Investment Rating - The report maintains a positive outlook on the pharmaceutical sector, particularly on innovative drugs and their internationalization process, while suggesting a focus on blood products and scientific instruments in the short term [4][18]. Core Insights - The pharmaceutical sector has shown stable stock performance, with significant approvals for innovative drugs such as the IL-21/IL-23 dual antibody by Kangfang Biopharma and the successful phase 3 clinical trial results for Eli Lilly's orforglipron [1][2][18]. - The report emphasizes the resilience and growth potential of the pharmaceutical sector amidst changing external tariff environments, highlighting low geopolitical risks for innovative drugs and opportunities for domestic replacements in blood products and medical devices [4][18]. - The report suggests a continuous focus on innovative and semi-innovative drug companies, as well as potential recovery in the performance of generic drugs, chain pharmacies, and traditional Chinese medicine post-Q1 reports [4][20]. Summary by Sections Pharmaceutical Sector - Kangfang Biopharma's IL-21/IL-23 dual antibody has been approved for moderate to severe plaque psoriasis, marking a significant milestone as the first domestic drug of its kind [19]. - The approval of AstraZeneca's capivasertib for second-line breast cancer treatment further highlights the growing number of innovative drugs being approved in China [23][25]. - The report anticipates a surge in licensing transactions as Chinese innovative drug assets mature, leading to more predictable performance for pharmaceutical companies [2][25]. Biological Products - Eli Lilly's orforglipron has successfully completed phase 3 clinical trials, demonstrating superior A1C reduction compared to placebo, which positions it as a leading oral GLP-1 receptor agonist [26][29]. - The report encourages monitoring the progress of domestic GLP-1 small molecules, which are showing promising clinical results [33][34]. Medical Devices - Domestic companies are making significant strides in innovative research and development, with products like the LiqMagic peripheral vascular shockwave treatment system gaining traction in clinical applications [35][36]. - The report notes that the innovative technology in vascular treatment is expected to enhance patient outcomes and reduce procedural risks [35][36]. Investment Recommendations - The report recommends focusing on innovative and semi-innovative drug companies such as Kelun-Biotech, Kangfang Biopharma, and Huadong Medicine, as well as blood products and scientific instruments for potential domestic replacements [5][20]. - It also suggests paying attention to the recovery of generic drugs, chain pharmacies, and traditional Chinese medicine as the market stabilizes post-Q1 [4][20].

Group 1: Market Strategy and Product Development - The company is preparing for potential centralized procurement of blood purification consumables by enhancing production management and capacity layout, focusing on technological innovation and product diversification [1][3][4] - There are no current plans to reduce product prices, as the company aims to maintain a reasonable profit margin while expanding into new markets, particularly in severe liver diseases and critical conditions [1][2] Group 2: Fixed Asset Investment - Recent investments in fixed assets are directed towards high-value resin projects, medical device production, and automation improvements, which are expected to enhance scale and cost advantages [2][3] - The strategic decision to build fixed assets is aimed at ensuring product safety and increasing market share, thereby solidifying the company's leading position [2] Group 3: Shareholder Value and Market Confidence - The company's stock price has decreased by approximately 30% since the introduction of its market value management initiative, prompting discussions on potential share buybacks using part of the 2.1 billion yuan in financial assets [2][3] - The company has implemented various measures to boost investor confidence, including share repurchases, cash dividends, and equity incentive plans [2][3] Group 4: Research and Development - As of the report date, the company has 486 R&D personnel, accounting for 17.38% of total employees, indicating a strong commitment to research despite a recent reduction in R&D staff due to project completions [4][5] - The company is actively exploring new business areas related to metabolic diseases and cardiovascular health, collaborating with top hospitals for clinical research [5][6] Group 5: International Expansion - The company is focusing on internationalization by restructuring its overseas sales teams and engaging in cross-border research collaborations, with a notable project recognizing 17 award-winning topics across various medical fields [5][6] - A consensus report on blood adsorption therapy has been published, providing a high-level evidence base for international clinical applications [5][6]

证券代码：300529 证券简称：健帆生物 债券代码：123117 债券简称：健帆转债 健帆生物科技集团股份有限公司 投资者关系活动记录表 编号：2025-001 | | □ □ 分析师会议 | 特定对象调研 | | --- | --- | --- | | 投资者关系 活动类别 | □ 业绩说明会 | □ 媒体采访 | | | □ 路演活动 | □ 新闻发布会 | | | □ √ 其他（线上会议） | 现场参观 | | 参与人员 | 华泰证券、西南证券、东北证券、国盛证券、国金证券、东吴证券、中信建投 证券、中信证券、国信证券、中邮证券、西部证券、南方基金、大成基金、博 | | | | 证券、华福证券、申万宏源证券、兴业证券、国联民生证券、国信证券、中泰 | | | | 时基金、上海人寿、招商基金、新华基金、中航基金、友邦人寿、红杉中国、 | | | | 华夏基金、广发基金、中银基金、景顺长城基金、IDG 资本、工银瑞信等七十 | | | | | 余位投资者 | | 时间 | 日 2025 | 年 月 4 16 | | 地点 | | 线上沟通 | | 上市公司接 | 董事长、总经理：董凡 | | | | 董事 ...

健帆生物 20250116 年同期高基数下，同比营业收入和净利润有所下降。一季度收入为 5.48 亿元， 同比下降 26%，主要原因是去年初公司将主营产品终端价格下调了 26%以价 换量，实现了显著的销量提升。今年一季度在此高基数上同比数据有所下降， 但环比增长 13.75%。经营性现金流量净额为 2.7 亿元，超过当期净利润 8,000 万元，现金流质量依然保持高水平。一季度毛利率为 80.7%，归母净利 率 34.6%，略高于去年全年的水平。 健帆生物在各个领域的主要亮点是什么？ 在营销领域，公司胜科产品覆盖全国 6,000 多家二级以上医院，基本覆盖可以 做透析的医院。胜科血液灌流器产品收入同比增长 57%，主要因为公司将 HA130 终端价格下降 26%，销售支数同比增长近 100%。Kha 系列覆盖 600 多家医院，24 年销售收入 1.46 亿，同比增长 188%。PA 灌流器已在 100 多 家医院使用。肝科领域覆盖 2000 多家医院，24 年度销售收入同比增长 77%。重症领域覆盖 1,800 多家医院，相应产品同比增长 52%。 公司的 CA 细胞因子吸附柱用于清除脓毒症患者体内白介素 ...

报名：首届全球眼科大会 | 参会须知 报名：首届全球骨科大会 | 议程更新 报名：首届全球心血管大会 | 奖项申报 合作伙伴征集：2025全球手术机器人大会 2025年4月16日， 健帆生物 发布了2024年年报。 # 财报数据 健帆生物2024年实现营业 收入26.77亿元 ，同比 增长39.27% 。归属于上市公司股东的净利润为8.20亿元，同比 增长87.91% 。扣除非经常性损益的净利润为 7.79亿元，同比 增长90.46% 。 业务核心驱动力 分红政策 公司2024年度权益分配预案为每10股派发现金红利8元（含税），合计派发现金红利6.19亿元，占净利润的比例为 75.53% 。 每股收益 ：基本每股收益为1.05元，同比 增长90.91% 。 经营活动现金流 ：经营活动产生的现金流量净额为10.51亿元，同比增长14.64%。 资产总额 ：截至2024年末，公司资产总额为53.83亿元，较上年末下降2.88%。 产品销售增长 ：公司血液灌流器及吸附器产品销售收入达到25.04亿元，同比增长59.58%，是推动营收增长的主要因素。 市场拓展与新产品推广 ：公司在肾病、肝病和危重症领域持续巩固市场领 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 29.21 [7][8]. Core Views - The company achieved a revenue of RMB 2.677 billion and a net profit of RMB 820 million in 2024, representing year-on-year growth of 39.3% and 87.9% respectively, aligning with performance forecasts [1]. - The company’s core products, including blood perfusion devices and plasma bilirubin adsorbers, showed significant revenue growth of 57.2% and 87.8% in 2024, indicating strong clinical application and market acceptance [2]. - The company is actively expanding its business into new scenarios, products, and regions, with over 1,800 hospitals covered for its critical care products and a presence in over 98 countries [3]. Summary by Sections Financial Performance - In 2024, the company reported a net operating cash flow of RMB 1.051 billion, up 14.6% year-on-year, indicating a healthy cash flow position [1]. - The revenue forecast for 2025 is adjusted to RMB 2.699 billion, reflecting a slight increase of 0.79% from 2024, while the net profit is projected at RMB 833 million, a 1.56% increase [4][6]. Product Development - The company’s renal and liver products have seen substantial revenue growth, with renal product HA130 achieving a 55% increase in revenue and a 100% increase in sales volume in 2024 [2]. - New product penetration rates are improving, with the renal KHA product seeing a revenue increase of 188% in 2024 [2]. Market Position and Valuation - The company is positioned as a leader in the domestic blood perfusion industry, with a comprehensive product layout and robust sales channels, leading to a valuation of 28x PE for 2025 [4][12]. - The adjusted target price reflects a decrease from RMB 42.41 to RMB 29.21, based on revised profit forecasts [4][12].

Core Viewpoint - The company achieved revenue and net profit of 2.677 billion and 820 million yuan in 2024, representing year-on-year growth of 39.3% and 87.9%, respectively, aligning with performance forecasts [1] - In Q1 2025, the company reported revenue and net profit of 548 million and 189 million yuan, showing a decline of 26.4% and 33.7% year-on-year, primarily due to a high base effect from significant sales growth following price reductions in early 2024 [1] Financial Performance - The company’s operating cash flow for 2024 was 1.051 billion yuan, reflecting a year-on-year increase of 14.6%, indicating a positive cash flow trend [1] - The adjusted net profit forecasts for 2025-2027 are 833 million, 952 million, and 1.081 billion yuan, with significant downward revisions of 41% and 46% for 2025 and 2026, respectively [4] Product Performance - Core products, including blood perfusion devices and plasma bilirubin adsorbers, generated revenues of 2.309 billion and 173 million yuan in 2024, with year-on-year growth of 57.2% and 87.8% [2] - The company’s renal and liver products saw revenue growth of 57.2% and 77.2%, with over 6,000 and 2,000 hospitals covered, respectively [2] Business Expansion - The company is actively enhancing product applications in critical care and cardiovascular diseases, with over 1,800 hospitals covered by critical care products by the end of 2024 [3] - The company has expanded its product offerings in the blood purification industry and achieved revenues of 962,000 and 336,000 yuan from blood dialysis devices and tubing through centralized procurement in 2024 [3] - The company’s products are now available in over 2,000 hospitals across 98 countries and regions, indicating successful international expansion [3] Valuation and Outlook - The company is positioned as a leader in the domestic blood perfusion industry, with a comprehensive product layout and sales channels [4] - A target price of 29.21 yuan is set for 2025, based on a 28x PE valuation, compared to a previous target of 42.41 yuan [4]

近日，健帆生物发布2024年财报。披露公司去年营收增长39.27%至26.77亿元，归属净利上涨87.91%至8.2亿元。 其中各种血液灌流器、吸附器产品实现销售收入25.04亿元，同比增长59.58%。公司整体毛利率为80.78%，其中血液灌 流器产品毛利率为 85.01%。 公告表示，公司持续发挥在血液灌流领域的科技及市场领先优势，在肾病、肝病、危急重症等领域业务发展态势良 好，实现公司营业收入同比增长。公司以增效降本原则开展各类经营活动，产量规模增加有效降低了单位生产成本， 同时期间费用率同比下降，因此归属于上市公司股东的净利润同比实现大幅增长。 在上述两次带量采购项目中公司高通量血液透析器、非高通量血液透析器、血液透析管路产品获得约 800家医疗机构 90万支（套）的申报需求量。报告期内，公司高通量、低通量血液透析器通过集采实现的销售收入为962万元、血液 透析管路通过集采实现的销售收入为336万元。 目前公司急危重症产品已覆盖1800余家医院。公司自主研发生产的一次性使用细胞因子吸附柱（CA系列）是国内首个 用于清除脓毒症患者体内以 IL-6为代表的细胞因子水平的产品，目前已在 150余家医院开展应 ...

4月15日健帆生物发布2024年度分配预案，拟10派8元（含税），预计派现金额合计为6.19亿元。派现额 占净利润比例为75.53%，以该股2024年度成交均价计算，股息率为2.95%。这是公司上市以来，累计第 9次派现。 公司上市以来历次分配方案一览 | 日期 | 分配方案 | 派现金额合计（亿元） | 股息率（%） | | --- | --- | --- | --- | | 2024.12.31 | 10派8元（含税） | 6.19 | 2.95 | | 2023.12.31 | 10派4元（含税） | 3.10 | 1.51 | | 2022.12.31 | 10派6.7元（含税） | 5.35 | 1.55 | | 2021.12.31 | 10派9元（含税） | 7.17 | 1.33 | | 2020.12.31 | 10派6.6元（含税） | 5.31 | 0.88 | | 2019.12.31 | 10转增9派9元（含税） | 3.78 | 1.38 | | 2018.12.31 | 10派6元（含税） | 2.51 | 1.45 | | 2017.12.31 | 10派3.5元（含税） | ...

证券代码：300529 证券简称：健帆生物 公告编号：2025-027 债券代码：123117 债券简称：健帆转债 健帆生物科技集团股份有限公司 关于注销部分股票期权的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、本次注销期权数量共计 1,028,000 份：其中注销 2022 年股票期权激励计 划首次授予部分尚未行权的股票期权 887,000 份；注销 2022 年股票期权激励计 划预留授予部分尚未行权的股票期权 141,000 份。 2、本次期权注销事项已经公司第五届董事会第二十七次会议审议通过。本 次股票期权的注销不会对公司的股本造成影响。 健帆生物科技集团股份有限公司（以下简称"公司"）于 2025 年 4 月 15 日 召开第五届董事会第二十七次会议和第五届监事会第十九次会议，审议通过了 《关于注销部分股票期权的议案》，现将相关事项说明如下： 一、2022 年股票期权激励计划简述 1、2022 年 1 月 17 日，公司召开第四届董事会第二十九次会议和第四届监 事会第二十七次会议，审议通过《关于公司<2022 年股票期权激励计 ...