公司<2024 年半年度报告全文及摘要>的议案》 经审议，董事会认为：公司编制的《2024 年半年度报告全文 ...

Financial Performance - The company's operating revenue for the reporting period was ¥895,735,666.55, a decrease of 41.87% compared to ¥1,540,872,254.12 in the same period last year[13]. - Net profit attributable to shareholders was ¥315,970,311.01, down 3.05% from ¥325,918,480.96 year-on-year[13]. - The net cash flow from operating activities was ¥211,660,633.61, reflecting a decline of 46.17% compared to ¥393,183,884.50 in the previous year[13]. - The total assets at the end of the reporting period amounted to ¥8,023,345,740.98, representing an increase of 2.48% from ¥7,828,900,301.89 at the end of the previous year[13]. - The company achieved total operating revenue of ¥895,735,666.55, a decrease of 41.87% compared to the same period last year[34]. - The blood products business generated operating income of ¥790,132,233.58, an increase of 3.64% year-on-year, primarily due to increased sales of PCC and factor VIII[34]. - The biochemical drug business reported operating income of ¥101,578,802.9, a decrease of 44.98% year-on-year, impacted by procurement policies[34]. - The company reported a net profit attributable to shareholders of ¥315,970,311.01, a decrease of 3.05% year-on-year, mainly due to the exclusion of certain subsidiaries from the consolidated financial statements[34]. - The company reported a significant increase of 698.86% in cash flow from investment activities, totaling approximately ¥1.23 billion, due to increased financial management cash flow and equity transfer proceeds[43]. - The company’s total comprehensive income for the first half of 2024 was ¥319,150,548.57, down from ¥552,349,969.28 in the same period of 2023, indicating a decline of about 42.2%[128]. Dividend Distribution - The company plans to distribute a cash dividend of 1.60 RMB per 10 shares, based on a total of 504,248,738 shares[2]. - The cash dividend distribution represents 100% of the total distributable profit, amounting to approximately 2.70 billion RMB[73]. Acquisitions and Subsidiaries - The company has fully acquired 100% equity of Green Cross (Hong Kong) in July 2024[6]. - The company completed the acquisition of 100% equity in Green Cross Hong Kong Holdings Limited for RMB 1.82 billion, indirectly acquiring Green Cross (China) Biological Products Co., Ltd.[110]. - The company has a total of 9 wholly-owned subsidiaries involved in blood plasma collection[6]. - The company’s subsidiary, New Biopharmaceuticals, reported a net profit of RMB 8,003,375.89, while another subsidiary, Boya Xinhao, reported a net loss of RMB 11,315,816.01[65]. Production and Operations - The company collected 246.89 tons of raw plasma during the reporting period, marking a year-on-year increase of 14.63%[18]. - The company has 16 single plasma collection stations, with two new stations obtaining licenses in July 2024[18]. - The company achieved a total of 189,814 bottles of human albumin (5g/bottle) in the first half of 2024, representing an 18.7% increase compared to 159,907 bottles in the same period of 2023[22]. - The production of human immunoglobulin (5g/bottle) increased by 6.6%, with 107,614 bottles produced in the first half of 2024 compared to 100,944 bottles in the same period of 2023[22]. - The production of human coagulation factor VIII decreased by 74.8%, with only 11,301 bottles produced in the first half of 2024 compared to 44,806 bottles in the same period of 2023[23]. - The company has established a complete standardized business management system for plasma collection, covering all aspects from blood source registration to plasma storage and transportation[27]. - The company is focused on becoming a world-class blood products enterprise while gradually stabilizing and divesting non-blood product businesses[19]. Research and Development - The company aims to enhance its research and development efforts to diversify its product line and improve plasma utilization rates[18]. - The company is actively pursuing R&D in blood products, with key projects such as IVIG and vWF in clinical trial stages, and plans to apply for drug registration certificates[30]. - The company has established multiple R&D platforms and partnerships with universities and research institutions to strengthen its innovation capabilities[30]. - The company focuses on biochemical drug research and development, with a complete product structure and a leading market position in core products such as bone peptide series and oxytocin series[23]. Financial Position - Cash and cash equivalents increased to ¥3,252,295,313.33, representing 40.54% of total assets, up from 25.05% last year, a change of 15.49%[46]. - The company reported a total investment of ¥2,881,673,432.95 for the reporting period, a decrease of 15.07% compared to ¥3,393,069,430.69 in the same period last year, mainly due to reduced purchases of financial products[50]. - The company’s long-term borrowings were reclassified to current liabilities, totaling ¥22,961,005.13, reflecting a significant increase from ¥907,054.30 last year[47]. - The company’s inventory stood at ¥577,321,177.61, accounting for 7.20% of total assets, showing no significant change from the previous year[46]. - The company’s total liabilities increased to ¥3,200,000,000, reflecting a rise of 5% compared to the previous period[120]. Environmental Compliance - The company has received environmental impact report approvals for all existing projects, ensuring compliance with environmental regulations[76]. - Huaren Boya Bio achieved a total pollutant discharge of 3.0025 tons for COD, well below the approved limit of 13.36 tons[77]. - The company has implemented pollution prevention measures as outlined in their environmental impact reports, ensuring minimal environmental impact[76]. - All companies under Huaren Boya Bio have been classified as non-key pollutant discharge units by environmental authorities, reflecting their commitment to environmental responsibility[75]. Risk Management - The company emphasizes the importance of risk awareness regarding forward-looking statements in the report[2]. - The company faces risks related to the supply of raw materials, specifically human plasma, which is tightly regulated and affects production capacity[65]. - The company will conduct comprehensive market research before launching new products to mitigate risks associated with product development and ensure alignment with market demand[66]. - The company has established a robust quality management system to control product quality risks, which is critical for maintaining brand reputation and market position[66]. Shareholder Information - The total number of shares after the recent changes is 504,248,738, with 15.53% being restricted shares and 84.47% being unrestricted shares[112]. - The largest shareholder, China Resources Pharmaceutical Group, holds 29.28% of the shares, totaling 147,640,553[113]. - The report indicates that there were no changes in the number of shares held by the top shareholders during the reporting period[113]. Corporate Governance - The half-year financial report was not audited, and there were no significant guarantees or major contracts affecting the company's profit during the reporting period[95][109]. - The company has not implemented any employee stock ownership plans or other incentive measures during the reporting period[74]. - There were no significant lawsuits or arbitration matters during the reporting period[96].

根据《中华人民共和国公司法》《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，为保障监事会 的正常运行，公司于 2024 年 8 月 22 日召开第八届监事会第五次会议，审议通过 《关于补选公司监事的议案》，同意提名周娇女士为公司第八届监事会非职工代 表监事候选人（简历详见附件），任期自公司股东大会审议通过之日起至第八届 监事会届满之日止。该议案尚需提交公司 2024 年第三次临时股东大会审议通过。 二、备查文件 华润博雅生物制药集团股份有限公司 关于补选公司监事的公告 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。 一、基本情况 华润博雅生物制药集团股份有限公司（以下简称公司）监事会主席唐娜女士 因工作调动原因已申请辞去公司第八届监事会监事、监事会主席职务，具体内容 详见公司于 2024 年 8 月 9 日在巨潮资讯网（http://www.cninfo.com.cn）披露的《关 于公司监事会主席辞职的公告》（公告编号：2024-049）。 证券代码：300294 证券简称：博雅生物 公告编号：2024-059 截 ...

华润博雅生物制药集团股份有限公司 关于对江西博雅欣和制药有限公司增资的公告 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：2024-058 一、本次增资概述 根据华润博雅生物制药集团股份有限公司（以下简称公司）战略发展规划， 为压降高负债子企业工作，改善江西博雅欣和制药有限公司（以下简称博雅欣和） 财务状况，公司于 2024 年 8 月 22 日召开第八届董事会第五次会议，审议通过《关 于对江西博雅欣和制药有限公司增资的议案》，同意公司拟使用自有资金人民币 48,687.80 万元对博雅欣和进行增资。 根据《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》等相关规定，本次交易金额人 民币 48,687.80 万元，占公司最近一期经审计净资产的 6.65%，该事项无需提交 公司股东大会审议。 本次交易不属于《上市公司重大资产重组管理办法》规定的重大资产重组， 不构成重组上市，本次交易亦不构成关联交易。截至本公告日，该事项已获得公 司主管部门的批复 ...

华润博雅生物制药集团股份有限公司 | | | | | 2024 年期 | 2024 年半年 | 2024 年半 | 2024 年半 | 2024 年半 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 其他关联资金 | 资金往来方名称 | 往来方与上市公 | 上市公司核算的 | 初往来资 | 度往来累计 | 年度往来 | 年度偿还 | 年度往来 | 往来形成原因 | 往来性质 | | 往来 | | 司的关联关系 | 会计科目 | 金余额 | 发生金额(不 | 资金的利 | 累计发生 | 资金余额 | | | | | | | | | 含利息) | 息(如有) | 金额 | | | | | | | | 项融资 | | | | | | | | | | 华润湖南瑞格医药有限公司 | 受同一母公司控制 | 应收账款 / 应收款 | 26.96 | 85.69 | | 85.06 | 27.59 | 药品销售 | 经营性往来 | | | | | 项融资 | | | | | | | | | | 华润惠州医药有限公司 | 受 ...

华润博雅生物制药集团股份有限公司 董事、监事及高级管理人员内部问责制度 （经公司于2024年8月22日召开的第八届董事会第五次会议审议通过） （一）董事、监事不履行或不正确履行职责，无故不出席会议，不执行股东 1 （一）制度面前人人平等原则； （二）责任与权力对等原则； （三）谁主管谁负责原则； （四）实事求是、客观、公平、公正、公开原则； （五）问责与改进相结合、惩戒与教育相结合原则。 第一章 总则 第一条 为完善华润博雅生物制药集团股份有限公司（以下简称公司）法人 治理结构，健全内部约束和责任追究机制，促进公司董事、监事、高级管理人员 恪尽职守，提高公司决策与经营管理水平，根据《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》《公司章程》以及 公司内部控制制度等相关规定，特制定本制度。 第二条 公司董事、监事、高级管理人员须按《公司法》《证券法》《深圳证 券交易所创业板股票上市规则》等相关法律、法规、规范性文件及《公司章程》 等有关规定完善公司内控体系的建设，规范运作。 第三条 内部问责制是指对 ...