| 证券代码：301015 | 证券简称：百洋医药 | 公告编号：2025-096 | | --- | --- | --- | | 债券代码：123194 | 债券简称：百洋转债 | | 青岛百洋医药股份有限公司 关于控股股东部分股份解除质押的公告 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。 一、股东股份解除质押的基本情况 | | | | | | | 已质押股份情况 | | 未质押股份情况 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东名称 | 持股 数量 | 持股比 | 累计质押股 | 占其所 持股份 | 占公司 总股本 | 已质押股份 | 占已质 | 未质押股份 | 占未质 | | | （股） | 例 | 份数量（股） | 比例 | 比例 | 限售和冻 结、标记数 | 押股份 | 限售和冻结 | 押股份 | | | | | | | | 量（股） | 比例 | 数量（股） | 比例 | | 百洋医药 集团有限 公司 | 353,30 9,710 | 67.22% ...

（记者 曾健辉） 百洋医药（301015.SZ）11月13日在投资者互动平台表示，投资者您好，2025年10月，公司与北京大学 国际医院正式签署《放射外科治疗中心合作协议》，目前双方正按照协议约定全力推进合作实施落地， 诊疗服务尚未正式启动，感谢您的关注与支持。 每经AI快讯，有投资者在投资者互动平台提问：董秘您好，请问公司和北大国际医院合作的zap放疗中 心目前是合作框架协议还是已落地开启诊疗服务了？ ...

Core Viewpoint - Recently, Baiyang Pharmaceutical (301015) Co., Ltd. has been established in Guangdong with a registered capital of 50 million yuan, indicating a strategic expansion in the medical device sector [1] Company Summary - Baiyang Pharmaceutical is the sole shareholder of the newly established company, which suggests a focus on consolidating its operations and enhancing its market presence [1] - The legal representative of the new company is Wang Tingwei, indicating a potential leadership continuity within the organization [1] Industry Summary - The new company will engage in the leasing of Class II medical devices, marketing planning, specialized equipment repair, sales of household appliances, and operation of Class III medical devices, reflecting a diversified approach to the medical and consumer goods market [1]

Core Insights - Qingdao Baiyang Pharmaceutical Co., Ltd. has signed a deepened cooperation agreement with CSL, a global biotechnology leader, to exclusively promote and sell CSL's human albumin product, AmbuMab, in specific markets in China [1][2] - The human albumin market in China is the largest therapeutic drug market, exceeding 30 billion yuan, with a projected growth to 57 billion yuan by 2030, reflecting a compound annual growth rate of 6.0% from 2025 to 2030 [2] - The collaboration aims to leverage CSL's high-quality blood products and Baiyang's commercial platform to meet the increasing demand for high-quality blood products in China [1][3] Company Overview - Baiyang Pharmaceutical has established a strong commercial capability and market network in the liver disease treatment sector, which is a strategic area for the collaboration [3][5] - Baiyang's innovation pipeline covers multiple core therapeutic areas, including oncology, critical care, fibrosis, and bone health, aiming to enhance the clinical application of high-quality pharmaceutical products [5] - CSL has been a key supplier in the Chinese market for nearly 40 years, with its human albumin products accounting for nearly 24% of the market share [2] Market Dynamics - The human albumin product, AmbuMab, is designed for the Chinese market and has a unique advantage of being stored at temperatures not exceeding 30°C, reducing reliance on complex cold chain logistics [2] - The collaboration is expected to improve the accessibility of human albumin for critical illness patients in China, contributing to the "Healthy China 2030" initiative [3][5] - The partnership will also focus on enhancing the standardization, specialization, and high-quality development of the blood products market in China [5]

Investment Rating - The investment rating for the company is "Accumulate" with a downward adjustment [4][7]. Core Views - The company's brand operation business remains stable, but increased expenses have put pressure on profits [1][3]. - The core brand operation business achieved revenue of 4.101 billion yuan, remaining flat year-on-year, while the wholesale distribution business saw a significant decline of 28.85% [2]. - The company has adjusted its revenue and profit forecasts for 2025-2026 due to the ongoing compression of the wholesale business and increased marketing expenses [4]. Financial Performance Summary - For the first three quarters of 2025, the company reported revenue of 5.627 billion yuan, a decrease of 8.41% year-on-year, and a net profit attributable to the parent company of 476 million yuan, down 25.67% [1]. - In Q3 2025, the company achieved revenue of 1.876 billion yuan, a decline of 12.85% year-on-year, but net profit increased by 31.43% to 313 million yuan [1]. - The company’s core brand operation revenue was 4.101 billion yuan, showing a year-on-year growth of 11.08% after adjusting for the two-invoice system [2]. Expense and Profitability Analysis - Increased sales expenses for brand product marketing have contributed to profit pressure, despite a quick growth in net profit in Q3 2025 due to fair value changes in stocks held by the company [3]. - The company has fully recognized inventory impairment for its brand product, paclitaxel polymer micelles, which has impacted profitability [3]. Revenue and Profit Forecast Adjustments - The revenue forecast for 2025-2026 has been revised down from 10.125 billion yuan and 11.625 billion yuan to 7.449 billion yuan and 7.343 billion yuan, respectively [4]. - The net profit forecast for 2025-2026 has been adjusted from 1.066 billion yuan and 1.294 billion yuan to 612 million yuan and 802 million yuan, respectively [4].

Core Insights - The pharmaceutical commercial sector experienced a decline of 0.52% on November 6, with Renmin Tongtai leading the drop [1] - The Shanghai Composite Index closed at 4007.76, up 0.97%, while the Shenzhen Component Index closed at 13452.42, up 1.73% [1] Stock Performance - The top-performing stock was HeFu China (603122), which closed at 14.34, up 9.97% with a trading volume of 1.2541 million shares and a transaction value of 1.757 billion [1] - Other notable gainers included Yinghe Shiyao (002788) at 9.33, up 5.19%, and Yingche Dong (002462) at 14.68, up 1.45% [1] - Conversely, Renmin Tongtai (600829) saw a significant drop of 9.98%, closing at 65.6 with a trading volume of 521,700 shares and a transaction value of 500 million [2] Capital Flow - The pharmaceutical commercial sector experienced a net outflow of 467 million from institutional investors, while retail investors saw a net inflow of 408 million [2] - The overall capital flow indicates that while institutional investors withdrew funds, retail investors were actively buying into the sector [2] Individual Stock Capital Flow - Notable net inflows from retail investors were observed in stocks like Yifeng Pharmacy (603939) with a retail net inflow of 412.67 million, while institutional investors had a net inflow of 287.47 million in Nanjing Pharmaceutical (600713) [3] - Conversely, stocks like Luyuan Pharmaceutical (002788) and Jia Shitang (002462) experienced net outflows from both institutional and retail investors [3]

Core Viewpoint - Baiyang Pharmaceutical's stock has experienced fluctuations, with a recent decline of 2.04% and a total market value of 12.888 billion yuan, reflecting a mixed performance in the market [1]. Financial Performance - For the period from January to September 2025, Baiyang Pharmaceutical reported a revenue of 5.627 billion yuan, representing a year-on-year decrease of 8.41%. The net profit attributable to shareholders was 476 million yuan, down 25.67% compared to the previous year [2]. - The company has distributed a total of 1.551 billion yuan in dividends since its A-share listing, with 1.201 billion yuan distributed over the last three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Baiyang Pharmaceutical was 11,100, a decrease of 40.83% from the previous period. The average circulating shares per person increased by 68.99% to 47,194 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is a new entrant, holding 2.9097 million shares, while ICBC Frontier Medical Stock A has exited the list [3]. Stock Performance - Baiyang Pharmaceutical's stock price has increased by 4.57% year-to-date, but has seen a decline of 6.63% over the last five trading days and 9.75% over the last twenty days [1].

Group 1 - Triangle Defense signed a gas turbine project development and framework order agreement with Siemens Energy [1] - The development agreement allows Triangle Defense to qualify for supplying specific items to Siemens Energy, detailing technical prerequisites and standards [1] - Triangle Defense specializes in the research, production, and sales of forged products in aviation, aerospace, and shipping industries [1] Group 2 - Aerospace Hongtu was suspended from military procurement for three years due to alleged violations during a procurement activity [2] - The suspension will last from July 6, 2024, to July 6, 2027, affecting the company's participation in military material procurement [2] - Aerospace Hongtu focuses on satellite operations and data collection [3] Group 3 - Kaili Medical's executives purchased a total of 460,000 shares, investing approximately 13.15 million yuan [4] - The average purchase prices were 28.70 yuan and 28.53 yuan per share [4] - Kaili Medical is engaged in the research, production, and sales of medical diagnostic and treatment equipment [5] Group 4 - Muyuan Foods reported a 22.28% year-on-year decline in sales revenue from live pigs in October, totaling 10.33 billion yuan [6] - The average selling price of live pigs decreased by 32.73% year-on-year to 11.55 yuan per kilogram [6] - Muyuan Foods is involved in pig farming and slaughtering [7] Group 5 - Niuwei Co. plans to acquire 40% of its subsidiary Dongwu Machinery for 139 million yuan, aiming for full ownership [8] - Niuwei Co. specializes in the research, manufacturing, and sales of industrial valves [9] Group 6 - Jinlong Automobile reported a 14.71% year-on-year decline in bus sales in October, with 4,121 units sold [10] - Jinlong Automobile focuses on the production and sales of bus products [10] Group 7 - ST Tianshan reported a 242.54% year-on-year increase in sales revenue from live livestock in October, totaling 13.35 million yuan [11] - The company sold 1,367 head of livestock, marking a significant increase compared to previous periods [11] - ST Tianshan is involved in the breeding and sales of cattle and dairy products [12] Group 8 - Ningbo Port expects a 12.4% year-on-year increase in container throughput in October, reaching 4.56 million TEUs [13] - The total cargo throughput is projected to be 99.6 million tons, a 5.3% increase year-on-year [13] - Ningbo Port engages in port handling and logistics services [13] Group 9 - Amcare Pharma received approval for supplementary drug applications and clinical trials for its products [14] - The company is focused on new drug development and utilizes a MAH model for production [14] Group 10 - Lude Environment plans to change its stock name to "Lude Technology" while keeping its full name and stock code unchanged [15] - The company specializes in waste treatment and resource utilization technologies [15] Group 11 - Hualan Co. plans to increase its stake in the company by investing between 30 million and 60 million yuan [16] - The maximum purchase price is set at 58.08 yuan per share [16] - Hualan Co. focuses on the development and sales of packaging materials for injectable drugs [16] Group 12 - Caina Co. is using 140 million yuan of idle funds to purchase structured deposits from a bank, with expected annual yields between 0.70% and 1.85% [17] - Caina Co. specializes in the research, production, and sales of injection and laboratory consumables [17] Group 13 - Zhenghong Technology reported a 52.80% year-on-year decrease in sales revenue from live pigs in October, totaling 4.32 million yuan [18] - The company sold 400 head of pigs, marking a significant decline compared to previous periods [18] - Zhenghong Technology is involved in feed production and pig farming [18] Group 14 - Caida Securities received approval from the CSRC to issue bonds totaling up to 6 billion yuan [19] - The company is engaged in securities brokerage, investment banking, and asset management [19] Group 15 - Jiayuan Technology signed a copper foil supply framework agreement with CATL, establishing a long-term partnership [20] - The agreement includes collaboration in the supply and production of materials for new battery technologies [20] Group 16 - Haikong Group announced the resignation of its general manager due to personal career planning [21] - The company is involved in automotive passenger transport and related services [21] Group 17 - Beizhi Technology's application to acquire 100% of Suzhou Suike Intelligent Technology has been accepted by the Shanghai Stock Exchange [22] - The company specializes in intelligent logistics systems and equipment [22] Group 18 - Yikang Pharma's subsidiary received approval for clinical trials of a new injection for chronic hepatitis B [23] - The company focuses on the production and sales of raw and formulated pharmaceutical products [23] Group 19 - Hengyuan Coal Power plans to acquire 100% of two coal companies for 440 million yuan [24] - The acquisition includes assuming debts totaling 1.137 billion yuan [24] - Hengyuan Coal Power is involved in coal mining and sales [24] Group 20 - Yangpu Medical announced the cancellation of a production arrangement for a medical device [25] - The company specializes in precision medical and testing services [25] Group 21 - Kailong High-Tech plans to establish a 195 million yuan industry fund focusing on unlisted companies [26] - The company is involved in air pollution control and new energy management systems [26] Group 22 - Yingli Co. received approval for its application to acquire a majority stake in a company [27] - The company specializes in precision electronic components and related manufacturing [27] Group 23 - Tianyi Medical's arterial-venous puncture device received EU MDR certification, valid until January 2028 [28] - The company focuses on medical devices for blood purification and care [28] Group 24 - Chuangyuan Co. appointed a new president, effective until the end of the current board term [29] - The company specializes in the design and production of paper products [29] Group 25 - Shanghai Laishi's new indication for a drug received clinical trial approval [30] - The company focuses on the production and sales of blood products [30] Group 26 - Fengmao Co. plans to issue convertible bonds to raise up to 520 million yuan for expansion and working capital [31] - The company specializes in precision rubber components [31] Group 27 - Yinuo Si's shareholder plans to transfer 3% of the company's shares through an inquiry process [32] - The company provides comprehensive R&D services in the biopharmaceutical sector [32] Group 28 - Phoenix Shipping plans to use up to 50 million yuan of idle funds for cash management [33] - The company is involved in dry bulk shipping and logistics services [33] Group 29 - Xingyuan Zhuomei received a notification to supply magnesium alloy components worth 2.021 billion yuan to a new energy vehicle manufacturer [34] - The project is expected to start mass production in the third quarter of 2026 [34] Group 30 - Landai Technology's subsidiary plans to sell electric drive assembly assets for 110 million yuan [35] - The company specializes in power transmission and display technology [35] Group 31 - Yuexiu Capital plans to distribute a cash dividend of 0.90 yuan per share [36] - The company is involved in asset management and private equity [36] Group 32 - Northeast Securities plans to distribute a cash dividend of 1.00 yuan per share, totaling 234 million yuan [37] - The company focuses on wealth management and investment banking [37] Group 33 - Jinguang Electric won a bid for a project from the State Grid worth 21.7976 million yuan [38] - The company specializes in the research and manufacturing of power distribution equipment [39] Group 34 - Huarong Co. plans to repurchase shares worth between 40 million and 125 million yuan [40] - The company focuses on the production and sales of explosion-proof electrical equipment [40] Group 35 - Baiyang Pharma signed a distribution agreement for a blood product, gaining exclusive rights in specific markets [41] - The company specializes in the development and commercialization of medical innovations [41] Group 36 - Li Qun Co.'s director plans to reduce his stake by up to 71,000 shares due to personal financial needs [42] - The company is involved in retail and logistics services [42] Group 37 - Su Li Co.'s shareholder plans to reduce his stake by up to 0.48% of the company's shares [43] - The company specializes in the production and sales of fine chemical products [43] Group 38 - Shenzhen Ruijie obtained a commitment letter for a stock repurchase loan of up to 15.3 million yuan [44] - The company provides project management and evaluation services [44] Group 39 - Fudan Zhangjiang's shareholder plans to reduce his stake by up to 1% of the company's shares [45] - The company focuses on biopharmaceutical research and development [45] Group 40 - Ningbo Zhongbai's shareholder plans to reduce his stake by up to 1% of the company's shares [46] - The company is involved in retail and wholesale operations [46] Group 41 - Jingyi Co. announced a change in control due to a judicial auction of shares [47] - The company specializes in copper processing and digital carbon services [47] Group 42 - Luoping Zinc Electric's subsidiary obtained a new safety production license for mining operations [48] - The company focuses on hydropower and mining activities [48]

Core Insights - Human albumin is a critical blood product widely used in emergency treatments and is considered a "lifeline" in clinical emergency and critical care in China [1] - The human albumin market in China is the largest therapeutic drug market, exceeding 30 billion yuan, with a projected growth to 57 billion yuan by 2030, reflecting a compound annual growth rate (CAGR) of 6.0% from 2025 to 2030 [1] - The partnership between Jettabell and Baiyang Pharmaceutical aims to enhance the accessibility and supply chain resilience of human albumin products in China, particularly for liver disease treatment [2][4] Market Dynamics - The human albumin market in China is characterized by high policy barriers and resource scarcity, making it a "golden track" in the biopharmaceutical sector [1] - Jettabell has a significant market share of 24% in China, with a strong focus on human albumin as a strategic product for nearly 40 years [1][3] - The demand for human albumin is expected to grow due to the aging population and increasing clinical needs [1] Strategic Collaboration - The recent agreement between Jettabell and Baiyang Pharmaceutical grants Baiyang exclusive rights to promote and distribute Jettabell's human albumin product, Ambomai®, in specific markets in mainland China [4] - This collaboration is expected to leverage Baiyang's established commercialization capabilities and market network to better serve the growing demand for high-quality blood products in China [4][5] - Both companies aim to enhance the quality and accessibility of human albumin treatments, contributing to the broader goal of improving patient health and quality of life in China [5]

Core Viewpoint - Qingdao Baiyang Pharmaceutical Co., Ltd. has signed a deepened cooperation agreement with CSL, granting exclusive promotion, sales, and distribution rights for CSL's human albumin product, AmbuM, in specific markets within mainland China [1][2]. Group 1: Company Overview - Baiyang Pharmaceutical is expanding its collaboration with CSL, building on their previous partnership in the retail market established in 2018 [1]. - The company aims to leverage its established market network in liver disease treatment to provide comprehensive solutions for patients [3]. Group 2: Industry Insights - Human albumin is the largest therapeutic drug market in China, exceeding 30 billion yuan, with a long-standing dominance of imported products [2]. - CSL holds a significant market share of nearly 24% in the human albumin sector in China [2]. - The market for human albumin is projected to grow to 57 billion yuan by 2030, with a compound annual growth rate of 6.0% from 2025 to 2030 [2]. - AmbuM is specifically designed for the Chinese market, with a key advantage of being stored at temperatures not exceeding 30°C, enhancing drug accessibility and supply chain resilience [2].