Di Yi Cai Jing·2025-08-20 00:09Group 1 - The core viewpoint indicates that the blood products industry is expected to maintain steady growth in the first half of 2025, with a notable increase in the proportion of domestic albumin batch approvals compared to the previous year [1] - The approval growth rate for factor products such as factor VIII and fibrinogen is accelerating, reflecting companies' ongoing expansion of their factor product pipelines [1] - Companies are actively advancing the research and development of recombinant products and new immunoglobulins, with several products already approved or under review for market launch [1] Group 2 - The blood products industry is projected to achieve overall steady growth in the second half of the year, driven by stabilizing product prices, increased plasma collection, and performance contributions from new products [1] - It is recommended to focus on leading companies in the industry that are likely to continue expanding plasma station resources through both organic growth and external integration, ensuring sustained growth in blood product business [1]