证券代码：000403 证券简称：派林生物 公告编号：2025-027 派斯双林生物制药股份有限公司 关于对山西证监局行政监管措施决定书的整改报告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏。 派斯双林生物制药股份有限公司（以下简称"公司"）于近日收到中国证券监督管 理委员会山西监管局（以下简称"山西证监局"）出具的《关于对派斯双林生物制药 股份有限公司采取责令改正措施的决定》（[2025]18 号）（以下简称"《行政监管措 施决定书》"），具体内容详见公司于 2025 年 5 月 12 日发布的《关于收到山西证监 局行政监管措施决定书的公告》（公告编号：2025-022）。 公司对此高度重视，及时向公司董事、监事、高级管理人员和涉及人员进行了通 报，并针对行政监管措施决定书中涉及问题进行了全面梳理和整改，公司于 2025 年 5 月 30 日召开第十届董事会第十五次会议审议通过了《关于审议<中国证券监督管理委 员会山西监管局行政监管措施决定书的整改报告>的议案》，现将整改报告情况报告 如下： 一、 问题及整改情况 （一）是公司子公司与个别客户及推广商针对 ...

一、董事会会议召开情况 派斯双林生物制药股份有限公司（以下简称"公司"）第十届董事会第十五次会议 于 2025 年 5 月 30 日以通讯方式召开，会议由公司董事长李昊先生召集并主持。会议 应出席董事 13 人，实际出席董事 13 人，会议程序符合《公司法》和《公司章程》的 有关规定。 二、董事会会议审议情况 证券代码：000403 证券简称：派林生物 公告编号：2025-026 派斯双林生物制药股份有限公司 第十届董事会第十五次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏。 三、备查文件 第十届董事会第十五次会议决议。 特此公告。 1 与会董事经过认真讨论，审议了以下议案： 1、《关于审议<中国证券监督管理委员会山西监管局行政监管措施决定书的整改 报告>的议案》 公司高度重视行政监管措施决定书中所指出的违规问题，已积极进行整改并明确 管理要求，董事会同意关于《中国证券监督管理委员会山西监管局行政监管措施决定 书的整改报告》。未来将严格遵守相关规定，提高规范运作意识，加强内控合规管理， 强化子公司规范管理，严格履行信息披露义务，切实维护公司及全 ...

Overview of Acquisitions of Listed Companies - The acquisition of listed companies primarily refers to activities related to the acquisition and changes in shareholding rights of listed companies, as defined by the "Measures for the Administration of the Acquisition of Listed Companies" [1] Types of Equity Changes - Simplified equity change occurs when an investor and its concerted actors hold 5% or more but less than 20% of a listed company's shares [2] - Detailed equity change occurs when the shareholding reaches 20% or more but does not exceed 30% [2] - An acquisition occurs when the shareholding exceeds 30% through various legal means [2] Common Acquisition Methods - **Agreement Transfer**: This method involves acquiring shares through an agreement, with a minimum acquisition ratio of 5% [6][8] - **Secondary Market Acquisition**: This involves purchasing shares through competitive trading or block trading on the stock exchange [9] - **Tender Offer**: Investors must issue a tender offer when they continue to increase their shareholding beyond 30% [3][12] - **Subscription of New Shares**: This method allows investors to acquire shares through a directed issuance, with specific pricing rules [17][19] - **Indirect Acquisition**: This involves gaining control over a listed company through its controlling shareholder without directly acquiring shares [22][23] Regulatory Framework and Principles - The regulatory framework for acquisitions includes various rules and principles that govern the process, including information disclosure requirements and restrictions on trading during the acquisition period [30][35] - Information disclosure is crucial, especially when the shareholding exceeds certain thresholds, triggering specific reporting obligations [36][44] Case Studies - **Xiamen Jianfa's Acquisition**: Acquired 23.95% of Meikailong's shares through an agreement transfer, gaining control of the company [7] - **GQY Video's Indirect Acquisition**: The controlling shareholder's stake was transferred, leading to a change in actual control without direct share acquisition [27] - **MediTech's Acquisition by Mindray**: Mindray announced a cash acquisition of 21.12% of MediTech's shares at a significant premium, aiming for industry synergy [53][54] Recent Trends in State-Owned Enterprises Acquisitions - A review of 43 recent acquisitions by state-owned enterprises from 2019 to 2023 shows various structures, including agreement transfers combined with voting rights delegation [28] - The trend indicates a preference for complex transaction structures to achieve control while navigating regulatory requirements [28]

中国经济网北京5月27日讯 20日，智通财经发布《名单炸裂？64位基金经理近三年跑输基准超10%，还 有百亿老将在列》一文。文中称，据济安金信统计，截至今年4月30日，市场上有64位基金经理旗下全 部基金的近三年年化收益率均跑输基准超10%（各类份额合并计算，且仅统计成立满三年的产品）。其 中，广发基金郑澄然、摩根士丹利基金王大鹏、信达澳亚基金邹运共有4只基金管理时长超三年，且4只 基金的近三年年化收益率均跑输基准10%。 从摩根士丹利基金王大鹏目前正在管理的基金来看，包括大摩沪港深精选混合A/C、大摩健康产业混合 A/C、大摩消费领航混合、大摩卓越成长混合，且时间最短3年，最长超过8年。 但在任职回报上，大摩沪港深精选混合A/C与大摩健康产业混合C，均遭遇大幅下跌，值得注意的是这 两只基金的起始管理时间均在2021年内，且重仓股均以医药股为主。今年一季报显示，大摩沪港深精选 混合的前十大重仓股为科伦博泰生、药明康德（603259）、恒瑞医药（600276）、泽璟制药、信达生 物、百济神州、康诺亚、康龙化成（300759）、贝达药业（300558）、昭衍新药（603127）。大摩健康 产业混合C的前十大重仓股 ...

关于2024年度利润分配实施的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或者重大遗漏。 一、股东大会审议通过利润分配方案的相关情况 1、派斯双林生物制药股份有限公司（以下简称"公司"或"本公司"）2024年度 利润分配方案已获2025年5月21日召开的2024年度股东大会审议通过，具体内容为： 以2025年4月20日公司的总股本731,074,913股为基数，按每10股派发现金红利3.5元（含 税）向全体股东分配，共派发现金255,876,219.55元，现金分红金额占2024年度归属于 上市公司股东的净利润的比率为34.33%，剩余未分配利润结转以后年度。2024年度每 10股以资本公积金转增3股，不送红股，本次转增后公司总股本为950,397,387股，转增 金额未超过2024年末资本公积—股本溢价的余额。根据《深圳证券交易所上市公司自 律监管指引第1号——主板上市公司规范运作》的规定，在利润分配方案公布后至实 施前，出现股权激励行权、可转债转股、股份回购等情形时，公司将按照"现金分红 金额、送红股金额、资本公积金转增股本金额固定不变"的原则进行方案调整。 ...

来源：雪球 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者：红鑫24 核心就在于 ， 传统行业利润稳定 ， 绝对估值低 ， 分红高 ， 特别是分红复投的威力不容小视 。 标题 ， 更严谨一些应该是 ， 大部分成长股不适合大部分人 。 过去 ， 我对成长股关注多一些 ， 认为成长股的投资回报更好 ， 现在的很多人也是这样看问题的 。 所以 ， 往后原则上都不再考虑进入门槛低的阶段性成长股 。 只考虑绝对估值低 ， 分红好的 ， 优质行业的龙头公司 。 首先要优质 ， 其次是绝对估值底 ， 分红好 。 比如 ， 长电 ， 神华 ， 陕煤 ， 茅台 ， 五粮液 ， 中海油 。 比如我之前持有的 ， 人福医药 ， 派林生物 ， 赛力斯 ， 光迅科技等 。 这些公司 ， 阶段性的成长性都是不错的 ， 我也取得了一定的投资回报 。 但长期看利润稳定性不 行 ， 另外就是绝对估值偏高 ， 并且持有过程的体验真的不大好 。 实际上 ， 按照合伙生意思维 ， 大部分人会优先考虑稳定性 ， 其次才是未来的空间 。 以上公司不大行 ， 主要是几方面 ， 一是大部分商业模式不行(赚钱是否容 ...

Core Viewpoint - Taiyuan City is focusing on industrial transformation and the cultivation of strategic emerging industries, enhancing innovation and establishing a green manufacturing system to drive high-quality economic development [1][31]. Group 1: Macroeconomic Analysis - Taiyuan's GDP for 2024 is projected to be CNY 541.887 billion, with a growth rate of 1.2%. The primary, secondary, and tertiary industries contribute CNY 4.785 billion, CNY 166.671 billion, and CNY 370.431 billion respectively, with the tertiary sector growing by 1.6% [2][4]. - The proportion of strategic emerging industries in Taiyuan's industrial output is increasing, with a 2024 forecast showing a 37.3% contribution to the total industrial output, up 1.4 percentage points from the previous year [4]. Group 2: Investment Trends - Fixed asset investment in Taiyuan is expected to grow by 0.5% in 2024, with 136 ongoing projects valued over CNY 1 billion, representing 35.9% of total investment [6]. - Industrial investment is projected to account for 27.7% of total investment, with a significant increase of 24.7% year-on-year [6]. Group 3: Industrial Structure - Taiyuan is constructing a modern industrial system centered around the "1233" key industrial chain system, which includes nine major industrial chains contributing approximately 70% of the city's industrial output [10][31]. - The "1233" system focuses on high-end metal materials, advanced carbon-based materials, and advanced biological materials, among others, with 118 key enterprises involved [10][31]. Group 4: Innovation and R&D - In 2023, Taiyuan's R&D expenditure reached CNY 12.79 billion, ranking first in Shanxi Province, indicating a strong focus on innovation [8]. - The city is implementing four major projects to enhance innovation capabilities, including optimizing the innovation ecosystem and promoting the transformation of innovative results [8]. Group 5: Key Industries - The high-end metal materials industry is a pillar of Taiyuan's economy, with significant products including special steel and new magnesium alloys, generating CNY 118.3 billion in revenue in 2023 [19][20]. - The carbon-based materials industry is leveraging local coal resources and advanced research capabilities, with a focus on both traditional and cutting-edge carbon materials [25][27]. - The advanced biological materials and biopharmaceutical industry is developing rapidly, focusing on bio-based new materials and recombinant human collagen protein [29]. Group 6: Policy Framework - Taiyuan has introduced several policies to support high-quality development, including plans for digital transformation and the establishment of advanced manufacturing bases [16][18]. - The city aims to achieve significant results in industrial high-quality development by 2025, enhancing its competitive advantages [16].

Core Viewpoint - The blood products market is experiencing intense competition due to its vast potential, leading to both external corporate rivalries and internal conflicts within companies like Pailin Biological [2][3]. Company Overview - Pailin Biological, a leading player in the blood products sector, has faced regulatory penalties due to internal control deficiencies, with key executives held accountable [2][6]. - The company reported a revenue decline of 14.00% and a net profit drop of 26.95% in Q1 2025, ending a six-year streak of positive net profit growth since 2018 [2][14]. Financial Performance - Pailin Biological's revenue and net profit figures from 2020 to 2024 show fluctuations, with a notable revenue of 26.55 billion yuan in 2024, marking a 14.00% increase year-on-year, and a net profit of 7.45 billion yuan, up 21.76% [7][8]. - The company’s revenue in 2023 was 23.29 billion yuan, a slight decrease of 3.18%, while net profit grew by 4.25% to 6.12 billion yuan [8]. Market Dynamics - The blood products market is projected to exceed 60 billion yuan in 2024, with an expected annual compound growth rate of 9.89% from 2024 to 2031, driven by increasing demand due to aging populations and rising incidences of diseases [10][11]. - The industry faces challenges in plasma supply, with the number of operational single plasma collection stations increasing from approximately 220 in 2016 to 320 in 2024, yet still insufficient to meet market demand [11]. Strategic Developments - Pailin Biological is expanding its production capacity, with plans for 3,100 tons of new capacity to be gradually put into operation by mid-2025, which is expected to alleviate supply pressures and support future growth [12][14]. - The company is also focusing on high-value products, such as recombinant coagulation factor VIII, to enhance profit margins, despite the competitive and technologically demanding nature of the blood products industry [14].

Group 1: Company Strategy and Growth - The company will focus on its core business of blood products, enhancing plasma supply capacity and marketing management, while actively expanding into overseas markets and improving product R&D capabilities [1] - The company aims to increase annual production capacity to over 3,000 tons following the expansion of its subsidiary, with production expected to resume in June 2025 [2][3] - The company plans to achieve a sales expense ratio of under 10% and a management expense ratio of under 7% in 2025 [2] Group 2: Product Development and Market Position - The subsidiary Guangdong Shuanglin Jiuyin is expected to obtain listing approval in 2026, while the fourth-generation intravenous immunoglobulin is anticipated to receive approval in 2027 [2] - The company expects a more than 20% year-on-year increase in plasma output in 2025 due to expanded production capacity [3] - Currently, over 60% of albumin in the market is imported, indicating potential for domestic alternatives in the future [4] Group 3: Shareholder Engagement and Financial Management - The company will implement the 2024 dividend plan promptly after approval at the annual shareholders' meeting [2] - The major shareholder will continue to support the company's development and has initiated a share buyback plan [4] - The company has maintained a high dividend payout ratio for two consecutive years and plans to continue this trend [4]

Meeting Overview - The shareholders' meeting of Pailin Biopharmaceutical Co., Ltd. was held on May 21, 2025, with both on-site and online voting options available [1][2] - All proposals presented at the meeting were approved without any rejections [1] Attendance and Voting - The meeting was attended by company directors, supervisors, and senior management, with legal representatives from Beijing Jiayuan Law Firm present to witness the proceedings [2] - The voting results showed a high level of agreement among shareholders, with significant majorities in favor of all proposals [2][3] Proposal Voting Results - Proposal 1: 2024 Annual Board Work Report received 98.5551% approval from shareholders [2] - Proposal 2: 2024 Annual Supervisory Board Work Report received 99.7636% approval [2] - Proposal 3: 2024 Annual Report and its Summary received 99.7699% approval [3] - Proposal 4: 2024 Annual Financial Settlement Report received 99.8072% approval [3] - Proposal 5: 2024 Annual Profit Distribution Plan received 98.8167% approval [3] - Proposal 6: Appointment of Directors and Senior Management received 99.6818% approval [3] Legal Opinion - The legal opinion provided by Beijing Jiayuan Law Firm confirmed that the meeting's procedures, qualifications of attendees, and voting processes complied with relevant laws and regulations [3]