北京市天元律师事务所 关于华润博雅生物制药集团股份有限公司控股股东 增持股份的 专项法律意见 北京市天元律师事务所 北京市西城区金融大街 35 号 国际企业大厦 A 座 509 单元 邮编：100033 北京市天元律师事务所 关于华润博雅生物制药集团股份有限公司控股股东 增持股份的 北京市天元律师事务所（以下简称"本所"）接受华润医药控股有限公司（以 下简称"华润医药控股"或"增持人"）的委托，根据《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》"）、 《上市公司收购管理办法》（以下简称"《收购管理办法》"）《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》以及其他相关法律法 规的有关规定，就华润博雅生物制药集团股份有限公司（以下简称"博雅生物"、 "公司"）控股股东华润医药控股增持博雅生物股份的事宜（以下简称"本次增持"） 出具法律意见。为出具本法律意见，本所律师声明如下： 本所及经办律师依据《证券法》、《律师事务所从事证券法律业务管理办法》 和《律师事务所证券法律业务执业规则》等规定及本法律意见出具日以前已经发 生或者存在的事实，严 ...

华润博雅生物制药集团股份有限公司 证券代码：300294 证券简称：博雅生物 公告编号：2025-032 公司董事会对陈兵先生在任职期间为公司发展做出的努力和贡献表示衷心 感谢！ 关于公司高级管理人员辞职的公告 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。 特此公告。 华润博雅生物制药集团股份有限公司董事会 2025 年 5 月 7 日 华润博雅生物制药集团股份有限公司（以下简称公司）董事会于2025年5月7 日收到公司高级管理人员陈兵先生递交的书面《辞职报告》，陈兵先生因个人原 因申请辞去公司副总裁职务。根据《中华人民共和国公司法》《公司章程》等相 关规定，陈兵先生的辞职报告自送达公司董事会之日起生效。陈兵先生辞职后将 不再担任公司任何职务，不会影响公司相关工作的正常开展。 截至本公告披露日，陈兵先生持有公司股份71,300股，占公司总股本的 0.01%，其不存在应履行而未履行的承诺事项。陈兵先生就任时确定的任期为2024 年03月21日至2027年03月20日，辞职后，其在就任时确定的任期内和任期届满后 六个月内，继续遵守《上市公司董事、监事和高级管理人员所持 ...

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company has shown steady growth in plasma collection, with a total of 630.6 tons collected in 2024, representing a year-on-year increase of 10.4% [2] - The company has a diverse product line with 11 varieties and 31 specifications, including human immunoglobulin and coagulation factors [2] - The revenue from blood products in 2024 was 15.14 billion yuan, a slight increase of 0.86% year-on-year, despite a competitive market leading to price declines [2][3] - The company is expanding its research pipeline and has received regulatory approvals for products aimed at international markets, including a registration certificate for immunoglobulin in Pakistan [3] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 17.35 billion yuan, a decrease of 34.58%, while net profit attributable to shareholders was 3.97 billion yuan, an increase of 67.18% [1] - For Q1 2025, total revenue was 5.36 billion yuan, up 19.49%, but net profit decreased by 8.25% to 1.39 billion yuan [1] Product and Market Development - The company has 20 operational plasma collection stations and one under construction, totaling 21 stations [2] - The company is focusing on optimizing product structure and enhancing production processes to drive revenue growth in blood products [2] Profitability Metrics - The gross margin for the company in 2024 was 64.65%, an increase of 11.90 percentage points compared to the previous year, but it decreased to 53.80% in Q1 2025 [3] - The company’s projected net profits for 2025, 2026, and 2027 are 5.20 billion yuan, 5.98 billion yuan, and 6.54 billion yuan, respectively [9]

[Table_Summary] 事件: 3 月 19 日,公司发布 2024 年年报。2024 年，公司实现营业总收入 17.35 亿元（-34.58%），归母净利润 3.97 亿元（+67.18%）。 4 月 25 日，公司发布 2025 年一季报。2025Q1，公司实现总营业收入 5.36 亿元（+19.49%）；归母净利润 1.39 亿元（-8.25%）。 投资要点: ⚫ 采浆量稳健增长。截至 2024 年年报，公司（含绿十字（中国））现有 11 个品种 31 个规格（含进口重组Ⅷ因子）产品，涵盖白蛋白、人免疫球 蛋白和凝血因子三大类；在营浆站 20 个，在建浆站 1 个，合计 21 个。 公司 2024 年采浆量为 630.6 吨，同比增长 10.4%，其中华润博雅生物 采浆量为 522.04 吨，同比增长 11.7%，高于行业平均增速。公司通过 研发优化产品结构，提升生产工艺水平， 采浆量稳健增长，在研管线不断丰富 [Table_StockName] ——博雅生物（300294）点评报告 [Table_ReportDate] PCC 和Ⅷ因子推动血制品收入稳健增长：公司血制品业务 2024 年营业 ...

Core Viewpoint - The blood products industry, once considered a "golden track," is facing significant challenges in Q1 2025, with major companies experiencing over 20% declines in net profits, contrasting sharply with their strong performance in 2024. This downturn is attributed to a combination of price wars, inventory buildup, and technological substitution [1]. Group 1: Financial Performance - TianTan Bio reported a revenue increase of 7.84% to 1.318 billion yuan, but its net profit plummeted by 22.9%. Operating cash flow fell by 65.75%, and accounts receivable surged by 1093%, indicating deteriorating sales collection efficiency [2]. - Boya Bio's revenue grew by 19.49%, yet its net profit decreased by 8.25%, with core products like human albumin seeing price declines of 2.65% to 12% [2]. - Pailin Bio experienced a revenue drop of 14% and a net profit decline of 26.95%, with operating expenses rising to 18.04%, indicating a failure in cost control [2]. - Shanghai Laishi's net profit growth rate fell from 23.25% to -25.20%, highlighting operational pressures despite expansion efforts [2]. Group 2: Industry Dynamics - The industry's sudden performance decline is driven by price wars, inventory accumulation, and technological substitution. In 2024, blood product inventory growth (36.02%) significantly outpaced cost growth (7.12%), forcing companies to lower prices to clear stock. The terminal price of human albumin has dropped to 350-380 yuan per bottle [3]. - Although not included in national procurement, regional alliance negotiations and competition from imported products create "invisible procurement pressure," with imported albumin's market share rising to 69% and over 70% in tertiary hospitals [3]. - Disruptive technologies are eroding the industry's competitive advantages, with plant-based recombinant albumin potentially reducing costs to below 10 yuan per gram, halving current blood-derived product prices. Additionally, recombinant coagulation factor VIII has captured a 30 billion yuan market share, further compressing the premium space for blood-derived products [3]. Group 3: Opportunities and Challenges - The reliance on imports and the threat from recombinant technologies make domestic production crucial for overcoming current challenges. Tariffs on imports from the U.S. could increase imported albumin prices by 10%-15%, highlighting the cost-effectiveness of domestic products, which currently hold a 31% market share that needs to rise above 50% [4]. - Leading companies are accelerating technological advancements, with TianTan Bio achieving a revenue of over 6 million yuan per ton of plasma and aiming for a 50% domestic production rate for coagulation factors. Shanghai Laishi is investing 4.2 billion yuan to acquire Nanyue Bio, increasing its plasma collection stations to over 50, with the top five companies controlling over 80% of plasma collection [4]. - However, the disruptive threat from recombinant technologies remains, with the clinical adaptation and market education for recombinant albumin expected to take 5-8 years, providing traditional companies with a valuable window for transformation [4]. Group 4: Conclusion - The blood products industry's challenges are not coincidental but rather a painful transition in market logic. As price wars and inventory pressures push companies towards efficiency competition, the race for survival in this trillion-yuan market will test not only the number of plasma collection stations but also product quality, cost control, and strategic foresight [5].

Core Viewpoint - The blood products industry is experiencing a significant divergence in performance among companies, with some reporting growth while others face declines in revenue and profit [1][2]. Group 1: Company Performance in 2024 - Shanghai Laisai (002252) and Tiantan Biological (600161) reported revenue growth of 2.67% and 16.44% respectively, with net profits increasing by 23.25% and 39.58% [1]. - Hualan Biological (002007), Boya Biological (300294), and Bohui Innovation (300318) experienced revenue declines of 18.02%, 34.58%, and 18.53% respectively, while Hualan's net profit fell by 26.57% [1]. - Bohui Innovation managed to turn a profit with a net profit of 0.09 billion yuan, compared to a loss in the previous year [1]. Group 2: Q1 2025 Performance - In Q1 2025, Tiantan Biological, Hualan Biological, and Boya Biological continued to show revenue growth, while Shanghai Laisai, Tiantan Biological, and Paillin Biological saw revenue declines of 2.45%, 0.57%, and 14% respectively [1]. - Hualan Biological's net profit increased by 19.62%, while Shanghai Laisai and Tiantan Biological reported net profit declines of 25.2% and 22.9% respectively [1]. - The decline in profits for Tiantan Biological was attributed to a decrease in product prices that outweighed the benefits of increased sales volume [1]. Group 3: Market Dynamics - The blood products market is expected to maintain stable growth in 2024, with significant competition in the human albumin market due to increased imports [2][3]. - The cancellation of certain medical insurance restrictions is expected to release market demand for coagulation factor products, contributing to their growth [2]. - The overall price trend for blood products is declining, influenced by increased competition and supply exceeding demand for certain products [3]. Group 4: Industry Consolidation - The blood products industry is characterized by high entry barriers, with fewer than 30 companies currently operating due to strict regulations on blood product production [6][7]. - Recent mergers and acquisitions are expected to enhance industry concentration, with leading companies gaining competitive advantages through resource acquisition [6][7]. - Companies like Tiantan Biological and Shanghai Laisai have made significant acquisitions to expand their production capabilities and market presence [7]. Group 5: Market Size and Growth Projections - The blood products market in China reached a scale of 600 billion yuan in 2024, with projections to grow to 780 billion yuan by 2027, reflecting a compound annual growth rate of 11.6% from 2022 to 2027 [8].

Investment Rating - Maintain Outperform rating with a target price adjusted to RMB 32.50 [1][9] Core Views - The company has cleared goodwill impairment risks and is expanding plasma collection stations through both organic and external growth, establishing a foundation for future growth. The potential impact of tariffs on imported albumin may benefit domestic albumin products [1][9] - The company reported a full-year revenue of RMB 1.74 billion, a decrease of 34.58%, while net profit increased by 67.18% to RMB 397 million, primarily due to a low base from goodwill impairment in 2023 [1][9] - The product structure is continuously optimized, with blood product revenue growing by 4.32% to RMB 1.51 billion, despite a slight decline in gross profit margin [1][9] Financial Summary - Revenue and profit forecasts for 2024-2027 show a recovery trend, with net profit expected to reach RMB 753 million by 2027, reflecting a compound annual growth rate [3][6] - The company has a projected EPS of RMB 1.16 for 2025 and RMB 1.50 for 2027, with a PE ratio of 28X for 2025 [1][9] - The company has 20 operating plasma stations and plans to increase plasma collection volume to 630.6 tons in 2024, a 10.4% increase [1][9]

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price adjusted to RMB 32.50 [1][9]. Core Insights - The company has cleared goodwill impairment risks and is expanding its plasma collection stations through both organic growth and acquisitions, establishing a foundation for future growth. The potential impact of tariffs on imported albumin may benefit domestic albumin products [1][9]. - The company reported a full-year revenue of RMB 1.74 billion in 2024, a decrease of 34.58%, while net profit increased by 67.18% to RMB 397 million, primarily due to a low base from goodwill impairment in 2023 [1][9]. - The product structure is continuously optimized, with blood product revenue growing by 4.32% to RMB 1.51 billion in 2024, despite a slight decline in gross profit margin [1][9]. Financial Summary - Revenue and profit forecasts for the upcoming years have been adjusted, with 2025 EPS projected at RMB 1.16 and 2026 EPS at RMB 1.33, while a new forecast for 2027 EPS is set at RMB 1.50 [1][9]. - The company is expected to maintain a steady growth trajectory, with plasma collection volume projected to reach 630.6 tons in 2024, reflecting a 10.4% increase [1][9]. - The financial outlook includes a projected net profit of RMB 585 million for 2025, with a net profit margin expected to improve over the years [1][9].

证券代码：300294 证券简称：博雅生物 公告编号：2025-031 华润博雅生物制药集团股份有限公司 关于募集资金投资项目部分用地被收储的公告 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。 上述募集资金到位情况业经江苏公证天业会计师事务所（特殊普通合伙）验 证，并出具苏公W[2018]B041号《验资报告》。 （二）募集资金使用和结余情况 为达成公司战略目标，华润博雅生物制药集团股份有限公司（以下简称公司 或博雅生物）使用2018年度募集资金（含利息）及自筹资金建设"血液制品智能 工厂（一期）建设项目"（以下简称本募投项目或智能工厂项目），该项目用地 涉及东地块（322.74亩），西地块（217.92亩、117.18亩；合计335.10亩）三宗合 计657.84亩的工业用地土地使用权。现因受地方政府规划环评未完成等原因影响， 西地块未能在约定的时间内开工建设，经抚州高新技术产业开发区管理委员会 （以下简称区管委会）研究，对公司智能工厂项目西地块（217.92亩、117.18亩； 合计335.10亩）的两宗国有建设用地进行土地收储。经双方协商，区管委会与公 司拟 ...

公司监事会认为：公司董事会审核公司 2025 年第一季度报告的程序符合法 律、行政法规和中国证监会的规定。2025 年第一季度报告真实、准确、完整地 反映了公司的实际情况，不存在任何虚假记载，误导性陈述或者重大遗漏。 具体内容详见同日在巨潮资讯网（网址：http://www.cninfo.com.cn）披露的 《2025 年第一季度报告》。 证券代码：300294 证券简称：博雅生物 公告编号：2025-029 华润博雅生物制药集团股份有限公司 第八届监事会第九次会议决议公告 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、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）第八届监事会第九次 会议于 2025 年 4 月 20 日以邮件及通讯方式通知，并于 2025 年 4 月 23 日在公司 会议室以现场加通讯表决的方式召开。会议应参加表决监事 3 人，实参加表决监 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 ...