PLBIO(SZ:000403) Chang Jiang Shang Bao·2025-06-11 23:43Core Viewpoint - The acquisition of 21.03% of shares in Palin Biotech by China National Pharmaceutical Group (Sinopharm) marks a significant shift in control, with the company expected to become part of the national team in the blood products industry [1][4][12]. Group 1: Acquisition Details - Palin Biotech's controlling shareholder will change from Shengbang Yinghao to China National Pharmaceutical Group, with the actual controller shifting from the Shaanxi Provincial State-owned Assets Supervision and Administration Commission to Sinopharm [1][4]. - The transaction price for the share transfer is approximately 38.44 billion yuan, which includes interest calculated at an annual rate of 9% from March 20, 2023, until the signing of the transaction documents [8][10]. - The share transfer price represents a premium of about 47.40% over the closing price of 16.96 yuan per share on the day before the agreement was signed [6][8]. Group 2: Financial Performance and Growth - Palin Biotech has shown steady revenue growth, with reported revenues of 19.72 billion yuan, 24.05 billion yuan, 23.29 billion yuan, and 26.55 billion yuan from 2021 to 2024, respectively [14]. - The net profit attributable to the parent company has also increased, with figures of 3.91 billion yuan, 5.87 billion yuan, 6.12 billion yuan, and 7.45 billion yuan for the same years [14]. - The company is expected to distribute a total of 5.12 billion yuan in cash dividends in 2023 and 2024, with Shengbang Yinghao projected to receive over 1 billion yuan in dividends [10]. Group 3: Industry Context and Competition - The acquisition raises potential concerns regarding competition, as both Palin Biotech and Tian Tan Biological Products, a subsidiary of Sinopharm, operate in the same blood products sector [2][15]. - The integration of Palin Biotech into Sinopharm's portfolio will increase the number of listed companies under the Sinopharm umbrella to eight, enhancing its presence in the healthcare market [11][12]. - The strategic focus of Palin Biotech remains on blood products, with ongoing efforts to expand production capacity and improve operational efficiency [14][15].